DRIVING
AUTOMATION
Annual Report 2024
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Komax Group Annual Report 2024
The Komax Group is a pioneer as well as a market
and technology leader in automated wire proces-
sing solutions. It provides serial production machi-
nes, customer-specific systems, quality assurance
modules, test systems, networking solutions, and
services on a one-stop basis. The Komax Group
aims to further expand its leading position and set
the pace on the trends that are important today,
such as automation, e-mobility, and autonomous
driving. To this end, it is channeling above-average
investment into research and development.
The Komax Group has ambitious growth and
profitability targets. Through its business strategy,
which is geared toward long-term success, the
Komax Group aims to create sustainable value for
all stakeholders.
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KEY FIGURES
16
630
million
revenues in CHF
(2023: 752 million1)
million
EBIT in CHF
(2023: 68 million2)
gross margin
(2023: 61.8%1)
equity ratio
(2023: 55.1%)
free cashflow
in CHF million
(2023: 51.7 million)
tCO2e emissions per
CHF 1 million revenues
(2023: 8.28)
employee turnover rate
(2023: 11.0%)
of electricity generated from
renewable energy sources
(2023: 23%)
of material processed
is renewable (2023: 64%)
employees as at 31.12.
(31.12.2023:
3 490 employees)
63.1%
31%
64%
3 496
16.1
51.7%
9.83
9.1%
1 Excluding one-time effect (CHF +10.9 million).
2 Excluding one-time effects (CHF +5.0 million).
4
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Komax Group Annual Report 2024
Operating profit (EBIT)
in TCHF
EBIT in % of revenues
Group earnings after taxes (EAT)
in TCHF
EAT in % of revenues
Revenues
in TCHF
Order intake
in TCHF
80 000
60 000
40 000
20 000
80 000
60 000
40 000
20 000
800 000
600 000
400 000
200 000
800 000
600 000
400 000
200 000
2024
20231
2022
2021
2020
2024
2023
2022
2021
2020
2024
2023
2022
2021
2020
2024
20231
2022
2021
2020
2.5
9.0
11.8
10.6
3.4
–0.5
5.7
8.5
7.2
–0.4
30 375
71 732
67 774
44 794
11 254
606 332
751 988
421 067
327 623
630 452
–1 319
–2 863
678 063
686 541
482 395
345 349
577 207
16 036
51 773
43 836
KEY FIGURES
FIVE-YEAR
OVERVIEW
1 Excluding one-time effect (CHF +10.9 million).
1 Excluding one-time effects (CHF +5.0 million).
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Komax Group Annual Report 2024
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CONTENTS
MANAGEMENT REPORT
06
Shareholders’ letter
07
Driving automation – customer story
with the Siemens Corporation
10
Interview with the Chairman and
the CEO
14
Megatrends drive growth
18
Strategy
22
Around the World
32
Focus on customer proximity
34
Markets
40
Market-leading innovative strength
50
Share information
60
ESG REPORT
64
Sustainable, social, and responsible
65
ESG strategy
74
Sustainable, profitable growth
77
TCFD report
83
Climate Protection – caring for
the environment
89
Responsibility – taking responsibility
for people
100
Fairness – acting fairly and ethically
112
Additional information
117
CORPORATE GOVERNANCE
119
Corporate structure and shareholders
120
Capital structure
121
Board of Directors
123
Executive Committee
131
Compensation, shareholdings,
and loans
134
Shareholder participation rights
134
Changes to control and
defense measures
136
Auditors
136
Information policy
137
Trading blackout periods
137
COMPENSATION REPORT
138
Introduction by the Chairman of
the Remuneration Committee
139
Compensation in the 2024 financial
year at a glance
140
Compensation philosophy
of the Komax Group
141
Tasks and competencies of
the Remuneration Committee
142
Provisions of the Articles of
Association on compensation
144
Principles of the compensation policy
145
Structure of the compensation system
146
Compensation and shareholdings of the
Board of Directors in 2024 (audited)
152
Compensation and shareholdings of the
Executive Committee in 2024 (audited)
153
Mandates outside the Komax Group
(audited)
157
Report on the audit of the
Compensation Report
158
FINANCIAL REPORT
160
Consolidated financial statements
161
Financial statements of
Komax Holding AG
203
Five-year overview
214
Highlights of the financial year and the GRI index
associated with the ESG report can be found in
the Online Report 2024:
www.komaxgroup.com/annualreport2024
MANAGEMENT
REPORT
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Komax Group Annual Report 2024
Shareholders’ letter
07
Driving automation – customer story
with Siemens Corporation
10
Interview with the Chairman and the CEO
14
Megatrends drive growth
18
Strategy
22
Focus on customer proximity
34
Markets
40
Market-leading innovative strength
50
Share information
60
7
Komax Group Annual Report 2024
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DEAR
SHAREHOLDER
The Komax Group is looking back on an extremely challenging
year. Customers invested less due to excess capacities and
geopolitical uncertainties, which led to a significant decline in
order intake, revenues, and operating profit. The Komax Group
reacted early on, with rigorous cost reductions and structural
optimizations that will have a lasting impact. The long-term
trend toward automation shows no signs of abating. With stream-
lined structures and a lower cost base, the Komax Group is
well positioned to drive further progress in automation and
grow profitably.
Although inflation continued to decline in the key
economic regions in 2024, customers’ willingness
to invest remained low overall, which was primarily
attributable to existing excess capacity in Europe,
geopolitical uncertainties in a number of regions,
and the challenging situation facing European
automotive manufacturers. After orders bottomed
out in the first half of the year (down 22.1% com-
pared with the previous year), the Komax Group
recorded more orders in each of the last six
months of 2024 than in the best month of the first
half. For the year as a whole, the order intake
amounted to CHF 577.2 million, down 15.9% year
on year (2023: CHF 686.5 million).
Growth in revenues in non-automotive
market segments
Due to a lower level of orders – in volume busi-
ness in Europe in particular, but also in Asia and
in the United States – solid order books of
CHF 208.0 million at the end of 2023 declined
to CHF 177.1 million over the course of 2024.
Revenues were down 16.2% at CHF 630.5 mil-
lion (2023: CHF 752.0 million). The decline in
organic terms worked out at 16.6%, whereas
acquisition-related growth was positive at 2.3%.
The foreign currency impact amounted to –1.8%.
The book-to-bill ratio was 0.9, reaching 1.0 in
the second half of the year.
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Komax Group Annual Report 2024
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Due to the aforementioned challenges, orders
and revenues declined in the Automotive market
segment. This contrasted with an increase in the
other two market segments, Industrial & Infra-
structure and Aerospace & Railway. Conse-
quently, the non-automotive market segments’
share of revenues rose from 25% to approx-
imately 35% in 2024.
Regional revenue development
Revenue development presented a very mixed
picture across the regions. In particular, the
weakness in the European automotive industry
led to a drop of 30.0% in revenues compared to
2023. In the Asia/Pacific region, revenues remai-
ned stable year on year overall, despite sizeable
differences at the regional level. For instance,
growth was extremely strong in India. North/
South America recorded slight revenue growth
of 1.7% overall, with growth higher in South
America than in North America. In Africa, reve-
nues recorded a clear drop of 29.4%.
Strengthened market position in China
An area of focus in the year under review was
the strengthening of the market position in China,
which was achieved inter alia with the acquisi-
tion of a majority stake (56%) in Hosver and a
5% stake in E-Plus. While Hosver is the leading
manufacturer of machines for processing high-
voltage cables for e-vehicles, E-Plus develops
and distributes the most widely used manufac-
turing execution system (MES) in China for the
production of wire harnesses. The localization
of additional products for the Chinese market
made further headway and production was
transferred from the Komax site in Shanghai to
the Schleuniger site in Tianjin in order to pool
capacities and know-how.
Optimization of structures in production
and distribution
The Komax Group reacted early to the challen-
ging market situation, initiating numerous struc-
tural and product portfolio optimizations as well
as cost reductions in 2024, while at the same
time driving forward the integration of Schleuni-
ger. As part of this, the streamlining of the dis-
tribution and service network, which involved
acquisitions in the Czech Republic and Romania
and a stake in a distribution partner in Benelux
among other things, was practically completed,
and there was a clear reduction in distribution
channels from 80 to 50. The client base in each
country now has one point of contact for all
Komax Group products.
The year under review saw the closure of the
German production sites in Jettingen and Söm-
merda. In Bulgaria, the Komax Testing Bulgaria
site was discontinued. Further structural optimi-
zations are being implemented and are expected
to be completed in 2025. These include discon-
tinuation of production at three further German
sites (Porta Westfalica, Radevormwald, and
Wiedensahl) as well as at the site in Tokyo, Ja-
pan. In Switzerland, the Komax Group will focus
its activities at the sites in Dierikon and Thun. To
this end, the Rotkreuz site transferred to the
headquarters in Dierikon in 2024, with the Cham
site following in early 2025.
Gross profit margin at 63.1%
The rigorous implementation of cost-reduction
measures led to savings of around CHF 20 mil-
lion in the year under review. This enabled the
Komax Group to achieve positive operating profit
(EBIT) of CHF 16.0 million (2023: CHF 67.8 mil-
lion) despite the significant decline in the high-
margin volume business and the impact of
one-time effects. This corresponds to an EBIT
margin of 2.5% (2023: 9.0%). The gross profit
margin was high at 63.1%. Group earnings after
taxes (EAT) were slightly negative at CHF –2.9
million (2023: CHF 43.8 million).
The EBIT figure includes one-off expenses
of CHF 11.5 million that are predominantly con-
nected with ongoing structure and portfolio
optimizations. Excluding these expenses, the
EBIT margin would have amounted to 4.4%.
Additional optimizations will be implemented in
2025, for which one-off expenses of around
CHF 7 million are expected. Of the cost savings
of CHF 20 million achieved in 2024, around half
are long-term savings that will take full effect
from 2026.
High free cash flow
The Komax Group’s financial basis remained
stable in 2024. As at 31 December 2024, share-
holders’ equity totaled CHF 356.6 million (31 De-
cember 2023: CHF 390.6 million), with an equity
ratio of 51.7% (2023: 55.1%). Free cash flow
amounted to CHF 16.1 million (2023: CHF 51.7
million). Despite the Komax Group acquiring a
majority stake in Hosver, a stake in E-Plus and
other smaller companies, and distributing a
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Komax Group Annual Report 2024
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dividend, net debt increased only slightly from CHF
92.9 million (2023) to CHF 97.6 million. A key
contributory factor here was the reduction in net
working capital of CHF 48.4 million, or 17%.
Changes to the Board of Directors
Beat Kälin has decided to step down as Chair-
man of the Board of Directors at the upcoming
Annual General Meeting. He will, however, con-
tinue to serve on the Board as a member. The
Board of Directors is proposing Andreas Häberli,
member of the Board since 2017, as the new
Chairman. In addition, after serving on the Board
of Directors for twelve years, Roland Siegwart
will not be standing for re-election due to term-
of-office limitations. The Board of Directors and
the Executive Committee wish to thank him most
sincerely for his commitment over the years.
The Board is proposing to the Annual General
Meeting that Daniel Lippuner be elected as a
new member of the Board of Directors. Daniel
Lippuner is a business economist with over 25
years’ experience in leadership roles with com-
panies such as the Hilti Group, OC Oerlikon, and
Rieter Automotive (now Autoneum).
Dividend policy and growth strategy
The Komax Group pursues a result-oriented
dividend policy. In light of the negative Group
earnings after taxes, the Board of Directors is
proposing to the Annual General Meeting of
16 April 2025 that the distribution of a dividend
be waived. With this proposal, the Komax Group
is safeguarding the entrepreneurial scope
necessary for achieving its ambitious growth tar-
gets. The aim is to achieve revenues of CHF 1.0–
1.2 billion by 2030, with EBIT of CHF 120–160
million. For this to be possible, targeted invest-
ments and acquisitions will be needed, along
with further optimizations.
Outlook
The long-term trend towards automation shows
no signs of abating, and continues to offer
attractive growth opportunities for the Komax
Group. Currently, however, economic and geo-
political uncertainties are affecting our custo-
mers’ investment behavior, resulting in high
volatility in terms of order intake. In view of this
situation, we are refraining from issuing a fore-
cast for the 2025 financial year at this time. The
Komax Group has an excellent market position
and reinforced it in the year under review with a
number of measures. We are confident that our
solid financial structure and high degree of
innovation constitute a robust foundation for
future profitable growth.
The Board of Directors and Executive Com-
mittee wish to thank you, our shareholders, and
our customers for the trust placed in the Komax
Group. Our thanks also go to all our employees,
who – with their considerable commitment and
flexibility in a very challenging environment –
made the results we are presenting in this
Annual Report possible.
Yours sincerely,
Dr. Beat Kälin
Matijas Meyer
Chairman of the
CEO
Board of Directors
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DRIVING
AUTOMATION
Increasing the level of automation in wire processing is a joint jour-
ney together with the customer. In the industrial market segment,
the Komax Group is supporting major players such as Siemens in the
US to raise their level of automation for greater efficiency and quality.
Siemens – a global leader in technology
Siemens Corporation is a US subsidiary of Sie-
mens AG, a leading technology company focu-
sed on industry, infrastructure, transport, and
healthcare. By combining the real and the digi-
tal worlds, Siemens empowers customers to ac-
celerate their digitalization and sustainability
transformations, making factories more agile and
productive, buildings more efficient, power sys-
tems more intelligent, and transportation more
sustainable.
Solutions for the Siemens Smart Infra-
structure manufacturing hub in Texas
Siemens operates 24 manufacturing plants
in the US, such as its electrical products manu-
facturing hub in Grand Prairie in the Dallas–Fort
Worth area, Texas. Siemens has invested USD
650 million in new plants and factory expansions
in the United States over the past few years, the-
reby successively implementing automation so-
lutions from the Komax Group. The over 1 000-
person plant manufactures power distribution
equipment that supports essential power infras-
tructure in some of the country’s most critical
installations, including data centers, industrial
sites, and healthcare facilities. This equipment
is fitted with immense wiring of very different
types, and sizes, that needs to be processed in
an increasingly automated way.
The Komax Group has defined the development
of non-automotive markets as one of its key stra-
tegic priorities. Within this focus, the industrial
and infrastructure segment stands out, offering
the most substantial contribution and significant
growth potential. Over the past two decades,
the Komax Group has made great progress in
this segment and has taken another major step
forward with the combination with Schleuniger
in 2022. Today, the Komax Group offers com-
prehensive digital solutions for control cabinet
builders that appeal to major players in the elec-
trical products market. One of them is Siemens.
OVERVIEW OF SIEMENS USA
– 45 000 employees
– 24 manufacturing sites
– Active in all 50 US states and Puerto Rico
SIEMENS IN GRAND PRAIRIE, TEXAS
– Electrical products manufacturing hub
– 25 400-m2-site with 1 100 employees
– Zeta 650 and Omega 750 from Komax, and
three Schleuniger MultiStrip 9480 process
lines in use
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11
are fed directly with the manufacturing data from
the digital twin and then cut, strip, terminate,
label, and bundle the wire harness for the
low-voltage switchgear application. This way
Siemens created a seamless digitalized and
automated manufacturing process, reducing
waste, redundancies, and cost.
The Komax Group and Siemens worked
closely together in the whole process with the
Komax Group addressing the needs and
thoughts of its customer with great care, inclu-
ding related service contracts. The close long-
term relationship of the two partners paid off
and led to a significantly increased level of auto-
mation at the Siemens site. Both partners are
looking forward to a fruitful continuation in the
future.
From semi-automated to fully automated
and digitalized manufacturing
At the Grand Prairie site, Siemens had several
Schleuniger and Komax cut & strip machines in
use before 2019 to manufacture wiring for low-
voltage switchgear in a semi-automated way.
Driven by market demand, the location then
sought to increase its efficiency in wire proces-
sing by further raising the level of automation.
One of the first steps was a Zeta 650 harness
manufacturing machine. Thanks to its eight pro-
cess modules, the Zeta 650 can process up to
36 wires without changeover, from batch size 1
and just-in-time (› Zeta 650), which was a huge
step forward.
While implementing the Zeta 650, the Siemens
site also transitioned to a full digital twin of the
wire set. This enables testing and validation in
the virtual realm before production, accelerating
engineering and production processes. With the
digital twin established and its experience with
the Zeta 650, the Grand Prairie team quickly
committed to further conversion of its proces-
sing operations and the implementation of the
Omega 750 with increased levels of automation.
The Komax machines blend in perfectly as they
Josh Robles, Automation Engineering Lead at Siemens Corporation, shows the Omega 750 at the
Siemens site in Grand Prairie, Texas, USA.
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Sidra, Josh, what are the biggest
challenges in your business?
Josh: The biggest challenge is leveraging fixed-
point solutions for dynamic customer require-
ments at scale. Our team has done a great job
of partnering with other internal Siemens teams
and external partners like the Komax Group to
push solutions to deliver beyond the intended
use cases.
Why is it important for you to
increase your level of automation
in wire processing?
Josh: We service the power distribution market,
and one of the megatrends we are supporting is
the next generation of transformation in how we
live and do business – artificial intelligence (AI). It
is important that – as our customers are scaling
up and supporting the globe – we match their
pace and can deliver high-quality, reliable power
distribution systems faster than ever before.
Sidra: At Siemens, we pride ourselves on
delivering high-quality products. With the increase
in wiring complexity of our designs, it is critical
that we have robust and error-proof production
processes in place. Automation of wire proces-
sing allows us to eliminate quality issues and
deliver at speed.
What were the drivers of the decision to
implement Komax and Schleuniger
machines, and what do you like most
about our solutions?
Josh: We started the wire automation journey
with Schleuniger back in 2017, then stepped up
the discussion with the Komax Group to harness
manufacturing around 2019, and then again in
2022 for full harness assemblies. The core point
of the discussion was how to drive the digital
engineering thread as far as possible to a fully
completed wire harness, which was well under-
stood in our industry to be a tedious, time-
consuming, and high-focus task. Additionally,
customer requirements were driving more and
more advanced components like sensors, PLCs,
and HMIs into the products which require more
wiring. We only see this trend increasing, and
with the engineer-to-order customer mix, there
is not an easy way to standardize harness
designs to meet a large swathe of customer
requirements. We needed a solution that could
execute thousands of different harness designs
a day.
Sidra: The range of options offered by Komax
and Schleuniger is comprehensive, so we can
find everything we need with the same partner.
It makes doing business easier and technology
deployments faster.
How did the Komax Group help you in the
process of implementing a digital twin and
raising automation levels?
Josh: Komax has been a great partner in helping
us to fully understand how its machines operate
on the software side of things. We had unique
requirements that fell outside of Komax’s usual
use cases for wire list conversion. Configuration
of all the machines required a lot of testing and
validation and we felt fully supported on our
integration journey.
You manufacture wiring for low-voltage
switchgear with our machines. In what
kind of buildings do these go?
Josh: Our customer range is fairly wide – whe-
rever power is needed to power a commercial
building, factory, hospital, or data center, our
products are a good fit. I can speak to the grea-
ter megatrend of AI requiring a lot of power,
which in turn requires a lot more power distri-
bution and monitoring solutions. Siemens has a
great portfolio to meet customer requirements
and demand.
What do you value most in the relationship
with the Komax Group?
Josh: Our engagement with the Komax Group
has really been a great partnership – Komax has
treated us like more than a customer buying
equipment. Any time we have questions or con-
cerns, we are able to connect with our dedicated
regional account manager or application engineer.
Interview with Sidra Maryam, Plant Digitalization Manager, and
Josh Robles, Automation Engineering Lead at Siemens Grand
Prairie, Texas, USA.
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Komax Group Annual Report 2024
13
More recently we were able to also elevate our
partnership with Komax company contacts in
Switzerland during a factory acceptance test,
and the consistency in culture and delivery was
a great experience.
Sidra: The people on both our teams share
a passion for technological innovation. Komax’s
wire processing industry expertise has helped
us push our boundaries to reimagine how to
build our products.
How support you even better in future?
Josh: Our automation roadmap will require dee-
per integration into Komax Group portfolio so-
lutions. The goal of driving the full digital thread
from customer requirement to fully delivered
physical solutions requires completely integra-
ting OEM equipment into our customized, high-
end systems.
Sidra: More co-development and incorpora-
ting feedback into the roadmap of equipment
enhancements would help us stay aligned with
the upcoming needs of both our businesses. As
Josh mentioned, we need more and more inte-
gration across systems, and the current eco-
system could be improved to allow for more
openness.
How important is sustainability in your
procurement decision process?
Josh: Sustainability is the core of our value pro-
position. The adoption of all the wire processing
solutions from Komax and Schleuniger has sub-
stantially reduced our copper scrap related to
wire processing and installation in support of
this journey.
Sidra: Sustainability is a global need, and it
is an integral part of how we do business at
Siemens. We have a clear framework for sustai-
nability called DEGREE, which constitutes a
360-degree approach for all stakeholders. We
use it to guide us through all processes of the
product life cycle management, including pro-
curement decisions.
“With the increase in wiring complexity of our designs,
it is critical that we have robust and error-proof pro-
duction processes in place. Automation of wire
processing allows us to eliminate quality issues and
deliver at speed.”
Sidra Maryam, Plant Digitalization Manager at Siemens Grand Prairie, Texas, USA.
Siemens Smart Infrastructure manufacturing hub, Grand Prairie, Texas, USA.
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INTERVIEW
In a challenging market environment, in 2024 the Komax Group
consistently pushed ahead with the implementation of its strategy
and introduced measures for sustainable cost reductions. The
company is well positioned to benefit from the next upturn.
Matijas Meyer, the Komax Group suffered
a drop in revenues of 16.2% in the 2024
financial year. What happened?
Matijas Meyer: Toward the end of 2023, it beca-
me increasingly apparent that our customers
were less willing to invest and that the market
was weakening. This trend continued in 2024.
There were many different reasons, varying from
region to region. A common factor was geopo-
litical uncertainties, which had a negative impact
on the investment climate. In Europe and North
Africa, we also had to contend with the weake-
ning European automotive industry and excess
capacity for our customers. The excess capacity
dates back to 2022, when we received extraor-
dinary orders amounting to around CHF 100 mil-
lion following the outbreak of the war in Ukraine.
At the time, the automotive industry feared that
it would no longer be possible to produce wire
harnesses in Ukraine, meaning that additional
CEO Matijas Meyer (left) and Chairman of the Board of Directors Beat Kälin.
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Komax Group Annual Report 2024
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production capacities would need to be built up
in Eastern Europe and North Africa. Ultimately,
these were not needed, as many wire harnesses
have continued to be manufactured in Ukraine
since then.
Is this phase of weakness now over?
Matijas Meyer: We will certainly have overcome
the low point in the first half of 2024. Progress
has been made since then, even if we are still a
long way from our “normal level.” Despite all the
challenges, there have also been some positive
developments.
Which ones are you talking about?
Matijas Meyer: While revenues in Europe and
Africa fell by around 30%, we managed to in-
crease revenues slightly in Asia and North/
South America. In Asia, the acquisition of a
majority stake in Hosver also contributed to
this. In the Americas, the positive result is thanks
not least to our strong position in the non-auto-
motive markets.
Let’s stay with the non-automotive
markets – how have they evolved?
Matijas Meyer: Very encouraging. We were able
to increase revenues in the market segments
Industrial & Infrastructure as well as Aerospace
& Railway by a good 7% overall. As a result, we
have increased the share of our non-automotive
revenues from 25% to around 35%. This means
we have already exceeded our strategic target
of 30%, which we were aiming to achieve by
2030. Of course, we are aware that this high
percentage in 2024 is attributable to the weak-
ness of the automotive market rather than the
strength of other market segments. But not only
that, because with our broad product and ser-
vice portfolio we offer aircraft manufacturers, for
example, various solutions for the entire wire
harness production process, which were in good
demand during the reporting year.
Beat Kälin, has the Komax Group also
made progress with other strategic
targets?
Beat Kälin: Yes, we are on track. In addition to
expanding the non-automotive business, we are
focusing in particular on strengthening our mar-
ket position in Asia and expanding the service
business. We have made progress with all these
strategic approaches. In 2024, we significantly
increased the number of service contracts and
exceeded our service budget. We also achieved
important milestones in China.
What were these milestones?
Beat Kälin: With the acquisition of a majority
stake in Hosver effective 1 July, we have signi-
ficantly strengthened our position in the growing
market for electromobility. Hosver is the clear
market leader in China for machines for the pro-
cessing of high-voltage cables and counts the
leading electric vehicle manufacturers and its
wire harness manufacturers among customers.
Outside Asia, we have already been well posi-
tioned for some time with our machines produ-
ced in Hungary. However, Hosver does not only
play an important role for us in the field of elec-
tromobility. With the trend toward autonomous
driving, the number of sensors and data wires
in vehicles is constantly increasing. Special ma-
chines are required to process these data wires,
and we have been manufacturing these in Ger-
many for years at Komax SLE. Thanks to its gre-
at innovative capacity and the collaboration with
Komax SLE, Hosver quickly developed a data
wire machine for the Chinese market, which we
will be presenting for the first time at productro-
nica in Shanghai at the end of March 2025. This
development is important and encouraging, and
only part of what we achieved in 2024 in China.
What other progress was made?
Beat Kälin: In order to remain competitive, it is
crucial for us to develop and produce not only
in Europe, but also to a greater extent in China,
so that we can respond even more specifically
to requirements in Asia and deliver faster. In ad-
dition to Hosver, our Schleuniger site in Tianjin
is also important to us. Soon, we will be manu-
facturing another localized product there – a
twisting machine of our Sigma series. We will
also be demonstrating these to our customers
at productronica for the first time. In addition, I
would like to mention our minority stake in E-Plus,
acquired at the end of 2024. E-Plus is the largest
provider of digital smart factory solutions for the
wire processing industry in China. I am confident
that the exchange and cooperation with this
company will help us progress with the digital
transformation.
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Although the Komax Group is basically on
track strategically, it postponed its medium-
term targets in November. Why is this?
Beat Kälin: In 2024, we took significant steps in
implementing our strategy and as a result we are
in a better position than we were a year ago. We
cannot influence the general market situation.
Instead of an average growth of 6% to 9% per
year, we had to accept a considerable decline
in revenues in 2024, which we do not expect to
be able to make up in 2025. We have therefore
postponed our 2028 targets to 2030. However,
the trend toward automation in wire processing
is continuing and we are confident that our fle-
xibility, innovative strength, and the measures we
have introduced will help us benefit considerably
when the upturn sets in. For this reason, we are
convinced that we will be able to achieve reve-
nues of CHF 1.0 to 1.2 billion and EBIT of CHF 120
to 160 million in 2030.
Will the measures introduced also help
to achieve a sustained improvement in
profitability?
Matijas Meyer: Yes, definitely. There is no doubt
that we have done our homework concerning
this in 2024. We have been working intensively
on our structures and therefore on our cost basis.
This includes reducing our global sales channels
from 80 to around 50 and working intensively to
streamline our product portfolio and reduce the
number of our engineering and production sites.
We already completed some measures in 2024
and initiated many that will be implemented by
the end of 2025 at the latest. At the beginning
of 2024, we had 30 such locations. Various mea-
sures have been initiated at ten of these loca-
tions. These include, for example, discontinuing
production and relocating to another production
site and/or closing down the site completely.
Unfortunately, these structural optimizations also
entail job losses, which I very much regret for
the employees affected. All the optimization
measures that we have been implementing
since 2024 will lead to a reduction in our com-
plexity. Our cost basis will be around CHF 3 mil-
lion lower from 2025 and as much as CHF 10
million lower from 2026.
Were these measures already taking
effect in 2024?
Matijas Meyer: Since we had to assume toward
the end of 2023 that 2024 would be very chal-
lenging, we introduced cost-cutting measures
at an early stage. As a result, we realized savings
in 2024 of around CHF 20 million, which was
crucial in achieving EBIT of CHF 16 million and
an EBIT margin of 2.5%. I consider this result to
be very respectable, considering that we expe-
rienced a 16.2% slump in revenues, which impac-
ted the high-margin volume business in particular.
There were also one-off expenses of CHF 11.5
million. Such a result was only possible with the
enormous commitment and flexibility of our em-
ployees, as well as their understanding of the
various measures. I would like to express my
sincere thanks to our employees.
“We will certainly have over-
come the low point in the first
half of 2024. Progress has been
made since then.”
Matijas Meyer, CEO
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Beat Kälin, why will you not be standing
for re-election as Chairman of the Board
of Directors at the Annual General Meeting
in April 2025?
Beat Kälin: After ten years in this position, I be-
lieve it is the right time to step down as Chair-
man. However, I will continue to contribute my
almost 20 years of experience in automated wire
processing as a member of the Board of Direc-
tors. It is particularly encouraging that we are
able to appoint Andreas Häberli as a successor,
whose experience as a long-standing member
of the Board makes him ideally suited to this
position. In these times of constant change, it
is important to ensure stability and continuity.
Andreas Häberli provides this and I look forward
to continuing to work together.
What are the priorities in 2025?
Matijas Meyer: As mentioned, there are nume-
rous measures for structural optimization, which
we intend to complete in 2025. As we expect
2025 continue to be a challenging market
environment, we will continue to attach great
importance to cost efficiency. We will also work
consistently on implementing our strategy. This
also includes the launch of various new innova-
tive products, which I am looking forward to. The
integration of Schleuniger has run smoothly over
the last two and a half years and we are growing
closer together as a group. We will continue to
drive this process forward. And finally, I would
like to mention the highlight of the year: Both
Komax and Schleuniger are celebrating their
50-year anniversaries, which we will of course
be celebrating.
“In 2024, we took
significant steps in
implementing our
strategy and as a
result we are in a
better position than
we were a year ago.”
Beat Kälin,
Chairman of the Board of Directors
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MEGATRENDS
DRIVE GROWTH
Global, cross-sector megatrends such as developments in the automo-
tive industry – the Komax Group’s main market – underpin the business
model of the Komax Group. They are driving the mid- and long-term
growth of the company. Changes in the labor market, environmental
awareness, and the growing complexity of end products, combined
with a corresponding increase in quality requirements, are fueling a
slow but steady rise in demand for automation solutions.
The megatrends in the Komax Group’s three
market segments are cross-sector trends that
are increasingly converging with one another.
They are developing against a persistently low
level of automation at wire harness manufactu-
rers. The lion’s share of wire processing (appro-
ximately 80%) is still done by hand. However,
manual production is coming up against increa-
sing challenges that can only be overcome with
automated processes by using Komax Group
solutions.
Continual rise in wage costs
Due to wage-cost considerations, customers
currently produce the majority of their wire harn-
esses in emerging markets. Over the long term,
wage costs will continue to rise there too. Bet-
ween 2021 and 2023, the global rate of inflation
was as high as 8.7%, primarily affecting those
on low incomes. This increases pressures on
companies’ personnel costs, which in turn
boosts automation. Added to this are the per-
sistent geopolitical uncertainties, such as the war
in Ukraine and the conflict in the Middle East.
Following the experiences of the coronavirus
pandemic and the disruptions to supply chains,
the impact of such uncertainties on the global
economy will lead to a mind shift among the
Komax Group’s customer base in the coming
years. There is an increasing trend toward
shorter supply chains with increased security of
supply (nearshoring). As a knock-on effect, wire
processing would also be repatriated to count-
ries with higher personnel costs – a move that
would need to be offset with a reduction in head-
count. With a continued increase in demand for
wire processing over the long term due to the
drivers set out below, such as more wires per
vehicle and a higher number overall of vehicles
being produced, this is only feasible if the level
of automation in manufacturing is substantially
increased.
Acute shortage of skilled labor over
several years
For several years now, a growing shortage of
skilled personnel has been a feature of the in-
ternational labor market. According to a study
published by the Manpower Group in 2024, the
global situation on the labor market eased
slightly compared with the prior year, but 75%
of the employers surveyed in 41 countries are
still reporting difficulties in recruiting new talent.
Particularly in technical positions and in assem-
bly line work of the kind that plays such an im-
portant role for the customers of the Komax
Group, finding sufficient personnel to match
business growth has become an increasing
challenge. This will boost investment in auto-
mation solutions.
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Miniaturization continues to make inroads
Another factor driving automation is the ongoing
miniaturization of wires. Wire cross-sections are
becoming ever smaller, which makes manual
processing difficult or even impossible.
Seamless traceability facilitates increasing
complexity with consistently high quality
Particularly in the sphere of transportation, be it
in cars, planes, or public transport, the comple-
xity of systems is on the rise as a result of tech-
nological progress. The autonomous driving
trend coupled with end customers’ needs for
greater security, comfort, and entertainment are
resulting in an increasing number of wires, as
well as new wire types.
The growing complexity of wire harnesses
means stringent requirements in terms of the
quality of wire processing. The zero-error tole-
rance principle is fueling a further increase in the
need for quality assurance systems. These test
systems guarantee the highest possible functio-
nality of wire harnesses and electronic assem-
blies. Error-prone manual processes will be less
and less adapted to these increasing require-
ments, as defective wire harnesses take consi-
derable time and expense to repair or replace
once they have been installed, which inevitably
comes at the cost of productivity and profitabi-
lity. Functional defects in electronic systems can
lead to serious reputational damage.
Therefore, seamless traceability of the indi-
vidual process steps is required for optimum
quality assurance. Only in this way can any flaws
at the production stage be rapidly identified and
eliminated. Intelligent automation solutions,
quality assurance tools, and systems for testing
wire harnesses before they are installed in end
products help guarantee the efficiency, safety,
and consistently high quality of the production
process. This has been widely recognized, not
least by automotive manufacturers, which is why
they are increasingly calling on their suppliers to
increase the degree of automation in their pro-
duction processes.
Digitalization of value chains
To satisfy the rising demands in terms of tracea-
bility and quality, value chains have to be digita-
lized. This not only increases efficiencies in cus-
¹ Compound annual growth rate: average annual growth rate of the Komax Group.
GROWTH DRIVERS OF THE KOMAX GROUP
Automation
Vehicle production
Cross-sectoral drivers
CAGR 5 – 6%¹
CAGR 1 – 3%¹
+
CAGR 6 – 9%¹
Rising
wage costs
More wires
per vehicle
Lack of skilled
workers
Autonomous
driving
Miniaturization
E-mobility
Traceability
Simplifying of
wire harnesses
Automotive industry drivers
Rising number of
vehicles manufactured
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tomers’ manufacturing operations but also
enables them to address the issue of transpa-
rency better, such as in quality audits or ESG
topics . Consequently, Komax Group customers
are in the process of digitally linking their pro-
duction processes to steer them and monitor
them more efficiently. Digitalization will become
significantly easier with increasing levels of auto-
mation, as incorporation of manual processes
into digital process chains is limited.
Cross-sectoral automation trend
Based on market analysis gathered for its stra-
tegy, the Komax Group is expecting automation
alone to lead to an average annual growth rate
of 5–6% (› page 25). In other words, the cross-
sectoral automation trend is going to be by far
the most important driver of business in the
three market segments of the Komax Group over
the next few years.
Growth drivers in the automotive industry
The Komax Group generates the bulk (approxi-
mately 75%) of its revenues in the automotive
industry and is benefiting from the global long-
term megatrends of this industry. These include
growing environmental awareness among con-
sumers and the need for greater safety and
comfort in vehicles. On top of this, a global me-
gatrend toward affordable vehicles is emerging,
to unlock individual mobility for a great many
people.
Increase in number of vehicles being
manufactured
According to S&P Global Mobility analyses,
around 89 million cars and light commercial ve-
hicles were manufactured worldwide in 2024.
The volume of production has therefore declined
slightly (2023: 91 million vehicles). For the next
five years (2025–2029), S&P Global Mobility is
predicting an average annual growth rate in ve-
hicle production volumes of around 1.7% (more
on market development › from page 40 onwards).
More wires per vehicle
Innovations in vehicle construction, new func-
tionalities, and an ever-rising fit-out level in all
vehicle classes are leading to a further increase
in demand for the wires produced for each ve-
hicle. The electrical systems in today’s compact
passenger cars already comprise as many as
1 300 wires, 2 300 crimp contacts, and 300 plug
connectors. Premium vehicles require as many
as 2 100 wires, up to 4 000 crimp contacts, and
over 500 plug connectors. This is several times
as many as in vehicles built two decades ago.
E-mobility opens up new sales
opportunities
Growing environmental awareness among con-
sumers and the associated target of emission-
free vehicles are some of the megatrends that
will underpin the Komax Group’s business in the
long term. Climate protection will also be driven
by regulatory measures. From 2035 onwards,
new passenger cars with diesel or petrol engines
will no longer be permitted in the EU (› page 43).
New types of high-voltage cables are being de-
veloped for hybrid and electric vehicles, which
will enable the Komax Group to create further
unique selling propositions and – in tandem –
additional sales opportunities (› page 44).
Greater automation of wire harness
production through zonal architecture
The cross-sectoral growth drivers (› page 19)
are leading to specific developments in the auto-
motive industry to facilitate the automated pro-
duction of wire harnesses. Automotive manufac-
turers and suppliers are working together to
simplify the wire harness. The Komax Group is
involved in such projects and, in 2024, worked
with partners to publish new industry standard
design guidelines (DIN 72036: 2024-06) setting
out how the level of automation can be increased
in wire harness manufacturing in the automotive
industry (› page 55). This standard demonstra-
tes what changes are needed to wire harnesses
to facilitate a greater degree of automation in the
production process.
The goal is a zonal electrical system with
several smaller wiring harnesses supplied by
separate control units, instead of one large,
complex wiring harness. This reduces the over-
all wire length but not necessarily the number of
wires used, and this is the key element for the
Komax Group. Simpler wire harnesses with
shorter wires are easier to produce on an auto-
mated basis, and will help ramp up the degree
of automation. Efforts to simplify wire harnesses
should also generate cost savings. Individual
mobility has to remain affordable for consumers.
This requires greater cost efficiency in manufac-
turing, which is in turn increasing the pressure
to automate wire processing further.
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The future – autonomous driving
It is not just vehicle infotainment systems that
are becoming ever more wide-ranging and com-
plex. Integrated information systems, fed by do-
zens of sensors, are paving the way for the
emergence of autonomous driving. This will fur-
ther increase the number of wires that have to
be produced and installed in vehicles.
These developments in the automotive in-
dustry are opening up significant growth oppor-
tunities for the Komax Group, above and beyond
the existing cross-sectoral growth drivers.
The Group expects to be able to generate
an average of 1–3% growth annually over the
coming next years as a result of the growing
number of vehicles produced.
Long-term trend toward automation intact
in all market segments
As a result of these various drivers, the Komax
Group finds itself in a growth market. Sooner or
later, customers in all market segments will have
to invest in automation solutions to remain com-
petitive – regardless of interim economic down-
turns. These lead to delays, but do not signifi-
cantly affect the underlying megatrends in the
long term. Customers are aware that there is no
way of side-stepping the trend toward automa-
tion. In the coming years, too, global mega-
trends will contribute to the gradual increase in
the automation of wire processing.
ZONAL ARCHITECTURE OF THE WIRE HARNESS IN THE VEHICLE
The zonal architecture
of the wire harness in
the vehicle uses zone
control units (shown
as white boxes in the
diagram) to divide
the wire harness into
several small harnes-
ses with short wires,
which are easier to
automate.
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STRATEGY
The Komax Group develops state-of-the-art technological solu-
tions for automated wire processing in three market segments.
In order to achieve above-average profitability and sustainable
growth, it pursues four key strategic priorities. The corporate
purpose, core values, and ESG approach form the basis of these.
MARKET
SEGMENTS
Aerospace
& Railway
Industrial
& Infrastructure
Automotive
ESG CORE
ELEMENTS
Climate Protection
Fairness
Responsibility
MEGATRENDS
AS GROWTH
DRIVERS
Plenty of automation
potential outside
the automotive industry
Upheaval of the
automotive industry
Create Value
Along Customer
Journey
Strengthen
Global Customer
Proximity
Innovate for
Automation
and Quality
Develop Non-
Automotive
Markets
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PURPOSE &
FIVE CORE
VALUES
Innovation
Quality
Customer Focus
Responsibility
Success
1.0–
1.2
CHF billion
revenues
2030
FINANCIAL
TARGETS
120–
160
CHF million
EBIT
Enormous
automation
potential
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The Komax Group offers its customers cutting-
edge technical solutions for automated wire pro-
cessing in three market segments – Automotive,
Aerospace & Railway, and Industrial & Infras-
tructure – and continuously strives to improve
its competitiveness. Above-average profitability
and sustainable growth are important objectives
in this context. These go hand-in-hand with en-
vironmentally conscious, socially aware, and
responsible conduct toward all stakeholder
groups. In order to achieve its objectives, the
Komax Group pursues four market-oriented
strategic priorities, which are in turn supported
by various strategic initiatives. The company
specializes in innovative solutions for all wire
processing applications and for the testing of
wire harnesses. The emphasis is on processes
such as measuring, cutting, stripping, crimping,
taping wires, and block loading. The Komax
Group offers its customers fully automated and
semi-automated serial production models as
well as customer-specific systems (for all
degrees of automation and individualization),
which optimize processes while increasing pro-
ductivity. These are supplemented by an exten-
sive range of quality assurance modules, testing
devices, and networking solutions for the relia-
ble and efficient production of wire harnesses.
Digital services that increase the availability of
installed systems and test their productivity also
form part of the range, as does intelligent soft-
ware. All of this provides ideal conditions for
“The Komax Group is confident that it will emerge strengthened
from the current phase of weakness. It has the necessary market
knowledge, specialist expertise, and resources to successfully
implement the key strategic priorities it has defined. The trend
toward greater automation is very much intact, and the Board of
Directors firmly believes the Komax Group can expand its market
and technological leadership further.”
Beat Kälin, Chairman of the Board of Directors
AUTOMATION POTENTIAL IN THE OVERALL MARKET
Automated work vs. manual work
The overall equipment
effectiveness (OEE) of
customers amounts to
just 50%, which provides
the Komax Group with a
further 10% of automation
potential. Thus, the total
automation potential in the
market is around 90%.
10%
machine
downtime
10%
productive
(OEE: 50%)
au
to
ma
te
d
wo
rk
20
%
m
a
n
u
al
w
o
r
k
8
0
%
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customers of the Komax Group to consolidate
and increase their competitive advantage further.
Increasing the degree of automation
and overall equipment effectiveness
The Komax Group has considerable growth
potential, as wire processing is currently no
more than 20% automated. Manual work, which
still accounts for 80% of wire processing, is in-
creasingly losing its commercial viability due to
various factors (› pages 18–21). In addition, the-
re is still a significant amount of optimization
potential in the work already carried out by ma-
chines. Due to time-intensive setup and change-
over processes, which are becoming more com-
mon due to the persistent decline in batch sizes,
the wire processing machines of customers can
be inactive for as much as half of the working
day. Bearing in mind that their overall equipment
effectiveness (OEE) amounts to just 50%, the
optimization potential actually works out at 90%
rather than just 80%. The Komax Group is keen
to exploit this potential over the longer term, and
it is therefore the key driver for the ambitious
strategy.
In order to meet the targets set for 2030, the
Komax Group is seeking to achieve average
annual revenue growth of 6–9%. The key driver
of this growth, accounting for 5–6%, is the trend
toward automation. The number of vehicles
manufactured, which is set to grow over the
medium term, will contribute a further 1–3% to
growth. Growth is not expected to develop in a
linear way over the coming years. Given that it
is below average due to the current weak pha-
se in the automotive industry, it is expected to
be above 6–9% in the subsequent years of re-
covery (› page 42).
90%
automation
potential
Automation drives the Komax Group’s growth
Total
Automation
Vehicle production
1–3%
5–6%
6–9%
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KEY STRATEGIC PRIORITIES
Lean and Excellent, Digital Transformation
Scale Komax and Schleuniger
Create Value
Along Customer
Journey
Strengthen
Global Customer
Proximity
Innovate for
Automation
and Quality
Develop
Non-Automotive
Markets
ESG (Environmental, Social, Governance)
FOUR KEY STRATEGIC PRIORITIES
In order to achieve its set targets, the Board of Directors of the Komax Group has approved four
key strategic priorities for market development: Create Value Along Customer Journey, Innovate for
Automation and Quality, Strengthen Global Customer Proximity, and Develop Non-Automotive
Markets. In addition, strategic initiatives address issues that are important to the attainment of pro-
fitability targets and the financing of growth: Scale Komax and Schleuniger, and Lean and Excellent,
Digital Transformation. The overall picture is complemented by the ESG strategic initiative, which
forms a framework for sustainable action by the Komax Group.
Create Value Along Customer Journey
The Komax Group is keen to generate value right
from the first moment of customer contact. Cus-
tomer contact starts with the offer phase, en-
compasses delivery and installation of the ma-
chinery, and extends to servicing across the
entire life cycles of products. Thanks to many
decades of experience and its proximity to its
customers (› pages 34–39), the Komax Group
understands their needs and already offers them
a comprehensive range of innovative and reliable
automation solutions. The offering covers the
most capital-intensive and critical processes of
customer value chains – from measuring and
cutting wires through to the taping process, and
finally the testing of the completed wire harness
(› page 59). The Komax Group therefore has by
far the broadest portfolio of solutions on the
market, which means that it can address a whole
range of customer needs in a targeted way. The
expansion of the service business from 20% to
25% of revenues lies right at the heart of this
initiative, as up until now it has been largely
limited to the replacement parts business. For
this reason, the service concepts were revised
in the reporting year and customer management
was improved with digital solutions (› page 37).
A significant increase in the number of conclu-
ded service agreements was already achieved
in the 2024 financial year.
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Innovate for Automation and Quality
The Komax Group strives to maintain and extend
a technological edge over its competitors. Here,
the focus is on solutions that significantly increase
automation while at the same time guaranteeing
the utmost quality in all areas of processing. This
gives customers the assurance that the quality will
be there right from the first go if they use Komax
machines for their production. But if they have
doubts nonetheless, the goal is for them to have
full traceability throughout the production process.
The Komax Group invests 8–9% of its reve-
nues in research and development so that it can
offer state-of-the-art products and services on
an ongoing basis. It thus possesses a degree of
innovative strength that is unique in the market,
and it uses this to increase the productivity and
flexibility of its customers, thereby providing them
with additional competitive advantages. The
pipeline is well filled, and over the coming years
the Komax Group will continue to provide its
customers with numerous technological innova-
tions that will facilitate considerable efficiency
increases in automated wire processing.
A good example is the Lambda 5 series – a
modular machine for the fully automatic proces-
sing of wires that is capable of processing twice
as many wires as the previous generation in the
same timeframe and with similar space require-
ments, using significantly less energy. Moreover,
with its platform strategy the Komax Group is
continuously enhancing the existing installed
machinery base of its customers with multiface-
ted solutions.
Strengthen Global Customer Proximity
The Komax Group has 28 engineering and
production sites located in Europe, Asia, North
America, and Africa. It provides sales and ser-
vice support in more than 60 countries through
its subsidiaries and independent agents, which
gives it a unique global presence that was
strengthened further in 2024. The Komax Group
has set itself the goal of being close to its cus-
tomers so that it can provide outstanding service
combined with the shortest possible response
and supply times. It is therefore determined to
expand its global reach in a targeted way – be
it through acquisitions, the establishment of new
locations, or the expansion of existing sites.
There is a strong focus on Asia, as the Komax
Group generates a below-average proportion of
revenues (20%) in the Asia/Pacific region given
the sheer size of this market, which is the source
of more than half of all annual global vehicle pro-
duction volumes. The need for automation solu-
tions in Asia is substantial, not least due to the
rapid proliferation of e-mobility. This is true not
just of China, but also of India and Southeast Asia.
The Komax Group possesses the greatest inno-
vative strength in its industry, as well as the re-
sources to harness the opportunities that present
themselves in Asia. Among other things, in the
reporting year these enabled it to take a majority
stake in Hosver, the leading manufacturer of
machinery for the processing of high-voltage
cables in China, along with a 5% stake in MES
specialist E-Plus. In other regions too, however,
the Komax Group has significantly increased its
customer proximity through digital solutions and
structural optimizations (› pages 29 and 37).
Develop Non-Automotive Markets
The Komax Group generates around 25% of
revenues from customers who are not active in
the automotive industry, and intends to increase
this share to 30% by 2030. The high proportion
of revenues generated in the Automotive market
segment (75%) is explained by the fact that,
according to market estimates, some 60% of
globally processed wiring is used in automotive
manufacturing, and the automotive industry is
without equal when it comes to standardization
and automation. Numerous wires are processed
in all sorts of other markets too, which presents
considerable automation potential. The Komax
Group concentrates most of its efforts on two
additional market segments that have synergy
potential with the core business: Aerospace &
Railway and Industrial & Infrastructure (› pages
40/41). In both segments there is plenty of auto-
mation potential that the Komax Group is keen
to exploit further in the future. In the industrial and
infrastructure area, for example, there are com-
prehensive digital solutions for control cabinet
builders. In the aerospace market, the Komax
Group offers automated solutions for the entire
value chain of aircraft manufacturers (› pages
48/49). As these markets offer attractive longer-
term growth potential, the Komax Group is see-
king to achieve ever greater penetration so that its
non-automotive share of revenues can be gradu-
ally increased. Although the non-automotive share
of revenues actually rose to around 35% in the
2024 reporting year, this was primarily attributable
to the weakness of the automotive industry.
8–9%
of revenues
invested in research
and development
28
engineering and
production sites
globally
25%
revenues from
non-automotive
customers
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STRATEGIC INITIATIVES
In order to support these four strategic priorities in a targeted way, the Board of Directors has defined
various initiatives.
Scale Komax and Schleuniger
Not only does the combination of Schleuniger
with the Komax Group generate growth, it also
opens up numerous opportunities to design
structures and processes more efficiently. The
focus is on the targeted exploitation of the re-
spective strengths of Komax and Schleuniger
to make the best possible use of the potential
arising from the combination.
As part of this strategic initiative, compre-
hensive progress was made in 2024 in the form
of consistent cost and structural adjustments.
Among other things, the distribution network in
Europe was further optimized for customers,
with the number of distribution channels being
reduced from 81 to around 50 (› page 34). In
addition, various companies and locations were
either closed, merged, or sold.
In Switzerland, the Komax Group concentrates
its activities in the two sites of Dierikon and Thun.
Production operations in Rotkreuz were trans-
ferred to the headquarters in Dierikon at the end
of 2024. The production site in Cham will follow
suit in the first quarter of 2025. This concentration
of sites not only reduces costs, including on the
logistical side, but also shrinks the company’s
environmental footprint in Switzerland.
In Germany, the Schleuniger Messtechnik
site in Sömmerda was closed, as was the branch
of Schleuniger GmbH in Jettingen. In Sömmerda,
quality tools were developed and produced.
Following the combination of Komax and Schleu-
niger, these products were being manufactured
at two sites in Germany and one in Singapore.
In the future, the Komax Group will focus on just
two locations in this area – one in Europe and
one in Asia. The test automation solutions pro-
duced in Jettingen will no longer be offered
going forward. The adaptronic site in Wieden-
sahl, which has up until now been used for the
production of hand and special adapters for
automotive applications, will be closed in the first
half of 2025. As these are niche solutions that
do not belong to the core business of the Komax
Group, they are being discontinued.
Furthermore, production at the Quality So-
lutions site in Yambol, Bulgaria, was shut down,
with the second Turkish location in Ergene/
Tekirda being expanded into a production site
in order to meet the increasing local need for
testing solutions in Türkiye. Komax Testing Bul-
garia will continue to exist as a company and
focus on the development of software and algo-
rithms for digital solutions at the existing site in
Sofia. The production of testing solutions will
also be discontinued at the Porta Westfalica site
in Germany over the course of 2025.
In Asia, the Komax Group transferred the
production and engineering operations of Komax
in Shanghai to the existing Schleuniger site in
Tianjin, with Shanghai being continued as a com-
pany for distribution and service, as well as testing
solutions. This will decisively strengthen the pro-
duction site in Tianjin for the Chinese and wider
Asian markets. There are likewise changes in
Japan. The product portfolio in the wire stripper
area will be streamlined in keeping with a “best of”
strategy to reduce complexity and costs here, too
(› page 35). This will mean the discontinuation by
mid-2025 of the benchtop machines of the Mira
type produced in Japan. Going forward, the re-
maining activities of Komax Japan will be grouped
together at the Schleuniger site in Inagi near Tokyo.
In North and South America, the Komax
Group currently has a strong market position,
which is why there were no significant organiza-
tional changes here in the reporting year.
Thanks to these advances in respect of sca-
ling and structural adjustment, the Komax Group
was already able to leverage significant optimi-
zation potential in the reporting year, which
will lead to a lasting cost reduction of around
CHF 10 million. Optimizations will be ongoing
with a view to equipping the Komax Group for
future challenges and attaining its ambitious
financial targets.
Lean and Excellent, Digital Transformation
As the corporate goals of the Komax Group are
geared toward both longevity and sustainability,
streamlined organizational and process structures
are needed, as well as the determination to im-
prove these continuously. The efficient design of
the entire value chain can reduce the use of
valuable resources such as materials, energy,
innovative output, and time. A key element in
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Switzerland
China
Europe
Japan
STRUCTURAL OPTIMIZATIONS IN EUROPE
STRENGTHENING OF MARKET
POSITION IN ASIA/CHINA
Production
Production with implementation to be completed in the 2025 financial year
Sales and service network
Transfer of production from
Komax Testing Bulgaria to
Komax Testing Türkiye
Takeover of majority (56%) in Hosver,
Suzhou
Discontinuation of production at
Komax site in Tokyo
Takeover of distribution partner Seno
Property, Czech Republic
Focus on distribution, service, and
testing products at Komax’s Shanghai
site
Localization of twister machines for
Asian markets at Tianjin site
Transfer of production from Komax
Shanghai to Schleuniger Tianjin
Relocation of Komax’s Rotkreuz
site to Komax headquarters in
Dierikon
Sale of Artos France, France
Minority stake (5%) in E-Plus,
Changchun
Combination of Komax and
Schleuniger sites in Tokyo
Asset deal with distribution partner
Seno, Romania
Minority stake (3%) in distribution
partner Smans in Benelux
Combination of Komax and Schleuniger
sites in Shanghai
Relocation of Schleuniger’s Cham site
to Komax headquarters in Dierikon and
discontinuation of production
Discontinuation of production at
Schleuniger’s Radevormwald
site, Germany
Closure of adaptronic site in
Wiedensahl, Germany
Discontinuation of production at
Komax Testing Germany in Porta
Westfalica, Germany
Closure of Schleuniger site in
Jettingen, Germany
Closure of Schleuniger Messtechnik
site, Germany
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increasing efficiency in this area is digital trans-
formation. The Komax Group is currently in the
process of building up a digital twin of its value
chain – from procurement to assembly, delivery,
and service. The aim is to establish comprehen-
sive digital solutions for internal processes of the
Komax Group, for interfaces to the customer,
and for the SMART FACTORY by KOMAX offe-
ring. This should enable the quality of processes,
products, and services to be improved, while at
the same time facilitating lasting improvements
in cost efficiency and accelerating the Komax
Group’s speed of response to market develop-
ments. Driving factors here in 2024 included
improved digital customer management, the di-
gitalization of engineering data, and the intro-
duction of a global HR management tool (› page
81). The ongoing optimization of the Komax
Group’s own processes and supply chains along
with internal and external digitalization are key
factors in the attainment of the desired level of
profitability and efficiency.
Environmental, Social, Governance (ESG)
ESG – environmentally sustainable business
practices along with socially oriented and re-
sponsible corporate governance – forms the fra-
mework for the Komax Group’s strategy. Sus-
tainability is a fundamental principle at the
Komax Group, and one that has been actively
put into practice for many decades. This should
become even more tangible and visible in the
future with the implementation of the ESG
strategy and the fulfillment of 13 non-financial
targets. The Komax Group is well on track to
achieve its ESG targets. More on this can be
found in the ESG Report produced in accordance
with the international GRI standards, in which
the Komax Group discloses comprehensive in-
formation and key figures on ecological perfor-
mance, on risks and opportunities (including a
TCFD report), and on social and governance
issues (› pages 64–118).
“We reacted early in responding to the challenges,
initiating numerous structural and product portfolio
optimizations, as well as cost reductions, while at the
same time driving forward the integration of Schleuniger
in a targeted way. We intend to achieve the financial
targets set by 2030.”
Matijas Meyer, CEO Komax Group
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Komax Group results
in CHF million
2024
20231
Revenues
630.5
752.0
EBIT
16.0
67.8
Payout ratio (in % of EAT)
0.0
35.1
1 Excluding one-time effects (revenues: CHF +10.9 million; EBIT: CHF +5.0 million).
MID-TERM TARGETS PUSHED BACK BY
TWO YEARS TO 2030
The Komax Group wants to increase its value on an ongoing basis through profitable growth. In
2023, it therefore set itself ambitious targets for growth and profitability to be achieved by 2028.
Due to the very challenging market situation in the reporting year, and as the Board of Directors is
not expecting any significant improvement over the next few months, in September 2024 it pushed
back the mid-term targets by two years to 2030 – without any change in the envisaged key targets
themselves.
revenues 2030 in CHF billion
EBIT 2030 in CHF million
120–160
1.0–1.2
By 2030, the Komax Group aims to be generating
revenues of CHF 1.0–1.2 billion. With targeted
annual average growth in revenues of 6–9%, the
Komax Group expects to at least maintain or
possibly slightly expand its market share. Signi-
ficant progress was made in the attainment of
these targets in the 2024 reporting year. As set
out in the “Scale Komax and Schleuniger” section,
the numerous initiated measures – many of which
have already been implemented – are leading to
efficiency improvements, as well as sustainable
cost savings.
Rising revenues figures over the medium term
and an advantageous product mix will enable
the Komax Group to deliver disproportionately
high increases in profitability. It is seeking to
achieve EBIT of CHF 120–160 million for 2030.
The Komax Group continues to look at an
Eldorado scenario in automation in its markets.
Through the combination with Schleuniger in
2022, the acquisitions implemented in the two
years thereafter, and the structural and cost op-
timizations, it is ideally equipped to best exploit
the opportunities that arise over the coming years.
Financial stability
Safeguarding financial stability is a key strategic
element for the long-term success of the Komax
Group. It is distinguished by its robust equity
base and financial room for maneuver. Numerous
measures were implemented in the reporting
year to sustainably increase the profitability of
the Komax Group (› page 28). The equity ratio
amounts to 51.7%, while the debt factor (net debt
divided by rolling EBITDA) stands at 2.67. This
solid foundation enables the Komax Group to
systematically pursue opportunities to develop
further, and offers security in challenging times.
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AROUND THE
WORLD
Close to customers
28
The Komax Group produces
in Europe, Asia, North America,
and Africa, and provides sales
and service support through its
subsidiaries and independent
agents.
Strong multicultural team
3 496
employees
engineering
and production
sites
North/South America
Revenues: CHF 209.5 million (33.2%)
Employees: 437
Engineering and production sites: 3
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Headquarters in
Dierikon, Switzerland
Unique distribution and service network
60
countries with sales
and service support
Africa
Revenues: CHF 62.2 million (9.9%)
Employees: 207
Engineering and production sites: 2
Europe
Revenues: CHF 233.2 million (37.0%)
Employees: 2 166
Engineering and production sites: 17
Asia/Pacific
Revenues: CHF 125.5 million (19.9%)
Employees: 686
Engineering and production sites: 6
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The Komax Group maintains 28 engineering
and production sites in Europe, North, Asia, and
Africa, at which 3 496 employees produce stan-
dardized products, customer-specific systems,
and testing systems (› pages 32/33). The struc-
tures are currently being optimized, which will
lead to fewer locations. With its unique distribu-
tion and service network, the Komax Group can
always provide efficient and competent support to
both locally and globally active customers. It pro-
vides sales and service support via subsidiaries
and independent agents in over 60 countries.
Around 400 employees work in the company’s
international service organization. Last year, the
Komax Group implemented or initiated numerous
projects with the aim of further increasing cus-
tomer proximity.
Greater customer proximity in
distribution and service
Over the last two years, the Komax Group has
reduced the number of its global distribution
channels from 80 to around 50, thereby further
improving customer proximity. Optimization so-
lutions were implemented in countries with
parallel distribution channels following the com-
bination of Komax and Schleuniger in 2022, with
the aim of offering customers just one single
contact partner capable of reacting rapidly to
their needs. For example, the distribution service
network in Europe was modified over the course
of the year in the Benelux, Czech Republic, and
Romania markets, in order to eliminate the dupli-
cations that arose as a result of the above-men-
tioned combination. In the Benelux countries
(Belgium, the Netherlands, and Luxembourg),
Komax and Schleuniger previously had two dif-
ferent organizational structures in place in the
distribution area. While Komax has worked with
its distribution partner Smans for some 40 years,
Schleuniger had been distributing its products
itself. In 2024, Smans took over distribution and
service for the Komax Group’s entire product ran-
ge. The former Schleuniger employees were
transferred to Smans. In return, the Komax Group
received a minority stake of 3% in Smans.
In the Czech Republic, too, two distribution
channels coexisted previously: Komax Czech
Republic Trading sold Komax products, while
another company – Seno Property – sold Schleu-
niger products. Seno Property was taken over in
2024 and integrated into Komax Czech Republic
Trading. In addition, in the reporting year an asset
deal was concluded with Seno Romania, which
FOCUS ON
CUSTOMER
PROXIMITY
Being close to its customers at all times is particularly important
to the Komax Group, as this is the only way it can ensure rapid
response and delivery times, as well as a comprehensive service
offering. For that reason, the Komax Group – in keeping with its
motto “global local” – combines global production with a unique
local distribution, engineering, and service network across all
continents with customized digital offerings.
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had previously distributed the solutions of Schleu-
niger in the local market. As a consequence,
three Seno employees transferred to either Komax
Romania Trading or Komax Testing Romania.
Komax Romania Trading will therefore offer the
entire portfolio of Komax and Schleuniger solu-
tions from a single source in the future.
The Komax Group is now firmly on the home
straight with the optimization of its distribution
and service network. There are only a few count-
ries in which solutions are not yet in place – but
these are now imminent. To align itself with
changing customer needs, the Komax Group
will adapt its global distribution and service net-
work further in the future where necessary.
Streamlining of product portfolio
Following its combination with Schleuniger, the
Komax Group found itself with a significantly
larger product portfolio, with overlaps in certain
areas. Following in-depth analysis, work began
back in 2023 to streamline the offering in certain
product categories by means of a “best of” stra-
tegy. This work was consistently pursued in the
reporting year with a view to further reducing
both complexity and costs. For example, the wire
stripper products (Mira series) and the cut & strip
products (Kappa series) from Komax were dis-
continued in favor of the equivalent Schleuniger
products (B and E series). In the future, Schleu-
niger’s remaining B and E series will combine the
benefits of the existing Schleuniger and Komax
series and therefore the best of both worlds. Mo-
reover, in the Quality Tools area, which compri-
ses more than 50 products, the portfolio is being
significantly scaled back in phases (› page 28).
“With Hosver we are strengthening our market position
in China in the growing area of electromobility, which is
one of our key strategic targets.”
Matijas Meyer, CEO Komax Group
ACQUISITION OF HOSVER IN CHINA
In the reporting year, the Komax Group took a majority stake in Hosver, the leading manufacturer of
machinery for the processing of high-voltage cables in China. It has thereby acquired additional engineering
expertise for the Chinese market, while also gaining access to a number of key customers:
– Acquisition of the majority stake (56%) in Hosver as per July 2024
– Founded in 2014 in Suzhou, located to the west of Shanghai
– 190 employees
Market position strengthened in China
Another key area of activity in 2024 was China,
where the Komax Group has yet to fully establish
the necessary market presence to participate in
this growth market to the greatest extent possi-
ble in the longer term. An important step toward
achieving that goal was the takeover of a majo-
rity stake (56%) in Hosver, the leading manufac-
turer of machinery for the processing of high-
voltage cables in China (› infobox). With this
BEST-OF
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acquisition, the Komax Group has acquired ad-
ditional engineering expertise for the Chinese mar-
ket along with access to leading companies in the
electric vehicle market. This includes local and
global wire harness manufacturers as well as Chi-
nese vehicle manufacturers.
An additional step came at the end of 2024
with the acquisition of a minority stake of 5% in
E-Plus (Changchun E-Plus Technology Co., Ltd.).
The Komax Group has therefore entered into a
partnership with the biggest provider of digital
smart factory solutions for the wire processing
industry in China. E-Plus, which is based in
Changchun in the north-east of the country, de-
velops and sells the most widely used manufac-
turing execution system (MES) in China for the
production of wire harnesses. Wire harness ma-
nufacturers use this MES to monitor, control,
optimize, and track their production processes
– regardless of whether they use wire processing
machines from Komax and/or other providers. In
addition, Komax’s production in Shanghai was
relocated to the Schleuniger site in Tianjin, the-
reby combining both capacity and expertise at a
single production site. Work also started in Tian-
jin on the process of localizing the production of
wire twisting machines for the Chinese market,
which previously took place at the headquarters
in Switzerland. Thanks to this development, the
Komax Group has strengthened its position in
the important growth market of China. The com-
pany is working intensively on achieving success
in this market in the future too and will be analy-
zing and exploiting further optimization potential.
“Our aim is to offer comprehensive service across
the entire product life cycles of our solutions. For a
high level of production automation, we are involved
with our client base from an early stage in design and
planning. The subsequent support we provide spans
the whole production process, ensuring that we
generate real added value at all times.”
Tobias Rölz, Executive Vice President Market & Digital Services
Comprehensive service concepts
The Komax Group is supporting its customers
with a comprehensive service offering that
encompasses the entire product life cycle. To
provide the best possible support to customers’
ongoing production operations, the service
offering is being continuously developed. A par-
ticular focus here is the expansion of intelligent
digital solutions that complement the service
portfolio, thereby helping customers to solve any
challenges rapidly and effectively. The Komax
Group has made significant progress in this
respect over the last two years. For example,
with its CARE Service Agreements, the company
now offers comprehensive carefree packages
for customers, thereby helping them get the best
out of their machinery investments when it comes
to productivity, availability, and quality. As a
result, in addition to the machines themselves,
customers can also obtain service agreements
for individual machines or entire production sites,
covering calibration, maintenance, technical
support, training, and digital solutions. In 2024,
agreements for service packages were conclu-
ded with various customers in the different
regions, covering the entire portfolio of Komax
and/or Schleuniger machines within a factory.
In addition to its CARE Service Agreements,
the Komax Group also offers a broad-based
service offering of on-demand services such as
advice, installation, and repair, as well as reno-
vation or extension of customer systems. Ap-
propriate financing solutions offer attractive alter-
natives to the traditional purchase of machinery.
Digital products and services along with the MES
(Manufacturing Execution System) solutions
4WIRE Px and 4WIRE CAO complete the offe-
ring. These allow customers to create additional
added value across the entire life cycles of their
machines thanks to efficient production planning
and monitoring.
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Digitalized customer management
In addition to having personal contact with the
employees of the Komax Group, customers also
want to be able to call up product information,
submit service queries, and initiate their orders
rapidly, simply, and digitally. The Komax Group
is helping them do just that, supporting them
with various digital solutions. The company is
increasingly using an omni-channel approach in
this respect, i. e. facilitating contact through all
sorts of different channels.
Over the course of 2024, the Komax Group
rolled out a Group-wide, standardized, new di-
gital customer management tool (› page 111,
ESG Report) and carried out further work on the
customer portal “myKomax.” This portal enables
customers to log into their own customer area
via the website. Here they can find, for example,
digital services such as WIRE Flow, and further
services are to be made available in 2025 so that
customers have access to a comprehensive digi-
tal offering in the future with just a single sign-on.
With this system, the Komax Group is tra-
cking customer needs across different areas.
The local service team can inform customers
transparently at any time about the status of their
respective issues.
These are implementation steps on the
road to the self-service boutique of the SMART
FACTORY by KOMAX (› pages 52/53). The
“myKomax” customer portal will be continuously
expanded over the coming years. Moreover, in
2024 the Komax Group carried out a comprehen-
sive customer satisfaction survey to improve its
service levels further (› page 110, ESG Report).
Thanks to its customer proximity, the Komax
Group has its finger on the pulse of industry. This
is crucial for the Group if it is to deploy its expe-
rience of half a century to develop high-quality,
innovative automation solutions for local needs
in global markets. In addition, the company’s
international orientation helps mitigate the re-
percussions of currency fluctuations. The Komax
Group seeks to ensure that costs and revenues
are generated/incurred in the same currencies
to the greatest extent possible.
Expansion of value chain with WUSTEC
Thanks to its Germany-based company WUSTEC,
the Komax Group offers automated wire pre-
fabrication for control cabinet construction.
WUSTEC is thus offering its customers a “virtual
machine” with which wire sets can be ordered
online in any quantity and then manufactured
and delivered within the shortest of timeframes.
This is particularly attractive to customers who
have no interest in setting up their own produc-
tion process for certain projects. In the reporting
year, this offering was rolled out for the distribu-
tion network in the DACH region, as well as in
France. Moreover, this concept was expanded
through the “physical machine,” whereby the
digital platform WIRE Mind was impressively de-
veloped further and prepared for market launch
in 2025. Customers with in-house production
will be able to optimize their production planning
in future thanks to WIRE Mind. The correspon-
ding production data can be uploaded to the
WIRE Mind platform from any ECAD system. The
Komax Group is thereby offering its customers
maximum flexibility and a rapid and efficient ser-
vice, and hence enabling them to accelerate
production. They can either use the “virtual ma-
chine” to order their prefabricated wire sets
through WUSTEC online and/or work with their
own “physical machines” in their factories and
use WIRE Mind for the purposes of production
optimization.
Education and training to boost
productivity
A well-trained workforce can help minimize ou-
tages through user or maintenance error, and
can shorten machinery configuration times. This
translates into increased productivity as well as
goods of higher and more consistent quality.
Through the Komax Academy and the Schleu-
niger University, the Komax Group empowers
its customers to operate and maintain their ma-
chines and testing systems flawlessly. For many
years now, the Komax Academy has been offe-
ring on-site instruction at numerous locations of
the Komax Group in a way that is tailored to dif-
ferent customer needs and levels of experience.
Furthermore, customers have the option of com-
pleting some 220 training modules online in up
to twelve languages. Every year, hundreds of
customers make use of this offering to expand
their specialist knowledge. This is on top of the
numerous in-person training sessions on the use
and installation of machinery given by the Komax
Academy and the various Sales and Service
teams. The Komax Academy and the Schleuniger
University will be amalgamated in 2025 to create
the new “Komax Campus” learning management
system.
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Products and services on tap locally
for customers
The Komax Group enhances its customer pro-
ximity through its presence at trade fairs and
events throughout the world. Here it presents its
latest developments in automated wire proces-
sing and actively encourages exchange of ideas
in respect of key themes in the industry. In the
reporting year, companies of the Komax Group
were present with their products and services
at around 50 trade fairs and events.
Among other events, in March 2024 custo-
mers were given the opportunity to experience
“live” the breadth of solutions available for wire
processing along entire value chains at produc-
tronica in Shanghai, China. In May, the Komax
Group presented a broad portfolio of solutions
for wire processing to its customers at EWPTE,
a key US trade fair held in Milwaukee, Wisconsin.
Of particular interest to attendees was the
Group’s range of machinery for the fully auto-
matic processing of wire harnesses. Also in the
US, the Komax Group embarked on a roadshow
between June and December with its Komax,
Schleuniger, and Cirris brands, traveling all
around the country to give on-site presentations
to its customers on the latest products and
services from the cut & strip, crimping, and
testing areas. A similar roadshow was also
carried out in Thailand in the fall of 2024. This
additional layer of proximity was particularly
valued by customers.
In November, the Komax Group presented
numerous products from its various brands at its
proprietary trade fair WirePro Expo in Lucerne,
an event in which various other exhibitors also
participated. Spread over three days, this fair
gave more than 1 000 customers and partners of
the Komax Group a clear insight into the compa-
ny’s latest products and services. The trend to-
ward greater automation was very much in evi-
dence. Among other things, the key points of
focus encompassed the themes of sequential
production, solutions for small batches, control
cabinet construction, efficiency improvements
through IQC technology, as well as the numerous
service offerings of the Komax Group. The com-
pany presented various solutions relating to the
five elements of the SMART FACTORY by
KOMAX, which is now evolving from vision into
reality (› pages 52/53).
At various other events around the globe, the
Komax team presented both its product portfolio
and the SMART FACTORY by KOMAX to custo-
mers, along with various innovations and digital
solutions. Trade fairs at which the Komax Group
is set to exhibit over the coming months can be
found at www.komaxgroup.com/trade-fairs.
Explanation of the
Schleuniger cut &
strip portfolio for
customers in March
2024 at productronica
in Shanghai.
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More than 1 000
people attended the
Komax Group’s three-
day WirePro Expo in
Lucerne, Switzerland.
THE BRAND WORLD OF THE KOMAX GROUP
The brand world of the Komax Group
Strong brands are a key driver of the success of
the Komax Group. Brand strategy is therefore a
vital element in the implementation of corporate
strategy. For this reason, the Komax Group relies
on a multi-brand strategy. In addition to the
Komax brand itself, the portfolio includes the
product brands Schleuniger, adaptronic, Cirris,
DiIT, WUSTEC, and – as of 2024 – Hosver. Furt-
hermore, the Lintech brand (as the distribution
company for France and North Africa) has been
part of the Komax Group since 2023. The Group’s
corporate image is characterized by pioneering
spirit, technological leadership, insistence on
high quality, and partner-based relations with
customers. The presentation of the individual
product brands is modern and standardized
across all product groups, with high recognition
value. The Komax Group has received many
awards in the past for its consistent implemen-
tation of a clear product design that stands for
customer friendliness and an unparalleled cus-
tomer experience.
In order to simplify the process of dealing
with individual brands for both internal and ex-
ternal stakeholders, the Komax Group created
a brand portal in 2023 (www.komaxgroup.com/
brands).
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Automotive
The Automotive segment is by far the most important market segment
for the Komax Group. There are a number of reasons for this. In no
other industry is the volume of wires to be processed so large. With
a production output of around 89 million vehicles per year, each
containing on average some 1 700 wires with 3 200 crimp contacts,
the demand for automation solutions is enormous. This is because
the number of wires per vehicle is continually rising owing to an
increase in electrical functions. Although the automotive industry has
no peer when it comes to the degree of standardization and auto-
mation in the production process, there is plenty of potential for ad-
ditional automation steps, as around 80% of wire harnesses are still
manufactured by hand.
MARKETS
The Komax Group primarily focuses on three market segments.
The core business is the Automotive market segment, which
accounts for some 75% of revenues. In the Aerospace & Railway
and Industrial & Infrastructure market segments, the Komax
Group is continuously strengthening its presence and exploiting
the synergy potential with the core business. All segments
benefit from the global service network and the services of the
Komax Group.
Aerospace & Railway
Issues such as safety, lightweight construction, and lower emissions
have been at the forefront of developments in aerospace for many
years. Thanks to the companies Komax France, adaptronic, and
Cirris, the Komax Group possesses a great deal of aerospace
expertise. There is very little automation of wire processing in the
aerospace industry, and the entry barriers for suppliers are very high.
The Komax Group negotiated these hurdles several years ago and
is now looking to achieve continuous growth in this area. This mar-
ket segment also includes the Railway area. The level of automation
is still low here, too, and the corresponding need for automated wire
processing is rising steadily. Compared to Aerospace, the wires pro-
cessed here are simpler and lend themselves more easily to
automation. The Komax Group is seeking to further expand its
market share in both these areas. In addition, it can also leverage
the experience gained in these areas in the core business for the
automotive industry.
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Industrial & Infrastructure
The experience gained in the automotive industry can be put to good
use by the Komax Group in all sorts of other markets. For example,
the trend toward increasing automation of wire processing is evident
in industrial areas such as energy infrastructure (e. g. e-mobility and
renewable energies), building automation, robotics, and mechanical
engineering. The processing of wires for industrial and infrastructure
applications such as electric control cabinets often involves working
with very small batches. In order for automation to nevertheless be
commercially viable in this context, the Komax Group offers its cus-
tomers a broad selection of products from its various brands. These
include specific machines such as the Zeta, which manufacture all
the various wires that are needed automatically, ensuring that they
are in the right sequence and of the right length. This has the effect
of reducing manual labor to a minimum. Manual processes such as
cutting, stripping, marking, and sleeve insertion are rendered obso-
lete. Automation of this kind has proven its worth in the area of wire
processing in the automotive industry for many years, and is now
increasingly finding its way into industrial applications.
Slowing growth in core markets
In the world’s key economic regions, inflation
continued to decline and/or stabilize in 2024.
This trend toward stable price developments is
expected to persist in 2025, which is likely to be
beneficial to global vehicle production. That said,
customers’ willingness to invest remained gene-
rally low in 2024, attributable above all to existing
surplus capacity in Europe, geopolitical uncer-
tainties in Eastern Europe, the Middle East, and
other regions, and the challenging situation
facing European automotive manufacturers. For
the next two years the International Monetary
Fund (IMF) is expecting a modest development
in global economic growth, namely at a rate be-
low the long-term average of 3.7%. It attributes
this, in particular, to the above-mentioned un-
certainties as well as monetary policy decisions.
Automotive production stagnates in 2024
The automotive industry experienced a challen-
ging year in 2024 with production numbers exhi-
biting a slight decline, particularly in Europe and
Southeast Asia. According to analysis conducted
by S&P Global Mobility, around 89 million cars
and light commercial vehicles were manufactured
worldwide in the year under review. At –1.6%, this
figure is slightly below the level recorded in 2023
(almost 91 million vehicles). The long-term trends
that are leading to a greater number of vehicles
and rising automation in the wire processing
business nevertheless remained intact, and in
2024 there was only sporadic evidence of the
supply chain difficulties that have dogged the in-
dustry in recent years. This is also reflected in
the outlook published by S&P Global Mobility,
which is expecting volumes to grow to around
96 million vehicles by 2029, a level that is on a
par with the previous peak figure achieved in
2017. The rising number of vehicles manufactured
is one of the key growth drivers of the Komax
Group.
Regional variation in vehicle production
The production of cars and light commercial
vehicles varied significantly from region to re-
gion in the reporting year. A difficult economic
situation and geopolitical uncertainties weighed
on Europe in particular, with this region recor-
ding a decline of 5.2% to 17.0 million vehicles.
This is almost 1 million fewer vehicles than in
the prior-year period.
At 51.4 million vehicles manufactured, Asia
proved stable overall, although Southeast Asia
recorded negative growth with 21.5 million
vehicles manufactured. This was 1.1 million
vehicles fewer than in 2023 – a decline of 4.8%.
However, the development in South-east Asia
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Number of passenger cars and light commercial vehicles produced
in millions
100
80
60
40
20
82
91
90
92
93
95
96
97
89
89
91
94
95
96
2022
2023
2024
2025
2026
2027
2028
2029
Forecast January 2024
Source: S&P Global Mobility
Forecast January 2025
was almost wholly compensated for by China.
In Japan, a sharp drop of 8.3% was observed.
With a share of 33.6% of global production,
China remains by far the world’s biggest auto-
motive producer, and recorded significant
growth in production figures in 2024. A further
contributory factor here was the fast-growing
segment of electric vehicles. At 29.9 million,
China manufactured almost 1 million more vehic-
les than in the previous year, which corresponds
to an increase of around 3%. This is even more
pronounced in the segment for pure electric
vehicles (BEV), where China is the global market
leader. Here, for example, the Chinese company
BYD has been the biggest manufacturer of
electric vehicles worldwide since 2023. Various
Chinese automotive manufacturers saw double-
digit growth in their BEV production figures in
2024, much of which is attributable to customers
being offered local trade-in bonuses when
switching to emission-free vehicles. In addition,
a market shift is evident in the domestic market
– foreign manufacturers in China are losing
market share, while local automotive producers
are gaining. Due to the differences in regional
development, Asia’s share of global vehicle
production was stable overall in 2024 at 57.7%
(2023: 57.1%).
In North and South America, S&P Global
Mobility likewise identified contrasting develop-
ments in production volumes in 2024. Compared
with the previous year, North America recorded
a slightly negative development (15.5 million
vehicles, –1.2%), whereas South America saw
growth of 1.6%, driven by a strong Brazilian
market, among other things. Just under 3 mil-
lion vehicles were produced in South America.
A total of 18.4 million vehicles were produced
across the two continents in 2024 – more or less
the same figure as the previous year.
Africa recorded a slight dip of around 1% in
production volumes.
Growth forecasts for 2025 slightly lowered
Growth forecasts for the automotive market in
2025 were trimmed slightly. At the start of the
2024 financial year, the analysis team at S&P
Global Mobility had been anticipating production
of 90 million vehicles, but revised that figure
downward to just under 89 million cars and light
commercial vehicles. A somewhat speedier
recovery is predicted from 2026, with the result
that by 2029 production figures are expected to
almost reach the level of the prior-year forecast.
For the period 2025–2029, this equates to a
compound annual growth rate for vehicle pro-
duction volumes of around 1.7%, which is a slight
increase of around 0.4 percentage points over a
five-year horizon compared to last year’s forecast.
The analysts at S&P Global Mobility continue to
expect diverging regional developments in 2025
in terms of production volumes.
No growth is predicted for China in 2025,
whereas Southeast Asia is expected to record
growth of +1.3%. While North America is set to
remain negative (–2.4%) according to the ana-
lysts, significant growth of 5.7% is expected in
South America. S&P Global Mobility continues
to expect production volumes to decline in both
Europe and Africa in the new financial year.
Increasing resilience of supply chains
The supply chain situation normalized for the
Komax Group in 2024 thanks to careful planning
and professional supplier management. Lower
demand also played a part in this. Strengthening
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the resilience of supply chains in the face of
unforeseeable external factors will remain an
important theme in the industry over the coming
years. One strategy here is the phenomenon of
“nearshoring,” or “reshoring,” in which manu-
facturers and suppliers relocate their manufac-
turing and their supply chains closer to their
sources of production to minimize risks. Accor-
ding to the Capgemini Research Institute, pro-
curement from distant lands (offshoring) declined
by 22% between 2021 and 2023. Analysts esti-
mate that large companies in Europe and the US
will be investing around USD 3.4 trillion over the
next three years with a view to increasing pro-
duction capacity closer to their homeland. This
development is accelerating the trend toward
the automation of wire processing and will there-
fore drive forward the Komax Group’s business
in the medium term. In the Next2OEM project,
the Komax Group is actively working on solutions
with automotive manufacturers and partners, and
made very good progress in the reporting year
(› page 54).
The German Association of the Automotive
Industry (VDA) is expecting global demand for
semiconductors for the automotive industry to
triple by 2030. While this is positive for automated
wire processing, since increased electronics also
means more wires, bottlenecks in supply chains
could have a negative impact overall on the
number of vehicles manufactured. For some
manufacturers, therefore, the risk of bottlenecks
remains.
Accelerated trend toward automation
The various geopolitical and macroeconomic
factors have in no way changed the trend toward
greater automation in wire processing. This trend
continued in 2023. The lion’s share of wire pro-
cessing continues to be done by hand, particu-
larly in low-wage countries in Eastern Europe,
North Africa, Central America, and Asia. Geo-
political uncertainties, rising wage costs in the
medium term, and an increasing shortage of skil-
led labor provide wire manufacturers with strong
incentives to invest in automation.
In addition, the above-mentioned trend to-
ward shortening supply chains is having the
effect of bringing automotive suppliers closer to
manufacturers. This is only possible by increa-
sing the degree of automation, as wages in
countries where automotive production takes
place tend to be higher than those at the pro-
duction sites of wire manufacturers. The Komax
Group is observing this trend toward shorter
supply chains not just in the automotive industry,
but also in the Industrial & Infrastructure market
segment in the US, for example.
Automotive industry undergoing change
The automotive industry has been going through
a process of radical change for a number of
years now. Alternative drivetrains, digitalization,
and autonomous driving are playing a key role,
which in turn necessitates very sizable invest-
ments from automotive manufacturers. The mo-
dern driver has attractive alternatives to diesel
and petrol engines, with electric, hybrid, and
plug-in hybrid vehicles. For many years now,
automotive groups have been implementing am-
bitious multi-billion-dollar plans, particularly in
the area of e-mobility, with a view to reducing
the global CO2 emissions in individual mobility.
This is in line with national plans to reduce
greenhouse gas emissions, an essential step if
the targets of initiatives such as the Paris Agree-
ment on climate change and the European
Green Deal launched by the EU Commission are
to be achieved.
In 2023, the EU reaffirmed its ban on newly
registered cars and light commercial vehicles
powered by petrol or diesel from 2035. The only
exemption in this regard is for vehicles powered
by climate-neutral, synthetically produced
energy fuels (“e-fuels”). EU legislation to tighten
the CO2 fleet reduction target is forcing auto-
motive manufacturers to bring down the entire
CO2 output of all cars sold by them within a
single year – i. e. for the complete fleet – on a
step-by-step basis. From 2035, CO2 emissions
for new passenger cars and light commercial
vehicles will have to be reduced to zero. The
mid-term emission reduction targets for 2030
were set at 55% for cars and 50% for light
commercial vehicles. In 2022, California – the
largest automotive market in the US – likewise
issued a ban on the sale of new petrol cars from
2035. A number of other federal states have
announced similar plans. China likewise wants
to increase the proportion of electric cars to 50%
of all newly sold vehicles by 2035. In 2024, China
already managed to exceed the threshold of 50%
of overall vehicles sold with alternative-drive
vehicles over several months in 2024. Viewed in
global terms, the process of transformation to
e-mobility slowed slightly in 2024. First, certain
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120
100
80
60
40
20
Proportion of global vehicle production volume accounted for by electric vehicles
in millions
Plug-in hybrid (PHEV)
Global vehicle production volume
Source: S&P Global Mobility
Battery electric vehicle (BEV)
2022
2023
2024
2025
2026
2027
2028
2029
89
89
16.0%
29.1%
33.2%
37.9%
24.2%
19.1%
41.4%
82
91
94
95
96
91
13.2%
markets were already showing tentative signs of
saturation, which in some cases led to a rethink
on the part of OEMs. Second, the debate sur-
rounding the EU’s “combustion engine ban,” for
example, became increasingly heated during the
reporting year. In the United States, questions
are being asked about what influence Donald
Trump’s second presidency will have on the
plans of individual federal states and on the
development of e-mobility in the US overall. The
fundamental shift toward openness to techno-
logies and greater diversity in vehicle drive forms
is nevertheless ongoing irrespective of this
debate, and is opening up additional market
opportunities for the Komax Group. Wires will
be required in all vehicles, irrespective of the
type of drivetrain.
The Komax Group is supporting the
transition to e-mobility
According to S&P Global Mobility, of the 89 mil-
lion vehicles produced in 2024 as many as around
17 million were electric, i. e. pure battery electric
vehicles (BEVs) or plug-in hybrid electric vehicles
(PHEVs). This is some 2.5 million more than in the
previous year (2023: 14.5 million vehicles). The
biggest player here is China, which accounts for
some 67% of overall production. Global growth
amounted to 17.9% in 2024, roughly half of the
prior-year figure (2023: 34.3%). Among other
things, demand for electric vehicles suffered from
the end of government subsidies in a number of
countries, as well as from insufficient progress in
the development of charging infrastructures.
Driven by upcoming guidelines on CO2 emission
reductions and the plans of automotive manu-
facturers, growth in the area of e-mobility will
continue over the coming years. However, due
to the factors cited above, S&P Global Mobility
has revised its forecasts for growth in e-mobility
downward compared with the previous year. It
now expects that almost 22 million plug-in
hybrid and electric vehicles will be produced
in 2025, which would equate to 24% of global
vehicle production. By 2029, this figure is set to
rise to around 40 million electric cars. This would
correspond to 41% of global vehicle production.
This in turn would equate to an annual average
growth rate in electric vehicle production of
around 13% between 2025 and 2029. In the prior
year, S&P Global Mobility was expecting growth
of almost 14% for this time frame.
The Komax Group is very well positioned to
accompany this transition. It will participate in
growth on the one hand thanks to its portfolio
of solutions for the processing and testing of
high-voltage cables, and on the other because
new electric vehicle models frequently have
state-of-the-art assistance and infotainment
systems. All these systems require a large num-
ber of special cables, creating additional sales
opportunities for the Komax Group. China is by
far the largest and fastest-growing market for
electric vehicles. With its strategy, the Komax
Group is focusing on targeted growth in this
market, such as with its 2024 acquisition of a
majority stake in Hosver, China’s leading manu-
facturer of machinery for the processing of
high-voltage cables.
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Automation trend in the Industrial &
Infrastructure market segment
With its strategy, the Komax Group is seeking
to drive forward the strategic development of
its Industrial & Infrastructure and Aerospace &
Railway market segments, thereby cushioning
the volatility of business in the Automotive seg-
ment to some extent. The plan is to increase
the corresponding share of Group revenues
from the current level of around 25% to 30% by
2030 (› page 27). Schleuniger’s strong positio-
ning in these markets will offer a further boost
here.
In the Industrial & Infrastructure market seg-
ment, the need for automation remains conside-
rable and business is less volatile. This has been
apparent since 2020. In challenging years, this
market segment has experienced a drop in re-
venues that has been much less pronounced
than in the Automotive market segment. Indus-
trial customers such as control cabinet manu-
facturers, for instance, are seeking to enhance
productivity through increased automation. One
important factor in this market segment is the
shortage of qualified personnel. In the industrial
sector, production is typically based close to the
relevant OEMs, and thus also in high-price
countries. High inflation here has led to signifi-
cant cost pressure, and automation is the obvi-
ous solution. Moreover, automation is also being
accelerated in the industrial area by energy
transition, such as through projects in the con-
text of the European Green Deal. Funding pro-
grams and subsidies in infrastructure for rene-
wable energies – such as photovoltaic and wind
power, heat pumps, and charging stations for
electric vehicles – are likewise supporting
growth.
Railway market showing growth potential
According to the SCI Global Rail Index, in the
year under review the railway market was im-
pacted by weak economies, structural transfor-
mation, and geopolitical shifts, leading to a
decline in demand. The degree of automation in
this market remains comparatively low, and the
necessary applications lend themselves much
more easily to automation here than in the Aero-
space segment. In addition, a recent study by the
European Rail Supply Industry Association (UNIFE)
predicts that the global rail market will record
annual growth of 3% up to 2029. This equates to
a global market volume of EUR 241 billion in 2029.
There is therefore significant growth potential for
the Komax Group. With the products of adaptronic,
Cirris, and Komax, as well as the services from
WUSTEC, it offers numerous possibilities for wire
processing and testing in this market. Moreover,
with its DLW software solution (Komax Digital
Lean Wiring), the Komax Group has a very effi-
cient solution for preparing data for wire proces-
sing in connection with control cabinets, for
which there is demand in the Railway segment.
In the reporting year, the Komax Group acqui-
red, inter alia, two large suppliers of rail vehicles
in the UK and Switzerland thanks to its solutions.
Continuous growth in the aerospace area
For around ten years now, the Komax Group has
been working with manufacturers of aircraft, he-
licopters, and vertical take-off and landing aircraft
(eVTOL) to develop production platforms for
semi-automated and fully automated EWIS pro-
duction (› pages 48/49). The Aerospace market
segment developed well in 2024. Contributory
factors here included declining inflation and a fal-
ling oil price. According to the International Air
Order intake
Revenues
1 Excluding one-time effect
(CHF +10.9 million).
2024
2023
2022
800
600
400
200
Order intake and revenues
in CHF million
686.5
678.1
752.01
606.3
577.2
630.5
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Transport Association (IATA), total air traffic as
measured in revenue passenger kilometers (RPK)
was more than 10% higher than in 2023. World-
wide, aviation traffic in 2024 was thus already
well above the levels recorded in 2019 before
the Covid-19 pandemic. The growth was driven
above all by the regions of Asia-Pacific (+19.9%
year-on-year) and the Middle East (+8.7% year-
on-year). This phenomenon is also being accom-
panied by an ongoing rise in global aircraft de-
liveries. For example, Airbus – the global market
leader in commercial aviation – delivered 661
aircraft in 2022, 735 in 2023, and as many as
766 in 2024, with the two latter figures both set-
ting industry records. A greater number of air-
craft also means more wires to be processed.
The automation of wire processing is still not
particularly advanced in this market segment,
and the requirements in terms of quality and tra-
ceability are particularly high. Moreover, the ae-
rospace industry is also confronted by shortages
of skilled labor, rising wages, and increasing ESG
requirements, which opens up opportunities for
further automation.
With the advent of Advanced Air Mobility
(AAM), air transport systems are continually
expanding, which is why the need for electric
cabling systems for drive systems and flight
cabins is likewise growing. The aim of AAM is to
revolutionize urban and regional air transport by
facilitating mobility that is more efficient, more
environmentally friendly, and more flexible. This
encompasses advanced systems that can be
both manned and unmanned, such as radio-
controlled, autonomous, or vertically starting and
landing aircraft, or those with electric or hybrid-
electric drivetrains. Together with increasing
demands for emission-free and quieter aviation,
these developments call for significantly higher
productivity on account of rising demand. This
in turn requires the step-by-step automation of
wire processing, from which the Komax Group
can increasingly benefit from.
Thanks to the combination of digital data
management and the offering to increase auto-
mation in wire harness production on a step-by-
step basis, the Komax Group can meet the
stringent requirements of its customers when it
comes to the electrical wiring interconnection
systems (EWIS) fitted into aircraft. This includes
installation, assembly, and quality assurance in
respect of the wire harnesses in aviation compo-
nents and aircraft sections – from final assembly
right through to maintenance, repair, and overhaul
(MRO). This is where the testing technology
solutions of the Komax Group’s subsidiaries
adaptronic and Cirris come into play. The Komax
Group therefore offers flexible solutions along the
value chain for all key EWIS production steps.
Extremely challenging year
Customers’ willingness to invest remained low
overall in 2024, which was primarily attributable
to existing excess capacity in Europe, geopoli-
tical uncertainties in a number of regions, and
the challenging situation facing European auto-
motive manufacturers. This led to a significant
decline in order intake, revenues, and operating
profit. After orders bottomed out in the first half
of the year (down 22.1% compared with the pre-
vious year), the Komax Group recorded more
orders in each of the last six months of 2024
than in the best month of the first half. For the
year as a whole, the order intake amounted to
CHF 577.2 million, down 15.9% year on year
(2023: CHF 686.5 million).
Mixed development of revenues in various
regions and market segments
Due to a lower level of orders – in volume busi-
ness in Europe in particular, but also in Asia
and in the United States – solid order books of
CHF 208.0 million at the end of 2023 declined
to CHF 177.1 million over the course of 2024.
Revenues were down 16.2% at CHF 630.5 mil-
lion (2023: CHF 752.0 million). The decline in
organic terms worked out at 16.6%, whereas
acquisition-related growth was positive at 2.3%.
The foreign currency impact amounted to –1.8%.
Due to the aforementioned challenges,
orders and revenues declined in the Automotive
market segment. This contrasted with an increase
in the other two market segments, Industrial &
Infrastructure and Aerospace & Railway. Conse-
quently, the non-automotive market segments’
share of revenues rose from 25% to approx-
imately 35% in 2024.
Revenue development presented a very
mixed picture across the regions. In particular,
the weakness in the European automotive
industry led to a drop of 30.0% in revenues
compared to 2023. In the Asia/Pacific region,
revenues remained stable year on year overall,
despite sizeable differences at the regional level.
For instance, growth was extremely strong in
India. North/South America recorded slight
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revenue growth of 1.7% overall, with growth
higher in South America than in North America.
In Africa, revenues recorded a clear drop of
29.4%. The breakdown of revenues by currency
changed as follows between 2023 and 2024:
The proportion of revenues in EUR declined from
45.1% to 40.0%, but still represents the highest
share of Group revenues. The revenue share
booked in USD rose significantly from 25.3% to
30.1%. The proportion accounted for by CNY
increased slightly from 9.9% to 10.5%. The share
of revenues booked in other currencies decreased
slightly to 19.4% (changes and sensitivities of
key currencies: › page 185, Financial Report).
Outlook
The long-term trend towards automation shows
no signs of abating, and continues to offer at-
tractive growth opportunities for the Komax
Group. Currently, however, economic and geo-
political uncertainties are affecting customers’
investment behavior, resulting in high volatility in
terms of order intake. In view of this situation,
the Komax Group is refraining from issuing a
forecast for the 2025 financial year at this time.
The company has an excellent market position
and reinforced it in the year under review with a
number of measures. The Komax Group is con-
fident that its solid financial structure and high
degree of innovation constitute a solid founda-
tion for future profitable growth.
Revenues by region1
in TCHF
2024
2023
+/– in %
Europe
233 158
333 1882
–30.0
Asia/Pacific
125 526
124 670
0.7
North/South America
209 533
205 956
1.7
Africa
62 235
88 174
–29.4
Total
630 452
751 9882
–16.2
1 A percentage breakdown of revenues by region can be found on pages 32/33.
2 Excluding one-time effect (CHF +10.9 million).
CONTINUOUS
GROWTH IN
AEROSPACE
1
Zone 1 – Engineering and
data preparation
Wire harness projection and prepara-
tion of data for the production stage
with data flow on an end-to-end basis
to ensure transparent processes, redu-
ced cost and scheduling risks, and
increased productivity and quality.
2
Zone 2 – Marking and
cutting
Cutting the wire material to the desi-
red length and designation as per the
requirements of the aerospace industry
by means of UV laser or sleeving, e. g.
with the fully automated machines of
the Optima series to ensure seamless
traceability.
4
Zone 4 – Wire harness
forming and assembly
Rapid, error-free wire harness forming
and assembly on the interactive
EasyWiring harness assembly board
with support from the software-con-
trolled assembly assistant for rapid
updates and a high level of flexibility
with small batches; subsequent tes-
ting of connections with Cirris testing
systems.
5
Zone 5 – Section assembly
Installation of prefabricated wire harn-
esses in the envisaged components
(e. g. doors) of the aircraft sections
(cockpit, fuselage, wings), including
manual post-processing and further
subsequent testing with intelligent,
automated measuring and testing sys-
tems such as the NT800 solutions
from adaptronic.
6
Zone 6 – Final assembly
EWIS final assembly and completion
of the electrical system, including final
testing with various intelligent tools
from the Komax Group that support
the creation of the testing program
and guarantee the complete and cor-
rect installation of the electrical wiring
system through multifaceted tests.
3
Zone 3 – Wire end proces-
sing and quality control
Semi-automatic wire end processing
for a broad spectrum of wires and
cables, e. g. with the Schleuniger
B-series, as well as various solutions
for monitoring and measuring crimp
strength, crimp height, and the pull
force of open and closed contacts.
1
2
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MRO
All maintenance, repair, and overhaul processes
(MRO) require the electrical wiring system to undergo
definitive function and safety tests. Software-based
testing programs from the Komax Group allow for
automated quality assurance, including archived re-
sults documentation for the purposes of traceability.
3
4
5
6
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MARKET-LEADING
INNOVATIVE
STRENGTH
As the market leader in automated wire processing, the Komax
Group possesses unparalleled innovative strength in the industry.
Continuously bringing innovations to the market and thus helping
its customers gain genuine competitive advantages is of para-
mount strategic importance. For that reason, the Komax Group
channels some 8–9% of its revenues into research & development
every year.
There is huge potential for the Komax Group in
the markets for automated wire processing.
Long-term megatrends such as e-mobility and
autonomous driving offer numerous opportuni-
ties, as do growth drivers such as miniaturization,
rising personnel costs, and shortages of skilled
labor (› page 18). With further automation of pro-
cesses along the value chain and expanded di-
gital services, the efficiency of the existing
machinery base already installed in customers’
factories can be significantly increased. To ex-
ploit these opportunities for additional unique
selling propositions and offer customers inno-
vative solutions on an ongoing basis, the Komax
Group has for many years been investing above-
average sums in new developments, the optimi-
zation of the existing product portfolio, and the
expansion of its service offering. Even in chal-
lenging years – such as 2024 – this has remained
a firm focus of the company. It has spent a total
of CHF 282.8 million in this area since 2020, the-
reby cementing its leading position in the auto-
mation of wire processing. In 2024, the Komax
Group invested a total of CHF 74.3 million or
11.8% (2023: CHF 78.6 million or 10.5%) of re-
venues in research and development. This figure
comprises expenditure on internal development
services (CHF 65.2 million) and the development
services of third parties (CHF 9.1 million).
Awards for innovation achievements
The Komax Group proved itself to be one of the
most innovative companies in Switzerland once
again in 2024. Together with market and opinion
research company Statista, the Swiss business
magazine Bilanz and PME added the Komax
Group to their list of the 75 most innovative com-
panies in Switzerland in September 2024. Furt-
hermore, Komax received the UNMEXAR Award
at the WireTech Expo in Mexico. This is awarded
11.8%
of 2024 revenues
were invested in
research and
development
1 Excluding one-time effect on revenues.
2
The Schleuniger Group was consolidated as of 1 September
2022. Accordingly, four months of Schleuniger’s R&D
expenditure are included in the financial year 2022.
Expenditure on R&D
in TCHF
R&D in % of revenues
100
75
50
25
2024
2023
20222
2021
2020
59 018
41 066
29 756
74 288
11.8
10.51
9.7
9.8
9.1
78 645
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by UNMEXAR, the leading industry association
of the wire harness business in Mexico in recog-
nition of outstanding contributions made to the
wire harness industry as well as the promotion
of innovation and quality in the sector.
Unparalleled innovative strength
As at 31 December 2023, the Komax Group had
a workforce of 724 employees (2023: 724 emp-
loyees) working in research and development, as
well as in engineering. The employees in engi-
neering make an important contribution through
the development of customer-specific applicati-
ons. The personnel costs of these engineering
employees are not included in research and de-
velopment expenses where these individuals
have worked directly on customer projects. A
large part of R&D and engineering employees
(275 employees) is based in Switzerland. The
lion’s share of R&D expenditure is therefore in-
curred in this country. In addition, the Komax
Group has development units in Belgium, China,
Germany, France, Japan, Singapore, Hungary,
and the US. The Komax Group continues to
seek to invest 8–9% of revenues in research and
development. Due to the slump in revenues, the
percentage rate in 2024 worked out signifi-
cantly higher.
SMART FACTORY by KOMAX
The trend toward digitalization is in full swing,
particularly in the automotive industry. More
digitalization also means more data, more elec-
trification, and more wiring and cabling. This is
good for the business of the Komax Group, but
presents its customers with growing challenges.
A wide range of components and products are
becoming increasingly intelligent and, at the
same time, more complex on the electronic side.
The miniaturization of contact systems is conti-
nuing, adding a further layer of complication to
manual production steps. Compounding this
problem are ever-rising personnel costs along
with a global shortage of skilled labor. The cus-
tomers of the Komax Group have to deliver con-
sistently high quality and reliability despite rising
complexity and higher personnel expenses,
while at the same time keeping costs as low as
possible. The Komax Group is helping them to
meet these growing challenges. Specifically, the
Komax Group is developing a solution package
with which wire manufacturing can be optimized
in the future – the SMART FACTORY by KOMAX.
It features five components (› pages 52/53).
As a driver of innovation and market leader in
automated wire processing, the Komax Group
is implementing its vision of the SMART FACTORY
by KOMAX on an ongoing basis. In doing so, it
is raising the quality, productivity, and flexibility
of wire processing to a new level. This helps to
open up optimization potential and minimize
risks. Together with its customers, the Komax
Group works intensively on making life simpler,
safer, and more convenient.
Higher productivity and flexibility for
customers
When developing new products and services,
the Komax Group focuses on the optimization
of various value chains. With its solutions, it can
increase the degree of automation at its custo-
mers’ factories, which allows them to increase
productivity and flexibility while at the same time
maintaining high quality right from the start. For
example, customers with the cloud-based solu-
tion WIRE Insights (formerly Komax Connect)
receive comprehensive production data for their
machines in real time and can therefore initiate
optimizations immediately. Among other things,
reject rates in production can be massively
reduced. For example, as a customer of the
Komax Group, the PKC Group has equipped
various machines with WIRE Insights at four lo-
cations, which led to a reduction of the reject
rate by more than 36% (› see Komax Stories,
www.komaxgroup.com/stories).
WIRE Flow – user-friendly wire processing
software with a subscription model
With WIRE Flow, the Komax Group further de-
veloped Schleuniger’s existing machine control
system for cut & strip machines into a particu-
larly user-friendly overall package. In addition to
allowing the programming of machine orders
during operation, the software also offers more
functions thanks to complete order management
and a traceability option. It can be easily and
intuitively operated via the user interface, and
can be implemented without any significant in-
vestment in training. This software is now being
offered as SaaS (software-as-a-service) in a sub-
scription model for the first time, which means
it can be rapidly used by customers without
requiring any major upfront investment. This also
makes it interesting for small and medium-sized
companies. ›
724
employees in
R&D and
engineering
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Komax Group Annual Report 2024
The Komax Group develops fully automated, networked
solutions to minimize operator influence. This facilitates
highest precision and process quality together with lower
costs and fewer rejects. Furthermore, both productivity
and transparency are improved.
IQC Technology – fully
automatic changeover system
delivering a massive increase
in productivity for Alpha
series machines
(www.iqc-technology.com).
Adaptive Incision Control
(AIC) – production of the
highest quality without manual
configuration of production
parameters, including auto-
matic compensation of wire
tolerances and significant
reduction of rejects.
Q1250 – scalable quality
testing modules for the
testing of stripping, of crimp
and seal, and – depending
on selected configuration –
further quality features.
Sigma 438 twisting machine
– sequential production of
various wire harness variants.
The self-optimizing factory improves productivity while
also reducing quality costs. To achieve this, the Komax
Group provides cloud-based algorithms based on
production and behavioral data. Customers therefore
significantly improve machine utilization while at the
same time reducing their quality costs.
WIRE Insights – increasing
productivity on the basis of
comprehensive real-time
information.
MES solutions 4WIRE CAO
and 4WIRE Px from DiIT, and
now also WIRE Flow – impro-
vement of overall equipment
effectiveness (OEE).
Possibility of integrating
variable machine interfaces,
such as OPC-UA, MIKO,
and WPCS, into customers’
existing IT infrastructures.
SMART FACTORY
BY KOMAX
With its five components, the SMART FACTORY by
KOMAX offers solutions for the wire processing of
the future. The aim is to make customer production
processes simpler, thereby elevating the quality,
productivity, and flexibility of wire processing to a
new level. The Komax Group is further developing
all five components on an ongoing basis.
NO
OPERATOR
INFLUENCE
SELF-
OPTIMIZING
FACTORY
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Komax Group Annual Report 2024
Selection of existing solutions
New solutions added in 2024
The Komax Group offers access to a digital self-service
boutique. Customers benefit from services such as
product and spare parts ordering, web-based training,
software downloads and upgrades, license management,
plus analysis and optimization tools. This means they can
access the services of the Komax Group at any time, from
anywhere, and get a customized picture of their business.
Redesigned website
(www.komaxgroup.com) as
the basis for future online
services.
myKomax Online service
portal – for direct customer
contact as well as
subscriptions to services.
The Komax Group offers solutions and services on
demand. These include performance- or usage-based
payment for systems, financing and leasing services, and
procurement of production capacities to handle pro-
duction peaks, for example. This enables customers to
reduce their capital requirement and increase flexibility,
stability, and responsiveness.
CARE – service agreements
for individual machines
or entire production sites,
including technical support,
training, and financing offers.
CARE Services – selection of
various service products such
as warranties, repairs, instal-
lations, updates, and support
in product optimizations with
WIRE Insights.
WIRE Flow – user-friendly
wire processing software
with a subscription model
for cut & strip machines.
WIRE Mind from WUSTEC
– digital platform for control
cabinet and machine
manufacturers for the online
ordering of any amount of
prefabricated wire sets.
The Komax Group enables real-time quality audits. Quality
data is collected using IoT technology, stored in the cloud,
and processed in a user-friendly manner. This means that
customers can produce quality reports immediately and
easily, and thereby trace processes and demonstrate
compliance with quality requirements at any time.
4WIRE Px, 4WIRE CAO, and
WIRE Insights – software
solutions that gather, save,
and analyze comprehensive
production data, including full
traceability.
More information on the SMART FACTORY by KOMAX
can be found in this video:
komaxgroup.com/smartfactory
ON-DEMAND
SERVICE
SELF-
SERVICE
BOUTIQUE
REAL-TIME
QUALITY
AUDITS
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SOLUTIONS TO INCREASE PRODUCTIVITY AND FLEXIBILITY IN
DIFFERENT VALUE CHAINS
Batch production with
IQC Technology
With crimping machines, changing
crimp applicator, terminal, and
contacts for a new order is time-
consuming. The revolutionary IQC
technology massively simplifies and
accelerates set-up and changeover.
The error rate drops drastically, while
productivity increases by up to 50%.
Sequence production of different
wire harness variants
Using a one-piece flow approach,
different wire harness variants can be
produced sequentially on the same
machine without any changeover,
which facilitates lower inventories,
more rapid delivery times, and simple
design alterations, with all the key
steps in wire harness production
optimized.
Data wire processing
solutions
Data wires are playing an increasingly
important role in vehicles, given the
focus on driving safety. This being
the case, ensuring high quality in wire
processing is also extremely important.
Thanks to its innovative solutions, the
Komax Group offers the quality that is
needed, at the first go – with a mini-
mized level of material waste.
Scalable platforms for
high-voltage applications
The Komax Group develops scalable
platforms to meet the rising demand
for high-voltage applications in
e-mobility and the non-automotive
area. These cover all key process
steps from cutting to testing, and can
service varying production volumes.
Production planning – software solutions for all customer needs that steer processes in all areas of production, from
cutting to testing.
Service – comprehensive service offerings such as Komax Care and Komax Connect help to create added value
across the entire life cycle of the machines.
High mix – low volume: variable
solutions for small batches
The Komax Group’s broad product
portfolio offers cost-efficient automation
solutions for high-quality production of
multiple-variant applications in small
batches. This is part and parcel of the
day-to-day work of small and mid-
sized wire harness manufacturers, in
particular.
Digital solutions for control
cabinet construction
Digital, fully automated workflow
systems cut production times by up
to 80% for customers in the Industrial
segment. This results in a substantial
reduction in costs and an increase
in efficiency. Just as valuable is
WUSTEC’s WIRE Mind service for the
external production of wire sets.
› WIRE Flow will be introduced over the course
of 2025, initially for the Schleuniger cut & strip
machines of the E series. Further models will
follow at a later stage. As WIRE Flow is based
on the manufacturing execution system 4Wire
Px from DiIT, customers can later upgrade it to
a fully functional MES. The Komax Group thus
offers a bespoke, cost-optimized, and flexible
solution for various customer groups.
Actively shaping the future of automotive
production
As the technology leader in automated wire pro-
cessing, the Komax Group is determined to
actively shape key developments in its three
markets and thereby drive forward the automa-
tion trend. To this end, it partners with other
leading companies in various organizations and
on various initiatives. Among other things, the
Komax Group is currently involved in three
interlinked projects in the automotive sphere,
which have the common aim of improving the
automotive production of the future.
Project Next2OEM – the digitalized,
automated value chain
The range of functions offered by modern vehic-
les is continuously expanding thanks to new
driver assistance systems, comfort functions,
and infotainment solutions. This inevitably
means more weight, higher costs, and rising
complexity when it comes to the corresponding
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wire harnesses. With manual labor accounting
for more than 80% of the work process, wire
harness production has so far only been eco-
nomically viable in low-wage countries, which
means long transport routes. Furthermore, the
increase in supply chain uncertainty that we
have seen in recent years harbors not inconsi-
derable risks. The Next2OEM project, which is
supported by the BMWK (Federal Ministry for
Economic Affairs and Climate Action of Germany,
funding program module 35c, www.bmwk.de) on
the basis of a resolution passed by the Federal
Parliament, is now developing a digitalized and
automated value chain, covering wire harness
development, production, and assembly in ve-
hicle bodywork. Part of this initiative is to encou-
rage “nearshoring,” i. e. the repatriation of wire
harness production back to Germany. However,
the high wage costs associated with nearshoring
can only be reduced to an economically feasible
level if the degree of automation is significantly
increased.
As part of this project, the Komax Group has
been working with the Friedrich Alexander Uni-
versity of Erlangen-Nuremberg as well as various
partners along the entire value chain: Audi,
Artiminds, Bär, Kostal, Kromberg & Schubert,
Semantic PDM, Stefani, and TE Connectivity. The
project is designed to demonstrate how a high
level of automation can overcome the challenges
described above, increase quality while at the
same time reducing costs, and shape the value
chain in a lasting way. The necessary machine
parts were developed and constructed by the
various partners in 2024. For its part, the Komax
Group is contributing the Omega 840, a fully
automatic wire processing machine, as well as
robot-supported taping technology. Furthermore,
the assembly of the wire harness in the project
is visually and electronically monitored during
the production process by Komax Testing’s in-line
testing systems.
In 2025, the plan is to install a complete pilot
installation at automotive manufacturer Audi in
Ingolstadt, Germany. The expected benefits of
nearshoring in respect of production efficiency,
logistics, and costs will then be put to the test
in practice with a view to delivering new findings.
Ultimately this should give a huge boost to the
automation of the value chain, which will open
up additional growth potential for the Komax
Group.
VWS4LS – making wire harness production
fit for the future
Another project supported by the BMWK on the
basis of a resolution of the German Federal Par-
liament is the “asset administration shell” for wire
harnesses (VWS4LS). The Komax Group in Ger-
many has been working on this project since
2021 in collaboration with partners Coroplast,
Dräxlmaier, Festo, Kostal Kontaktsysteme, Krom-
berg & Schubert, Mercedes-Benz, Siemens, and
Wezag. The objective is to develop a standard-
ized digital twin for the entire product life cycle
of vehicle wire harnesses – from collaborative
development involving different parts of a com-
pany through to final dismantling. This initiative
resulted in an OPC UA Companion Specification
in 2024. This industry standard creates a uniform
interface for the wire-processing industry by de-
scribing various aspects – including machine
statuses, production orders, parameters in the
production process, and materials – in a uniform
way. In other words, production processes are
clearly defined for all customers, suppliers, and
partners, including within the various companies
of the Komax Group. This facilitates communi-
cation between machines within a manufacturing
execution system (MES) and significantly simpli-
fies the interplay of the various production pro-
cesses. Furthermore, thanks to standardized
specifications, automotive manufacturers can
make the requirements they submit to their sup-
pliers for wire harness production clear and easy
to transmit. The OPC UA Companion Specifica-
tion was published in December 2024 and is
now available to all market participants. The pro-
ject will be continued in 2025 with a view to ad-
dressing further processes such as the testing
of wire harnesses.
ARENA2036 – Automation in wire harness
production – sign-off of DIN 72036
The wire harness is currently one of the most
laborious, complex, and expensive individual
components in any vehicle, and is therefore of
crucial importance to the entire automotive in-
dustry. The shift to electromobility and autono-
mous driving is changing the requirements for
wire harness design and manufacturing. For car
manufacturers this means significant investment.
Their suppliers must develop solutions for new
customer needs. In keeping with the zonal
approaches that apply in wire harness architec-
ture, the wire harnesses of the future need to be
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designed in a modular way, with the smallest
possible component diversity. Several compact
wire harnesses with shorter wires are less com-
plex, more cost-efficient to produce, and above
all easier to produce in an automated way than
one large wire bundle. And the Komax Group is
committed to this.
In ARENA2036 (www.arena2036.de), interdi-
sciplinary teams are working on the automotive
production of the future. As part of the Wire
Harness Standardization Initiative (SILS), the
Komax Group is working with leading automotive
manufacturers and their suppliers to draw up
design guidelines for wire harnesses that lend
themselves to automation. The aim was to en-
shrine these in a new DIN norm together with the
German Automobile Industry Association (VDA).
Following the sign-off of the industry norm DIN
72036 in June 2024, 60 design guidelines have
now been published. These describe the most
important aspects that need to be taken into
consideration to achieve an increase in the de-
gree of automation in production. As a result,
following four years of work, the first German
industry norm for the automation of wire harness
production is now in place. The corresponding
recommendations help automotive manufacturers
to develop wire harnesses that can be put together
in a highly automated and commercially feasible
way, while at the same time guaranteeing process
security. These guidelines are now being expan-
ded in a follow-up project to include specific re-
commendations for the high-voltage area (elect-
ric vehicles) and the processing of data cables.
In the VWD4LS project the OPC UA standard
was defined, whereas in the Wire Harness Stan-
dardization Initiative the degree of detail in the
shared approach of OEMs and suppliers was
increased with the corresponding design guide-
lines. These guidelines will now be implemented
and tested in practice in the Next2OEM near-
shoring project. Accordingly, these three projects
are very much interlinked, and are taking the
automotive value chain in the automation of wire
processing to a whole new level thanks to stan-
dardization.
Digitalization with Industry 4.0 and the
Industrial Ethernet of Things
The Komax Group is a member of the Open In-
dustry 4.0 Alliance, the Single Pair Ethernet Sys-
tem Alliance, and the SPE Industrial Partner Net-
work, in which partners from various industry
sectors are driving forward digitalization. The
Open Industry 4.0 Alliance focuses specifically
on a framework for communication between ma-
chines. Thanks to this initiative, digital interfaces
and remote monitoring can be incorporated into
the development of new Komax Group solutions,
for example, which is particularly important for
the SMART FACTORY by KOMAX. Single Pair
Ethernet (SPE) is the infrastructure basis that
facilitates the Industrial Internet of Things and
Industry 4.0. The aim of this initiative is to support
SPE technology and thereby permit creation of a
common market standard.
Smart Cabinet Building Initiative – com-
prehensive solutions for control cabinet
construction
In the Industrial & Infrastructure market segment,
the Komax Group is active in the control cabinet
construction area, among others. There is con-
siderable automation potential here, which the
company is keen to exploit together with four other
technology companies – Armbruster Engineering,
nVent Hoffman, Weidmüller, and Zuken – through
the Smart Cabinet Building Initiative (www.smart-
cabinet-building.com) (› see video here). The aim
is to use the networking of technology and ex-
pertise across all process steps to deliver com-
prehensive solutions for control cabinet construc-
tion. This will enable working stages that have so
far taken place sequentially to be executed in
parallel, thereby saving both time and costs. In
the reporting year, new testing solutions of adap-
tronic were incorporated into the initiative. As a
result, the entire value chain in control cabinet
construction – from the digital twin through to the
fully tested final product – can now be replicated
for both large and small batches.
The Komax Group will further increase the
degree of automation and therefore efficiency in
control cabinet construction so that customers
can remain productive despite shortages of
specialist labor.
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EXAMPLES OF CURRENT INNOVATIONS
Thanks to its targeted investment in research & development, the Komax Group succeeds in
bringing a variety of new products, product enhancements, and services to market every year. It
demonstrated its technological leadership impressively in the 2024 reporting year with several signi-
ficant product innovations.
The Komax Group is working intensively on developing intelligent, networked solutions for the
further automation of processes, such as wire changeovers, seal changeovers, and batch handling.
In addition, the ongoing reduction of operator influence and the shortening of setup times are high
on the agenda. In the future, the machines of the Komax Group will adjust multifaceted settings
and make corrections in a fully automatic way. The objectives of further automation solutions
include even greater quality and enhanced flexibility together with lower costs and emissions.
Alpha 550 G2 – modular platform for high volumes
and small batch sizes
This fully automatic crimping machine was designed specifically for
efficient automotive batch production and delivers reliable perfor-
mance at foreseeable costs, even with very high volumes. The new,
automated, and deeply integrated quality control system significantly
reduces operator influence and ensures excellent results along with
minimal reject rates. Thanks to the inbuilt control system, the machi-
ne can be fully configured during batch switches without the safety
cover having to be opened, which helps to protect personnel from
accidents. A unique feature is the adaptive incision control (AIC), which
ensures high quality, automatically compensates for wire tolerances,
and massively reduces rejects right from the start, without any need
for manual configuration of the production parameters. The MES-
compatible Alpha 550 G2 can be continuously adjusted to individual
production needs thanks to freely selectable process and quality
modules.
Lambda 5 – up to 100% faster processing of data wires
The Lambda 5 modular machine platform processes data wires for
the Automotive and Industrial market segments, achieving maximum
throughput with minimum space requirements. Here, the workpiece
carriers are moved not in a circular manner as previously, but back
and forth. This means that up to seven workpieces can be imple-
mented in almost exactly the same space, compared to four with its
predecessor, the Lambda 4. This increases the throughput of the
processed wires by up to 100%, making production with this machi-
ne significantly more profitable for the customer. Moreover, thanks
to significantly lower cycle times and the predominant absence of
active suction and blowing air, the CO2 footprint has been reduced
by up to 82% compared to the Lambda 4 series. This calculation is
based on a sample production volume of 5 million wires. The modular
construction of the Lambda 5 makes it possible to expand the plat-
form flexibly at a later stage.
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Sigma 438 – sequential production of UTP wires
The sequential production of various wire harness variants on a
single machine is a key technological advance when it comes to in-
creasing efficiency in wire processing. The Sigma 438 is the first
machine on the market to allow unshielded twisted wire pairs (UTP)
to be produced in sequence. To achieve this, two individual wires
are pre-fabricated on the machine from the Zeta 6XX series and then
automatically transferred to the Sigma 438. This machine then twists
the wire pair and automatically places it in a set of carriers that can
then be transferred to an Omega 840 or 850 machine for the fully
automated processing of a wire harness. This enables customers to
produce sequentially twisted wires and process these further in a
highly automated way, thereby facilitating lower inventory levels and
simple design changes to wire harnesses.
Rotar 300 – compact and flexible benchtop taping machine
With the programmable Rotar 300, the Komax Group presented the
market with a compact and flexible benchtop taping machine. This
machine can tape wire harnesses with up to ten branches in order
to protect the wires and create a structure for the wire harness.
Thanks to its modular design, up to seven machine variants are pos-
sible. The MES-compatible Rotar 300 ensures outstanding process
quality and reproducibility. Production is made significantly easier
thanks to the visualization of the individual process steps. The Rotar
300 series meets the highest safety requirements and reduces
machine downtime by up to 45% thanks to the use of tape rolls with
a diameter of up to 220 mm. Moreover, it results in adhesive tape
savings of up to 25% compared with manual production.
Cirris 5150 Tester – flexible testing and controlling for
automation processes
The new 5150 Tester from Cirris combines the functionalities of an
electrical tester with a purpose-built application controller. Designed
as a machine controller, its touchscreen is connected to a built-in
computer that provides all relevant communication cards, digital in-
puts and outputs, as well as connectivity using industry standard
communication protocols such as ProfiNET, Modbus, TCP/IP, Ether-
net, TwinCAT, and OPC-UA. In addition, it can be used as a stand-
alone low-voltage and Hipot tester for small harness testing. This
allows a wide spectrum of customers, especially in the mechanical
engineering industry, to use just one device for multiple testing and
controlling purposes in their automated processes, thus saving time
and costs.
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The majority of customers of the Komax Group are wire harness manufacturers whose business
consists of processing individual wires – predominantly by hand – into wire harnesses and delivering
these to vehicle manufacturers (OEMs). The Komax Group offers its customers a wide range of
solutions and systems for the automated and efficient processing of wires and for the taping and
testing of wire harnesses. These are used in the cutting room, at the pre-assembly stage, and when
taping and testing.
In addition, the Komax Group supports its customers throughout the value chain – from planning
through to delivery – with its manufacturing execution system (MES) solutions. This software auto-
mates the planning, controlling, monitoring, and analysis of all resources and production processes.
This has the effect of optimally deploying machines, materials, and employees, so that wire harn-
esses can be completed to deadline, as well as to the requisite quality.
SOLUTIONS ALONG THE VALUE CHAIN
Order
Planning
Drawing
Production
data
Komax Group automation solutions
MES – manufacturing execution system
Taping
Cutting area
Raw material
Supply
Pre-assembly line
Final assembly
Testing
Final product
Delivery
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SHARE
INFORMATION
The Komax Group cultivates a policy of open and transparent
communication with its investors. It allows shareholders to
participate in the company’s success through its result-oriented
dividend policy.
Over the course of 2024, the daily closing price of the Komax share ranged between CHF 107.00
and CHF 195.40. At year end, the share price closed at CHF 115.00, a substantial –42.6% below
the prior-year level (closing price for the previous year: CHF 200.50). Over the same period, the SPI
Extra rose by 3.8%. In a five-year comparison over the period 2019–2024, the SPI Extra recorded
growth of 11.0%, whereas the Komax share recorded a decline of 51.4%.
Share price development (31 December 2019 – 31 December 2024)
in CHF
2020
2021
2022
2023
2024
500
400
300
200
100
Komax
SPI Extra TR
LISTING
Komax Holding AG is listed on the SIX Swiss Exchange. The market capitalization of the Komax
Group at the end of 2024 was CHF 590.3 million (31.12.2023: CHF 1.0 billion).
ISIN
CH0010702154
Security number
1070215
Bloomberg code
KOMN SW
Thomson Reuters code
KOMN.S
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GEOGRAPHICAL DISTRIBUTION OF SHAREHOLDINGS
The majority of shares not held in Switzerland are held in Germany, the United Kingdom, and the
United States.
As at 31 December 2024
26%
Cleared shares
5%
Other
69%
Switzerland
BREAKDOWN OF SHAREHOLDERS BY NUMBER
OF REGISTERED SHARES HELD
31.12.2024
31.12.2023
1–100
3 994
3 960
101–1 000
2 111
1 775
1 001–10 000
225
227
10 001–100 000
34
29
> 100 000
2
3
Total shareholders
6 366
5 994
The shareholder base increased by 372 persons to 6 366 shareholders in 2024. Over the last five
years, however, the shareholder base has declined (–10.6%).
Free float
The free float as defined by SIX Swiss Exchange stands at 75% (31 December 2023: 75%).
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DISCLOSURE OF SHAREHOLDINGS /
SIGNIFICANT SHAREHOLDERS
Under Art. 120 of the Financial Market Infrastructure Act (FinMIA) anyone who acquires or sells
equity securities on their own account and thereby attains, falls below, or exceeds the threshold of
3, 5, 10, 15, 20, 25, 33 1/3, 50, or 66 2/3% of the voting rights in a company (whether or not such rights
may be exercised) is subject to a reporting obligation. Information on these significant shareholders:
› page 121.
The reporting obligation applies to anyone who directly, indirectly, or in concert with third parties
acquires or disposes of shares in a company incorporated in Switzerland whose equity securities
are listed in whole or in part in Switzerland. It also applies to anyone who can exercise the voting
rights attached to such equity securities at their own discretion. Disclosure must be made to the
company and stock exchanges on which the equity securities in question are listed.
DIVIDEND POLICY
The Board of Directors pursues a result-oriented dividend policy that takes account of the strategy
and the corresponding ambitious growth targets of the Komax Group. In light of the negative Group
earnings after taxes, the Board of Directors is proposing to the Annual General Meeting of 16 April
2025 that the distribution of a dividend be waived (2023 financial year: dividend of CHF 3.00). With
this proposal, the Komax Group is safeguarding the entrepreneurial scope for the continued rigorous
pursuit of the strategic initiatives that are connected with investments, and thus coming closer to
achieving its objectives on a step-by-step basis.
FINANCIAL CALENDAR
Annual General Meeting
16 April 2025
Half-year results 2025
12 August 2025
Preliminary information on 2025 financial year
20 January 2026
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KOMAX REGISTERED SHARE: KEY DATA
2024
2023
2022
2021
2020
Share capital
as at 31 Dec.
in TCHF
513
513
513
385
385
Number of shares
as at 31 Dec.
No.
5 133 333
5 133 333
5 133 3331
3 850 000
3 850 000
Average number of
outstanding shares
No.
5 125 381
5 124 960
4 273 799
3 843 440
3 845 655
Key data per share
Par value
CHF
0.10
0.10
0.10
0.10
0.10
Basic earnings
CHF
–0.63
8.55
12.11
7.90
–0.34
EBITDA
CHF
7.12
18.14
20.81
15.70
6.85
EBIT
CHF
3.13
14.21
16.78
11.65
2.93
Shareholders’ equity
CHF
69.47
76.09
81.15
68.81
61.42
Distribution
CHF
0.002
3.00
5.50
4.50
0.00
Payout ratio
%
0.02
35.1
54.5
57.0
0.0
Dividend yield
as at 31 Dec.
%
0.02
1.5
2.1
1.8
0.0
Share price
development
Highest price
CHF
195.40
305.50
288.00
276.60
238.80
Lowest price
CHF
107.00
174.40
214.00
177.30
122.00
Closing price
as at 31 Dec.
CHF
115.00
200.50
257.50
253.00
176.30
Average daily trading
volume
No.
12 079
6 968
6 419
8 846
15 809
P/E (price-earnings ratio)
as at 31 Dec.
n. s.
23.5
21.3
32.0
n. s.
Total return per share
Distribution from
prior-year profit
CHF
3.00
5.50
4.50
0.00
0.00
Change in value
CHF
–85.50
–57.00
4.50
76.70
–60.10
Total (total return)
CHF
–82.50
–51.50
9.00
76.70
–60.10
Annual return3
%
–41.15
–20.00
3.56
43.51
–25.42
1 A capital increase for 1 283 333 shares took place within the framework of the combination between Komax and Schleuniger in
2022. Following an exchange of shares, Metall Zug AG became the Komax Group’s single biggest shareholder (see page 121).
2 Proposal of the Board of Directors of Komax Holding AG: waiver of distribution.
3 Versus prior-year end closing price.
Further information on the Komax registered share can be found at www.komaxgroup.com.
ESG
Bericht
ESG
REPORT
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Komax Group Annual Report 2024
Sustainable, social, and responsible
65
Scope of the ESG Report
67
The Komax Group at a glance
68
Corporate purpose of the Komax Group
69
Embedding ESG in the Komax Group
70
Materiality analysis
71
Stakeholder engagement
72
ESG strategy
74
ESG targets 2024–2028
75
Sustainable, profitable growth
77
Interactions between the Komax Group and its environment
78
Lean management and operational excellence
79
Digital transformation
81
TCFD report
83
Climate Protection – caring for the environment
89
Greenhouse gas emissions and energy efficiency
89
Product life cycle management
94
Responsibility – taking responsibility for people
100
Overview and social key figures
100
Workplace safety and well-being
103
Customer relations
109
Fairness – acting fairly and ethically
112
Business ethics and compliance
112
Supply chain risk management
114
Additional information
117
Statement from the Board of Directors and SCO reference table
118
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SUSTAINABLE,
SOCIAL, AND
RESPONSIBLE
Environmentally sustainable business practices along with socially
oriented and responsible company management are core elements
of the Komax Group’s corporate strategy. They are incorporated
into the Komax Group’s long-term targets and its operating activi-
ties. The Komax Group continues to develop its competencies in
sustainability-related matters on an ongoing basis. Sustainability
(ESG) is an integral component of its strategy – with 13 specific
targets that are set out in this ESG Report.
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DEAR READER
Our planet is unique. The world’s population has been growing steadily for decades – from appro-
ximately three billion people in 1960 to over eight billion in 2024. Technological progress is also
demanding more and more in the way of resources. According to the International Energy Agency
(IEA), the global energy demand alone will increase by some 3% per year over the next few years.
Industry is a main driver of this trend. Sustainability and ESG (Environmental, Social, and Gover-
nance) are becoming more important for the Komax Group and its stakeholders, but not only for
this reason. The Komax Group takes responsibility, contributes to preserving quality of life for future
generations, and seeks to create value on a long-term, sustainable basis. In doing so, it focuses its
efforts on where it can accomplish the most.
Having enshrined ESG as a core component of its corporate strategy with 13 specific ESG
targets in 2023, the Komax Group concentrated on the operational implementation of these targets
in 2024. The Sustainability and Innovation Committee set the course here, while the ESG Committee
developed measures and drove their implementation forward.
Owing to the significant decline in revenues, we were not able to achieve progress across the
board in respect of climate protection targets. A positive point, however, is that the Komax Group
succeeded in maintaining overall tCO2e emissions at a steady level, despite acquisitions. A number
of measures, including greater use of renewable energies at the sites, contributed to this. We aim to
work even harder on our carbon footprint and have therefore adapted our original target: Instead of
maintaining constant CO2 emissions until 2028, the Komax Group now wants to reduce them by 10%.
In the area of “Responsibility,” the Komax Group has conducted uniform, Group-wide measu-
rements of customer satisfaction and supplier loyalty and can now disclose specific figures that
form a basis for continuous improvement.
We also achieved substantial progress in the area of “Fairness.” New Codes of Conduct were
drawn up for employees and suppliers, and these have now been implemented. Moreover, the
Komax Group introduced guidelines on human rights, corruption, and bribery as planned, and thus
achieved one of its 13 ESG targets.
ESG reporting was developed and expanded to include the first-ever report on climate-related
opportunities and risks (TCFD Report). Data quality was improved in all areas, for instance with
regard to emissions and energy, as well as social key figures. Consequently, this ESG Report
provides you with a more detailed and more comprehensive insight into our strategy, our targets,
and the progress being made in achieving them.
The ESG Report has been drawn up in accordance with the GRI standards. The sections that
are relevant for the vote at the Annual General Meeting were approved by the Board of Directors in
keeping with the requirements of Swiss legislation (the Swiss Code of Obligations) and will be
submitted to the Annual General Meeting to be held on 16 April 2025 for approval. Details are listed
on page 118 of this report. We look forward to continuing to present you with detailed annual updates
on the progress we are making in the form of future ESG Reports.
Yours sincerely,
Dr. Beat Kälin
Dr. Andreas Häberli
Chairman of the Board of Directors
Chairman of the Sustainability and
Innovation Committee
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SCOPE OF THE ESG REPORT
Komax Holding AG publishes comprehensive financial results twice a year, in English and German:
for the first half in August and for the full year in March, in the form of media releases and annual/
half-year reports in PDF format. The ESG Report is an integral part of annual reporting and is
published together with the Annual Report. This is the second ESG Report published in accordan-
ce with the GRI guidelines. The corresponding GRI index is available on the website (www.komax-
group.com/annualreport2024/gri-index).
The present report encompasses the period from 1 January to 31 December 2024, and was
published on 11 March 2025. The publication dates can be found in the financial calendar on the
Komax Group website (www.komaxgroup.com/financial-calendar). The scope of consolidation of
ESG reporting is identical to that of our financial reporting. Data and qualitative statements relate
to the entire Komax Group as per the list of equity holdings on pages 191/192 of the Financial
Report, other than where explicitly stated otherwise. In July 2024, the Komax Group acquired a
majority stake (56%) in Hosver (› pages 188/189, Financial Report). This acquisition has already
been included in the reporting and the data supplied have been mathematically halved, in order to
reproduce the six consolidated months in the Komax Group. Certain data elements such as those
relating to energy and material consumption, fuels, waste, and recycling were obtained for a nine-
month period and extrapolated to cover the twelve-month period. In the following year, the com-
plete prior-year data are obtained over twelve months and adjusted accordingly in the next ESG
Report, if necessary.
The ESG Report was drawn up in compliance with Art. 964a et seq. of the Swiss Code of
Obligations (SCO), as well as in accordance with the GRI Standards and the GHG Protocol. The
report on climate-related opportunities and risks contained in the ESG Report is based on the
recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) of the Financial
Stability Board (FSB) (› from page 83). The Komax Group takes its cue from globally recognized
standards. Based on a double materiality analysis, it has defined the targets most relevant to it for
sustainable development. Using this as a basis, it wants to contribute to the realization of the global
targets of the Sustainable Development Goals (SDGs) of the United Nations. Of the 17 SDGs, it has
defined the following seven goals to which it can make the greatest possible contribution:
In the ESG Report, the logo of each of the seven targets is placed next to a section that explains
how one aspect of the Komax Group is contributing to the corresponding SDG.
Contact partner for ESG matters:
Roger Müller
Vice President Group Communications / Investor Relations / ESG
Phone +41 41 455 04 55
communication@komaxgroup.com
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The Komax Group at a glance
The Komax Group has some 3 500 employees, and is a pioneer as well as a market and technology
leader in automated wire processing solutions. It offers serial production machines, customer-spe-
cific systems, quality assurance modules, test systems, networking solutions, and services for
the processing of all sorts of wires, including for the production of wire harnesses in vehicles.
Headquartered in Dierikon, Switzerland, the Komax Group is active in three market segments –
Automotive, Aerospace & Railway, and Industrial & Infrastructure. The Automotive market segment
is the key market, accounting for 75% of revenues. The headquarters of the Komax Group can be
found at Industriestrasse 6, 6036 Dierikon, Switzerland. Worldwide, the Komax Group has 28 en-
gineering and production sites, and offers sales and service support in more than 60 countries. The
Komax Group aims to further expand its market position and set the pace on the trends that are
important today, such as automation, e-mobility, and autonomous driving. To this end it has defined
ambitious growth and profitability targets. Through its business strategy, which is geared toward
long-term success, it aims to create sustainable value (› page 22 onwards). In its market environ-
ment, the Komax Group is impacted by a number of megatrends. Key among these is the trend
toward greater automation on the part of customers of the Komax Group. In addition, the
rising number of vehicles manufactured is an important growth driver. Further details on these
megatrends and the markets: › pages 18–21 and 40–49 of the Annual Report 2024.
Headquarters in
Dierikon, Switzerland
EUROPE
Revenues: CHF 233.2 million (37.0%)
Employees: 2 166
Engineering and production sites: 17
NORTH/SOUTH AMERICA
Revenues: CHF 209.5 million (33.2%)
Employees: 437
Engineering and production sites: 3
AFRICA
Revenues: CHF 62.2 million (9.9%)
Employees: 207
Engineering and production sites: 2
ASIA/PACIFIC
Revenues: CHF 125.5 million (19.9%)
Employees: 686
Engineering and production sites: 6
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Corporate purpose of the Komax Group
For decades now, the Komax Group has been known for innovative products and its market-leading
position. At the same time, it wants to contribute to the sustainable development of society. The
corporate purpose of the Komax Group can be summarized in just a few words:
As a driver of innovation and market leader in automated wire
processing, we develop and produce intelligent, reliable, and
optimally cost-effective wiring solutions for smart mobility and
smart city applications. We work closely with our customers to
make life simpler, more convenient, and safer.
The Komax Group understands smart mobility to mean the increasingly multifaceted nature of the
mobility offering for end customers. Be it bikes, cars, or public transport – many of these forms of
mobility are increasingly relying on electrical drive systems and a higher number of electronic com-
ponents. Wherever electricity is used, wires are required, and wherever wires are installed, areas of
application arise for the Komax Group. Smart city solutions support the optimum usage of this
mobility spectrum, e. g. through traffic guidance systems or intelligent electricity usage, distribution,
and storage systems. All these solutions need cables, be it for transmitting power or transferring
data. The Komax Group helps with the production of these on the basis of high-quality, automated,
resource-conserving processes, thereby also contributing to these megatrends.
Five core values
All business processes in the Komax Group are aligned with five core values. These core values
are fundamental elements of the identity of the Komax Group. They form the basis for environmen-
tally sustainable business development as well as socially oriented and responsible corporate
governance.
Final assembly of the
Alpha machine series
at the headquarters in
Dierikon, Switzerland.
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THE FIVE CORE VALUES OF THE KOMAX GROUP
INNOVATION
As a pioneering and visionary company, we ensure that our business activity has a long-term focus. We are
always open to new ideas and regularly re-examine our approach. This includes looking beyond our immediate
concerns. We are willing to take risks – on the basis of knowledge and understanding – in order to reinforce
our leadership in terms of innovation. Following new paths can lead to mistakes. We realize and tolerate this
because it gives us an opportunity to become even better. We are increasing our lead by continuing to press
ahead with innovations proactively, quickly, and determinedly, while remaining committed to our usual high
quality standards.
CUSTOMER FOCUS
The varying needs of our customers are at the center of our activities. We listen to them carefully and ask the
right questions. Understanding their requirements enables us to keep on improving. We strive to ensure that our
solutions offer our customers added value, so that they can increase their efficiency and productivity and thus
gain a competitive advantage. We are close to our customers, communicate actively, and foster friendly, long-
term relationships and partnerships based on respect and esteem.
SUCCESS
We pursue ambitious targets and make an effort to achieve them every day. As a market and technology leader,
we make high demands of ourselves and strive to find the best solution for our customers. Our long history of
success encourages us to continue the success story and create sustainable value. This benefits our custo-
mers, employees, and investors. We want all these stakeholders to share equally in our success. We nurture
competent, committed employees who enable us to retain loyal, satisfied customers.
QUALITY
Our day-to-day work is driven by quality and a willingness to examine what we do critically. We provide our cus-
tomers with solutions that fully meet our quality requirements and supply what we have agreed. This commitment
lies at the heart of our long-term, trusting customer relationships. Our efforts to keep on getting better include
always delivering the agreed quality and actively asking customers how we can improve further. It is clear to us
that this creates trust, which is of inestimable value.
RESPONSIBILITY
We take our responsibility toward our customers, employees, and investors seriously and act as a reliable,
trustworthy partner. Our integrity and ability to keep to our agreements and meet our deadlines make us stand
out from the crowd. We keep our word and ensure that our partners and colleagues do so, too. A strong sense
of shared responsibility is important to us and we are careful to foster it. We take responsibility for our actions,
make decisions, and carry them out. If we pass our responsibility on to others, we do so deliberately and ensure
that they assume it in turn.
Embedding ESG in the Komax Group
With the strategy approved in 2023, ESG forms the underlying framework for all business activities
(› page 26). This means that sustainability considerations are taken into account in all areas and
are helping the Komax Group to achieve its ESG targets. For operational implementation, the Komax
Group has firmly anchored ESG within its organizational structure. Detailed information on this as well
as an overview graphic can be found in the governance section of the TCFD report (› pages 83/84).
The Komax Group will continue to broaden and optimize reporting on its ESG activities on an on-
going basis, with a focus on data gathering and data quality.
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The company is a member of various industry organizations. For example, as part of ARENA2036
and the project Next2OEM, interdisciplinary teams are researching how automotive production
might work in the future. Potential solutions for digitalization in wire processing are being developed
together with other companies as part of the Open Industry 4.0 Alliance, the SPE Industrial Partner
Network, and the Single Pair Ethernet System Alliance. Together with other leading technology
companies, the Komax Group is looking for holistic solutions for industrial control cabinet cons-
truction as part of the Smart Cabinet Building Initiative, with a view to optimally exploiting the con-
siderable automation potential in this area (› page 56).
MATERIALITY ANALYSIS
In its business activities, the Komax Group is on the one hand influenced by the various trends,
risks, and opportunities that have an impact on long-term business success. In addition, through
its activities it has its own impact on the environment, the economy, and society. In order to identify
the key interacting and influencing factors, the Komax Group carried out a comprehensive double
materiality analysis in 2022. This forms the basis for the ESG strategy.
The materiality analysis encompasses the following stages:
– Internal analysis in all relevant topic areas
– Semi-structured interviews with customers, analysts, investors, proxy advisors, and represen-
tatives from peer companies
– Semi-structured interviews with representatives from the Executive Committee and the Board of
Directors, and intensive discussions with both bodies
– Internal online survey on the topic of ESG
– Feedback from external sustainability experts
– Validation by the Executive Committee and the Board of Directors
This analysis produced nine themes that are material to the Komax Group. These were evaluated
by the Executive Committee and the Board of Directors and set out in a materiality matrix in such
a way as to demonstrate the relevance of the impact of business activities on the environment,
society, and the economy, as well as the relevance for the business success of the Komax Group.
MATERIALITY MATRIX
Relevance for the business success of the Komax Group
Medium
High
Medium
High
Relevance of the effects on environment, society, economy
Lean management and
operational excellence
Business ethics and
compliance
Workplace safety and
well-being
Customer relations
Digital transformation
Supply chain risk
management
Product life cycle
management
Sustainable,
profitable growth
Greenhouse gas
emissions and energy
efficiency
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Category
Engagement
Customers in
the B2B area
The Komax Group supports customers primarily through the areas of sales, marketing, and service. It engages
in regular dialog through personal contact, as well as digital channels such as the “myKomax” customer
portal, online meetings, online service ticketing systems, and the “Komax Stories” news portal. With the
optimization of the distribution and service network in 2024, every customer now has a dedicated contact
person. Customer queries and feedback are addressed quickly and effectively via the digital customer
management system (› page 37). The Komax Group records customer requests, loyalty, satisfaction, and the
Net Promoter Score (NPS) by means of regular surveys. From 2025, the Komax Academy and Schleuniger
University will be combined to form “Komax Campus,” offering customers a comprehensive training program
with 220 different online courses. Some 146 customers used such courses in 2024 (› page 37). Alongside
this, there are several hundred physical training sessions per year on the operation and installation of the
machinery. Komax Group companies also take part in around 50 trade fairs and specialist events worldwide
each year (› page 38). Furthermore, the Komax Group engages with customers and partners in various
initiatives such as ARENA2036 and Next2OEM (› pages 54/55).
Employees
Employees are involved and informed in a variety of ways. This includes internal communications, an intra-
net where they can submit feedback, ideas, and suggestions for improvement, among other things, live and
online events such as webinars, team and site events, as well as the “Komax Talk” video format where the
CEO and Executive Committee provide information about current developments. The Young Community
supports employees under the age of 30 (› page 106). Through various initiatives, the Komax Group promo-
tes health, team spirit, training and further education, and employee inclusivity (› pages 105/106). It also
publishes its employee magazine “Komagazin” twice a year.
Financial
community
(analysts and
institutional
investors)
Investor Relations includes the financial community via comprehensive reporting by means of media
releases, annual and half-year reports, as well as physical and virtual events. This includes a mailing
service, for which interested parties can sign up (› page 137), twice-yearly telephone conferences with the
CEO and CFO, an Investors’ Day at least once every two years, around 50 bilateral investor meetings per
year, and participation in more than ten investor conferences and roadshows in Switzerland and abroad
with the CEO, CFO, or the Vice President of Investor Relations / Group Communications / ESG. The Komax
Group also organizes regular factory tours at its headquarters.
Shareholders
Shareholders have participation rights that are set out in the Articles of Association of Komax Holding AG and
published in the Corporate Governance Report. Shareholders have the opportunity to enter into exchange
with the Komax Group at any time using the contact form on the website, or by emailing or calling the
Investor Relations contact person. At the Annual General Meeting in April 2024 in Lucerne, the shareholders
voted clearly in favor of all proposals from the Board of Directors. Overall, 63.3% of the share capital was
represented.
STAKEHOLDER ENGAGEMENT
The business activity of the Komax Group is relevant for a range of different local, national, and
international stakeholder groups that it both influences and can be influenced by. The Komax Group
attaches considerable value to regular open exchange in order to provide transparent information,
pick up on sentiment in its markets, and strengthen the common basis for business and trust. This
exchange enables the continuous alignment of stakeholder interests with the strategic orientation
of the Komax Group, reveals opportunities and risks, and helps to manage the company’s reputation
on the market. Identification of the stakeholders took place as part of the materiality analysis.
The Komax Group includes these stakeholder groups both digitally and physically. To this end, it
maintains a global website and a number of country-specific websites in several languages, which
provide contact forms and details of points of contact in addition to a whole range of other infor-
mation. The Komax Group news portal – Komax Stories (www.komaxgroup.com/stories) – is also
available to all those who are interested. The information policy of the Komax Group is set out in
the Corporate Governance Report (› page 137). The following table contains a list of all stakeholder
groups identified as material and sets out details of how the Komax Group engages with them.
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Category
Engagement
Media
To provide the general public with timely and factual information about its business activities, and to safe-
guard its reputation, the Komax Group cultivates regular exchange with media representatives via its Group
Communications department. With the exception of investor conferences and roadshows, they have the
same opportunities for information and exchange available to them as the financial community.
Suppliers, busi-
ness partners,
and service
providers
The Komax Group maintains business relations with thousands of suppliers, service providers, and partners.
This contact includes negotiations, specialist exchanges, participation in mutual surveys and ratings, as well
as regular audits of operational, ethical, and sustainable business practices. The topics covered here are,
in particular, quality, delivery capacity, pricing, human rights, and occupational safety. Suppliers are looked
after locally by the respective purchasing teams. The Komax Group attaches value to long-term, stable
relations with its business partners. The regular dialog is intended to strengthen business relationships and
jointly develop partners and the business further.
Local commu-
nities and site
neighbors
Regular in-person and digital exchange takes place with local communities and neighbors in order to
discuss and resolve local matters together. The local contact persons are, in particular, those individuals
with overall responsibility. At the site in Dierikon, Switzerland, the Komax Group cultivates this exchange
through various events, including an open day and an average of around ten guided tours per year. It also
supports a number of social projects locally (› page 108).
Industry and
trade associations
The Komax Group is a member of many different industry and trade associations, and cultivates exchange
with customers, partners, suppliers, competitors, and other industrial companies. These include Swissmem,
ARENA2036, the Smart Cabinet Building Initiative, and the ESG Alliance in China (› pages 55/56 and 83).
Bodies of higher
education and
academia
The Komax Group works together with various institutes and universities, including the Lucerne University
of Applied Sciences and Arts and the Deggendorf Institute of Technology, to promote technological develop-
ments and foster young talent. Project-related exchange takes place at the respective specialist levels.
General public,
NGOs, and other
stakeholder
groups
The Komax Group keeps further stakeholder groups informed through its global and local websites, social
media presence, for example on LinkedIn, and through its media work. There is an online contact form, which
is managed by Group Communications. Young applicants also have the opportunity to enter into exchange
with the Komax Group at information events held at universities and schools, for instance. In Switzerland, the
Komax Group participates in National Future Day and offers taster days for the employees of tomorrow.
Legislators, regu-
latory authorities
The Komax Group is involved with authorities and legislators in various jurisdictions so as to ensure conformity
with the law and prepare for regulatory changes at an early stage.
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ESG STRATEGY
ESG forms the framework for the Komax Group’s strategy
Following the combination with the Schleuniger Group in 2022, the Komax Group analyzed the new
situation in detail and developed its new strategy in 2023 (› pages 22–31). At the heart of this stra-
tegy are four key market-oriented strategic priorities: Create Value Along Customer Journey, Inno-
vate for Automation and Quality, Strengthen Global Customer Proximity, and Develop Non-Auto-
motive Markets. In addition, two strategic initiatives address issues that are important to the
attainment of profitability targets and the financing of growth: Scale Komax and Schleuniger, and
Lean and Excellent, Digital Transformation. The overall picture is complemented by the ESG strategic
initiative, which forms a framework and the foundation for sustainable action by the Komax Group.
In this area, the Komax Group has greater ambitions than just meeting regulatory requirements.
This explains why ESG is a strategic component and a part of the overall brand strategy (› page 26).
Core elements of the ESG strategy
With its strategy, the Komax Group is consistently embedding ESG topics in its business processes.
As part of this, it has defined three focus areas – Fairness, Responsibility, and Climate Protection
– with which it intends to concentrate in particular on its customers, employees, suppliers, and the
planet. The Komax Group has a long-term ambition for each of these focus areas, and in 2023
defined 13 overarching targets for the next five years based on its materiality analysis. One of the
targets in the “Fairness” focus area was attained as planned in 2024. In order to achieve the remai-
ning targets, various strategic initiatives are being pursued. In the year under review, the Climate
Protection core element was additionally expanded to include the aspect of net zero emissions
(› page 83, TCFD Report). In addition, the comprehensive reporting established in previous years
was further expanded in 2024.
Responsibility
The Komax Group takes responsibility for society and its employees,
offering them a working environment that is safe and inspiring. It seeks
to satisfy or even go beyond its obligations toward customers and other
stakeholder groups at all times.
Fairness
The Komax Group
acts fairly toward its
customers, suppliers,
employees, and other
stakeholder groups at
all times, and ensures
that legal requirements
are complied with. Key
elements here are integ-
rity, respect, tolerance,
reliability, equal oppor-
tunities, diversity, and
transparency.
Climate Protection
The Komax Group takes
care of the environment
and strives to reduce
its carbon footprint on
an ongoing basis, and
to lower its own energy
consumption and that of
its products. In addition,
greater attention will be
paid to the concept of the
circular economy.
CORE ELEMENTS OF THE ESG STRATEGY
Responsibility
Climate
Protection
Fairness
ESG AT THE
KOMAX GROUP
GO
V
E
R
NA
N
C
E
E
N
VI
R
O
N
M
E
N
TA
L
SO
C
IA
L
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Komax Group Annual Report 2024
Target status: = achieved = on track = missed
Workplace safety and well-being
Realization of the vision of zero workplace accidents
– accident rate (LTIR) to be halved by 2028.1
2022/2023
2028
Baseline
Target
Employee motivation level above average
compared with peer industrial companies at
all sites (data collected in a three-year cycle
via ValueQuest survey).2
1 Baseline is the average LTIR ratio for 2022 and 2023: 4.2.
2 2023 result. No survey took place in 2024; new assessment in 2025.
3 Based on the customer survey carried out in 2024 in Europe, North America, and Asia.
Greenhouse gas emissions and energy efficiency
Reduction of CO2 emissions (Scope 1 and
Scope 2) by 10% by 2028.1
2023
2028
Baseline
Target
Reduction in energy consumption by 2% per
year (in MWh per CHF 1 million in revenues).
2023
2028
Baseline
Target
50% of electricity consumption from renewable
sources by 2028.
2023
2028
Baseline
Target
1 The target was raised significantly in 2024 – from steady CO2 emissions until 2028 to a reduction of 10%.
2 Due to the decline in revenues of 16% and the acquisition of Hosver, more energy per revenue unit was consumed in 2024.
ESG TARGETS 2024 – 2028
Climate Protection
Responsibility
Customer relations
Above-average customer satisfaction in
an industry comparison.3
0%
100%
On-time delivery achieved on over 90% of all
orders from 2025, rising to over 95% from 2028.
The Komax Group established processes for systematic
data capture in 2024 so as to calculate a Group-wide
metric.
2024
2028
Target
Product life cycle management
Eco-design check for all newly developed
products from 2025.
The Komax Group expanded the scope of this target
significantly in 2024, and modified its implementation
approach accordingly. The new focus lies on the
conducting of life cycle assessments for all products
in the portfolio. Preparations were made in 2024
to launch a pilot assessment with an initial product
in 2025. Based on the results, processes will be
reworked and the eco-design check implemented.
For this reason, in 2025 there will not yet be any
eco-design checks for all newly developed products.
Implementation of the circular economy con-
cept through the creation of recycling options
– all products recyclable from 2028.
With effect from 2025, the Komax Group is starting
the process of assessing the life cycles of products in
its portfolio (see eco-design check target). Recycling
– as one phase of the life cycle – plays an important
role here.
32.7 / 90%
36.2 / 100%
50%
Komax Group
Industry
80%
85%
2025
5 603 / 90%
6 225
95%
90%
76%
6 195
43.7 2
2024
Status
2.1
4.2
6.6
2024
Status
2024
Status
2024
Status
23%
30%
Status
Status
Status
Status
Komax Group
Peers
75 Pt.
0 Pt.
100 Pt.
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Komax Group Annual Report 2024
Target status: = achieved = on track = missed
Business ethics and compliance
100% of employees complete and pass Code of
Conduct training courses at least every two years.
The Code of Conduct underwent a comprehensive
revision in 2024. Group-wide training on the new Code
of Conduct will start in the first quarter of 2025, and must
be completed by all staff on an annual basis.
Introduction of guidelines on human rights,
bribery, and corruption by the end of 2024.
The guidelines were introduced across the Group in 2024
and can be found at www.komaxgroup.com/integrity.
1 A new Code of Conduct for suppliers was drawn up in 2024, which is why the signing of the “old” Code was no longer pursued.
ESG TARGETS 2024 – 2028
Fairness
Supply chain risk management
Code of Conduct signed by 80% of suppliers
(by purchasing volume) by 2025, rising to over
95% by 2028.
2023
2028
Baseline
Target
Annual audit of existing and/or potential new
suppliers based on a risk matrix approach.
The risk matrix approach was implemented in 2024.
This approach will be used for selecting suppliers for
the audits from 2025 onward.
95%
80%
55% 57%
2025
Interim target
2024 1
Status
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Status
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Komax Group Annual Report 2024
SUSTAINABLE, PROFITABLE GROWTH
The Komax Group aims to achieve sustainable and profitable growth. By this it means the all-
encompassing, long-term development of the Komax Group and its environment with the aim of
creating value not just in the economic sense, but also in an environmental and social sense. As
an international business, the Komax Group is bound up with a dense network of stakeholders
whose further development it influences both directly and indirectly. It bears responsibility for
these stakeholders in many different ways, and can best meet that responsibility through sustai-
nable, value-creating business development. It therefore takes care to ensure that it has a robust
financial base and pursues a long-term strategy so that future generations can also benefit from the
impact of the Komax Group. It fundamentally rejects any notion of making profits at the cost of the
environment and society. It attaches considerable value to environment-friendly production and the
responsible use of natural resources, and offers its employees an appreciative working environment.
Far from being empty phrases, these principles have been applied by the Komax Group for decades.
The Komax Group revised its strategy back in 2023 in order to continue to be able to grow
sustainably and profitably. In the context of this strategy, the Komax Group pursues four strategic
priorities, which are in turn supported by strategic initiatives. The Komax Group has set itself
ambitious financial targets to be achieved by 2030, namely generating revenues of CHF 1.0–1.2
billion and EBIT of CHF 120–160 million. The strategy is set out in detail on pages 22–31 of the
Annual Report 2024. Information on the market segments and market development can be found
on pages 40–49 of the Annual Report.
Ensuring financial stability
The Komax Group requires financial stability if it is to grow sustainably. It is distinguished by its
robust equity base and strong profitability. Its equity ratio is 51.7%. This solid foundation enables
the Komax Group to systematically pursue opportunities to develop further, and offers security in
challenging times.
The Komax Group secures its debt financing through a long-term syndicated loan facility, which
provides financial freedom of maneuver for sustainable company development, as well as facilitating
acquisitions. This has been linked to an ESG component since 2022. A bonus/malus system based
on the ESG rating was agreed with the banks making up the syndicate.
Another means of securing long-term growth is stability in the shareholder base. Through its
combination with Schleuniger in 2022, the Komax Group secured an anchor shareholder with a
long-term orientation in the form of Metall Zug AG, which continued to hold 25% of shares in the
reporting year.
Growth and profitability of the Komax Group in a five-year comparison1
in TCHF
2024
20232
2022
2021
2020
Revenues
630 452
762 923
606 332
421 067
327 623
Operating profit (EBIT)
16 036
72 808
71 732
44 794
11 254
in % of revenues
2.5
9.5
11.8
10.6
3.4
Group earnings after taxes (EAT)
–2 863
43 836
51 773
30 375
–1 319
in % of revenues
–0.5
5.7
8.5
7.2
–0.4
Equity ratio in %3
51.7
55.1
53.2
51.4
52.3
Basic earnings per share in CHF
–0.63
8.55
12.11
7.90
–0.34
1 A complete five-year comparison can be found on page 214 of the Annual Report.
2 Including one-time effects (revenues: CHF +10.9 million; EBIT: CHF +5.0 million).
3 Total shareholders’ equity.
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INTERACTIONS BETWEEN THE KOMAX GROUP AND ITS ENVIRONMENT
In its activities, the Komax Group is influenced by trends, risks, and opportunities in its key markets,
as well as by global developments. Its actions also have an impact on its environment.
Economic risks and opportunities
Among the principal economic risks identified by the Komax Group are the economic environment
and the situation with regard to competitors. Beyond these, there are further risks that are set out
in the following chapters on the themes that are material to the Komax Group as well as in the
climate-related report in accordance with the recommendations of the TCFD.
Geopolitical uncertainties and regional or global economic downturns represent a risk for the
Komax Group. As a manufacturer of industrial capital goods, the Komax Group is partially reliant
on how the economy in its main markets – and in the automotive market in particular – is developing.
In difficult market phases, its customers are more reluctant to invest, and tend to delay or put off
investment decisions. This means that the Komax Group’s business is subject to a certain degree
of volatility. Added to this is an average visibility in the markets of around three months, which
restricts reaction times to major changes. Only part of these market risks can be reduced.
On the other hand, the economic development process also offers opportunities. This is
because every downturn phase is followed by a period of significant catch-up in capital expenditure
on the part of customers. The goal is to be ready for this, so as to derive the maximum possible
benefit and secure a high order intake. For this to be possible, it is important for the Komax Group
to be close to its customers at all times (› page 34 onwards) so that it can react to any developments
that start to emerge. Achieving a high level of flexibility in production planning is also key to being
able to ramp up production capacities and facilitate short supply times if there is a sharp increase
in demand.
The situation with regard to competitors also represents a certain degree of risk, since the
market is increasingly shifting toward Asia, where the majority of competitors are located. Asia also
offers major opportunities for the Komax Group, as this region has to date had the lowest share of
revenues in proportion to the size of the market. The Komax Group’s market-leading innovative
strength (› page 50 onwards) and its financial stability gives it the opportunity to grow and create
further unique selling propositions, not least because the Komax Group is active in a growth market.
The degree of automation among its customer base is still much too low. Consequently, the need
for automation solutions from the Komax Group and its peers will remain significant for a number
of years.
The Komax Group has a comprehensive risk management system (› pages 112, 182 and TCFD
Report page 87). Business risks are countered by intensive monitoring and analysis of market
developments as well as by sets of encompassing guidelines. This is explained in detail in the
following themes that are material to the Komax Group. Risks are insured or other solutions imple-
mented wherever it makes sense.
Economic contribution
High-quality wire processing is of great importance in the market segments addressed by the
Komax Group. The wire harness is the largest electrical component in vehicles as well as other
customer applications. It is highly complex, and errors in production can rapidly lead to compre-
hensive, expensive recalls. This is bad not just for vehicle drivers, but also for the automotive
manufacturer and its suppliers. In 2024, some 89 million vehicles were produced. At around 20%,
the degree of automation in wire processing is still low, but growing requirements in respect of qua-
lity and traceability as well as the trend toward nearshoring (› pages 18–21 and 41) call for an
increasing amount of automation in the long term. The Komax Group has a very strong market
position with by far the largest market share in the industry (around 40%). It is therefore an innovation
driver in automated wire processing.
The Komax Group wants to help resolve a number of global challenges with its current business
model. Automation facilitates higher quality as well as safety in production processes and end
products. It reduces the quantity of rejects as well as wear and tear, thereby reducing the intensity
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Komax Group Annual Report 2024
of resources and costs at the production stage. Automated processes also improve workplace
safety, offer a solution to the increasing shortage of skilled labor, and allow supply chains to be
shortened through nearshoring and, as a consequence, reduce the carbon footprint. They there-
fore play a part in enabling customers to remain successful in the long term, while at the same time
helping them strengthen their ESG performance (details on the corporate purpose of the Komax
Group: › page 69).
In its environment, for example in respect of employees, suppliers, and communities, the Komax
Group makes a significant contribution. It provides work to some 3 500 people globally, and streng-
thens thousands of suppliers as well as local communities with its orders. Material expenses
amounted to CHF 236.5 million in 2024, with personnel expenditure coming in at CHF 268.9 million.
The Komax Group devoted some 1% of this personnel expenditure to the training of its workforce.
On top of this, the company provides monetary support and assistance in the form of voluntary
work by employees on numerous local social projects (› page 108).
Given its global structure, the Komax Group pays taxes in many different countries. It carries
out its business on the basis of operational not tax considerations. In this, compliance with local
tax legislation is the responsibility of the local companies. The Komax Group pays taxes where they
fall due. In the year under review, the income taxes of the Komax Group amounted to CHF 10.2
million.
The Komax Group pursues a result-oriented dividend policy that takes account of its ambitious
growth targets (› page 62).
Cleantech – contributing to clean mobility
According to S&P Global Mobility, approximately 33% of all new cars around the world will be
purely electric (BEV) from 2030. With its innovative solutions for the processing of high-voltage
cables for electric vehicles, the Komax Group is making an important contribution to this transition.
It has had a center of competence for e-mobility in Hungary for a number of years now, and in 2024
took a majority stake in Hosver, the leading manufacturer of machinery for the processing of high-
voltage cables in China. The serial production of complex high-voltage cables in the necessary
quantities requires great precision and efficiency. For this reason, the automation of these proces-
ses is becoming ever more important. The Komax Group has a portfolio of solutions covering the
entire value chain – from the processing of high-voltage cables through to the testing of the final
harnesses – and expands this continuously. Included in its portfolio are solutions for processing
individual high-voltage cables, alongside machines that enable entire wire harnesses to be manu-
factured for electric vehicles on a fully automated basis. In addition, adaptronic in particular offers
testing systems for the testing of high-voltage cables.
Supporting local communities
In keeping with its corporate purpose, the Komax Group is keen to make a contribution to society,
and to make life simpler, safer, and more convenient. It achieves this not only through its business
strategy, but also by actively supporting a whole range of projects, including in the spheres of edu-
cation, sport, culture, and social well-being. The corresponding activities are organized and imple-
mented on a decentralized basis in the individual companies (projects: › page 108).
LEAN MANAGEMENT AND OPERATIONAL EXCELLENCE
If the corporate goals of the Komax Group in the area of longevity and sustainability are to be
achieved, streamlined organizational and process structures are required, as is a constant willing-
ness to improve, i. e. Lean Management and Operational Excellence. The efficient design of the
entire value chain across all company areas can dramatically reduce the waste of valuable resources
such as materials, energy, innovative output, and time. The Komax Group’s business environment
is continuously changing, which necessitates ongoing adjustments and improvements. In this
environment, inefficient or outdated processes and structures can rapidly lead to the loss of
employees and customers, as well as give rise to high costs, particularly as almost a quarter of
all staff are employed in Switzerland, a high-price country. The retention of such processes and
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structures would increase any number of operational, financial, legal, and social risks as detailed
in this report, and thereby impair commercial success as well as negating the Komax Group’s
positive impact on its environment. Lean Management and Operational Excellence are key to the
mindset of the Komax Group, which is why, for example, 16 additional employees in Switzerland
completed the Lean Six Sigma Green Belt certification process in the year under review. Regular
training takes place at other locations, and a dialog is cultivated with external specialists in order
to optimize efficiency.
The Komax Group strives to make use of the opportunities open to it in order to improve on an
ongoing basis. At the level of the Board of Directors, the Sustainability and Innovation Committee
explores the themes of technology, innovation, and sustainability in depth. It discusses new develop-
ments and the resulting risks and opportunities several times a year, and supports the Executive
Committee in the strategic development of these themes.
At an operating level, relevant market developments are analyzed by the corresponding business
units together with Global Operations, and depending on the outcome are then taken into consi-
deration by the Komax Group where feasible. Among other things, this involves peer group com-
parisons, exchanges of views with customers, suppliers, and research institutes, and in some cases
also the assistance of external consultancy firms.
Development and production processes are optimized continuously. The Komax Group has put
in place a process-oriented organization in this respect, in which the entire life cycle of a product
is considered right from the very start. With its KOP (“Komax optimizes processes”) program, for
example, it pursues ongoing improvement management in keeping with the Kaizen principle. For
instance, even at the product development stage, care is taken to ensure that the number of diffe-
rent screws for a machine are minimized in order to reduce the workload and the number of tools
and replacement parts required at the later assembly stage and service. Every process is closely
observed and scrutinized. By way of example: Is the anodization of surfaces really necessary, or
could this step be dispensed with for the benefit of the environment? Could a machine be built in
such a way that it can then be sent to customers with less packaging?
Based on training and ongoing thematization, the Komax Group promotes process-optimized
thinking on the part of its employees, encouraging them to scrutinize the status quo and contribute
new ideas. Among other things, this includes project management methods such as Scrum and
Kanban. At Komax in Switzerland, for example, ideas in some departments are discussed in daily
15-minute meetings and tested as quickly as possible. Special bonuses are awarded to staff for
particularly effective improvements.
In view of the challenging order situation, the focus in 2024 lay on streamlining organizational
structures and reducing costs. The numerous measures taken included elements such as structural
adjustments in Europe and in China, optimizations in the distribution and service network, and a
reduction in complexity in the product portfolio. On top of this came improved efficiency thanks to
ongoing digitalization in the areas of customer management, human resources, and engineering
(› page 81). At the manufacturing locations, production processes were optimized further – such
as in Dierikon, where improvements were made to the production layout and therefore the flows of
goods, as well as material management and storage components. Furthermore, considerable
emphasis was placed on avoiding waste in the value streams.
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OPTIMIZATION OF PRODUCTION – JUST BY SWITCHING THINGS ROUND!
Between 2022 and 2024, flow production of the volume models of the Alpha series was significantly optimized
at the headquarters in Dierikon, Switzerland. By “switching round” the production layout to anticlockwise,
both workflows and the flow of materials were significantly improved. The walking routes of employees at
the assembly stage alone were reduced by 45% as a result. This in turn made it possible to reduce cycle
times and optimize assembly ergonomics. What’s more, the new production layout allows for more flexible
production of various models, such as the Alpha 520, Alpha 530, Alpha 550, and the latest generation of
these machines, resulting in a significant improvement in both productivity and cost efficiency. In this way,
the Komax Group is improving the competitiveness of its Swiss location in the fiercely contested market for
crimp-to-crimp machines.
DIGITAL TRANSFORMATION
For a business like the Komax Group, the switch from analog processes to digital systems presents
numerous opportunities as well as risks that need to be addressed. On the one hand, all sorts of
processes can be designed much more efficiently through the digital medium; on the other, emp-
loyees need to be properly trained in the handling of digital possibilities in order to guarantee data
protection and cybersecurity. This is an area that harbors not just financial risk but also considerable
reputational risk for the Komax Group. The transformation to consistently digital internal processes
and customer applications is also an important factor in the attainment of ESG targets in the key
ESG areas of sustainable profitable growth, workplace safety and well-being, and product life cycle
management. The Komax Group addresses the challenges of digital transformation through two
closely interconnected strategic initiatives: While the SMART FACTORY by KOMAX comprises,
among other things, the digital offerings for customers, the SMART DIGITAL KOMAX initiative
focuses on transforming the Komax Group into an organization that is consistently digitalized across
all processes. Software and digital services are of crucial importance here. This is also evident from
the fact that more than half of employees in Research and Development are working on this aspect.
There is potential here that, through its strategy, the Komax Group is seeking to leverage in a
targeted way. For this reason, it has been intensively driving forward both internal and external
digital transformation for many years.
SMART FACTORY by KOMAX – solutions for customers
For customers, the Komax Group offers a continuously growing spectrum of digital solutions through
the SMART FACTORY by KOMAX. Customers have to deliver consistently high quality and reliability
despite rising complexity and higher personnel expenses, while at the same time keeping costs
as low as possible. The SMART FACTORY by KOMAX shows them how wire processing can be
optimized in the future. It encompasses five components that the Komax Group is working on con-
tinuously (› pages 52/53).
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SMART DIGITAL KOMAX – digital transformation of internal processes
For the Komax Group, the basis for this external digital transformation is the digitalization of internal
processes, as well as the Group-wide updating and standardization of data and systems. Among
other things, advances were made in the step-by-step introduction of a new ERP system in the year
under review. In addition, a standardized HR management system and an improved digital custo-
mer management tool were implemented. Collaboration in engineering between the locations in
Switzerland (Dierikon) and China (Shanghai and Tianjin) was optimized with the introduction of a
new product data management system. This involved tens of thousands of data sets being migrated
to a new joint platform, resulting in substantial time and cost savings. Software was also introduced
for the ESG monitoring of suppliers.
Ongoing digitalization has improved data quality, increased transparency, and already helped
to make business activity much more efficient.
Measures to protect against cyber risks
To avoid the benefits of digitalization being overshadowed by new risks, the Komax Group conti-
nuously analyzes cyber risks as part of its internal risk management processes (› page 182 onwards,
Financial Report). It derives measures from this activity to ensure that all its own data, as well as
that of customers, suppliers, and employees, is protected to the greatest extent possible. The mea-
sures are further developed and implemented by the Head of Global IT Security and the team on
an ongoing basis. The Komax Group has detailed data protection guidelines in place. These inclu-
de an acceptable use policy (AUP), which covers data security at the workplace as well as for
remote access, email, internet, and social media, along with the monitoring of security incidents
and handling policies. A further element is a password policy. Both policies were standardized
across the Group in 2024. Further policies on IT issues such as network and supply security are
maintained as part of the integrated management system (IMS).
Specifically, the Komax Group has also implemented technical security measures such as the
encryption and pseudonymization of data, data logging/recording, and access restrictions. It also
improves data security on an ongoing basis with the assistance of external partners through regular
penetration tests (simulated external attacks) and gap analyses, and has round-the-clock monito-
ring in place 365 days a year thanks to its Security Operations Center (SOC). All publicly accessible
services have been scanned for potential weaknesses on a monthly basis since 2022. In addition,
the operation of physical servers was discontinued at five locations in the year under review, with
data now only available through a secure cloud solution. The measures implemented are developed
further on an ongoing basis. The internal Information Security Management System (ISMS) was
migrated to a professional cloud-based solution in 2024. With effect from 2025, the ISMS – including
associated risk management – will be completely cloud-based across the Group. It will therefore
be possible to track and address the risks identified through gap analyses and penetration tests
even more efficiently. A further area of focus in 2024 was business continuity management. Mea-
sures and plans were developed in this area and communicated in workshops so as to ensure
preparedness for a major incident such as a system outage or cyber attack.
Internally, Group IT Security regularly communicates about IT security matters. This ensures
that awareness is maintained at a high level and sensitizes employees further to this issue. These
themes are also discussed at least once a year by the Audit Committee of the Board of Directors,
and addressed by the full Board of Directors itself where necessary.
Komax is also certified under the “Trusted Information Security Assessment Exchange” (TISAX)
standard, which addresses the secure processing of information received from business partners,
and data protection between automotive manufacturers and their suppliers in accordance with the
EU’s General Data Protection Regulation (GDPR). Existing security measures are adjusted on an
ongoing basis in line with technological developments. All employees are obliged to participate in
regular cybersecurity training. There were no substantiated complaints in respect of data theft, data
abuse, or the loss of customer data during the reporting period. Further information on governance
can be found in the Corporate Governance section of the 2023 Annual Report (› pages 119–137).
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TCFD REPORT
As a global company with a sustainable and long-term growth strategy, the Komax Group has a
responsibility to engage with climate change and its consequences. It takes its cue from the
recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). Over the next
few pages, the company explores the physical and transitory climate risks and opportunities relevant
to the Komax Group on the basis of the recommendations of the TCFD. In the year under review,
the Komax Group expanded its ESG strategy to include the aspect of net zero emissions. It looks
here to Switzerland’s climate targets, and is striving to reduce greenhouse gases to net zero by 2050.
The Komax Group participates in a number of organizations with the aim of combating climate
change. These include the ESG Alliance in China, for example.
KOMAX SHANGHAI IS A MEMBER OF THE ESG ALLIANCE
Komax Shanghai in China is a member of the ESG
Alliance, a project of the German Chamber of
Commerce in China that brings together numerous
companies active in China to exchange views and
drive forward ESG together. Among other things, this
organization offers training on sustainable manage-
ment in the areas of operations and supply chains,
with the aim of ensuring the sustainable development
of business in China. Through this engagement,
Komax Shanghai has been able to specifically
prepare its procurement department for supplier
discussions with regard to ESG and EcoVadis
Ratings, for example.
GOVERNANCE
The principle of sustainability has been applied to the management of the Komax Group for several
decades now. ESG was finally defined by the Board of Directors as one of the Group’s key strategic
targets in 2022. Key figures on environmental and social aspects have been compiled and docu-
mented across the Group since 2021. The Komax Group firmly anchored ESG within the company
when drawing up its current strategy. Part of this involved the comprehensive revision of the Articles
of Association at the Annual General Meeting on 12 April 2023, including the introduction of Article
2a., “Sustainability”, which underscores the principle of sustainability already being applied by the
Komax Group. The Articles of Association also take account of current best practice in corporate
governance.
Furthermore, the Board of Directors created the Sustainability and Innovation Committee follo-
wing the 2023 Annual General Meeting. This body informs and advises the Board of Directors
regularly on new developments in the different areas of ESG, discusses new regulatory developments
and changes in respect of climate risks, and monitors sustainability reporting (› page 128). Several
members of the Board of Directors have expertise in one or more core ESG elements.
The CEO has overall responsibility for the operational execution of the ESG strategy and is
supported by the Executive Committee in this regard. He drives this forward together with the Vice
President Group Communications / Investor Relations / ESG, who steers and supervises imple-
mentation centrally in the business processes. In 2023, an interdisciplinary ESG Committee was
established. This consists of senior managers from various areas (› page 84) and aims to provide
broad-based support with implementation at the operational level while, at the same time ensuring
that the various ESG initiatives progress according to plan. The members of the ESG Committee
are responsible for ESG issues in their areas, and are set personal ESG targets.
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For the members of the Executive Committee, the degree of attainment of ESG targets is one
criterion for the amount of variable compensation paid (cash bonus). In this way, the Komax Group
intends to drive forward implementation efficiently. The ESG Committee meets at least twice a year,
and among other things discusses the status of climate-related risks and opportunities, as well as
the impact of these on the business of the Komax Group. In 2024, the ESG Committee met in Sep-
tember and November, and focused in particular on the progress made toward the ESG targets
and the measures planned to attain these targets over the coming years.
ESG: ORGANIZATIONAL STRUCTURE
Formulation and responsibility for implementation of plan of measures to attain Group-wide ESG
targets. Coordination of ESG-related activities within the Komax Group and promotion of cross-
functional collaboration.
Members – specialist managers from various areas
BOARD OF DIRECTORS
EXECUTIVE COMMITTEE
ESG COMMITTEE
Board of Directors
Review and sign-off of the ESG strategy and
the report on non-financial matters (ESG
Report) and evaluation of climate-related
risks and opportunities.
Sustainability and Innovation Committee
Monitoring of implementation of the ESG
strategy and reporting as well as definition of
targets and KPIs.
Overall responsibility for operational implementation of the ESG strategy and attainment of ESG
targets. Monitoring of climate-related risks and opportunities as well as drawing up and implementation
of measures to mitigate risks and exploit opportunities.
CEO (Chair)
Group Communications /
IR / ESG
Group Operations
Market Segment &
Business Development
Group Human
Resources
Group Procurement
Market Services
Group Legal &
Compliance
Group Supply Chain
Management
STRATEGY
The ESG strategy of the Komax Group is explained in detail in the section “Sustainable, social, and
responsible” (› pages 74–76). The core strategic element “climate protection” includes measures
and targets relating to climate-related risks and opportunities, as well as the comprehensive cap-
turing of the energy and emissions data of the Komax Group.
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Physical and transitory risks
In keeping with the TCFD recommendations, the Komax Group distinguishes between the physical
risks that result from changed climatic conditions on the one hand, and the transitory risks and
opportunities that arise as a consequence of the transition to a low-carbon economy on the other.
Physical risks manifest themselves in longer-term chronic risks – such as the increase in average
annual temperatures, rises in sea levels, and prolonged periods of heat, as well as the acute risks
that result from extreme weather events. Among other things, the latter include flooding, hurricanes
and tornadoes, and forest fires. While these risks are not new, there are strong grounds for assu-
ming that climate change will make them more frequent and more powerful phenomena in the
medium to long term. These risks may have a direct impact on the operating activity of the Komax
Group, as they can lead to disruptions to production and supply chains, as well as damage to local
infrastructure.
For example, transitory risks and opportunities may arise in connection with regulations, repu-
tational issues, or market changes, as the transition to a low-carbon economy will entail numerous
legal, social, and technological changes.
Climate-related risks and opportunities
The identification and assessment of risks is a core component of both the company’s strategy and
its business model. In 2024, the Komax Group fundamentally overhauled its internal risk management
function and risk management process. These now also include the analysis of climate-related risks
and opportunities along with their short-term, medium-term, and long-term impact for the Komax
Group. The following climate-related risks and opportunities were assigned an above-average pro-
bability of occurrence:
Physical risks (acute/chronic)
Potential impact
Measures of the Komax Group
Acute risks
Extreme weather events
(flooding, hurricanes and
tornadoes, forest fires, etc.)
The Komax Group manufactures its individual product lines
at dedicated production sites, with these products then
dispatched worldwide. In the event of a region that is home
to a production site being affected by an extreme weather
event, this could temporarily result in the cessation or
restriction of the manufacturing of individual products – be
it due to damage to locational infrastructure, employees
no longer being able to commute to work, and/or supply
chains being disrupted. The consequence would be lower
production volumes and therefore a decline in revenues as
well as rising costs due to impaired supply chains.
– Regular review of location-specific risks
– Location-specific and risk-specific
business continuity planning
– Diversification of supply chains
Chronic risks
Rising temperatures
and heatwaves
With rising temperatures and the increasing occurrence of
heatwaves, the need for cooling also increases at produc-
tion sites, other industrial facilities, and office premises. This
entails an increase in energy consumption and the volume
of coolant required, which in turn increases costs. Heat
affects not just infrastructure but also employees, which
is likely to have an impact on their productivity if cooling
options are limited.
In the event of average temperatures rising, there will also
be opportunities in the form of a reduced need to heat
buildings and the improved performance of proprietary
photovoltaic systems.
– Fitting of additional air conditioning systems
– Building renovations (including
improvements to insulation)
– Factoring in likely rises in temperature
when constructing and renovating
buildings
– Optimizing energy consumption at
company locations
– Increased use of photovoltaic systems to
gain additional solar power
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Potential impact
Measures of the Komax Group
Rising sea levels
The Komax Group has a number of distribution and pro-
duction sites close to the coast in North Africa and Asia
(e. g. Shanghai, Singapore, Tunis). A significant rise in sea
levels could have consequences for these locations and call
their viability into question.
– Evaluation of possible new locations if
there is a credible threat to one or more
existing locations in the medium term.
Transition risks and opportunities
Potential impact
Measures of the Komax Group
Risks
Regulations
Statutory requirements such as new regulations for pro-
ducts and services, increased reporting, and CO2 pricing
take up more time and resources, and therefore increase
costs.
– Location-specific investment planning
– Reduction of own CO2 emissions and
those of the supply chain
– Exchange with peers and specialists in
order to meet regulatory requirements
and establish efficient processes for their
implementation
Renewable energy
sources
The purchase of additional electricity from renewable energy
sources increases costs. The Komax Group has set itself
the target of covering at least 50% of its electricity con-
sumption with renewable energy sources by 2028. In the
medium term this proportion is to rise to 100%. In 2024
the equivalent figure stood at 30%.
– Multi-year planning for the changeover
to renewable energies at the individual
locations
– Increase in own solar power production
through additional photovoltaic systems,
which reduces energy costs and depen-
dence on external energy supply
– Investment planning for the procurement of
more energy-efficient means of production
– Plan of measures to reduce energy con-
sumption at the individual locations
Opportunities
Transformation of
automotive industry
The transition to electromobility, which is continuing even
if the process has slowed somewhat recently, is opening
up new revenue and differentiation potential for the Komax
Group. After all, in order to process the high-voltage cables
required in electric vehicles, customers require specific
machinery, and this is having a positive impact on the
development of revenues.
– Comprehensive product portfolio for the
processing and testing of high-voltage
cables
– Targeted strengthening of market position
in the area of electromobility, e. g. acquisi-
tion of majority stake in Hosver, the leading
manufacturer of machines for the proces-
sing of high-voltage cables in China
Reputation
Customers from the automotive industry in particular are
increasing the pressure to reduce CO2 emissions, disclose
the carbon footprint of individual products, define ambitious
targets, and provide transparent reporting in this area. With
its strategy, the Komax Group has made clear its determina-
tion to help tackle climate change and meet the expectati-
ons of customers, existing and potential future employees,
and society. This issue opens up opportunities for the
Komax Group to position itself accordingly and differentiate
itself from its competitors.
– Implementation of ESG strategy and
attainment of existing targets
– Rollout of product life cycle assessments
– Internal incorporation of additional spe-
cialist knowledge into various aspects of
sustainability
– Raising awareness of ESG issues through-
out the Komax Group through commun-
ication and training
Impact of risks and opportunities on business and strategy
Overall, the Komax Group assesses its physical risks as moderate from a financial perspective. The
chronic risks have the potential to have a material impact. However, this is only true over a very
long-term observation period. This means the Komax Group still has time to respond to possible
challenges, which it is already doing in certain areas, including counteracting rising temperatures
with additional cooling systems, for example.
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The Komax Group believes the transition to a low-carbon economy entails more opportunities
than risks in the long term. In particular, it attributes this to the transformation process currently
underway in the automotive industry, which is seeing a shift toward low-CO2 drive concepts
(› page 43). Furthermore, the automation of wire processing is conducive to the process of custo-
mer nearshoring: Thanks to the technologies of the Komax Group, wire processors and automotive
manufacturers can significantly shorten their supply chains and bring production back to their
traditional locations. This will mean significantly fewer negative climate repercussions from global
transportation. As the market and technology leader, the Komax Group can offer a significant
unique selling proposition in the market thanks to its sustainable products and services, which will
be able to meet growing customer needs in this area in the future. The Komax Group is therefore
contributing to a sustainable future beyond its own corporate boundaries.
The Komax Group is already addressing the problem of the rising costs of a low-CO2 future – such
as through higher CO2 prices or sustainably made products – with its investment in sustainable
technologies. At all locations, dependency on fossil fuels for energy consumption is being
reduced by the use of alternative energy sources (› page 92). On the product side, the Komax
Group is planning to introduce life cycle assessments from 2025, which should lead to more sus-
tainable products (› page 98).
Through its Sustainability and Innovation Committee as well as the ESG Committee, the Komax
Group is systematically monitoring potential long-term changes of requirements on the part of
customers and regulators with foresight, introducing the necessary measures at an early stage.
The corresponding costs and investment requirement associated with such changes can therefore
be planned for promptly. The Komax Group has had a very robust financial base for many years,
and does not consider the financial cost of mitigating climate-related risks and exploiting corre-
sponding opportunities to be material over the coming five years.
Overall, the Komax Group assesses the financial impact of extreme local weather events as
minor. The two large sites of Dierikon and Thun, which account for around half of all Group reve-
nues, are situated in Swiss locations that are deemed to be safe from a climatic, geographical,
and geopolitical perspective. There are also good grounds for assuming that they will also be
relatively unaffected by chronic climate risks over the next 25 years. The remainder of Group reve-
nues are divided between a large number of smaller entities. Here, the potential individual risks
do not have a material long-term impact on the Komax Group as a whole, or possibilities exist for
reducing such risks.
Nonetheless, certain risks could lead to potential damage at individual locations in the short
term. This comprises above all physical, acute risks such as flooding and tropical storms, which
could affect operations in Tokyo, for example. The local companies are aware of such risks and
have business continuity plans in place. As a company with a global setup, the Komax Group has
the necessary flexibility to respond to local events rapidly and minimize their impact on the company.
RISK MANAGEMENT
The Komax Group has a systematic risk management function in place. Further information on this
can be found in the ESG Report (› page 112) and in the Financial Report (› page 182). Climate-
related risks are also an element of the risk matrix of the Komax Group, which comprises 13 risk
categories. Climate risks were classified as a sub-area of environmental risks in the risk matrix, with
their probability of occurrence and impact on revenues, EBIT, and reputation assessed in the same
way as for other risks. The risk assessment process takes place once a year. Thanks to this
approach and the strategy adopted in response to these risks, the Komax Group has the most
resilient framework in place to combat climate-related changes.
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METRICS AND TARGETS
As part of its non-financial reporting, the Komax Group discloses comprehensive key figures in the
ESG area and has defined the corresponding targets. The key figures and targets in question and
the associated explanations in connection with overcoming the challenges of climate change can
be found in the Climate Protection section (› from page 89).
The Komax Group is striving to achieve a reduction of greenhouse gases to net zero by 2050.
It has set itself an initial interim target for 2028. By this point it wants to have reduced its Scope 1
and Scope 2 emissions by 10%. The key elements for achieving this target comprise an improvement
in energy efficiency, switching to renewable energies at various locations, and the promotion of
alternative drive technologies in company vehicles. Elaboration of a detailed transition plan by 2050
is currently not possible, as the relevant Scope 3 emissions database is not yet complete. As a
next step, the Komax Group has therefore planned to gather the necessary data and subsequently
draw up location-specific net zero roadmaps.
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CLIMATE PROTECTION – CARING FOR THE ENVIRONMENT
A key part of the Komax Group’s ESG strategy is lowe-
ring its carbon footprint while reducing its own energy
consumption and that of its products. In addition, it
is implementing the circular economy concept and
thereby making its products recyclable.
GREENHOUSE GAS EMISSIONS AND ENERGY EFFICIENCY
Tackling the ongoing issue of climate change is a global challenge that equally affects nations,
institutions, and companies, as well as each and every individual. The Paris Agreement of 2015
envisages limiting global warming to a maximum of 1.5°C, but at any rate to well below 2°C com-
pared with the preindustrial era. The key element in the attainment of these targets is the reduction
of greenhouse gas emissions, above all CO2 emissions.
As a responsible business, the Komax Group plays its part here, which is essential if it is to meet
various requirements in the form of regulatory guidelines and the desire for greater transparency on
the part of investors, customers, suppliers, and the wider public. As a global business with subsidia-
ries all around the world, a comprehensive logistics network, around 3 500 employees, and a key
position in the automotive supply chain (among others), the Komax Group has an obligation to make
its own contribution to the attainment of climate targets. It is therefore striving to develop a transition
plan for the company’s pathway to net zero emissions by 2050 (› page 88, TCFD Report).
By reducing total energy consumption and increasing energy efficiency, the Komax Group can
bring down its CO2 emissions, contribute to the attainment of its own climate targets and those of
customers, save costs, and increase its appeal to new employees. The reduction of CO2 emissions
and the boosting of energy efficiency in business activities are therefore crucial themes.
For its pathway to net zero emissions, the Komax Group has set itself both medium-term and
long-term targets (› pages 74–76 and 88). The ESG strategy comprises three specific targets in
this context. The focus lies on the substitution of fossil fuels with renewable energies and the
reduction of total energy consumption through an increase in energy efficiency in the operations of
its various production sites. The latter is to be achieved above all through optimization of the
energy consumption of buildings, of the equipment and machinery used, and of logistics, as well
as by sensitizing employees to the issue of saving energy. In this context, the managing directors
of the large production companies in particular are assigned responsibility, among other things in
the form of ESG targets. The Vice President Group Communications / Investor Relations / ESG is
responsible for monitoring the effectiveness of the measures taken and providing support to the
individual companies. Progress is measured regularly through comprehensive data-gathering
exercises and then analyzed by the ESG Committee headed by the CEO.
Reduction of CO2 emissions despite growth
In the year under review, the Komax Group initiated numerous measures – some of which have
already been implemented – with a view to streamlining the location structure (› pages 28–30, Stra-
tegy), which should also bring down CO2 emissions in the medium term. For that reason, it also
made its target for the development of CO2 emissions more ambitious. Instead of the previous
target of keeping CO2 emissions steady, it now wants to reduce both direct (Scope 1) and indirect
(Scope 2) CO2 emissions by 10% across the Group. This despite the expected strong growth of the
company by 2028, which is likely to be generated disproportionately in Asia. Overall, the additional
CO2 emissions that will result from growth are to be more than offset through a number of measures
(› page 98, and elsewhere).
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The Komax Group has been systematically compiling the direct and indirect emissions data of its
companies ever since the 2021 fiscal year. The Komax Group is responsible for total emissions of
6 195 tCO2e in 2024 (2023: 6 225 tCO2e), of which 48.5% (2023: 49.4%) came from its own sources
(Scope 1) and 51.5% (2023: 50.6%) from purchased energy (electricity and district heating – Scope 2).
As a result, the Komax Group was able to keep its overall CO2 emissions stable despite the ac-
quisitions made in 2024, thereby meeting its target for the year under review. The main drivers of
Scope 1 and Scope 2 emissions are electricity consumption at production sites, the use of energy
for heating purposes, and the use of fuel to power Group-owned vehicles.
The largest share of CO2 emissions comes from the company’s ten locations in Germany (25.0%),
followed by the US with five locations (15.9%), and China (12.4%) with four locations. The emissions
intensity (market-based) amounted to 9.83 tCO2e of emissions per CHF 1 million of revenues (2023:
8.28 tCO2e of emissions per CHF 1 million of revenues). Due to a combination of much lower reve-
nues, higher emissions from purchased electricity, and the acquisition of Hosver in China, this figure
was higher. Hosver was consolidated in July 2024, and contributed 167 tCO2e in six months due
to a very high proportion of coal-based electricity. Without Hosver, the Komax Group would have
recorded emissions of 6 028 tCO2e, which would equate to a reduction of 2.7%.
Furthermore, good progress in internal GHG accounting meant that the proportion of unknown
energy sources declined significantly, although this in turn also meant more fossil-based energy
sources. The basis for the attainment of the climate targets of the Komax Group is the prior year (2023).
The Komax Group has set itself the target of reducing CO2
emissions (Scope 1 and Scope 2) by 10% by 2028.
The prior-year figures published in the ESG Report 2023 were based on data compiled for nine
months, with the remaining three months being extrapolated. In this 2024 report, this data has now
been updated with the three actual monthly figures for the final quarter of 2023. Various inaccuracies
were corrected as a result, which is why there are deviations from the ESG data published in the
Annual Report 2023. The data for 2024 once again involves extrapolation for the last three months
of the year.
INITIAL DATA ON SCOPE 3 EMISSIONS
As one of its many cost reduction measures initi-
ated in the year under review, the Komax Group
scaled back its travel activities. As a result,
the emissions associated with air travel have
declined significantly. For the period under review,
these emissions work out at 3 511 tCO2e (2023:
4 391 tCO2e), which equates to a decline of
880 tCO2e or 20%.
Preparing for the measurement of Scope 3 emissions
Scope 3 emissions, i. e. all upstream and downstream emissions such as those produced along
supply chains, are not yet fully measured due to supply chain complexity. The Komax Group is
extending the measurement of all relevant emissions data in stages, and is actively incorporating
suppliers into this process.
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CO2 emissions and energy consumption1
Scope
Unit
2024
20232
Unit
2024
20232
Scope 13
tCO2e
3 002
3 074
MWh
14 018
14 080
Heating and fuel
tCO2e
3 002
3 074
MWh
13 420
13 675
Heating oil
tCO2e
74
49
MWh
272
180
Natural gas
tCO2e
1 359
1 408
MWh
6 707
6 945
Diesel
tCO2e
984
1 062
MWh
3 873
4 178
Gasoline
tCO2e
585
555
MWh
2 568
2 372
Own energy sources4
tCO2e
0
0
MWh
598
405
Solar electricity produced
tCO2e
0
0
MWh
796
605
Solar electricity sold
tCO2e
0
0
MWh
–198
–200
Solar electricity consumed
tCO2e
0
0
MWh
598
405
Scope 25
tCO2e
3 193
3 151
MWh
13 546
13 116
Electricity and heat
tCO2e
3 193
3 151
MWh
13 546
13 116
Electricity (purchased)
tCO2e
3 146
2 900
MWh
11 630
11 717
District heating6
tCO2e
47
251
MWh
1 916
1 399
Scope 1+2
tCO2e
6 195
6 225
MWh
27 564
27 196
1 The greenhouse gas inventory was prepared in accordance with the Greenhouse Gas Protocol.
2 Updated with the actual data for the full year 2023, without linear extrapolation.
3 Emission factors from “DEFRA 2024” for the year 2024 and “DEFRA 2023” for the year 2023 were used for the calculation of emissions from heating fuels and
motor fuels.
4 Electricity from our own photovoltaic systems.
5 Emissions for 2024 and 2023 are reported as “market-based.” The corresponding emission factors come from local electricity suppliers. The “location-based”
calculation results in 3 436 tCO2e (2024) and 3 489 tCO2e (2023). The corresponding emission factors come from “IEA 2024” for 2024 and “IEA 2023” for
2023.
6 Emission factors from “DEFRA 2024” for 2024 and “DEFRA 2023” for 2023 were used to calculate emissions from the purchase of heat.
Emissions intensity: emissions per revenue unit and employee
Unit
2024
20231
Per revenue unit
tCO2e/CHF 1 million
9.83
8.28
Scope 1
tCO2e/CHF 1 million
4.76
4.09
Scope 22
tCO2e/CHF 1 million
5.07
4.19
Per employee3
tCO2e/FTE
1.88
1.87
Scope 1
tCO2e/FTE
0.91
0.93
Scope 22
tCO2e/FTE
0.97
0.94
1 Updated with the actual data for the full year 2023, without linear extrapolation.
2 The intensities for 2024 and 2023 are reported according to the “market-based” approach.
3 Average full-time equivalents for the reporting year.
Energy intensity: energy consumption per revenue unit and employee
Unit
2024
20231
Per revenue unit
MWh/CHF 1 million
43.72
36.17
Per employee2
MWh/FTE
8.37
8.19
1 Updated with the actual data for the full year 2023, without linear extrapolation.
2 Average full-time equivalents for the reporting year.
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50% of electricity consumption from renewable energy sources by 2028
The greatest lever for the Komax Group as it seeks to reduce its CO2 emissions (Scope 1 and
Scope 2) is the consumption of energy at its various sites. Here it is increasingly focusing on rene-
wable energies such as solar or hydropower, and replacing fossil energy fuels with CO2-neutral
solutions. In 2024, 31% of all energy consumed originated from renewable energy sources, which
represents a year-on-year increase of eight percentage points (2023: 23%). Among others, a signi-
ficant contributor here was the Schleuniger location in Manchester, US, which switched wholly to
a renewable energy supply in the year under review. The Komax Group will adjust its energy mix
at other companies over the coming years, which will mean a significant shift toward renewable
energy sources.
The Komax Group has set a target for 50% of its total electricity
consumption to come from renewable energy sources by 2028.
Energy consumption by source
Source
Unit
2024
2023
Consumption
Consumption
Renewable
MWh
3 706
2 859
Water power
MWh
1 548
1 291
Wind power
MWh
783
612
Solar power
MWh
1 306
912
Biomass
MWh
68
44
Non-renewable
MWh
8 193
8 309
Nuclear power
MWh
4 524
4 847
Coal
MWh
1 979
1 211
Natural gas
MWh
1 690
2 251
Unknown sources1
MWh
293
929
Total
MWh
12 191
12 096
1 Information about the power mix is not yet available for a few locations.
Electricity mix
67%
11%
14%
6%
13%
2%
16%
31%
37%
2%
8%
19%
11%
7%
23%
5%
8%
10%
40%
69%
Non-renewable
Renewable
Unknown sources1
Nuclear power
Coal
Natural gas
Water power
Solar power
Wind power
Biomass2
Unknown sources1
1 Information about the electricity mix is not yet available for a few locations.
2 The share of biomass is 1% (2024) and below 1% (2023) and therefore cannot be fully displayed in the graph.
2024
2023
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The majority of machinery sold (approx. 60% of revenues) is manufactured in Switzerland, which is
why the proportion of all energy consumed by the Komax Group is correspondingly high in this
country. In the 2024 electricity mix, the Komax Group was still obtaining the lion’s share of its energy
from nuclear sources, followed by coal and natural gas. The proportion of coal-based energy
increased by around 6% in 2024, while the proportion of electricity obtained from natural gas
decreased by roughly the same amount.
At present, six Komax Group sites have their own photovoltaic systems, which produced about
796 MWh of solar energy in 2024 (2023: 605 MWh). Of this amount, 598 MWh (2023: 405 MWh)
was consumed, which represents 4.9% (2023: 3.3%) of the entire energy consumption of the Komax
Group. Back in 2023, the volume of solar energy production had already been significantly in-
creased through new photovoltaic systems at the locations in Burghaun, Germany, and Dierikon,
Switzerland. Among other developments, the site at Grafenau, Germany, introduced a new photo-
voltaic system in 2024. Over the next few years, more projects are planned to increase the propor-
tion of renewable energies further through additional photovoltaic systems and changes in the
energy mix of local suppliers. In an initial step, the Komax Group will focus on the locations with
the highest energy consumption that do not yet draw 100% of their energy from renewable sources.
It will also draw up an action plan for the next few years.
Reduction of energy consumption through sustainable site development
In 2024, the Komax Group consumed a total of 27 564 MWh of energy (2023: 27 196 MWh). The
energy intensity increased and amounted to 43.72 MWh per CHF 1 million of revenues (2023: 36.17
MWh per CHF 1 million of revenues), which was attributable to the significant decline in revenues
compared to the prior year. The Komax Group was able to reduce its energy intensity at certain
sites, but overall fell short of its ambitions.
The Komax Group has set itself the target of reducing energy
consumption in relation to revenues by 2% per year.
The company is working continuously to make progress at all locations. Among other things, it
relies on district heating based on a low-carbon wood-chip heating system for its own buildings at
its headquarters. The heating for the new building occupied in 2020, the building acquired in 2021,
and existing facilities therefore have a small carbon footprint. In the year under review, the electricity
and heating requirements of the Komax Group recorded a year-on-year increase of around 3.2%,
which was primarily attributable to acquisitions and the additional, newly-occupied buildings at the
Dierikon site. With the move from the Rotkreuz and Cham sites to Group headquarters scheduled
to have been completed by late 2024 or early 2025, the heating expenses for these two previous
locations will no longer be incurred.
Energy consumption is to be brought down further through “soft” renovations of older produc-
tion sites. For example, the renovation work that continued at the Dierikon site in 2024 yielded
further energy savings. In addition, more than a thousand plants were planted in the area around
the buildings. At a number of locations – such as Buffalo Grove, USA, Schleuniger Tianjin, China,
and Komax Testing Türkiye, a comprehensive program was initiated to replace conventional lighting
with LED lighting, thereby saving energy and costs.
Reduction of emissions in production and logistics
A major proportion of the value creation delivered by the Komax Group lies in engineering services.
The majority of components are manufactured and supplied by third parties, which means that
actual production at the Komax Group primarily comprises the assembly of components. The
Komax Group generates a low level of emissions through its own production facilities (Scope 1 and
Scope 2) compared to other industrial companies. A significant proportion of emissions originates
in its supply chains (Scope 3). The Komax Group is aware of this, and is currently analyzing these
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Komax Group Annual Report 2024
supply chains and building up a database so that sustainability can be measured and improved
throughout the entire value creation process in the future. Initial progress in this regard was
made in 2024.
The Komax Group is also determined to reduce emissions significantly in connection with its
own production and logistics. A wide range of options is currently being reviewed and implemented
in the various companies. For example, in 2024 Komax Shanghai reduced the volume of packaging
material used for replacement parts and therefore also transport volumes, concentrated its purcha-
sing activities on local providers where possible, and reduced the share of airfreight for machinery
from Europe dramatically from 20% to 4%. As a result, more than 400 tCo2e of emissions was saved.
The company is also focusing on sustainable solutions in its vehicle fleet at the individual loca-
tions. For a number of years now, cars with combustion engines have been gradually replaced with
lower-emission vehicles. Moreover, at various locations customer appointments are being coordi-
nated in a way that involves the smallest possible number of car journeys and flights.
Sensitizing employees to energy themes
Another key element is the involvement of all employees worldwide in sustainability matters. The
Komax Group is planning internal campaigns and training sessions in future in order to make its
workforce aware of to the need to be mindful in the consumption of electricity and other resources.
A contribution to the reduction of CO2 emissions is already being made at the Swiss sites of
Cham, Dierikon, and Rotkreuz by the mobility bonus, which is available to around 800 employees.
All staff at these locations who forgo motorized private transport on their journey to and from work
receive monthly bonuses of up to CHF 100.
PRODUCT LIFE CYCLE MANAGEMENT
The Komax Group understands product life cycle management to mean consideration of all envi-
ronmentally relevant aspects of its products over their entire life cycles. This starts at the develop-
ment stage and continues into production, encompassing the materials and energy required at this
point. This is followed by packaging, delivery, and the period of use at customer production sites,
which encompasses servicing activities and ends with product disposal. The Komax Group manu-
factures several thousand machines every year, which require tons of steel and aluminum as well
as wood for packaging. In order to conserve resources and at the same time help customers to
reduce their carbon footprint, the Komax Group strives to offer products that are as efficient and
long-lasting as possible. In some cases these will be used for decades. In Europe in particular, CO2
thresholds are putting pressure on automotive manufacturers to reduce the emissions of their
vehicles in order to avoid fines and reputational damage. Since it is part of the automotive industry
supply chain, the onus is on the Komax Group to contribute to reducing the carbon footprint of
vehicles. It also needs to be able to provide its customers with product emissions data going
forward in order to prevent competitive disadvantages arising.
The Komax Group pursues three key approaches to mitigate the environmental repercussions
of its products across their life cycles. First, it ensures that its customers receive resource-efficient
finished products that are free of any contaminants or conflict materials. Within the organization,
the development and production areas are responsible for this aspect. They in turn are supported
by the global procurement team as well as the Group Legal & Compliance department, which
defines the legal framework. In addition, the Komax Group is driving forward measures at its
production sites to reduce energy consumption in the manufacturing process and promote the
transition to renewable energies (› pages 79 and 92). Second, a focus has been placed on reducing
the use of resources in new developments in order to permanently bring down the energy con-
sumption of machines during their operation. And third, the Komax Group is working on solutions
for the recycling of its products. These approaches will be supported by the high quality and
longevity of the products themselves.
Furthermore, the Group’s own global service network and its collaboration with partners ensu-
res that these machines are professionally maintained. This has a positive impact on their perfor-
mance, value retention, and lifespan, as well as saving resources.
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NEW LAMBDA 5 SERIES WITH AN UP TO 82% SMALLER CARBON FOOTPRINT
In the new modular Lambda 5 modular machine
series for the fully automatic assembly of multi-step
contact systems, the Komax Group has managed to
reduce its carbon footprint by up to 82% compared
to the predecessor range. This impressive reduction,
calculated on the assumption of a production volume
of 5 million wires, is attributable not just to the much
shorter cycle time of the machinery, but also to the
predominant absence of active suction and blowing
air. The Komax Group is working continuously on
reducing the energy consumption of its machines
during operations.
Sustainable resource management in production
On the production side, the Komax Group strives to increase its energy efficiency on an ongoing
basis. Highly automated, state-of-the-art production systems are used for the strategically important
components that the Komax Group manufactures in-house. For example, in Dierikon alone Komax
invests around CHF 1 million annually in the renewal of its machinery portfolio for parts production.
Energy efficiency and environmental friendliness are key decision-making criteria, alongside invest-
ment volumes, when it comes to procuring new systems. The careful and efficient use of resources
is a high priority. The production systems are based on lean management concepts, which are
designed to avoid errors and minimize waste. Wherever possible, waste materials and wastewater
are recycled or disposed of appropriately. In addition, optimization programs are designed to
ensure that waste volumes are reduced on an ongoing basis.
Materials usage1
Resource
Unit
2024
%
2023
%
Consumption
Share
Consumption
Share
Renewable2
metric ton
1 076
64
1 272
64
Wood
metric ton
988
59
1 178
60
Cardboard
metric ton
88
5
94
4
Non-renewable
metric ton
614
36
706
36
Steel
metric ton
280
16
244
12
Aluminum
metric ton
181
11
211
11
Copper
metric ton
132
8
234
12
Filling (plastic, ex-
panded polystyrene/
EPS, etc.)
metric ton
21
1
17
1
Total1
metric ton
1 690
100
1 978
100
1 Raw and filling material.
2 Including packaging materials.
The consumption of raw and filling material declined by 14.6% in 2024, which was above all
attributable to weaker business development and the associated reduction of packaging material.
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Materials used
2024
2023
36%
non-renewable
36%
non-renewable
64%
renewable
64%
renewable
WIRE INSIGHTS OPTIMIZES CUSTOMERS’ RESOURCE MANAGEMENT
The Komax Group offers its customers solutions for the
improvement of resource management. With its digital
cloud service WIRE Insights, real-time process data for
wire processing machines can be analyzed across the
factory site and be available for consultation everywhere
at all times. On the basis of this data, reports and statis-
tics can be produced at the touch of a button, enabling
customers to identify and address errors and problems
in production immediately. The experiences of customers
show that scrap rates for cables, seals, and contacts can
be reduced by up to 40%. This results in considerable
material savings, as well as reducing recycling and waste
disposal volumes.
Water usage
Unit
2024
2023
Consumption
in %
Consumption
in %
Europe
m3
14 397
40
16 179
44
Asia/Pacific
m3
6 230
17
4 820
13
North/South America
m3
14 752
40
14 542
40
Africa
m3
1 189
3
1 137
3
Global water usage
m3
36 568
100
36 678
100
Due to its business model and focus on engineering, the level of the Komax Group’s water usage is
low compared to other mechanical engineering companies. The overall level of water usage remained
broadly stable in the year under review. Reductions at a number of sites in 2024 were offset by the
acquisition of Hosver in China and a warm summer in the US. The large production sites account for
the lion’s share of water consumption, and are for the most part located in regions that do not suffer
from a high level of water scarcity. According to the classification system of the WRI Aqueduct Water
Risk Atlas (www.wri.org), the following locations are currently exposed to an extremely high water
stress risk: Tunisia (Sousse, Tunis), India (Pune, Gurgaon), Mexico (Irapuato, Querétaro), and Morocco
(Mohammedia, Tangier). According to the WRI Atlas, China is exposed to a high risk of water stress
(Shanghai, Suzhou, Tianjin). Around 850 employees work at all of these locations. The volume of
water consumption here amounted to around 7 400 m3 in 2024, which represents roughly 20% of the
total consumption of the Komax Group.
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Komax Group Annual Report 2024
Waste
Source
Unit
Waste
Waste
diverted from
disposal
Waste
diverted
from energy
recovery1
Recycling
and energy
recovery rate
in %
2024
Non-hazardous waste
metric ton
940
473
151
66
Scrap metal
metric ton
255
244
3
97
Paper and cardboard
metric ton
175
124
39
93
Mixed industrial waste2
metric ton
510
105
109
42
Hazardous waste
metric ton
67
19
9
42
Waste oil, solvent, ink,
coolant, sludge, etc.
metric ton
67
19
9
42
Total waste
metric ton
1 007
492
160
65
2023
Non-hazardous waste
metric ton
980
652
–
67
Scrap metal
metric ton
335
312
–
93
Paper and cardboard
metric ton
195
180
–
92
Mixed industrial waste2
metric ton
450
160
–
36
Hazardous waste
metric ton
75
20
–
27
Waste oil, solvent, ink,
coolant, sludge, etc.
metric ton
75
20
–
27
Total waste
metric ton
1 055
672
–
64
1 Energy recovery through incineration to generate district heat or electricity. This level of detail had not yet been analyzed in 2023,
therefore this waste is included in waste diverted from disposal in 2023.
2 All other non-hazardous waste, incl. PET, glass, batteries, etc.
Due to the development of its business, the Komax Group’s waste volumes declined slightly by
4.6%. In order to improve its data quality, the Komax Group has been distinguishing between dif-
ferent waste types since 2024 – namely recycled/reused materials, materials through which energy
can be recovered through combustion, and materials that ultimately need to be disposed of. As the
name suggests, the recycling and recovery rate includes both recycling and energy recovery.
Reduction of energy consumption in new developments
Since the machines of the Komax Group operate over long periods, in some cases even over
decades, they have an impact on the environment. With around 400 000 installed machines world-
wide, there is long-term potential to contribute to global climate targets in this area – even if this
potential is low due to the modest consumption of energy. When developing new machines going
forward, the Komax Group will focus even more strongly on reducing their electricity consumption
during the lifetimes of these machines with customers.
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Komax Group Annual Report 2024
Eco-design checks
What matters for the Komax Group here is not just electricity consumption, but also minimizing the
environmental repercussions of a product over its entire life cycle. For this reason, the company is
working on the introduction of an eco-design check that it intends to apply to all newly developed
products in the future. Among other things, the aim is to preserve or improve the longevity, repai-
rability, and reusability of its products, as well as reduce the consumption of energy and other
resources. In the year under review, preparations began for conducting life cycle assessments. For
2025 the company is planning to conduct a pilot assessment with an initial product from its com-
prehensive portfolio. Based on the results, processes will be reworked and the eco-design check
implemented. For this reason, there will not yet be any eco-design checks for all newly developed
products in 2025, despite this being the original aim.
The Komax Group has set itself the target of putting all newly
developed products through an eco-design check.
Focus on circular economy
Another important issue when considering the life cycle of machines is the point at which they have
reached the end of their operational lives. The Komax Group attaches great importance to the con-
cept of the circular economy as a core element of designing its business activity in a more resource-
sparing and energy-efficient way. Thanks to the life cycle assessments to be conducted on its
products over the coming years, the Komax Group is also expecting to obtain important findings
for its recycling concept, which has not yet been elaborated in detail.
In the year under review, the company started the process of setting up its own “reselling”
business. The plan is to buy back Komax and Schleuniger machines from customers once they
have come to the end of their operational life. The main focus here will be on refurbishing these
machines and then selling them on as used machinery. The first machines were removed from the
market for this purpose in 2024. Next steps include the training of sales personnel in order to raise
awareness of the circular economy even more.
The Komax Group has set itself the target of taking the
concept of the circular economy into account and enabling
the recycling of all products as of 2028.
Over the longer term, the Komax Group is aiming not only to run its own business in a climate-neutral
way, but also to help its customers reduce their carbon footprint. Its business model is helpful here,
as automating processes can help to save resources – such as in the area of taping wire bundles,
where customers of the Komax Group use up to 25% less adhesive tape than they would with
manual processing.
Certifications and integrated management systems
The majority of the Komax Group’s production locations are ISO 9001 certified. Moreover, multiple
sites that together house more than 40% of the entire workforce have ISO 14001 certification.
These have integrated management systems that exhaustively cover all company processes. The
sites of Komax AG and Komax Romania Trading S.R.L., at which more than 20% of all employees
of the Komax Group work, additionally have ISO 45001 certification and therefore management
systems that encompass health protection and workplace safety.
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The Komax Group works continuously on the implementation of management systems. In 2024, it
increased the number of locations that are ISO certified from 21 to 27. Among other developments,
Schleuniger GmbH in Germany acquired ISO 14001 certification, while Komax Testing India, which
was only set up two years ago, acquired ISO 19001 certification. At the Thun site in Switzerland,
preparations are firmly underway for both ISO 14001 and ISO 45001 certification. As things stand,
more than 90% of the Komax Group’s workforce are based at an ISO-certified location. The aim is
for this figure to rise to 100% by 2029.
Country
Company
Certification
China
Komax (Shanghai) Co., Ltd.
ISO 9001
Schleuniger Machinery (Tianjin) Co., Ltd.
ISO 9001
Suzhou Hosver Automation Technology Co., Ltd.
ISO 9001
Germany
adaptronic Prüftechnik GmbH
ISO 9001
ISO 14001
Komax SLE GmbH & Co. KG
ISO 9001
ISO 14001 DE AEOC 104360
Komax Taping GmbH & Co. KG
ISO 9001
Komax Testing Germany GmbH
ISO 9001
ISO 14001
Schleuniger GmbH
ISO 9001
ISO 14001
WUSTEC GmbH Co. KG
ISO 9001
France
Komax France SAS
ISO 9001
India
Komax Testing India Pvt. Ltd.
ISO 9001
Komax Automation India Pvt. Ltd.
ISO 9001
Mexico
Komax de México, S. de R.L. de C.V.
ISO 9001
Komax Testing México, S. de R.L. de C.V.
ISO 9001
Morocco
Komax Testing Maroc FT SARL
ISO 9001
Austria
Komax Austria GmbH
ISO 9001
Romania
Komax Romania Trading S.R.L.
ISO 9001
ISO 14001 ISO 45001
Komax Testing Romania
ISO 9001
Switzerland
Komax AG
ISO 9001
ISO 14001 ISO 45001
Schleuniger AG
ISO 9001
Singapore
Komax Singapore Pte. Ltd.
ISO 9001
Czech
Republic
Komax Czech Republic Trading s.r.o.
ISO 9001
Tunisia
Komax Testing Tunisia SARL
ISO 9001
ISO 14001
Türkiye
Komax Testing Türkiye Test Sistemleri San. Ltd. Sti.
ISO 9001
Hungary
Komax Hungary Kft.
ISO 9001
USA
Cirris Inc.
ISO 9001
AS9100
Komax Corporation
ISO 9001
Coverage with management systems in the Komax Group
Certification
Number of employees covered
at locations with certification
Share of Komax Group
employees in %
ISO 9001
3 165
90.5%
ISO 14001
1 420
40.6%
ISO 45001
721
20.6%
Others
282
8.1%
27
sites with
ISO 9001
certification
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Komax Group Annual Report 2024
RESPONSIBILITY – TAKING RESPONSIBILITY
FOR PEOPLE
As the global market leader, the Komax Group is part
of many local communities. As such, it bears a parti-
cular responsibility – toward its 3 500 employees, their
families, the environment in which they live, and also
its customers.
OVERVIEW AND SOCIAL KEY FIGURES
At the end of 2024, the Komax Group employed 3 496 people worldwide (2023: 3 490). As a result
of the combination with the Schleuniger Group, 1 070 new staff joined in 2022. The majority of
employees have permanent, full-time employment contracts. Personnel expenses in the year under
review amounted to CHF 268.9 million (2023: CHF 277.0 million).
In 2024, the Komax Group employed the majority of its workforce (62%) in Europe (2 166 employees,
with 943 based in Switzerland), followed by Asia (19.6%), America (12.5%), and Africa (5.9%).
Employees by area and region
2024
Switzerland1
Europe1
America1
Asia1
Africa1
Total
Production
315
462
110
252
116
1 255
Research and development
219
78
20
83
0
400
Engineering
56
186
21
44
17
324
Marketing and sales
174
221
106
127
22
650
Service
39
115
114
104
32
404
IT
49
29
11
14
0
103
Administration2
91
132
55
62
20
360
Total headcount
as at 31 December 2024
943
1 223
437
686
207
3 496
2023
Switzerland
Europe
America
Asia
Africa
Total
Production
365
522
94
176
113
1 270
Research and development
220
100
21
27
0
368
Engineering
75
201
24
40
16
356
Marketing and sales
188
229
101
107
28
653
Service
42
112
107
89
29
379
IT
68
36
9
4
0
117
Administration2
87
139
53
51
17
347
Total headcount
as at 31 December 2023
1 045
1 339
409
494
203
3 490
1 The individual companies and their locations are listed on pages 191/192.
2 Including management.
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Social key figures
Thanks to new digital solutions in Human Resources, the Komax Group was able to expand the
degree of detail in its 2024 data survey compared to the previous year to include social key figures.
For this newly compiled data there is therefore no prior-year comparison available.
Unit
2024
2023
Employees as at 31 December1
FTE
3 216
3 369
Employees as at 31 December2
Headcount
3 496
3 490
of which male
2 774
2 766
of which female
722
724
Full-time employees
3 025
3 059
of which male
2 490
2 502
of which female
535
557
Part-time employees
471
431
of which male
284
264
of which female
187
167
Permanent employees
3 324
3 384
of which male
2 647
2 685
of which female
677
699
Temporary employees
172
106
of which male
127
81
of which female
45
25
Contractors3
28
93
of which male
26
80
of which female
2
13
Employees without guaranteed working times
61
n. s.
of which male
40
n. s.
of which female
21
n. s.
Education and training
Apprentices, trainees
162
177
of which male
134
135
of which female
28
42
Training professions
Number
25
24
Personnel expenses
in CHF million
268.9
277.0
1 FTE (full-time equivalents) of all employees directly employed by the Komax Group,with the exception of external employees on
their own account (contractors), as well as apprentices and trainees.
2 Headcount of all employees directly employed by the Komax Group, with the exception of external employees on their own
account (contractors), as well as apprentices and trainees.
3 Employees without an employment contract with the Komax Group are mainly temporary workers and cleaning staff.
Due to the commercially difficult situation in the 2024 financial year, the Komax Group implemented
a number of short-term and medium-term cost optimization measures. For example, many positions
left vacant by staff departures were not filled by replacement personnel. In addition, various
structural adjustments that became necessary in some cases involved reductions in headcount. To
preserve the maximum possible number of jobs despite the significantly lower order volume in 2024
and the associated commercial challenges, the Komax Group introduced short-time working on a
staggered basis at several locations in Switzerland and Germany – starting with production in
Dierikon from May onward.
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Social key figures (continued)
Unit
2024
2023
Employees as at 31 December1
Headcount
3 496
3 490
Employee well-being2
Response rate for employee engagement survey
%
n. s.
87
Motivation score
x/100 points
n. s.
75/100
Feel like ambassadors of the Komax Group
%
n. s.
61
Employees with annual performance review
%
78
n. s.
Diversity and inclusion
Employees below 30 years of age
Headcount
498
645
Employees between 30–50 years of age
Headcount
1 983
1 969
Employees above 50 years of age
Headcount
1 015
876
Proportion of women
%
20.7
20.7
Proportion of men in leadership positions (with direct reports)
%
86.2
n. s.
Proportion of women in leadership positions (with direct
reports)
%
13.8
n. s.
Hires and departures of employees
Headcount
Hires
473
701
of which male
373
545
of which female
100
156
of which below 30 years of age
139
n. s.
of which between 30–50 years of age
268
n. s.
of which above 50 years of age
66
n. s.
Departures
571
617
of which male
433
492
of which female
138
125
of which below 30 years of age
125
n. s.
of which between 30–50 years of age
305
n. s.
of which above 50 years of age
141
n. s.
Retirements
25
43
of which male
20
37
of which female
5
6
Voluntary turnover rate3
%
9.1
11.0
Average duration of the employment relationship
years
9.2
n. s.
1 Headcount of all employees directly employed by the Komax Group, with the exception of external employees on their own ac-
count (contractors), as well as apprentices and trainees.
2 Due to the realignment of the employee survey, no survey was conducted in 2024. Previously, the Komax Group had applied a
staggered approach over three years: Each year, a selected number of Group companies took part in the survey. Therefore, the
previous year’s results shown are a consolidation over a three-year period (2021–2023), excluding the former Schleuniger Group
companies.
3 Changes initiated by employees.
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The Komax Group’s fluctuation rate has been at a pleasingly low level for many years, and shows
that employees enjoy their work at the company. In 2024 this figure stood at 9.1%, even lower than
in the previous year (2023: 11.0%). Viewed over the longer term, this is nonetheless a high figure
for the Komax Group and is connected with the current volatile market environment and various
organizational changes. On average, employees work for nine years at the Komax Group, which
further underlines their level of attachment.
Diversity and inclusion
For the second year in succession, women made up 20.7% of the Komax Group workforce (2023:
20.7%), which is a good level for a technology company. The main reason for the low proportion of
women is the significant number of technical jobs and digital occupations in which the Komax Group
sees most growth. At 13.8%, the proportion of women in roles with management responsibility is
slightly below that of women in the workforce as a whole.
Detailed monitoring of diversity has been in place since 2024. The majority of employees are
between 30 and 50 years old. The Komax Group has a strong commitment to younger employees
and their initial and further training (› page 105), and offers, among other things, well over 100
apprenticeship places every year in some 25 different professional roles.
Preparation for the third phase of life
The Komax Group also cares about older employees who are entering the third phase of their lives,
i. e. retirement. At seminars designed to prepare them for retirement, issues such as estate plan-
ning, health in old age, structuring daily life, and financial security in old age are discussed.
WORKPLACE SAFETY AND WELL-BEING
For several years now, the labor markets at the locations of the Komax Group have been confronted
by the trends of rising wage costs and a shortage of skilled labor. Another important factor in this
context is the current generation change in various developed countries, with the high birth years
of the 1950s and 1960s (the “baby boomer” generation) now reaching retirement age and the sub-
sequent low-birth generations increasingly dominating the labor market. This has made it very
challenging for companies to find the right employees, hence the competition between employers
to attract qualified personnel is becoming ever fiercer.
The Komax Group is adapting to this changed situation, offering an attractive and inspiring
working environment for both existing and new staff. Otherwise it would run the risk of not having
the number of employees necessary to deliver the planned growth and implement its innovation
projects. The ability to attract and retain talented and motivated staff is absolutely critical for a
growing company like the Komax Group. Through active and sustainable personnel management,
the Komax Group can increase its appeal as an employer and foster a diverse and committed
workforce. This explains why motivated and satisfied employees are a core part of the ESG strategy.
The Komax Group has set itself two goals in this context – an above-average level of employee
motivation, and safety at the workplace with the accompanying vision of zero occupational accidents.
Spearheaded by the Vice President Group Human Resources and the local HR heads, the Komax
Group is pursuing various approaches for creating an attractive, inclusive working environment that
can attract and retain the necessary specialist personnel all around the world. This includes fair
employment conditions such as market-appropriate salaries, social benefits, and where possible
also flexible working hours, which benefits the social environment of employees. It also comprises
a comprehensive training and professional development program (› page 105). Moreover, the
Komax Group has implemented a Code of Conduct that lays down rules for fair, appreciative, and
respectful interactions between staff as part of the Komax culture. This was completely reworked
in 2024, and is now aligned with best practice. The success of the various measures is scrutinized
through regular surveys of employees in the individual companies (› page 105).
As a second objective, the Komax Group is determined to realize its vision of zero occupational
accidents, and – in a first step in 2023 – incorporated the halving of the accident rate by 2028 into
its strategy as an ESG target. Under the stewardship of the Vice President Group Operations,
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Group-wide measures to achieve this target were defined and their implementation driven forward.
At the local level, workplace safety and health protection are treated in different ways depending
on the size and function of the company in question. In a given situation, responsibility may lie with
the local Managing Director, the quality assurance or workplace safety expert, or the head of
production. In particular, the Komax Group relies on numerous preventative measures and rigorous
compliance with guidelines and processes to further improve safety in the workplace and contri-
bute to the health of its employees.
An attractive employer
The Komax Group’s excellent reputation as an attractive employer is based above all on its special
corporate culture. It offers staff a working environment that promotes diversity and tolerance, while
at the same time opening up opportunities to work in an international environment, shape the in-
dustry, and drive forward the success of company and individual alike. Here the Komax Group aligns
itself with three principles: the opportunity to actively shape things, responsibility, and solidarity.
SCOPE TO CREATE CHANGE – WE FACILITATE DEVELOPMENT
We give our employees the room to pursue their tasks and develop as individuals. Everyone counts. The
status quo should be challenged, the proven further developed and something new created.
RESPONSIBILITY – WE TAKE AND DELEGATE RESPONSIBILITY, WHICH FORMS COMMITMENT
BETWEEN US
Room to maneuver requires commitment and shared responsibility on the part of every employee. We
challenge our employees. Everyone has to answer for their performance.
TOGETHERNESS – WE MAINTAIN AN INSPIRING TOGETHERNESS
We maintain a valued working atmosphere with an international character. A sense of togetherness is very
important to us. Every employee is part of the whole. The strong sense for community models our team
culture, which is characterized by mutual respect and togetherness.
The workplace environment is characterized by equality of opportunity and appreciative collaboration.
Fair employment conditions
The Komax Group pays salaries in line with market rates and offers social benefits typical for the
sector and the relevant country. Independently reviewed and certified pay comparison analysis at
the Swiss locations has confirmed that the Komax Group pays women and men equal salaries
for work of equal value. Fair pay is of crucial importance to the Komax Group. In addition, where
feasible it offers flexible working time models such as part-time and home working.
Komax Group employees receive an assessment of their performance at least once a year. This
assessment takes place in a fair and transparent way in a face-to-face discussion, where possible.
Employees likewise have the opportunity to evaluate their own line manager. Moreover, goals and
further professional development are discussed with the majority of employees, and time is taken
to listen to their wishes and concerns. Lastly, the Komax Group attaches considerable importance
to informing its employees of key developments and changes at the various locations simultaneously
and at an early stage. In the year under review, internal communications were published at least
once a week at Group level alone. Added to these were a number of local information notices
produced for employees. The minimum communication deadlines in respect of operational changes
follow the regulations that apply in the different countries, and take into account the ad hoc
publicity requirements of the Swiss stock exchange.
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Above-average motivation of employees
The Komax Group conducts regular surveys to gain a picture of staff satisfaction and motivation,
among other things. Based on the results of these surveys, measures are developed and imple-
mented in each company by the relevant senior managers working together with Human Resources
and various other departments with a view to maintaining and increasing motivation.
The Komax Group’s target is to achieve above-average
employee motivation at all its sites compared with other
industrial companies.
To date, the surveys have been evaluated and globally benchmarked on a staggered basis every
three years by the service provider ValueQuest in order to make the results of different countries
comparable. This involved the local results of individual Komax Group companies being compared
with a local peer group made up of various other industrial companies. The aim has been for
employee motivation to be assessed as being in the upper quartile of the value scale (i. e. above 75
points) in each case.
The surveys are currently being standardized globally together with the service provider Value-
Quest. From 2025 onward, surveys will be conducted simultaneously throughout the Group at
three-year intervals – with additional “feeling the pulse” surveys conducted after 18 months in the
form of a concise, focused questionnaire. This will enable data for the entire Group to be captured
even more precisely going forward. As a result of this reorientation, it was decided not to carry out
a survey in 2024.
Comprehensive training and professional development opportunities
As part of its active staff development policy, the Komax Group supports individual training and
development for its employees, both on the job and financially. These opportunities range from
management seminars, advanced training events on site, webinars, and free-to-use LinkedIn
Learning accounts, through to financial support for external training and development. Around 1%
of all personnel expenses are channeled into these activities each year, which in 2024 amounted
to some CHF 3 million. In the year under review, employees completed almost 3 300 online courses
through the Komax Academy and the Schleuniger University alone. Staff can also use their working
hours to attend LinkedIn Learning courses, for example. In 2024, 163 employees made use of this
opportunity and spent a total of 600 hours on personal training via LinkedIn. Furthermore, the
Komax Group is currently in the process of introducing the new “Komax Campus” digital learning
management system. In the future, this will facilitate numerous online and offline training courses
– standardized across the Group – in various languages, as well as the testing and monitoring of
the skills and ongoing training of employees.
Major investment in tomorrow’s professionals
The Komax Group is a firm believer in supporting young people as they start their professional
careers. In 2024, 84 apprentices (2023: 83 apprentices) were undergoing training in Switzerland,
while the equivalent figure in Germany was 60 apprentices (2023: 70 apprentices). During their trai-
ning, young people get an insight into the activities of the various departments and thus get to know
and understand the numerous processes that take place in a company. The Komax Group has state-
of-the-art workstations and well-equipped mechanical workshops and assembly areas for the spe-
cific apprenticeship subjects. Budding professionals are supervised by trainers who possess strong
technical and teaching skills, as well as sensitivity to the social needs of young people. Every two
years, a one-week “apprentice camp” takes place in Switzerland, where apprentices do their bit for
the general good and strengthen their own team spirit. In 2024, 66 apprentices took part, improving
hiking and cycling paths as well as repairing bridges and walkways in Obersaxen, Switzerland.
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In order to gain a better understanding of the needs of younger colleagues (up to the age of 30) and
thereby provide them with more targeted support, the Komax Group founded the Young Community
at its Swiss headquarters in Dierikon – an informal, cross-divisional network comprising some 130
employees of the generation aged under-30. In 2024, this network was expanded to the locations
of Thun, Switzerland, and Grafenau, Germany. This offers its members a platform for communicating
their needs in respect of their work and drawing up potential solutions for any issues. The Young
Community’s steering committee in Dierikon discusses the relevant themes with the CEO of the
Komax Group once a year, and acts as a direct line of communication between younger employees
and their employer throughout the year. In addition, there is a multifaceted program involving work-
shops, specialist talks, and events. The Komax Group is able to develop further and provide
new stimuli as an employer thanks to the valuable ideas and suggestions that come from the Young
Community, and thereby remains attractive to talented young employees.
Health and safety have the highest priority
The health and safety of the workforce are critical to the Komax Group. It satisfies the legal
requirements governing working conditions in every country in which it operates. The majority of
production locations have integrated management systems that cover all company processes, the
environment, health protection, and workplace safety. Among others, the management systems
used for workplace safety in Komax Group companies are governed by ISO 45001, OHRIS, WENFIS,
and OSHA guidelines. Around half of all employees of the Komax Group are covered by workplace
safety management systems. In addition, there is a Group-wide policy covering these issues (› Qua-
lity, environmental, health, and safety policy: www.komaxgroup.com/esg).
Key figures on safety and health
Unit
2024
2023
Occupational fatalities
number
0
0
Occupational accidents
number
42
24
Lost Time Injury Rate (LTIR)1
6.59
3.66
1 Number of occupational accidents with lost time (1 day or more) per 1 million working hours.
The Komax Group companies offer their employees a variety of programs locally to promote health.
Internal processes are regularly scrutinized for health and safety risks, and employees at the indi-
vidual production sites are made aware of potential workplace risks in a targeted way. For example,
employees at the Swiss locations receive regular training on the topic of workplace safety and health
protection. That notwithstanding, the number of occupational accidents increased significantly in
the year under review. In 2024, the Lost Time Injury Rate (LTIR) amounted to 6.59, which was sig-
nificantly higher than in the prior year. This was above all attributable to the increase in falls, such
as on stairs, as well as a higher number of slight crush injuries and cuts. As production for the most
part consists of assembly and the completion of machinery, injuries of this kind are the most com-
mon threats. Based on a combination of the management systems for safety and health protection
and the risk management function of the Komax Group, risks are now precisely evaluated and the
corresponding measures derived. Among other things, a Health & Safety Community will be set up
in the Komax Group in 2025 to further strengthen prevention. In addition, work is underway to have
additional companies certified under ISO 45001. The Komax Group has set itself the goal of further
reducing occupational accidents on a continuous basis, as it pursues the vision of accident-free
operations.
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The Komax Group has set itself the target of halving the number
of occupational accidents1 by 2028.
1 Lost Time Injury Rate (LTIR): number of lost time accidents per million working hours. The baseline is the average for 2022 and
2023: 4.2.
Employee health of paramount importance
The Komax Group actively promotes the health of its employees at its various locations. At Komax
in Switzerland, for example, employees benefit from the “fit@work” health-promoting initiative.
Komax in Dierikon also regularly carries out a comprehensive health survey. The latest results in
November 2024 showed that the state of employee health is almost unchanged since 2016. More
than 90% of employees still rank their bodily and physical condition as average or good (scale: not
particularly good to critical/average/good). Furthermore, quiet areas were created at headquarters
in 2024, with employees able to use them during their breaks.
To improve employee health, Schleuniger in the USA, for instance, offers “Lunch & Learn”
sessions every month aimed at promoting a healthy lifestyle. In addition, in the year under review
Schleuniger introduced a six-week fitness challenge involving yoga, walking, and swimming as well
as the “Hiketober Challenge,” with a view to inspiring employees to focus on greater mobility in the
fall season too. Similar programs to promote health are being pursued by both Komax SLE in
Germany and Komax de México. The focal points are movement, nutrition, and relaxation. The
Komax Group helps its employees to improve their physical and mental fitness with a multifaceted
offering, providing a number of free support options and working closely with external consultants
and coaches.
THE KOMAX GROUP SUPPORTS THE NON-PROFIT ORGANIZATION “FEED MY STARVING
CHILDREN” IN THE USA.
In the year under review, numerous employees
of Komax Corporation in Buffalo Grove, USA,
dedicated a day of their time to put together food
packages for children in need. The organization
“Feed my Starving Children” (www.fmsc.org) then
sends these packages to those in need in more
than 70 countries. As well as supporting children in
difficult circumstances, the project also promotes
an inclusive and open-minded corporate culture.
Support for local communities
The Komax Group is interested in the well-being of more than just its employees. In keeping with
its corporate purpose, it is keen to make a contribution to society, and to make life simpler, safer,
and more convenient. It achieves this not only through its business strategy, but also by actively
supporting a whole range of projects in the local communities where it is active. The following over-
view sets out a selection of projects that were pursued by the Komax Group in 2024.
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Social projects
PROJECTS (SELECTION)
DESCRIPTION
Solar Butterfly
The Solar Butterfly project (www.solarbutterfly.org), the brainchild of visionary Louis Palmer, com-
bines the key themes of e-mobility and environmental protection, including the responsible use of
natural resources. Not only is the Komax Group providing financial support for the CO2-free journey
of this mobile home around the world, which started back in 2022; it also played an important role
in the construction of the Solar Butterfly. At the assembly stage, apprentices from the Automation
and Mechanics areas took on tasks such as wiring the solar panels, working on the pneumatics and
drive technology, as well as configuring and programming the control panels.
Supporting the next
generation of talent with
the initiatives “A fascination
with technology” and
“MINT on the move,” as
well as the Swiss Youth in
Science Foundation
Switzerland has long suffered from a shortage of young people entering the so-called MINT profes-
sions (mathematics, IT, natural sciences, technology). The Komax Group is therefore supporting the
initiatives “A fascination with technology” and “MINT on the move” in the cantons of Lucerne and
Zug. In addition, it takes part in the girls@science and boys@science study weeks organized by the
Swiss Youth in Science Foundation, which are designed to encourage young people to enter the
MINT professions (the equivalent to STEM).
TRANSfair
At its Thun site, Switzerland, the Komax Group supports TRANSfair Gastronomy, a social enterprise
offering people facing acute challenges, especially due to mental health issues, professional integ-
ration at a supervised workplace, which simultaneously provides them with a clear daily structure.
Catie’s Closet
In the US, Schleuniger collected clothing for the project Catie’s Closet (www.catiescloset.org),
which donates these items to students in need.
Kiva
Since 2011, Schleuniger companies in the US and Mexico have been supporting the Kiva project
(www.kiva.org) with loans directed at people in need all around the world. Since this cooperation began,
more than USD 72 000 in loans have been granted in 79 countries.
Inclusion Factory
Komax in Shanghai – and in the future also Schleuniger in Tianjin – employs people with disabilities
as a partner of the Inclusion Factory, a Chinese inclusion enterprise that helps disabled people to
find work and thereby secure a place in society.
Clean-up initiative in
Bishan-Ang Mo Kio Park
in Singapore
In October 2024, Komax Singapore participated in a voluntary clean-up initiative in Bishan-Ang Mo
Kio Park, collecting an impressive six kilograms of rubbish. Encompassing 62 hectares, Bishan-Ang
Mo Kio Park is one of the largest urban parks in the center of Singapore. The clean-up initiative was
a resounding success, and also triggered a wide-ranging dialog about sustainability and environ-
mental awareness at the Komax location.
Christmas initiatives
In Dierikon, Switzerland, employees choose not to receive a Christmas gift. The corresponding sum
of money is instead donated by Komax to two charitable organizations in the region.
In addition, the Thun site takes part in the “2 times Christmas” initiative from the Swiss Red Cross,
donating school materials as well as numerous gifts contributed by staff to help people in need.
Employee voluntary work
A number of companies of the Komax Group allow all employees to dedicate up to eight hours of
their working time each year to a charitable initiative of their choice.
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CUSTOMER RELATIONS
The Komax Group sells industrial capital goods to its customer base, which is made up of big
global companies, regional mid-sized companies, and many different small firms. Intensive, bespoke
customer service is the foundation for a trust-based partnership, and hence business success. Any
loss of this trust due to poor customer service or defective products could have significant economic
consequences for the company, with a knock-on effect for its staff. This is why outstanding custo-
mer relationships are essential for the Komax Group.
For the Komax Group, several elements play an important part in nurturing and improving
relationships with customers. These include customer proximity through a global service and
distribution network, high delivery dependability, high product quality across the entire life cycle of
a product, an open feedback culture, and training to increase productivity.
Customer proximity through a global distribution and service network
The Komax Group has 28 engineering and production sites worldwide and employs around 400
service staff. It provides sales and service support via subsidiaries and independent agents in over
60 countries. The customer base is broad-based and spans the entire globe. In its main market
segment, Automotive, the Komax Group serves primarily large international customers with production
sites around the world. Here, physical proximity to customers is key, as it is the only way to ensure
short response and supply times, as well as provide comprehensive service. In the year under
review, the global distribution and service network was further optimized under the leadership of
the Executive Vice President Market & Digital Services, and tailored even more intensively to local
customer requirements (› page 34).
Delivery dependability as a key to customer satisfaction
A key element for a high level of trust and satisfaction among customers is delivery dependability.
Consequently, the Komax Group channels its efforts into increasing this on an ongoing basis.
The Komax Group has set itself the target of delivering over
90% of all orders on time from 2025, rising to over 95% from 2028.
In 2024, the emphasis lay on implementing a standardized, Group-wide definition of deadline
dependability for deliveries (On-Time Delivery – OTD), along with the regular, automated calculation
of the OTD percentage rate at the more than 40 Group sites making deliveries. At the end of 2024,
this figure stood at 76%. The Komax Group attaches great importance to adherence to the delivery
deadlines agreed with its customers, and will work intensively over the coming years to improve in
this area so that it can meet the targets it has set.
High product and service quality as the cornerstone of trust
Some of the Komax Group’s products are in use over decades (› page 94). They have to function
safely over a long lifespan. The safety and smooth functioning of each individual machine is
thoroughly tested before being handed over to customers, and then installed on customers’
premises either by the Komax Group or with intensive assistance from it. Comprehensive training
programs with the Komax Academy, online help, and other assistance enable customers to use
products and services safely and efficiently. Regular training encompasses product safety themes,
among other things (› page 37).
The Komax Group introduces risk analysis in respect of product safety right from the develop-
ment phase of its machines, thanks to which the design and functionality of machines can
be optimized. By applying internationally harmonized standards, the Komax Group achieves CE
conformity for its products. The CE mark indicates that the manufacturer affirms their product’s
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conformity with the legal requirements in Europe and thereby with stringent health and safety
protection standards. The Komax Group deploys a team of CE experts from a number of areas,
who see projects through from the development stage to validation and thus CE approval. Incor-
porated into machines are various protective measures, designed to keep operators safe such as
guards and emergency stop functions. In the case of machines such as the new Alpha 550 G2 fully
automatic crimping machine, staff are protected against accidents as machine movements are only
possible when the protective hood is closed. As soon as this protective cover opens, all electric
control circuits cut out, causing all motorized elements to cease functioning.
These measures are proving effective, as no accidents in which Komax Group products and
services had negative repercussions for health and safety were reported to the company for the
period under review.
Internally, the Komax Group explores quality issues with the “Cluster Quality” – an interdiscipli-
nary team of experts that monitors product quality from parts suppliers through to the installation
of machinery on customers’ premises, strengthening the quality mindset of employees. The team
focuses on the high level of customer satisfaction and a comprehensive understanding of quality
requirements, while at the same time promoting a culture in which errors are dealt with construc-
tively. This includes research into causes along with corrective and preventive measures in the event
of problems with products and services. Furthermore, the team ensures transparent monitoring
and reporting in the process chain. By pursuing this approach, the Cluster Quality contributes in a
concrete way to underpinning the Komax Group’s premium aspirations.
The Komax Group ensures service beyond the end of agreed contractual guarantee periods so
as to safeguard the safety and smooth functioning of its products over the long term. Thanks to
their modular construction, the machines can generally be adapted to changing needs.
There were no recalls of products in the year under review, which testifies to their quality. In
order to maintain the quality of its products at a high level in the future, the Komax Group
implemented a new digital customer management system in 2024, to run in parallel to the existing
Cluster Quality. This will ensure complaints are picked up as rapidly as possible, so that the sources
of error can be analyzed and eliminated on a lasting basis.
Measuring and improving customer satisfaction
Using a number of different approaches, the Komax Group aims to improve the way it is perceived
in the market as well as the satisfaction of its customers. To this end, it commissioned a compre-
hensive study from an external service provider in 2024. This involved more than 900 customers
globally being surveyed for their level of satisfaction with the services of the Komax Group in various
thematic areas, with the net promoter score (NPS) being ascertained at the same time. For example,
the loyalty of customers was measured, as was the degree to which the Komax Group has been
satisfying their expectations. Thanks to the detailed results, customer requirements can be ad-
dressed in a more targeted way. The Komax Group takes this very seriously, as it is seeking to
achieve a further challenging ESG target in this area.
The Komax Group aims to achieve above-average levels of
customer satisfaction in an industry comparison.
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The customer satisfaction survey displayed a Group-wide satisfaction figure of slightly above 85%,
higher than the industry average of around 80%. The NPS worked out at 30, a good result given
the scale of –100 to +100. But rather than resting on its laurels, the Komax Group will continually
strive for the ongoing optimization of customer satisfaction.
The basis for this was laid back in 2023. Feedback will be obtained as soon as the Komax Group
has a touchpoint with customers – such as in advisory or sales activities, or during trade fairs.
The company’s vision is to obtain feedback from every customer contact in the future. Customer
feedback on potential areas of improvement is particularly valuable to the Komax Group and is
incorporated into new developments. Over the course of 2024, the Komax Group also introduced
a new, standardized Group-wide digital customer management system. This tool lies at the heart
of all customer-related processes and makes it possible for all customer accounts, contacts, and
documented sales opportunities to be transparently available so that these can then be jointly used
by all Group companies (› page 37).
ACCELERATED CUSTOMER SERVICE THROUGH DIGITALIZED SALES PROCESSES
Digital customer management was enhanced with
additional functionalities in a pilot project with Cirris.
Here, offers for customers can now be issued in the
right layout directly from the customer management
system. Once customers have accepted the offer,
the order is triggered by an automated process. A
customer satisfaction survey is started once the
order has been dispatched and the relevant sales-
person is notified of the feedback. The sales process
is accelerated and streamlined as a result, which
translates into cost savings and improved customer
satisfaction. The pilot project was successfully
tested in 2024, and there are plans to roll it out to
other companies.
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FAIRNESS – ACTING FAIRLY AND ETHICALLY
Good corporate governance is a top priority for the
Komax Group. The corporate and communication
culture is characterized by integrity and impeccable
business ethics. The Komax Group thereby ensures
the trust of all stakeholders, as well as sustainable
value creation over the long term.
BUSINESS ETHICS AND COMPLIANCE
The Komax Group is a globally active, growth-oriented group. Interacting ethically and responsibly
with its stakeholder groups at all times is vital to the Komax Group. Customers, employees, creditors,
suppliers, shareholders, and the public in general have high expectations when it comes to trans-
parency, trustworthiness, timely communication, and integrity. The bigger a company, the greater
the demands on it – and the more complex it is to satisfy these demands on an ongoing basis. The
Komax Group is active in multiple jurisdictions with very different legal parameters. Added to this
are the many cultural influences that have an impact. Missteps can damage the reputation and thus
the business success of the Komax Group, which would also impact on the share price. At
the same time, a healthy corporate and business culture opens up new opportunities to attract
customers, investors, and employees. This is why the Komax Group places an emphasis on good
business ethics and compliance. It complies with local laws and requirements at all times, and
actively fosters a corporate culture characterized by integrity. A healthy level of competition is part
of this. Neither in 2024 nor in prior years was the Komax Group involved in any legal proceedings
as a result of anti-competitive or monopolistic conduct.
The Komax Group pursues an approach that permits no concessions or exceptions when it
comes to ethical and fair business conduct and compliance. It complies with global as well as local
regulatory requirements in the countries in which it operates. The individual units regularly examine
current developments, as does Group Legal & Compliance, and factor these into guidelines and
policies. Implementation in the corporate culture is ensured through training. All units have various
processes aimed at ensuring compliance with the rules. Responsibility lies with the respective
process owners, who are advised by and receive support from Group Legal & Compliance, if
necessary. The Komax Group expanded its compliance structure in 2024.
Risk management process reworked
Comprehensive risk management is a key element of good corporate governance. The potential
and actual risks associated with the Komax Group’s commercial activities are systematically
identified, analyzed, monitored, and managed on an annual basis through an institutionalized risk
management function. The risk management process was reviewed and reworked in the year under
review. At the same time, the risks of the Group companies were evaluated. These risks are broken
down thematically into 13 categories, and include geopolitical risks, economic risks, financial risks,
social risks, environmental and climate risks, risks arising in connection with corporate governance
and trade compliance, as well as IT risks. All potential risks of the individual categories are mapped
in a risk matrix based on the likelihood of them occurring and the extent of their potential impact.
The CEO is responsible for the operational side of risk management. Here he is supported by
the Executive Committee. Specially appointed process owners are assigned responsibility for the
management of key individual risks. These process owners take specific measures and monitor
their implementation. Every year, the Executive Committee informs the Board of Directors’ Audit
Committee of the risks identified and the measures taken as part of risk management activities.
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ESG risks are also discussed with the Sustainability and Innovation Committee. The Board of
Directors and the Executive Committee use this as a basis for a risk assessment (carried out once
a year), with which the Executive Committee defines measures designed to eliminate or mitigate
the risks. More on financial risk management: › page 182, Financial Report. Climate risks are set
out in the TCFD Report (› page 85).
Code of Conduct
The Komax Group’s business ethics are based on its five core values (› page 70) as well as the
Code of Conduct. In this Code of Conduct, the Komax Group affirms that it pursues a business
policy based on sustainability and that it expects its suppliers and business partners to share its
commitment to sustainability and environmental protection. The Code of Conduct is binding for all
Komax Group employees worldwide, and serves as a compass for day-to-day behavior. It is
built on ethical principles such as trust, integrity, and respect, and defines key rules of conduct for
everyday working life.
The Code of Conduct is available in 14 different languages and is reviewed at regular intervals
(www.komaxgroup.com/integrity). In 2024, it was completely reworked. Individual themes dealt with
in the Code of Conduct, such as sustainability, fair competition, human rights, bribery and corruption,
and dealing with conflicts of interests, were set out in greater detail and aligned with international
standards. Alongside the revision of the Code of Conduct, internal processes for addressing issues
were defined even more clearly. To raise awareness of the rules of behavior defined in the new Code
of Conduct, all employees have been instructed to complete an online training module in the
first half of 2025. Where required, on-site training sessions will also be held. With this initiative,
the Komax Group is on track to meet the corresponding ESG target in the area of “Fairness”
(governance).
The Komax Group aims to ensure that, in future, all employees
will attend Code of Conduct training at least once every two
years, and that 100% of the participants will complete it
successfully.
Participation in and the results of the Code of Conduct training are evaluated by the Komax Group,
and measures are derived therefrom as necessary.
Whistleblowing/violations of the Code of Conduct
Violations are not tolerated and will have corresponding consequences for the employees concerned.
There are many different internal and external options for (anonymously) reporting violations and
concerns. The internal contact options include line managers, Human Resources Business Part-
ners, and Group Legal & Compliance. In addition, both employees and external parties (suppliers,
business partners, customers, etc.) can make contact with the independent external whistleblowing
service (codeofconduct@ssrlaw.ch). The Komax Group takes every concern seriously and treats
accusations with the appropriate level of confidentiality. It strives for a culture in which all concerns
in respect of potential violations can be voiced freely and in good faith, without the individual having
to fear any retaliatory measures or other negative repercussions.
In the year under review, six reports were submitted by employees, of which three resulted in
violations being ascertained. These led to internal disciplinary measures within the Komax Group,
but no court cases ensued. Audit and internal reporting procedures regularly survey the existence
of court cases and violations on a Group-wide basis.
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Combating corruption
The business activity of the Komax Group is based on the quality of its services and on integrity.
It therefore robustly rejects any form of bribery and other forms of corruption. Employees do not
accept or offer any monetary gifts, regardless of the amount involved. Gifts in kind and invitations are
allowed only if they do not exceed negligible advantages that are common business practice and do
not generate any undue advantage. These basic rules are laid down in the Code of Conduct of the
Komax Group and the Code of Conduct for suppliers and business partners.
In addition to reworking the Code of Conduct, the Komax Group also set out certain detailed
rules of conduct in the year under review by means of separate guidelines. These include guidelines
on the topics of human rights, corruption, and bribery. This is particularly important as – due to its
customer structure – the Komax Group also does business in countries with a comparatively high
corruption risk ranking as defined in Transparency International’s Corruption Perceptions Index
(CPI). With the Group-wide implementation of these guidelines, the Komax Group has now already
met one of its 13 ESG targets.
Corruption risks are reviewed at regular intervals within the framework of risk management. In
the period under review, as in the previous year, no corruption risks of significance were ascertained
and there were no known cases of corruption within the Komax Group.
Respect of human rights
The Komax Group follows the principles of the General Declaration of Human Rights, the UN’s
Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enter-
prises, the core labor standards of the International Labour Organization (ILO), and other prevailing
laws and principles, and requires its employees, suppliers, contractors, and business partners to
likewise comply with these or similar standards. Risk-based due diligence audits are conducted
to ensure adherence to these standards. The Komax Group is committed to respecting the right to
freedom of association, collective representation, fair remuneration, equal treatment, equality of
opportunity, and a safe and healthy workplace. It prohibits discrimination and inappropriate or
illegal actions on the basis of ethnic or national origin, political persuasion and world view, religion,
sexual orientation or marital status, gender, genetic identity, age-related disability, or other legally
protected status. The Komax Group reacts swiftly to grievances and abuses in order to offer
remedial measures (› Code of Conduct).
SUPPLY CHAIN RISK MANAGEMENT
For the Komax Group, sustainability in the supply chain encompasses the socially and ecologically
responsible procurement of raw materials, components, packaging, and services, as well as
appropriate risk management. A significant proportion of the value creation delivered by the Komax
Group lies in engineering services and the assembly of components in the production of machines.
The majority of these components are manufactured and supplied by third parties. This exposes
the Komax Group to various risks in procurement. In principle, there is the risk that conflict mate-
rials are used, that human rights are violated, and that energy and scarce raw materials are used
wastefully in supply chains. Legal risks also come into consideration – ranging from compliance
with local and international statutory requirements and standards to bribery, corruption, and money
laundering. These open up further potential risks in terms of the reputation and business success
of the Komax Group. Strict trade compliance management and the responsible management of its
supply chains make it possible for the Komax Group to reduce these risks and foster stable relation-
ships with suppliers over the long term. This way it can make a positive contribution to sustainable
supply chains and their impact on the environment and society.
The Komax Group has a global procurement team (Group Procurement) that is responsible for
Group-wide procurement issues. This team liaises with the specialists at the production sites who
take care of sourcing the necessary materials and components locally. The Komax Group aims to
meet the challenges in supply chains with trust, transparency, and checks. To this end, it has issu-
ed various guidelines, measures, and targets, which are reviewed and revised on an ongoing basis.
In 2024, for example, a new guideline was introduced for sustainable procurement. Among other
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things, this sets out clear instructions on how to act in relation to themes such as human rights,
child labor, and conflict minerals in the supply chain, which means these issues are now addressed
in a uniform way across the Group.
Code of Conduct for suppliers
In its commercial relationships, the Komax Group sets great store by integrity, sustainability, respect,
decency, social responsibility, and consistent compliance with applicable guidelines and laws. In 2024,
it therefore reviewed the existing codes of conduct for suppliers and business partners and drew
up a new code of conduct. Suppliers and business partners are obliged to comply with the principles
and regulations contained therein. The Code of Conduct is an integral part of any contractual and
business relationship with the Komax Group and compliance with it is contractually enshrined.
Key elements here include compliance with the law and regulations, the respecting of human
rights, the prohibition of child and forced labor and slavery, due diligence obligations in relation to
minerals and metals from conflict areas, as well as environmental and climate protection. Other
important elements include compliance with sanctions, embargoes and export control regulations,
the prohibition of corruption, bribery and money laundering, fair competition, confidentiality, data
protection, cybersecurity, and the reporting of violations. Violations against the Code of Conduct
are consistently admonished and may result in immediate termination of a contract.
At the end of the year under review, 57% of the suppliers of the Komax Group (measured in
terms of purchasing volume) had signed the Code of Conduct for suppliers. This figure is still low
as the revision of the Code of Conduct meant that efforts to have suppliers sign up to the “old”
code were halted in the year under review. The new Code of Conduct will be presented for signing
to all suppliers of the Komax Group in 2025. With this move, the Komax Group is striving to secure
a high level of reliability, and defined a corresponding ESG target back in 2023.
The Komax Group aims to ensure that 80% of its suppliers
(measured by purchasing volume) will have signed the Code of
Conduct by 2025. At least 95% of suppliers (by purchasing
volume) should have signed the Code of Conduct by 2028.
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Due diligence obligations in relation to minerals and metals from conflict areas as well as
to child and forced labor
The Komax Group categorically rejects any form of forced or child labor. All of its production sites
are located in countries that are signatories to the ILO conventions on forced labor or the Abolition
of Forced Labour Convention (USA). The Code of Conduct for suppliers and business partners
prohibits suppliers from breaching the ILO conventions governing child labor and forced labor in
the hiring of their workforce.
Back in 2023, the Komax Group initiated a new policy for the upstream supply chain and imple-
mented further checks in relation to child labor and conflict minerals/metals in accordance with
Art. 964j of the Swiss Code of Obligations and the Ordinance on Due Diligence and Transparency
in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour (DDTrO). These
checks came to the conclusion that the import and processing quantities for minerals and
metals had not been reached, and either identified a low risk in relation to child labor or could not
find reasonable grounds to suspect child labor. The audits carried out in 2024 confirmed these
findings, as a result of which the Komax Group is exempted from the corresponding due diligence
and reporting obligations. In the year under review, the audits were enhanced with the use of an
EcoVadis module (IQ Plus).
Long-term partnerships and regular audits
The Komax Group aims to achieve long-term partnerships with suppliers that are characterized by
sustainable business activity and corresponding products. This is reviewed through audits. New
and existing partners are evaluated and/or audited according to the same criteria. These include
the integration status of sustainable business processes (ESG), quality, price, procurement chain,
and deadline reliability, as well as production processes.
In order to evaluate the sustainability of its supply chain even more efficiently and take appro-
priate measures, the Komax Group has been working with EcoVadis since 2021 and is striving to
expand its auditing activities. In a number of Group companies the ESG rating from EcoVadis is
already a fixed component of the evaluation of suppliers. For example, at Komax in Dierikon,
Switzerland, 71% of purchasing volume in 2024 was already coming from suppliers evaluated by
EcoVadis, with the equivalent figure for Komax Shanghai in China currently amounting to some 40%.
Meanwhile, Cirris in Salt Lake City, USA, Schleuniger in Thun, Switzerland, and Schleuniger in
Radevormwald, Germany, are also evaluating their suppliers either partially or wholly according to
ESG criteria. With effect from 2025, this evaluation process that takes account of the EcoVadis ESG
rating will be enshrined in other production companies of the Komax Group. This is designed to
ensure that suppliers attain a minimum standard in the area of sustainability and governance. In
the same way, the training from ESG Alliance is used by Komax Shanghai to improve the ESG
performance of its suppliers.
The Komax Group aims to select existing and/or potential new
suppliers each year for auditing based on a risk matrix approach.
Supply chain risk management and trade compliance
The Komax Group’s risk management addresses a number of procurement and compliance risks.
The company has a trade compliance team whose duties include carrying out regular training
courses on issues such as export controls, embargoes, current Incoterms, and customs and tax
legislation. Group Procurement implements the risk management into the supply chains.
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Transparency in the supply chains
The Komax Group currently does not have comprehensive transparency in its supply chains. Con-
sequently, various projects are underway, such as in respect of resource management and on
emissions (Scope 3), aimed at the detailed capture of additional relevant data, as well as on
compliance and traceability in the supply chains. There are plans to also incorporate Scope 3
information into ESG targets in the future.
OUTLOOK
The Komax Group forged ahead with numerous initiatives on ESG themes in the year under review
and expanded its reporting to include the report on climate risks. As part of its ongoing corporate
strategy, it will intensify its efforts further in this area. A particular focus will be the attainment of its
ESG targets, as well as increasing employee awareness of ESG aspects and involving them in the
implementation of ESG initiatives. This will be achieved, inter alia, through the use of an intranet site
that was redesigned in 2024, communication activities through various channels, and – from 2025
– ESG training courses, with a view to increasing the knowledge around and engagement with ESG
themes and promoting both interdisciplinary and international exchange. Another area of
focus will be the more intensive involvement of suppliers. Furthermore, the Komax Group is conti-
nuously working on improving its data processes and data quality in the area of ESG so as to align
itself with future requirements for more transparency in this area.
ADDITIONAL INFORMATION
GRI index
The GRI index associated with this ESG report is available on the website of the Komax Group
(www.komaxgroup.com/annualreport2024/gri-index).
Organizational structure
The management structure and composition of the Komax Group is set out in the Corporate
Governance Report. The Komax Group integrated ESG into its Strategy as a strategic initiative in
2023. The tasks, obligations, and powers of the Board of Directors, its Chair, and the Committees are
set out in detail in the Articles of Association, the Organizational Regulations of Komax Holding AG,
and in the Regulations for the Remuneration Committee, the Audit Committee, and the Sustaina-
bility and Innovation Committee. These also define the rights, obligations, and competencies of the
CEO and Executive Committee. The relevant regulations are reviewed on a regular basis and amen-
ded where necessary. Further information on the organizational structure is available on the Komax
Group’s website (www.komaxgroup.com/organization).
Governance
Information on corporate governance can be found in the Corporate Governance Report (› pages
119–137).
Compensation
All information on the compensation paid to the Board of Directors and the Executive Committee is
available in the Compensation Report (› pages 138–157).
Collective bargaining agreements
The Komax Group does not have any employees under collective agreements.
Political contributions
In principle, the Komax Group does not make donations to political parties, political organizations,
or individuals who hold political office or who are standing as candidates for political office.
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STATEMENT FROM THE BOARD OF DIRECTORS AND SCO REFERENCE TABLE
The Board of Directors of Komax Holding AG is responsible for the production of the non-financial
2024 report (ESG Report) in accordance with the applicable legislation. The ESG Report 2024 con-
tains the information on non-financial issues required by the Swiss Code of Obligations (SCO). The
table below shows where the non-financial issues in accordance with Art. 964b SCO can be found.
The Board of Directors has approved them.
Requirement Art. 964b
Section of the non-financial report
Page
Description of the business model
The Komax Group at a glance
ESG strategy
Sustainable, profitable growth
68
74
77
Environmental matters
ESG targets 2024–2028
TCFD Report
Greenhouse gas emissions and energy efficiency
Product life cycle management
75
83
89
94
Social issues
Taking responsibility for people
Workplace safety and well-being
Support for local communities
Customer relations
Business ethics and compliance
100
103
107
109
112
Employee-related issues
Workplace safety and well-being
Business ethics and compliance
103
112
Respect for human rights
Business ethics and compliance
Supply chain risk management
112
114
Combating corruption
Business ethics and compliance
Supply chain risk management
112
114
Policies, measures, risks
Interactions between the Komax Group and its
environment
TCFD Report
78
83
ESG
Bericht
119
CORPORATE
GOVERNANCE
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ESG
Report
Corporate structure and shareholders
120
Capital structure
121
Board of Directors
123
Executive Committee
131
Compensation, shareholdings, and loans
134
Shareholder participation rights
134
Changes to control and defense measures
136
Auditors
136
Information policy
137
Trading blackout periods
137
120
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Ensuring good corporate governance is vital to the Komax Group. It safeguards business and social
success over the long term by means of sustainable value creation in the interest of customers,
shareholders, staff, creditors, suppliers, and the public, as well as through the provision of trans-
parent, rapid, and simultaneous information to all stakeholder groups. The Komax Group takes as
its starting point the Swiss company law, the principles and regulations of the Swiss Code of Best
Practice of economiesuisse and the Directive on Information Relating to Corporate Governance
(Directive Corporate Governance, DCG) of SIX Exchange Regulation, and gives an account of de-
velopments in this area each year in its Annual Report. The key elements are laid down in the Ar-
ticles of Association, the Organizational Regulations, the Regulations on the Remuneration Com-
mittee, the Audit Committee, and the Sustainability and Innovation Committee, as well as in the
Code of Conduct.
The current Articles of Association of Komax Holding AG are available on the Komax Group
website (www.komaxgroup.com/organization).
The Board of Directors shapes corporate governance through guidelines it issues to ensure a
forward-looking, sustainable leadership culture that is in compliance with the law, with a view to
inspiring a responsible entrepreneurial approach. The interests of all stakeholder groups that are
influenced by the Komax Group are also taken into consideration in the implementation of the ESG
strategy (Environmental, Social, Governance). To this end, the Komax Group cultivates regular
exchange with its stakeholder groups ( › ESG Report pages 72/73).
1 CORPORATE STRUCTURE AND SHAREHOLDERS
Corporate structure
Komax Holding AG is the holding company of the Komax Group. Its headquarters are in Dierikon,
Switzerland. Details on the place of listing, market capitalization, security number, and ISIN are set
out on page 60 (“Share information”). The Komax Group includes Komax Holding AG and its 60
subsidiaries in 21 countries (› pages 191/192). With the exception of Komax Holding AG, no com-
panies with listed participation securities form part of the scope of consolidation.
The Board of Directors of Komax Holding AG appoints and oversees the Executive Committee,
which is headed up by the CEO. Alongside the CEO and the CFO, the Executive Committee is
comprised of the heads of the four business units.
OPERATING CORPORATE STRUCTURE
CEO
Matijas Meyer
Market & Digital
Services
Tobias Rölz
Wire Processing
Marc Schürmann
Quality Solutions
Oliver Blauenstein
Solutions
Jürgen Hohnhaus
CFO
Christian Mäder
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Major shareholders
Shareholders whose share of the company’s share capital exceeds or falls below the thresholds of
3, 5, 10, 15, 20, 25, 33 ¹/3, 50, and 66 2/3% have a reporting obligation under the Financial Market
Infrastructure Act (FinMIA). According to the disclosure reports submitted, the company had the
following major shareholders holding more than 3% of the votes as at 31 December 2024:
Shareholder / shareholder group
Number
of shares
31.12.2024
Share in %
31.12.20241
Metall Zug AG, Zug, Switzerland
1 283 3332
25.00
UBS Fund Management (Switzerland) AG, Basel, Switzerland
257 8923
5.024
1 The calculation is based on the 5 133 333 registered shares listed in the Commercial Register as at 31 December 2023.
2 Notification of breach of 20% threshold on 6 September 2022.
3 Notification of breach of 5% threshold (obligation to notify arose on 27 December 2024, notification on 5 January 2025).
All shareholdings reported to Komax Holding AG and the Disclosure Office of SIX Swiss Exchange
during the 2024 financial year as per Art. 120 of the Financial Market Infrastructure Act have been
published on SIX Swiss Exchange AG’s electronic publication platform and can be viewed at
www.ser-ag.com/de/resources/notifications-market-participants/significant-shareholders.html. An
overview of the composition of shareholders as at 31 December 2024 can be found on page 61 of
the Annual Report.
Cross-shareholdings
There are no cross-shareholdings with other companies – nor with customers, suppliers, or part-
ners, or with companies in which members of either the Board of Directors or Executive Commit-
tee hold a position. There are also no shareholder agreements. The Komax Group has no majority
shareholder and there are no cross-involvements among the Board of Directors. The avoidance of
conflicts of interest is an integral component of each of the Komax Group’s stakeholder relation-
ships in respect of its governing bodies. The Executive Committee has implemented a set of
regulations that all members of staff who could be involved in conflicts of interest must sign.
2 CAPITAL STRUCTURE
Capital
in CHF
Ordinary capital
513 333.30
Conditional capital
0.00
Authorized capital
0.00
Further details are provided in the sections below.
Capital band and conditional capital in particular
The Komax Group has a capital band. It allows for greater flexibility in adjusting capital and in the
procedures for capital increases and capital reductions. With the introduction of the capital band
at the Annual General Meeting of 12 April 2023, the Board of Directors decided not to make use of
the full scope of the options available. Consequently, the capital band is limited to a time frame of
three years and the extent of capital increases to a maximum of 10% of share capital. The Board
of Directors excludes capital reductions.
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The Komax Group thus has a capital band ranging from CHF 513 333.30 (lower limit) to CHF 564 666.60
(upper limit). Within the limits of the capital band, the Board of Directors is empowered to increase
the share capital until 12 April 2026, or until the capital band has been fully used, at any time or
from time to time and in any (partial) amounts. A capital increase may take place by the issue of up
to 513 333 fully paid-up registered shares with a nominal value of CHF 0.10 each. In the event of an
issue of new shares, the subscription or acquisition of these shares and any subsequent transfer
of shares are subject to Sections 5 and 6 of the Articles of Association. Further information on the
structuring of the capital band can be found in the Articles of Association of Komax Holding AG
(www.komaxgroup.com/organization).
Neither at 31 December 2024 nor at 31 December 2023 was there any conditional capital. No
capital increases were carried out within the framework of the capital band.
Capital changes
In 2022, the Komax Group carried out a capital increase and subsequent exchange of shares within
the framework of the combination with the Schleuniger Group. By means of the authorized capital
increase of 30 August 2022 in accordance with the agreement on contributions in kind and acqui-
sition of assets, Komax Holding AG took over from Metall Zug AG 250 000 registered shares of
Schleuniger AG and a loan to Schleuniger AG in the amount of CHF 70 367 000, for a total value of
CHF 206 367 000. In return, Metall Zug AG was issued with 1 283 333 new registered shares with
a par value of CHF 0.10 each.
Details of capital changes in the years 2023 and 2024 can be found on page 163 of the Finan-
cial Report. The corresponding information for 2022 can be found on page 144 in the financial
section of the 2023 Annual Report (www.komaxgroup.com/publications).
Shares, participation certificates, and bonus certificates
As at 31 December 2024, Komax Holding AG had fully paid-up capital of CHF 513 333.30 and dis-
tributed over 5 133 333 registered shares with a par value of CHF 0.10 each. Each registered share
entitles the holder to vote at the Annual General Meeting as long as the shareholder is listed in the
share register as a “voting shareholder” (see also “Restrictions on transferability of shares and
nominee registrations”). Registered shares are fully entitled to receive dividends. Komax Holding AG
has not issued any participation certificates or bonus certificates.
Restrictions on transferability of shares and nominee registrations
The Komax Holding AG share register is divided into the categories of “non-voting shareholders”
and “voting shareholders.” “Non-voting shareholders” may exercise all property rights, but not the
right to vote or rights associated with that of voting. “Voting shareholders” may exercise all rights
associated with the share (see Articles of Association, www.komaxgroup.com/organization).
Komax Holding AG’s Articles of Association empower the Board of Directors to refuse entry in
the share register if the acquirer does not expressly declare, at the request of the Board, that the
shares were acquired in their own name and for their own account. Nominees are listed in the share
register as “non-voting shareholders.” After hearing from the affected party, Komax Holding AG
may delete entries in the share register if such entries occurred in consequence of false statements
by the acquirer. The acquirer must be informed of the deletion immediately. No exemptions were
granted in respect of the transfer restrictions in the year under review.
Convertible bonds and options
Komax Holding AG has no outstanding convertible bonds and there are no option programs for
employees.
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Management transactions
The Listing Rules of SIX Swiss Exchange stipulate a disclosure obligation for management trans-
actions. The Board of Directors has issued a set of regulations to comply with these provisions.
Members of the Board of Directors and Executive Committee have a disclosure obligation toward
the company in this respect. Three notifications were submitted in the 2024 financial year (2023:
two notifications). Disclosures are published on the SIX Swiss Exchange website and may be con-
sulted there (www.ser-ag.com/de/resources/notifications-market-participants/management-trans-
actions.html).
3 BOARD OF DIRECTORS
The Board of Directors comprised seven individuals as at 31 December 2024. No member of the
Board of Directors was a member of the Executive Committee in the three financial years prior to
the reporting period, and no member of the Board of Directors has any material business relation-
ship with any Group companies.
Members of the Board of Directors
Appointed
Term expires
Participation in meetings
during the financial year
Beat Kälin, Chairman
2015
2025
100%
David Dean, Vice Chairman
2014
2025
100%
Andreas Häberli
2017
2025
100%
Annette Heimlicher
2024
2025
100%
Mariel Hoch
2019
2025
100%
Roland Siegwart
2013
2025
100%
Jürg Werner
2022
2025
100%
There are no cross-involvements among the Board of Directors. Biographies of the individual Board
members and details of their other activities and interests are provided on pages 125–127 of the
Annual Report.
Competencies in the Board of Directors
The Board of Directors should cover a broadly diversified range of expertise so as to be able to fulfil
its role in all matters that are of importance for the Komax Group. Thanks to the members making
up its body, in the 2024 financial year it had expertise in and/or experience of the following areas:
COMPETENCIES IN THE BOARD OF DIRECTORS
Company management
(CEO)
Industry
Legal/Compliance
International
management
Finance
Sustainability
Listed
companies
M&A
Digitalization
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Statutory regulations with respect to the number of permissible activities
In accordance with the Articles of Association, the number of permissible mandates of members
of the Board of Directors in comparable roles at other companies with a commercial purpose and
which are not controlled by the company or do not control the company is a total of nine additional
mandates for listed and non-listed companies. The number of additional mandates at listed com-
panies is limited to four as long as this does not involve any breach of statutory provisions and in
particular the due diligence obligations of the Board of Directors.
Mandates in different legal entities that are under common control or under the same beneficial
ownership count as a single mandate. Mandates undertaken by a member of the Board of Directors
at the behest of a Group company or to exercise an office under public law are not covered by the
restriction on additional mandates described above. The assumption of mandates other than those
stipulated above is permissible without numerical restriction, as long as these mandates are unre-
munerated and do not interfere with the fulfilment of the obligations of the member of the Board of
Directors vis-à-vis the company. The reimbursement of expenses does not count as compensation.
Election and term of office
According to the Articles of Association, the Board of Directors consists of three to seven members.
It is composed of independent, non-executive members, who are elected individually by the Annual
General Meeting for a term lasting until the end of the next Annual General Meeting. The Annual
General Meeting also elects the Chair. Members may be re-elected. Pursuant to the Organizational
Regulations, the members of the Board of Directors usually step down after a term of twelve years at
the most. Consequently, Roland Siegwart will not stand for re-election at the next Annual General
Meeting on 16 April 2025. The Articles of Association provide no regulations regarding the appoint-
ment of the Chair and the members of the Board of Directors that deviate from statutory provisions.
Beat Kälin has decided to step down as Chair of the Board of Directors at the upcoming Annual
General Meeting. He will remain a member of the Board though. The Board of Directors proposes
Andreas Häberli as new Chair. In addition, the Board of Directors is proposing that Daniel Lippuner
be elected as a new Board member. All other members of the Board of Directors are being propo-
sed for re-election.
Internal organization
The internal organization of Komax Holding AG, i. e. the tasks and competencies of its executive
bodies, is set out in the Organizational Regulations available on the website of the Komax Group
(www.komaxgroup.com/organization). The Board of Directors consists of the Chair and a maximum
of six other Board members. The Chair is elected by the Annual General Meeting; the Board of Di-
rectors organizes itself in respect of the other members. If the office of Chair becomes vacant du-
ring the period of office, the Board of Directors will nominate a new person as Chair for the remai-
ning period of office, whereby this person must be an existing member of the Board.
The Chair is responsible for chairing meetings. At the invitation of the person chairing the
meetings, the Board of Directors meets as often as business requires, but no fewer than four times
per year. Each member of the Board of Directors is also entitled to request that a meeting be called
to discuss a particular topic. In this case, the Chair convenes the meeting within 14 days of receiving
the request.
The Board of Directors is deemed to have a quorum if a majority of its members (votes) are
present. The resolutions of the Board of Directors are adopted by a majority of votes. In the event
of a tie, the Chair casts the deciding vote. All resolutions are minuted. The Board of Directors can
pass its resolutions using electronic means or in writing on hard copy provided that no member
calls for verbal discussion.
Six ordinary meetings of the Board of Directors and one extraordinary meeting were held in
2024. All members attended all of the meetings. On average, these meetings lasted around seven
hours. However, these average times pertain to the actual duration of the meetings themselves,
and do not take into account the preparatory and follow-up work done by the individual members.
Two resolutions by circular letter were also formulated in the year under review.
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BEAT KÄLIN (1957)
Non-executive, independent member, and
Chairman of the Board of Directors since
2015, elected until 2025, Swiss citizen,
resident in Birmensdorf (CH).
Member of the Board of Directors of listed
company Huber+Suhner AG, Pfäffikon ZH, and
member of the Board of Directors of CabTec
Holding AG, Rotkreuz.
Beat Kälin holds a master’s degree and a doc-
torate in engineering from ETH Zurich. He also
holds an MBA from INSEAD. From 1987 to 1997
he held various management positions in the
Elektrowatt Group; from 1998 to 2004 he was a
member of the Group Executive Board of SIG
Schweizerische Industrie-Gesellschaft Holding
AG; from 2004 to 2006 he was a member of the
Board of Management responsible for the Pa-
ckaging Technology division at Robert Bosch
GmbH, Stuttgart (DE). He was COO of the Komax
Group from 2006 to 2007, and CEO from 2007
to 2015. In the last three years, Beat Kälin has
not been a member of the Executive Committee
or had any material business relationships with
the Komax Group.
DAVID DEAN (1959)
Non-executive, independent member of
the Board of Directors since 2014, Vice
Chairman since 2019, elected until 2025,
Swiss citizen, resident in Cham (CH).
Member of the Board of Directors of listed
company Bossard Holding AG, Zug, of Metall
Zug AG, Zug, and Burckhardt Compression
Holding AG, Winterthur, and a member of the
Board of Directors of the Brugg Group AG,
Brugg.
David Dean is an expert in accounting and con-
trolling. He holds a federal diploma and is a cer-
tified accountant. Furthermore, he has also com-
pleted management training at Harvard Business
School and IMD Lausanne. David Dean works
as a professional board director. From 1992 to
2019 he worked for the Bossard Group – from
2005 to 2019 as CEO, from 1998 to 2004 as
CFO, and from 1992 to 1997 as Corporate Con-
troller. Prior to this, from 1990 to 1992 he worked
as Corporate Controller and member of the
Group Executive Board of a leading global lo-
gistics company, and from 1980 to 1990 held
various management functions in auditing and
management consultancy at Pricewaterhouse-
Coopers AG. In the last three years, David Dean
has not been a member of the Executive Com-
mittee or had any material business relationships
with the Komax Group.
ANDREAS HÄBERLI (1968)
Non-executive, independent member of the
Board of Directors since 2017, elected until
2025, Swiss citizen, resident in Bubikon (CH).
Chairman of the Board of Directors of Pheno-
Sign AG, Bubikon, member of the Board of
Directors of listed company Kardex Holding AG,
Zurich, President of the Swissmem Research
Commission, Zurich, as well as a member of the
Industrial Advisory Board, ETH Zurich, D-MAVT.
Andreas Häberli holds a master’s degree in elec-
trical engineering from ETH Zurich. He then went
on to obtain a doctorate (Dr. sc. techn.) at ETH
Zurich’s Laboratory for Physical Electronics. Since
July 2023, Andreas Häberli has been Co-CEO of
PhenoSign AG. From 2003 to 2023 he held
various management roles at the dormakaba
Group (formerly Kaba Group) – from 2011 as
Chief Technology Officer (CTO) and a member
of the Executive Committee. He was a member
of the Executive Board of Sensirion AG from
1999 to 2003, and worked for Invox Technology
(USA) from 1997 to 1999. In the last three years,
Andreas Häberli has not been a member of the
Executive Committee or had any material busi-
ness relationships with the Komax Group.
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MARIEL HOCH (1973)
Non-executive, independent member of the
Board of Directors since 2019, elected until
2025, Swiss and German citizen, resident in
Zurich (CH).
Member of the Board of Directors of listed
company Comet Holding AG, Flamatt, and of
SIG Group AG, Neuhausen am Rheinfall,
member of the Board of Directors of MEXAB AG,
Lucerne, as well as member of the Foundation
Boards of the Irene M. Staehelin Stiftung,
Zurich, the Orpheum Foundation for the
Advancement of Young Soloists, Zurich, the
Law and Economics Foundation St.Gallen, and
the Schörling Foundation, Lucerne.
Mariel Hoch obtained a PhD (Dr. iur.) from the
University of Zurich and was admitted to the Zu-
rich Bar in 2005. Since 2002, she has been with
the law firm Bär & Karrer AG in Zurich, where
she specializes in M&A transactions and advises
listed companies on corporate and regulatory
matters. Mariel Hoch has been a partner since
2012. In the last three years, Mariel Hoch has
not been a member of the Executive Committee
or had any material business relationships with
the Komax Group.
ROLAND SIEGWART (1959)
Non-executive, independent member of the
Board of Directors since 2013, elected until
2025, Swiss citizen, resident in Schwyz (CH).
Member of the Board of Directors of Evatec
Holding AG, Trübbach, of NZZ Media Group
(AG for the Neue Zürcher Zeitung), Zurich, of
Tethys Robotics AG, Zurich, and of Voliro AG,
Zurich; he is also Chairman of the Board of
Trustees of Gebert Rüf Stiftung, Basel, Vice
Chairman of the Board of Trustees of the Kick
Foundation, Basel, and member of the Founda-
tion Board of the Bluelion Foundation, Zurich.
Roland Siegwart holds a master’s degree in me-
chanical engineering as well as a doctorate from
ETH Zurich. He was Professor of Microrobotics
at EPFL Lausanne from 1996 to 2006, and Vice
President of Research and Corporate Relations
at ETH Zurich from 2010 to 2014. He has been
Professor of Robotics at ETH Zurich since July
2006 and Co-Director of the Wyss Translational
Center Zurich, a joint research center of ETH
Zurich and the University of Zurich, since 2015.
In the last three years, Roland Siegwart has not
been a member of the Executive Committee or
had any material business relationships with the
Komax Group.
ANNETTE HEIMLICHER (1977)
Non-executive, independent member of the
Board of Directors since 2024, elected until
2025, Swiss citizen, resident in Cormin-
boeuf (CH).
Member of the Board of Directors of Contrinex
Holding AG, Corminboeuf, and of Integra Hol-
ding AG, Wallisellen.
Annette Heimlicher studied financial and mone-
tary economics at the University of Geneva and
holds a master’s degree in economics from the
London School of Economics. She has been
CEO of the Contrinex Group since 2012, having
previously served as Director of Corporate De-
velopment for the company for three years. From
2007 to 2008, she worked as Associate Director
Strategy Implementation for the World Economic
Forum. Annette Heimlicher has not been a mem-
ber of the Executive Committee or had any ma-
terial business relationships with the Komax
Group.
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JÜRG WERNER (1956)
Non-executive, independent member of the
Board of Directors since 2022, elected until
2025, Swiss citizen, resident in Hedingen (CH).
Member of the Board of Directors of listed
company V-ZUG AG, Zug, and a member of the
Industrial Advisory Board, ETH Zurich, D-MAVT;
elected full member of the Swiss Academy of
Engineering Sciences (SATW), Zurich.
Jürg Werner holds a degree in electrical engi-
neering from ETH Zurich. He then went on to
obtain a doctorate (Dr. sc. techn.) from ETH Zu-
rich’s Institute for Quantum Electronics. He has
a postgraduate diploma in business manage-
ment from Lucerne University of Applied Scien-
ces and Arts. From 2013 to 2020 he was CEO of
Metall Zug AG. Prior to this he worked for V-ZUG
AG between 1996 and 2013 – from 2010 to 2013
as CEO, in 2010 as COO, and from 1996 to 2009
as Head of Development. Before joining V-ZUG
AG he held management roles at companies in
the US and Switzerland. In the last three years,
Jürg Werner has not been a member of the Exe-
cutive Committee or had any material business
relationships with the Komax Group.
Self-evaluation
The Board of Directors regularly undertakes a comprehensive evaluation of its own work and that
of its committees in order to reflect and improve on an ongoing basis. A structured questionnaire
dealing with topics such as the strategy process, cooperation, the flow of information, success plan-
ning, and risk management is used to collate and analyze assessments, suggestions, and criticisms
from each individual member of the Board of Directors. The results are then evaluated in terms of
both quality and quantity at a Board meeting, with the insights gained being implemented continu-
ously. In addition, the Board of Directors periodically considers the option of an external evaluation
and scrutinizes the composition of the Board.
Overview of meetings and committees of the Board of Directors
Members
Number of
ordinary
meetings
Number of
extra-
ordinary
meetings
Attendan-
ce rate in
meetings
Average
meeting
duration1
Additional frequent participants
Board of Directors
All
6
1
100%
7.0 hours
CEO, CFO
Remuneration
Committee
Roland Siegwart (Chair),
Beat Kälin, Andreas Häberli
2
22
100%
4.5 hours
CEO, Vice President Group
Human Resources
Audit Committee
David Dean (Chair),
Jürg Werner, Mariel Hoch
3
0
100%
3.0 hours
CEO, CFO
Sustainability and
Innovation Com-
mittee
Andreas Häberli (Chair),
Roland Siegwart,
Jürg Werner
2
0
100%
4.0 hours
CEO, Executive Vice
President Market & Digital
Services, Vice President
Group Communications /
Investor Relations / ESG
1 These average times do not include the preparatory and follow-up work done by the individual members.
2 The purpose of the two extraordinary meetings was to evaluate Roland Siegwart’s succession as a member of the Board of Directors.
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Committees
Within the Board of Directors, there are three committees that are exclusively made up of non-
executive members.
– Remuneration Committee
This committee amalgamates the tasks of the remuneration and nomination committee. The Remu-
neration Committee consists of a maximum of three non-executive members. The Committee is
elected by the Annual General Meeting. The members’ term of office ends with the conclusion of
the next Annual General Meeting. Re-election is permissible. The Board of Directors is proposing
to the Annual General Meeting of 16 April 2025 that two of the three current members be re-elected.
It is proposing that Annette Heimlicher be elected to succeed Roland Siegwart.
The Articles of Association provide no regulations regarding the appointment of Committee
members that deviate from statutory provisions. If a member leaves the company prior to comple-
ting their term of office, the Board of Directors will appoint a replacement from among its number
for the remaining period of office. The Remuneration Committee meets at least twice a year. The
invitation, which contains details of the agenda items, is issued in writing at least ten days prior to
the meeting. The CEO, other members of the Executive Committee, and members of the statutory
auditors or other specialists may attend these meetings in an advisory capacity. The members of
the Executive Committee are not present when their own remuneration is discussed.
The Committee Chair reports to the Board of Directors on the activities of the Committee after
every meeting. The minutes of Committee meetings are made available to the members of the
Board of Directors. The detailed tasks and competencies of the Remuneration Committee are
formulated in a set of Regulations for the Remuneration Committee. These are summarized in the
Compensation Report (› pages 142/143).
– Audit Committee
The Committee consists of a maximum of three non-executive members of the Board of Directors
and assists the Board with its supervisory duties relating to corporate governance.
The tasks of the Audit Committee include the overall supervision of the external and internal
auditors, as well as financial reporting. It meets at least twice a year. The Audit Committee sets out
the scope and schedule of the audits to be carried out by the two auditing bodies and also coordi-
nates their work. It likewise checks the work they produce and their independence. With regard to
external auditors, it approves the fees paid and formulates recommendations in respect of nomina-
tions or changes at the General Meeting. The Audit Committee also examines non-financial reporting.
Both the external and internal auditors draw up a report on their audit work, and the Audit
Committee monitors the implementation of the audit findings. Furthermore, the Audit Committee
evaluates the reliability of the internal control system and risk management, and acquires a picture
of the extent to which statutory and internal regulations are being adhered to (compliance).
The CEO and the CFO both attend all meetings of the Audit Committee. The external auditor
is invited to attend. The CFO represents the internal audit unit. Both bodies have access to the
minutes of the meetings of the Board of Directors and Executive Committee. The detailed tasks
and competencies of the Audit Committee are set out in the Organizational Regulations for the
Audit Committee.
– Sustainability and Innovation Committee
The Committee consists of a maximum of three non-executive members of the Board of Directors
and supports it in matters pertaining to sustainable corporate development as well as in reinforcing
the Komax Group’s technological leadership. It meets at least two times a year.
The Sustainability and Innovation Committee’s tasks include expanding the themes of techno-
logy, innovation, and sustainability, and supporting and advising the Executive Committee on the
strategic development of these themes. The Committee also defines the targets and key perfor-
mance indicators (KPIs) used to measure the work done in the area of innovation and sustainabi-
lity, monitors the Komax Group’s sustainability principles and reporting, and submits corresponding
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proposals to the Board of Directors. Further information on the ESG organizational structure:
› pages 83/84, TCFD Report.
Overall responsibility for the tasks and competencies assigned to the three committees essen-
tially remains with the Board of Directors.
Definition of areas of responsibility
According to Art. 716a (1) Swiss Code of Obligations and the Articles of Association of Komax
Holding AG, the tasks and obligations to be fulfilled by the Board of Directors include:
– Overall management of the company and issuance of the necessary directives.
– Defining the company’s organizational structure.
– Determining the principles of accounting, financial controlling, and financial planning.
– Appointing and removing the persons entrusted with managing and/or representing the company.
– Ultimate supervision of the persons entrusted with managing the company, specifically with respect
to prevailing legislation, the Articles of Association, regulations, and directives.
– Producing the Annual Report and the Compensation Report, making preparations for the Annual
General Meeting, and executing the resolutions passed by the Annual General Meeting.
– Monitoring solvency.
– Submitting an application for a moratorium on debt enforcement and informing a court in the
event of excessive indebtedness.
– Passing resolutions on supplementary contributions for shares not fully paid in.
– Resolutions for the approval of capital increases and the resulting amendments to the Articles of
Association.
The tasks, obligations, and powers of the Board of Directors, its Chair, and the Committees are set
out in detail in the Articles of Association, the Organizational Regulations of Komax Holding AG, and
in the Regulations for the Remuneration Committee, the Audit Committee, and the Sustainability and
Innovation Committee. These also define the rights, obligations, and competencies of the CEO and
Executive Committee. The relevant regulations are reviewed on a regular basis and amended where
necessary. The most recent adjustments have been in force since 3 March 2023. To the extent per-
mitted by law and by the Articles of Association, the Board of Directors has delegated operational
management of the company to the CEO of the Komax Group. The Executive Committee is made up
of the CEO, CFO, and four further members. The members of the Executive Committee are appointed
by the Board of Directors at the proposal of the Remuneration Committee.
Information and control instruments in respect of the Executive Committee
The CEO informs the Board of Directors at each ordinary meeting about the course of business,
important and critical transactions, and the status of the tasks delegated to the Executive Com-
mittee. In addition, the key data generated by the management information system (MIS) is discussed
at length with the CEO and CFO at these meetings. The Board of Directors is provided with full
details of the current course of business and the financial situation of the Group by means of monthly
digital reports between each meeting. In addition, the Chair of the Board of Directors and the CEO
are in regular contact to discuss important matters of company policy.
The risks in connection with business activities are systematically mapped, analyzed, monitored,
and managed each year using an institutionalized risk management system. These risks are amal-
gamated into groups according to their nature. They involve general external risks, business risks,
financial risks, risks arising in connection with ESG and compliance, as well as IT and reputational
risks. In the reporting year, the risk management process was analyzed and revised. With this, the
risks of the Group companies, including the newly acquired companies Hosver and the Alcava
Group, were evaluated by means of a “letter of assurance,” among other things. Further informa-
tion on risk management: › pages 87 and 112, ESG report, and › Financial Report page 182
onwards.
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The CEO is responsible for the operational side of risk management. The Executive Commitee is
supporting him in this task. Specially appointed process owners are assigned responsibility for the
management of key individual risks. These process owners take specific measures and monitor
their implementation. Every year, the Executive Committee informs the Audit Committee of the risks
identified and the measures taken as part of risk management activities. ESG risks are discussed
with the Sustainability and Innovation Committee. Each year, the Board of Directors uses this as a
basis for its risk assessments and introduces measures designed to eliminate or mitigate risks. The
Executive Committee reports immediately to the Board of Directors on critical business transac-
tions with potential or actual negative impacts on the Komax Group or its stakeholder groups that
have come to light as a result of complaints procedures or other proceedings, and/or have been
identified by the Komax Group in its companies or its business relationships, and these are discus-
sed within the framework of the Board of Directors and committee meetings.
The MIS of the Komax Group is organized as follows: Each subsidiary’s key balance sheet and
profit and loss figures are compiled and consolidated once a month. Additionally, a cash flow
statement and a number of other financial and non-financial indicators are compiled and consoli-
dated on a quarterly basis. A comparison is then made with the previous year and the budget. The
budget forecast is checked for attainability against the quarterly statements for each individual
company and on a consolidated basis. The half-year and annual figures are published.
Depending on the specific target involved, the progress made in achieving the ESG targets is
reviewed at different intervals but at least once a year. This is done using, inter alia, detailed ESG
data compilations and consolidations.
Using key controls, the internal control system (ICS) ensures proper and efficient management,
safeguards assets, monitors solvency, prevents and identifies offences and errors, and ensures
accurate and complete accounting records as well as timely preparation of reliable financial infor-
mation. A report setting out the results of these investigations and the corresponding measures
taken is submitted to the Audit Committee. The ICS and regular reviews of the ICS ensure early
identification and minimization of risks, weak points, and gaps in security. An additional aim is to
make employees more aware of and acquainted with the key risks.
The internal audit function evaluates the effectiveness of the ICS as well as of management and
monitoring processes. It also supports the Executive Committee in the risk management process.
Internal audit duties are performed by the Finance and Accounting unit of Komax Management AG,
Dierikon. This unit scrutinizes the individual operating units and the various business areas of the
Group at regular intervals, and on the basis of an annually updated audit plan. The internal auditors
report the results of their investigations to the Audit Committee. The Audit Committee reviews and
approves the scope of the audit, the audit plan, and the corresponding responsibilities. It also decides
on any measures to be implemented as a result of internal audit findings.
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4 EXECUTIVE COMMITTEE
As at 31 December 2024 the Executive Committee comprised the CEO, the CFO, and four further
members. Biographies of the individual members of the Executive Committee are provided on
pages 132/133.
Members of the Executive Committee
Function exercised since
Matijas Meyer, CEO
2015
Christian Mäder, CFO
2023
Oliver Blauenstein
2023
Jürgen Hohnhaus
2020
Tobias Rölz
2020
Marc Schürmann
2019
Other activities and interests
Aside from the mandates listed on pages 132/133, the members of the Executive Committee did
not exercise any activities on management or supervisory bodies of significant Swiss and foreign
corporate entities, institutions, or foundations under private or public law outside the Komax Group
as at 31 December 2024.
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MATIJAS MEYER (1970)
CEO since 2015, member of the Executive
Committee since 2010, with the Komax
Group since 2007, Swiss citizen, resident
in Ebikon (CH).
Matijas Meyer holds a degree in engineering
from ETH Zurich and an MBA from Cranfield Uni-
versity (UK). From 1998 to 2004, he worked in
product development at OC Oerlikon/ESEC and
from 2005 to 2006 in product management at
Tornos SA. He joined the Komax Group in 2007,
heading the French production and development
site in Rousset until 2010. He then took over as
Head of the Wire Business Unit and was appo-
inted as a member of the Komax Executive Com-
mittee. He has been CEO of the Komax Group
since 2015.
OLIVER BLAUENSTEIN (1971)
Executive Vice President, member of the
Executive Committee since 2023, with the
Komax Group since 2023, Swiss citizen,
resident in Zurich (CH).
Chairman of the Foundation Board of Stiftung
Benefit, Zurich.
Oliver Blauenstein holds a degree in electrical
engineering from ETH Zurich, where he also ob-
tained a doctorate. From 2004 to 2006 he was
Head of Product Management and Engineering
at Altec Electronic AG, going on to become Chief
Technology Officer for the Jaquet Technology
Group AG until 2008. From 2008 to 2022, he
held various management positions at ABB in
Switzerland, Italy, and China. Most recently, he was
Division Manager Process Automation Energy
Industries at ABB. Since 2023 Oliver Blauenstein
has worked for the Komax Group and is a mem-
ber of the Executive Committee. He heads up
the Komax Group’s Quality Solutions Business
Unit.
CHRISTIAN MÄDER (1969)
CFO since 2023, member of the Executive
Committee since 2023, with the Komax
Group since 2023, Swiss citizen, resident
in Kölliken (CH).
Member of the Board of Directors of O. Kleiner AG,
Wohlen.
Christian Mäder is a Swiss Certified Expert in
Accounting and Controlling. He has held various
management roles at international companies
(KPMG, AFRY) since 1993. He worked for the
Swisslog Group from 2000 to 2015, and as CFO
and member of the executive management
team for ten of these years. From 2015 to 2023,
Christian Mäder was CFO of the Artemis Group,
and he held additional roles as Chairman of the
Board of Directors of Franke Holding AG, Vice
Chairman of the Board of Directors of Feintool
International Holding AG, and CEO/President of
the Artemis Asset Management Group. He joined
the Komax Group in August 2023 and has been
CFO and thus a member of the Executive Com-
mittee since October 2023.
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MARC SCHÜRMANN (1971)
Executive Vice President, member of the
Executive Committee since 2019, with the
Komax Group since 1995, Swiss citizen,
resident in Zug (CH).
Member of the Board of Directors of Abnox AG,
Cham.
Marc Schürmann graduated as a business tech-
nician and has an Executive MBA through the
Rochester-Bern executive program. He joined
the Komax Group in 1995, initially as a service
technician and then held various management
positions in Switzerland and abroad. Among his
various positions, Marc Schürmann worked for
Komax France for five years and was Managing
Director of Komax China in Shanghai for two
years. From 2010 to 2017, he was a member of
the Executive Committee of the Wire Business
Unit of the Komax Group, latterly as Head of
Marketing, Sales & Service. Marc Schürmann
was Managing Director of Komax AG in Switzer-
land from 2018 to 2023. Since 2018, he has also
headed up the Wire Processing Business Unit.
Marc Schürmann has been a member of the
Executive Committee since 2019. He is leaving
the Komax Group at the end of January 2025
to become CEO of another Swiss industrial
company.
TOBIAS RÖLZ (1977)
Executive Vice President, member of the
Executive Committee since 2020, with the
Komax Group since 2017, German and
Swiss citizen, resident in Thal (CH).
Tobias Rölz has a University of Applied Sciences
(FH) degree in business informatics and a Kel-
logg-WHU Executive MBA. From 2002 to 2008,
he worked for Continental AG, leading Group-wide
IT projects and managing international teams at
various locations in Germany and China. He was
then in various IT management positions at Hilti
AG in Schaan (LI) and Buchs until 2017, most
recently as Head of IT Workplace & Application
Services. Tobias Rölz joined the Komax Group
in 2017 and headed up the Global IT & Digital
Business department. Since 2020, he has hea-
ded up the Market & Digital Services Business
Unit and is a member of the Executive Committee.
JÜRGEN HOHNHAUS (1967)
Executive Vice President, member of the
Executive Committee since 2020, with the
Komax Group since 2019, German and
Swiss citizen, resident in Riedholz (CH).
Jürgen Hohnhaus holds a degree in mechanical
engineering and obtained his doctorate from the
University of Stuttgart’s Institute for Metal For-
ming Technology. From 2000 to 2008 he held
various management positions at Dieffenbacher
GmbH + Co. KG in Eppingen (DE). Subsequently
and until 2017 he was Chief Technology Officer
and a member of the Executive Committee at the
Bystronic Group. From 2018 to 2019, he headed
up the Products division at the Güdel Group.
Jürgen Hohnhaus joined the Komax Group in
2019 and has been a member of the Executive
Committee since 2020. He heads up the Soluti-
ons Business Unit, which focuses primarily on
customer-specific solutions for wire processing.
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Statutory regulations with respect to the number of permissible activities
In accordance with the Articles of Association, the number of permissible mandates of the members
of the Executive Committee in comparable roles at other companies with a commercial purpose
and which are not controlled by the company or do not control the company shall be a total of four
additional mandates for listed and non-listed companies, with the number of additional mandates
at listed companies limited to two as long, as this does not involve any breach of statutory provisi-
ons and in particular the applicable due diligence obligations and the duty of loyalty.
Mandates in different legal entities that are under common control or under the same beneficial
ownership count as a single mandate. Mandates undertaken by a member of the Executive Com-
mittee at the behest of a Group company are not covered by the additional mandate restrictions
set out here.
Executive Committee members may not accept any of the above-mentioned mandates without
the prior written approval of the Board of Directors. The assumption of mandates other than those
stipulated above is permissible without numerical restriction, as long as these mandates are unre-
munerated and do not interfere with the Executive Committee member’s fulfilment of their obliga-
tions vis-à-vis the company. The reimbursement of expenses does not count as compensation.
The notice period for open-ended contracts that form the basis for compensation for members
of the Executive Committee amounts to a maximum of twelve months. There are no contracts of
fixed duration.
Management contracts
No management agreements exist with companies or natural persons outside of the Group in rela-
tion to transferred management responsibilities.
5 COMPENSATION, SHAREHOLDINGS, AND LOANS
Details of compensation, shareholdings, and loans are set out in the Compensation Report (› pa-
ges 138–157).
6 SHAREHOLDER PARTICIPATION RIGHTS
The fundamental participation rights of shareholders are set out in the Swiss Code of Obligations
(CO) and supplemented by the provisions of the company’s Articles of Association. There are no
regulations on participation in the Annual General Meeting that deviate from statutory provisions.
The Articles of Association of Komax Holding AG are available in electronic form on the website
(www.komaxgroup.com/organization).
Shareholders may ask questions about and make proposals regarding agenda items and the
company at the General Meeting. They can also request information on particular aspects relating
to the company outside of the General Meeting, such as sustainable corporate development, social
matters, and matters of company policy. Group Communications / Investor Relations / ESG should
be contacted for this (› page 137).
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Voting rights and representation restrictions
Shareholders registered in the Komax Holding AG share register are entitled to vote – each share
is entitled to one vote. Komax Holding AG treasury shares do not confer the right to vote. Legal
entities and groups with joint legal status which are connected through capital, voting rights, manage-
ment, or in some other manner, along with all natural persons, legal entities, and groups with joint
legal status which act in concert by virtue of agreement, syndicate, or in some other manner, are
regarded as one person for the purposes of this provision. Representation by the independent proxy
remains reserved.
Shareholders may be represented at the Annual General Meeting by a representative of their
choice on the basis of a written power of attorney, and by the independent proxy on the basis of
electronic or written power of attorney. The Chair of the Annual General Meeting shall decide on
the permissibility of representation. The independent proxy is elected by the Annual General Meeting
up until the end of the next Annual General Meeting. The Articles of Association provide no regula-
tions regarding the appointment of the independent proxy that deviate from statutory provisions.
Statutory quorums
The Annual General Meeting votes on and passes its resolutions with the majority of votes represen-
ted, unless prevailing legislation or the Articles of Association contain mandatory provisions under
which resolutions have to be passed in a different way. In addition to the resolutions specified in CO
Art. 704, under the Articles of Association of Komax Holding AG, a two-thirds majority of votes cast
and a majority by value of shares voted is required to dismiss members of the Board of Directors.
Convocation of the Annual General Meeting of shareholders and agenda
The convocation of the Annual General Meeting is governed by applicable law. It must be convened
no later than 20 days prior to the chosen date by written letter or electronically in text form to the
shareholders entered in the share register through publication in the “Swiss Official Gazette of
Commerce” (“Schweizerisches Handelsamtsblatt”). Shareholders who individually or collectively
have at least 0.5% of the share capital or of the votes at their disposal can request that items be
placed on the agenda for discussion by submitting the proposed motions in writing within the dead-
line published by the company or that a proposal regarding an agenda item be included in the no-
tice to attend the shareholders’ meeting.
Entries in the share register
Any person acquiring shares is listed in the share register as a “shareholder without voting rights”
or a “shareholder with voting rights.” Only persons with a valid entry under one of these two hea-
dings shall be deemed to be shareholders.
Invitation to the Annual General Meeting
The invitation will set out the date, start time, type, and place of the General Meeting, the name
and address of the independent proxy, as well as all proposals for the agenda items together with
a brief explanation of the proposed motions.
All shareholders registered in the Komax Holding AG share register as at 5:00 p. m. on 9 April
2025 are entitled to vote in respect of the number of shares registered in their name at the Annual
General Meeting of 16 April 2025. Registered shares sold between this date and the Annual
General Meeting do not confer the right to vote. The admission ticket and ballot documentation will
be forwarded following completion of the registration process. Shareholders who acquire shares
in the days prior to the closure of the share register and whose registration application is received
by the Komax Holding AG share register no later than 5:00 p. m. on 9 April 2025 will receive their
invitation subsequently.
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7 CHANGES TO CONTROL AND DEFENSE MEASURES
Duty to make an offer
Upon reaching or exceeding a threshold of 33 ¹/3%, a shareholder or a group of shareholders acting
directly, indirectly, or in concert with one another must submit an offer to all shareholders of the
company to purchase their shares (Art. 135 FinMIA). The Articles of Association do not contain any
regulations on raising the threshold or opting-out or opting-up regulations.
Clauses on change of control
At the Komax Group, change-of-control clauses are not included in employment contracts. However,
the members of the Board of Directors, Executive Committee, and middle management are entitled
to exercise their share-based remuneration in part or in full, without regard of the applicable time
limits, in the event of a change in control.
8 AUDITORS
Duration of the mandate and term of office of the lead auditor
PricewaterhouseCoopers AG, Basel, has been the statutory auditor of Komax Holding AG and the
Komax Group’s consolidated financial statements since 1994. The Komax Group put its audit man-
date back out to tender in 2021, and following detailed analysis decided not to change its auditor.
Pursuant to the provisions of the Swiss Code of Obligations, the lead auditor is replaced after a
maximum term of seven years. Consequently, the lead auditor changed in the 2024 reporting year.
Audit fee
PricewaterhouseCoopers invoiced the Komax Group CHF 803 364 in the 2024 financial year for
services in connection with auditing the annual statements of Komax Holding AG and the Group
companies, as well as the consolidated statements of the Komax Group.
Additional fees
During the 2024 financial year, PricewaterhouseCoopers invoiced additional fees amounting to a total
of CHF 157 951. This breaks down into fees of CHF 106 526 for tax advice and CHF 51 425 for other
consultancy fees.
Information instruments of the external audit
The Audit Committee is responsible for evaluating the external auditors, who submit an audit report
to the Board of Directors and senior management. At least two consultations are held each year
between the external auditors and the Audit Committee, at which the material findings for each
company (management letters) and the consolidated financial statements covered by the audit report
are discussed in detail. The auditors also explain the audits conducted (audit and review) for each
company along with recent changes in Swiss GAAP FER standards and their impact on the Komax
Group’s consolidated annual statements. The services provided by the statutory auditors are eva-
luated by the Audit Committee on the basis of the quality of reporting and the audit reports, the
implementation of the audit plan, and the level of cooperation with the internal audit team. The inde-
pendence of the auditors is verified by comparing the fee for additional services charged by the
external auditors with the audit fee, taking into account the scope of these additional services.
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9 INFORMATION POLICY
Komax Holding AG informs all stakeholders transparently, rapidly, and simultaneously. The CEO,
CFO, and the Vice President Group Communications / Investor Relations / ESG are available as
contact partners for information purposes.
The consolidated financial statements are compiled in conformity with Swiss GAAP FER stan-
dards. Komax Holding AG publishes comprehensive financial results twice a year, for the first half
and the full year, in the form of media releases and annual/half-year reports in PDF format. The
publication dates and the date of the Annual General Meeting are available in the financial calendar
on the Komax Group website (www.komaxgroup.com/financial-calendar). Media and analyst con-
ferences are held at least once a year. In addition to the financial results, shareholders and the
financial markets are also regularly informed of significant changes and developments. Komax
Holding AG publishes facts relevant to its share price in conformity with the disclosure policies of
SIX Swiss Exchange Ltd (ad hoc publicity, Art. 53 of the Listing Rules). The Listing Rules can be
downloaded at www.ser-ag.com. The official publication for company notices is the Swiss Official
Gazette of Commerce (Schweizerisches Handelsamtsblatt).
Information on elements such as share price development, annual and half-year reports, the
financial calendar, the minutes from the most recent Annual General Meeting, media releases, and
Komax Holding AG’s Articles of Association and Organizational Regulations are available at
www.komaxgroup.com/invest-in-komax. Anyone who wishes to receive all media releases of Komax
Holding AG by email should sign up to the mailing list on the Komax Group’s website
(www.komaxgroup.com/media/mailing-list).
Contact
Komax Holding AG
Roger Müller
Vice President Group Communications / Investor Relations / ESG
Industriestrasse 6, 6036 Dierikon, Switzerland
Phone +41 41 455 04 55
communication@komaxgroup.com
10 TRADING BLACKOUT PERIODS
The Board of Directors has approved rules to prevent insider trading. For the Board of Directors, the
Executive Committee, the Managing Directors of all companies of the Komax Group, and various
other employees – particularly those from the finance area – who are in possession of price-rele-
vant information, specific blackout periods will apply to the trading of Komax shares. The general
trading blackout periods each year will be from 1 June and 1 December until one stock market
trading day after the publication of the annual and half-year reports respectively. The employees
will be notified each time via email prior to the start and the end of the blackout period.
The Chair of the Board of Directors and the CEO are also entitled to define trading blackout
periods for selected persons in individual cases. These might include persons involved in a project
with the potential to influence the price of Komax shares. No exceptions to these rules were granted
in the year under review.
ESG
Bericht
COMPENSATION
REPORT
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Introduction by the Chairman
of the Remuneration Committee
139
Compensation in the 2024
financial year at a glance
140
Compensation philosophy of the Komax Group
141
Tasks and competencies of the
Remuneration Committee
142
Provisions of the Articles of Association
on compensation
144
Principles of the compensation policy
145
Structure of the compensation system
146
Compensation and shareholdings
of the Board of Directors in 2024 (audited)
152
Compensation and shareholdings
of the Executive Committee in 2024 (audited)
153
Mandates outside the Komax Group (audited)
157
Report on the audit of the Compensation Report
158
This Compensation Report explains the philosophy behind the compensation concept of the Komax Group,
the compensation policy, the compensation systems, as well as the principles used to determine the
compensation of the Board of Directors and the Executive Committee of Komax Holding AG. In addition,
the compensation paid in 2024 is disclosed in detail, including a comparison with the previous year. The
Compensation Report has been drawn up in accordance with the provisions of the Swiss Code of
Obligations, the Directive on Corporate Governance (DCG) of SIX Swiss Exchange, and the principles
of the Swiss Code of Best Practice for Corporate Governance of economiesuisse.
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INTRODUCTION BY THE CHAIRMAN OF
THE REMUNERATION COMMITTEE
Dear Shareholder,
2024 was a very challenging year for the Komax Group. In Europe and Asia in particular, customers
were cautious in terms of investments. This resulted in a significant decline in revenues and opera-
ting profit that was much lower than in the previous year. The Komax Group reacted to the situation
with systematic cost-cutting drives and structural optimizations, thus laying the basis for future pro-
fitable growth. As the Komax Group pursues a strict pay-for-performance approach, the challenging
business trend in the reporting year impacted on the variable component of compensation (cash
bonus) for the Executive Committee members. This was 41% lower overall than in the previous year.
The compensation system remained unchanged in 2024. In order to ensure independence in
terms of supervision of the Executive Committee, members of the Board of Directors receive a fixed
compensation amount, which is regularly reviewed to ensure market conformity through a peer
comparison with other listed, internationally active Swiss industrial companies of comparable size
and complexity.
The members of the Executive Committee receive a fixed base salary and variable compensation,
the amount of which depends on the company’s performance and on the attainment of individual
targets for the individual Executive Committee members. 2024 marks the first year in which ESG
criteria have had an influence on the variable compensation of members of the Executive Committee
and other managers. This underscores the commitment and the desire of the Komax Group to
continuously improve its ESG performance and to contribute to sustainable development.
With this Compensation Report we have further increased transparency – including by means of
more detailed explanations of the performance evaluation process for the members of the Executive
Committee and disclosure of a target figure for long-term variable compensation.
The Remuneration Committee dealt, among other things, with succession arrangements for the
Board of Directors during the reporting year. To ensure good corporate governance, the term of
office for members of the Board of Directors is limited to twelve years. At the 2024 Annual General
Meeting, Kurt Haerri therefore did not stand for re-election, and Annette Heimlicher was elected as
a new Board member. At the 2025 Annual General Meeting, I, Roland Siegwart, will also not stand
for re-election – for the same reason – and will hand over the Chair of the Remuneration Committee.
We have a very experienced candidate for the Board of Directors in Daniel Lippuner, who will be
proposed for election to the Annual General Meeting on 16 April 2025. In addition, Beat Kälin has
decided to step down as Chair of the Board of Directors at the upcoming Annual General Meeting.
He will, however, remain a member of the Board. The Board of Directors proposes Andreas Häberli
as the new Chair. There were no changes to the Executive Committee during the reporting period.
However, Marc Schürmann, Executive Vice President Wire Processing, has decided to leave the
company at the end of January 2025 to take up the post of CEO at another Swiss industrial company.
At the Annual General Meeting on 16 April 2025 you will be able to vote on this Compensation
Report and share your views on the compensation system and the proposed maximum possible
compensation. This is very important to us. At the Annual General Meeting, Andreas Häberli and
Beat Kälin will stand for re-election and propose Annette Heimlicher for election to the Remuneration
Committee as a new member.
Yours sincerely
Prof. Dr. Roland Siegwart
Chairman of the Remuneration Committee
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COMPENSATION IN THE 2024 FINANCIAL YEAR
AT A GLANCE
Compensation of the Board of Directors
In order to ensure their independence in their supervisory function, members of the Board of Directors
receive a fixed proportion of their compensation in cash plus a fixed proportion in restricted shares.
In 2024, the total compensation of the Board of Directors amounted to CHF 1.09 million, and was
therefore in line with the maximum amount of CHF 1.23 million approved for the 2024 financial year
at the 2023 Annual General Meeting.
in CHF
Fixed compensation in cash
Fixed compensation in shares
Social benefits
Total compensation 2024
Total compensation 2023
Maximum total compensation for
2024 approved by the 2023 AGM
1 093 129
1 087 629
61 795
215 000
810 833
1 230 000
60 629
215 000
817 500
Compensation of the Executive Committee
The compensation of the members of the Executive Committee consists of a fixed base salary, a
variable cash bonus, and a long-term incentive system in the form of performance share units (PSUs)
with a three-year vesting period. In 2024, the total compensation of the Executive Committee amoun-
ted to CHF 3.72 million, and was therefore well below the maximum overall amount of CHF 6.95
million approved for the 2024 financial year at the 2023 Annual General Meeting.
Variable compensation 2024: 36%
Variable compensation 2024: 33%
CEO
Total other members of the Executive Committee
2024
2023
Fixed compensation
Cash bonus
PSU allocation
Social benefits
6%
10%
29%
30%
10%
12%
49%
54%
26%
11%
7%
12%
22%
53%
56%
13%
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COMPENSATION PHILOSOPHY
OF THE KOMAX GROUP
The Komax Group pursues a long-term business strategy with a view to creating lasting value for
the good of all stakeholder groups. Above-average profitability and sustainable growth are key
objectives here. This goes hand-in-hand with environmentally conscious, socially aware, and re-
sponsible conduct towards all stakeholder groups.
The compensation philosophy is designed to be in alignment with this corporate strategy and
the nature of the Komax Group’s business model. The compensation amounts paid to the Execu-
tive Committee should be attractive in order to acquire and retain outstanding managers while at
the same time setting incentives for the long-term success of the Komax Group. In addition, it
should be fair and transparent. To this end, the Komax Group has created a compensation system
that offers a balance of short-term and long-term as well as fixed and variable components. It
adheres to both commercial and ethical principles in equal measure.
Principles of the Komax Group’s compensation philosophy – what matters to us
The Komax Group is a globally active technology company in the machinery industry, and primarily
sells industrial capital goods. Its business model is subject to economic fluctuations. These are ref-
lected in the variable component of compensation in order to reflect the Komax Group’s strict pay-
for-performance approach. The compensation paid to the Board of Directors and the Executive
Committee is geared to that paid by other internationally active Swiss and German industrial firms
that have qualified as a peer group with similar size, level of complexity, headcount, and market
capitalization. As is the case for other employees, the compensation of the Executive Committee
is based on job profile, responsibility, competence, and experience. There are key differences in
the amounts of variable compensation. The cash bonus for the Executive Committee is higher than
that of other employees who receive variable compensation, in order to ensure a direct link between
business development and individual performance. Furthermore, a long-term incentive system de-
pendent on the financial success of the company is in place in the form of performance share units.
The Komax Group takes care to ensure that the compensation of members of the Executive Com-
mittee is in reasonable proportion to that of other employees, as well as in line with market rates.
WE ...
– Pursue a clear pay-for-performance approach involving a mix of fixed and variable compensation.
– Align compensation with the commercial success of the Komax Group and the individual performance of
Executive Committee members.
– Pay only performance-related bonuses, not guaranteed bonuses.
– Regularly align performance-related compensation with shareholder interests.
– Focus on sustainable success through a long-term incentive system in order to harmonize the interests of
management and the long-term interests of shareholders.
– Are committed to fair compensation that is based on job profile, responsibility, competence, and experience.
– Provide transparency with regard to structure and the payment of compensation.
– Ensure that compensation is in line with market rates through regular external analysis of similar positions
in comparable companies in order to attract and retain top-quality managers.
– Define clearly measurable targets for each Executive Committee member.
– Define ceilings for compensation in order to ensure moderation.
– Do not pay severance compensation (“golden parachutes”).
– Do not reward short-term profit maximization and inappropriately high risks at the cost of long-term
company success.
– Restrict notice periods for Executive Committee members to a maximum of twelve months.
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The Komax Group also strives to achieve diversity on its Board of Directors in respect of age, gen-
der, and professional background, and is keen that the members should cover the broadest pos-
sible set of skills. With the election of Annette Heimlicher to the Board of Directors at the Annual
General Meeting of 17 April 2024, the Komax Group has a quota of 28.6% of women on the Board,
which is very close to the statutory gender representation quota of 30% for women on boards of
directors that entered into force in Switzerland in 2021. This factor will continue to be taken into
consideration when future vacancies are being filled.
4
TASKS AND COMPETENCIES OF THE
REMUNERATION COMMITTEE
The overall responsibility for the tasks and competencies assigned to the Remuneration Committee,
such as resolutions regarding compensation policy, the fundamental structuring of the compensa-
tion system, and the proposed compensation put before the Annual General Meeting, lies with the
Board of Directors. Under the Articles of Association, Organizational Regulations, and Regulations
of the Remuneration Committee of Komax Holding AG, the Remuneration Committee is the super-
visory body for staff and compensation policy within the Komax Group. The Committee amalga-
mates the tasks of a remuneration and nomination committee:
Delineation of competencies
CEO
Committee
Board of
Directors
Annual General Meeting
Compensation policy, including the principles of variable
compensation and participation programs
proposes
approves
Maximum total compensation for the Board of Directors
and the Executive Committee
proposes
submits
approves (binding vote)
Individual compensation of the members of the
Board of Directors
proposes
approves
Evaluation of the performance of the CEO
proposes
approves
Compensation of the CEO
proposes
approves
Evaluation of the performance of the other members of
the Executive Committee
proposes
approves
Individual compensation of the other members of the
Executive Committee
proposes
approves
Compensation Report
proposes
approves
confirms (advisory vote)
– Development and regular review of staff policy and compensation policy, including the principles of
variable compensation and participation programs.
– Annual review of, and proposals for, the maximum total compensation payable to the Board of Directors and
the Executive Committee, as well as preparation of the related proposals to the Annual General Meeting.
– Proposal on the individual compensation amounts payable to members of the Board of Directors and the
CEO within the limits approved by the Annual General Meeting.
– Resolutions on the compensation payable to the other members of the Executive Committee within the
limits approved by the Annual General Meeting.
– Succession planning for the Board of Directors, Executive Committee, and other key functions.
– Annual assessment of the independence of the members of the Board of Directors.
– Annual assessment of the performance of the CEO and the members of the Executive Committee.
– Preparation of the Compensation Report.
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The Committee monitors and regularly discusses trends and developments in the area of com-
pensation, including any changes to statutory provisions or changes to provisions on corporate
governance.
Under the Articles of Association, the Remuneration Committee consists of a maximum of three
non-executive members of the Board of Directors. The Committee is elected by the Annual General
Meeting. The members’ term of office ends with the conclusion of the next Annual General Meeting.
Re-election is permissible. The 2024 Annual General Meeting elected Roland Siegwart (Chairman),
Andreas Häberli, and Beat Kälin to the Committee. The Remuneration Committee meets as often
as business requires, but at least twice a year, generally in March and in December.
Overview of meetings of the Remuneration Committee in the 2024 reporting year
Ordinary meetings
Extraordinary
meetings1
Total
1
1
2
February
December
August
Topics addressed
Individual performance evaluation of the CEO and other members of the Executive
Committee and determination of variable compensation
•
Determination of compensation for the individual members of the Board of Directors
•
Proposal to the Annual General Meeting for the total amount of compensation for the
Board of Directors and Executive Committee for the 2024 financial year
•
Determination of the individual performance targets of the CEO and other
members of the Executive Committee
•
Approval of the Compensation Report
•
Personnel issues (including succession planning)
•
Corporate governance
•
Review of compensation and organizational regulations
•
Recruitment of a new member of the Board of Directors
•
1 The purpose of the two extraordinary meetings was to evaluate Roland Siegwart’s succession as a member of the Board of Directors.
In the reporting year, the Committee held two ordinary meetings and two extraordinary meetings;
in each case all members were present. Meetings lasted four and a half hours on average. The Chair
of the Committee may invite the CEO and other members of the Executive Committee to meetings
in an advisory (non-voting) capacity. However, the members of the Executive Committee do not take
part in discussions concerning their own performance and compensation. The Committee Chair
reports to the full Board of Directors on the activities of the Committee after every Committee meeting
and, where necessary, proposes adjustments to the compensation system. The minutes of Com-
mittee meetings are made available to all members of the Board of Directors.
Furthermore, the Committee may call in external individuals in a consulting capacity and draw
on their assistance when fulfilling its duties. No external consultants were called during the year
under review.
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5
PROVISIONS OF THE ARTICLES OF
ASSOCIATION ON COMPENSATION
In compliance with the provisions of the Ordinance against Excessive Remuneration in Listed Com-
panies Limited by Shares (according to the Swiss Code of Obligations), the Articles of Association
contain provisions relating to remuneration, which are reproduced below in abbreviated form (as
an excerpt) and set out in detail in Articles 13 and 25 of the Articles of Association.
The Articles of Association of Komax Holding AG can be found at www.komaxgroup.com/organization.
They also set out the number of permissible mandates that may be held by members of the Board
of Directors and Executive Committee in comparable roles at other companies with a commercial
purpose. These activities can be found in the profiles (› pages 125–127, and 132–133 Corporate
Governance).
Principles for the
compensation of
members of the
Board of Directors
– Members of the Board of Directors receive fixed compensation in cash as well as in shares under the
company’s employee participation program.
– The calculated value (fair value) of the shares at the time of allocation may not exceed the amount of
compensation paid in cash.
– The Board of Directors determines the conditions that apply to shares.
– The lock-in periods amount to at least three years.
Principles for the
compensation of
members of the
Executive
Committee
– Members of the Executive Committee receive a fixed base salary, variable performance-related compensa-
tion, and shares under the company’s employee participation program.
– The Board of Directors determines the conditions for the performance-related compensation component
on an annual basis. These are linked to the attainment of one or more performance criteria, whereby
these criteria are either company-related or individual in nature.
– The target amount may not exceed 50% of the annual fixed compensation. If targets are not attained, the
performance-related compensation may fall to zero. If all targets are significantly exceeded, it may go up
to a maximum of 100% of the annual fixed compensation.
– The Board of Directors determines the conditions that apply to shares/performance share units.
The calculated value (fair value) of the shares at the time of allocation may not exceed 100% of the
annual fixed compensation.
– Vesting takes place once after expiry of the three-year performance period.
Binding vote on the
compensation paid
to the Board of
Directors and
Executive Committee
– The Annual General Meeting holds a separate vote each year on the total amount of compensation
payable to the Board of Directors and to the Executive Committee.
– The vote has binding effect, and applies for the coming financial year to the relevant total maximum
amounts that may be paid to members of the Board of Directors and the Executive Committee.
Additional sum for
payments to mem-
bers of the Executive
Committee appoin-
ted after the binding
vote of the AGM
– The additional amount for payments to persons newly appointed to the Executive Committee after the
binding vote of the Annual General Meeting on payments may not exceed 30% of the approved total
amount of compensation payable to the Executive Committee.
Pension benefits
– The pension benefits of members of the Executive Committee are only paid within occupational domestic
and foreign pension plans provided by the company or its Group companies.
– The benefits for the insured persons and the employer contributions are solely drawn from the
above-mentioned plans and/or corresponding regulations.
– Retirement benefits are provided solely within the context of the company’s ordinary pension plans.
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6 PRINCIPLES OF THE COMPENSATION POLICY
6.1
BOARD OF DIRECTORS
The members of the Board of Directors only receive fixed compensation. This ensures that they are
independent in their supervision of the Executive Committee. Their compensation is paid in cash
and restricted shares, thereby ensuring alignment with the long-term interests of shareholders. The
amount of compensation reflects the importance of the mandate in question, and is based on the
typical levels of compensation paid to board members of other listed Swiss industrial companies
of comparable size and complexity. To this end, market analysis is commissioned by the Remune-
ration Committee at regular intervals. The last analysis in 2019 showed that the compensation of
the members of the Board of Directors was in line with the market. The compensation of this body
was not adjusted in 2024.
6.2
EXECUTIVE COMMITTEE
The compensation policy for the members of the Executive Committee is determined by the Board
of Directors. It is geared toward key principles that take into account the corporate strategy of the
Komax Group, which is designed to deliver profitable growth, as well as the company’s wider values
with respect to sustainability and social responsibility. The compensation system is intended to
provide an incentive to create and preserve value for shareholders.
The compensation paid to the Executive Committee is determined on the basis of the following
key factors:
Salary determination process
The Board of Directors strives to ensure that the compensation paid to the Executive Committee
is in line with both the market and performance. The aim is to support the corporate strategy in a
manner that is aligned with the interests of the shareholders. The amount and structure of the
compensation paid is periodically compared with similar roles at other internationally active com-
panies. In the reporting year, this review was carried out with specialists from Pricewaterhouse-
Coopers (PwC) and Willis Towers Watson, once it had been established that there were no conflicts
of interest in respect of the collaboration with PwC. The benchmarking group comprised a total of
35 companies from sectors including systems and mechanical engineering, automation, electrical
engineering, and the chemicals industry. Based on the results provided, compensation for the
Executive Committee members is adapted individually and over several stages.
The basis is the financial performance of the company and its relevant business areas, as well
as the attainment of individual targets agreed as part of the annual performance management
process. These targets are both financial and non-financial in nature.
Budget-related considerations, inflation, and wage trends in local markets are all incorporated
into the evaluation.
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7 STRUCTURE OF THE COMPENSATION SYSTEM
7.1
BOARD OF DIRECTORS
The members of the Board of Directors only receive fixed compensation. To strengthen the align-
ment of their interests with the long-term interests of shareholders, their compensation is paid partly
in cash and partly in restricted shares. The amount of the total compensation depends on the
responsibilities of the individual, the time taken up by their mandate, and their additional roles on
the committees of the Board of Directors. It is based on the structure set out below.
Fixed compensation for the Board of Directors
in CHF
Basic annual
fee (cash)
Annual
allocation of
restricted
shares1
Chair of the Board of Directors
217 500
60 000
Vice Chair of the Board of Directors
90 000
30 000
Member of the Board of Directors
90 000
25 000
Chair of a committee
10 000
0
Member of a committee
5 000
0
1 Fixed amount in CHF: is divided by the share price as per allocation date (average closing price over the last 40 trading days prior
to allocation) and rounded up to the nearest number of full shares.
Compensation is calculated according to the term of office. This begins with the election of the
individual members to the Board of Directors at the Annual General Meeting and lasts until the sub-
sequent Annual General Meeting. In the event of a member leaving or joining the Board of Directors
in between Annual General Meetings, the amount of compensation is based on the term of office
actually served during that year.
The amount of the defined basic fee is based on the assumption that the Board of Directors will
meet six times annually and each committee will meet twice. It covers all ordinary and extraordi-
nary meetings of the Board of Directors and the Committees.
The basic annual fee in cash is paid out in April and December for the current calendar year.
Restricted shares are allocated at the end of the member’s period of office shortly before the
Annual General Meeting. The lock-in period is three years. In the event of resignation from office
as a result of retirement, death, or disability, the entitlement to restricted shares is calculated pro
rata temporis. In such cases, the lock-in period may be either continued or rescinded at the discre-
tion of the Board of Directors. In the event of a change in company control, the lock-in period is
automatically rescinded.
Additional compensation may be paid for exceptional efforts that cannot be considered part of
ordinary activity by the Board of Directors. No additional compensation of this kind was granted
in 2024.
The compensation granted to members of the Board of Directors is subject to the standard
social security deductions. Members of the Board of Directors do not participate in the staff pension
plan of the Komax Group.
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7.2
EXECUTIVE COMMITTEE
In keeping with the principles of performance orientation and alignment with the long-term interests
of shareholders, the CEO and the other members of the Executive Committee receive a fixed salary
component, a variable, performance-related cash bonus for the fulfillment of financial and non-finan-
cial targets, a long-term incentive component in the form of performance share units, and occupa-
tional benefits. The Remuneration Committee reviews the variable compensation system regularly
in order to align compensation with the implementation of the corporate strategy as closely as
possible.
Overview of the compensation system for the Executive Committee
Long-term incentive system
– Allocation of performance share units (PSUs) with a three-year vesting period,
based on function and business results, up to a maximum of 100% of fixed
base salary
– Number of allocated PSUs = fixed amount in CHF divided by average price
over the last 60 trading days prior to the start of the vesting period
– Payment in shares based on degree of attainment of three performance
targets (revenue growth, EBIT margin, and total shareholder return [TSR]) over
three years, each of which contributes 1/3 to the calculation each year
– Payout bandwidth 0–150%
Cash bonus
– Target bonus max. 50% of fixed base salary
– CEO/CFO: 75% financial performance of Komax Group (revenues 25%,
EBIT 50%); 25% individual performance
– Other Executive Committee members: 75% individual performance (financial
and non-financial); 25% financial performance of Komax Group (EBIT)
– Payout bandwidth 0–175%, but up to max. 100% of fixed compensation
Fixed compensation
– Fixed base salary
Occupational benefits
– Fixed base salary and bonus actually paid out
Allocation of
performance
share units
based on
performance
achievement
level
Financial
performance of
Komax Group
(25%: revenues;
50%: EBIT)
Individual
performance
(25%)1
Insured salary
Fixed base salary
Revenue
growth (1/3)
EBIT margin
(1/3)
TSR
(1/3)
CEO/CFO
Other members
Target salary
in event of
100% target
attainment
Occupational benefits
Fixed compensation
Cash bonus
Long-term incentive system
Individual
performance
(75%)1
Financial
performance of
Komax Group
(25%: EBIT)
1 Attainment of the Executive Committee’s individual quantitative targets can fall anywhere within a bandwidth of 0% to 200%.
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Purpose
Driver
Performance criterion
Period
Instrument
Fixed
compensation
Attract, retain,
motivate
Function, market
comparability
–
Ongoing
Monthly cash
payments
Cash bonus
Pay for performance
Financial and indivi-
dual performance
Revenues, EBIT,
individual objectives
One year
Yearly cash payment
Long-term
incentive system
Align with sharehol-
der interests, pay for
performance
Function
Revenue growth,
EBIT margin, total
shareholder return
(TSR)
3 years
Performance share
units (PSUs)
Occupational
benefits
Protect against risks
Market comparability
–
Ongoing
Retirement savings/
insurance plan
Performance evaluation process
The principle underlying the performance evaluation of the Executive Committee is similar to the
one applied for other members of staff with variable compensation. Once the base salary has been
established in the December of the previous year, it begins with a target-agreement discussion in
January. Over the course of the business year, progress is then discussed at several points, within
the framework of Executive Committee meetings. The variable-compensation elements are deter-
mined in the February of the following year.
December of the
previous year
Determination of the base
salary and target bonus
for the following year
January
Target-agreement
discussion for the setting
of individual targets
Over the course
of the year
Discussion at Executive
Committee meetings of
progress being made
March of the
following year
Determination of variable-
compensation elements
(cash bonus and PSUs)
April of the
following year
Payout of cash bonus
a)
Fixed compensation
For all members of the Executive Committee, the fixed compensation component comprises the
fixed base salary and a fixed company car allowance in keeping with the current expense regulations.
Expense allowances are not included, as these are not considered compensation. The fixed salary
component and the cash bonus for 100% target attainment form what is known as the target salary.
The target salary is determined on the basis of the following factors:
– the tasks and responsibilities of the individual functions
– the standard market compensation rate for the function in question (external benchmark)
– an internal peer comparison taking into account the proportionality of internal wage structures
– the individual profile of the function holder, e. g. skills, experience, and performance
– the company’s available financial resources
b)
Cash bonus
The cash bonus depends on the financial performance of the company and the attainment of the
individually agreed objectives in the year under assessment. The target amount (target bonus) may
not exceed 50% of the annual fixed base salary for the CEO and all other members of the Executive
Committee. The cash bonus is paid out in April of the following year.
CEO and CFO
The cash bonus payable to the CEO and CFO is calculated as follows: 75% on the basis of the finan-
cial performance of the Komax Group (Group revenues 25% and Group EBIT 50%) and 25% on the
basis of individual performance. The Board of Directors determines the performance achievement le-
vel and the amount of the cash bonus payable to the CEO annually on the recommendation of the
Remuneration Committee. Taking this as a basis, the Remuneration Committee then defines the per-
formance achievement level and the cash bonus of the CFO. If performance objectives are not attained,
the cash bonus may fall to zero. If all objectives are significantly exceeded, the cash bonus may amount
to a maximum of 175% of the target bonus, but no more than 100% of annual fixed compensation.
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Other members of the Executive Committee
The cash bonus payable to the other members of the Executive Committee is calculated as follows:
25% on the basis of the financial performance of the Komax Group (Group EBIT) and 75% on the
basis of individual financial and non-financial performance. The performance achievement level and
corresponding bonuses are determined by the Remuneration Committee on the recommendation
of the CEO. If performance objectives are not attained, the cash bonus may fall to zero. If all objec-
tives are significantly exceeded, the cash bonus may amount to a maximum of 175% of the target
bonus, but no more than 100% of annual fixed compensation.
Financial and individual target attainment
The attainment of the financial targets set for the Komax Group is evaluated after the end of the
financial year. It may fall anywhere within a bandwidth of 0% to 200%.
The individual performance component of the individual members of the Executive Committee
is based on the attainment of personal objectives agreed as part of the annual performance manage-
ment process. These objectives may be both quantitative (financial) and qualitative (above all
strategic) in nature. Strategic objectives may encompass, for example, the opening up of new
markets, the development of new products, the further development of a business unit, the impro-
vement of the Komax Group’s reputation, or the management of key projects or management
objectives. 2024 also saw the application of ESG targets that are linked with the 13 ESG targets
within the framework of current strategy (› pages 75/76, ESG Report). These targets form part of
the individual performance component. They are measured each year on the basis of quantitative
metrics and qualitative criteria. In the reporting year, the focus was on targets in the area of gover-
nance. Attainment of individual objectives is evaluated after the end of the financial year – it may
fluctuate within a range of 0% to 100%.
In order to avoid the Komax Group suffering any competitive disadvantages, the Board of
Directors has resolved not to disclose the financial and individual objectives in detail. Any detailed
communication of these objectives would allow competitors to acquire in-depth insight into the
Komax Group’s strategy, which could in turn jeopardize implementation of this strategy. The annu-
ally defined objectives are generally very ambitious, and are designed to help the Komax Group
achieve its mid-term financial targets.
c)
Long-term incentive system
To ensure that the interests of the Executive Committee are aligned with long-term shareholder
interests, the Komax Group has a long-term incentive system linked to the company’s financial per-
formance. This plan comprises performance share units (PSUs) with a three-year vesting period
that are dependent on the attainment of performance targets over a period of three years. Since
the 2022 financial year, performance targets have been structured over a broad base with three
performance indicators with equal weighting: revenue growth, EBIT margin, and TSR (total share-
holder return).
Calculation of target attainment on the basis of performance indicators
There is a target figure for revenue growth and EBIT margin that is paid out on a 100% basis with
full attainment of all objectives. Where objectives are exceeded, it can amount to a maximum of
200% per individual year but no more than 150% over three years (upper limit). If the objectives are
not attained, the cash bonus may fall to 0%.
For the purpose of calculating the TSR performance factor, the deviation of the Komax TSR from
the mean TSR of a peer group is relevant. The model applied here is that of normal distribution. In
addition, the highest TSR value from the peer group is not taken into consideration, nor is the lowest.
This basis is used to derive the mean as well as the standard deviation.
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Target
Lower limit (0%)
Target value (100%)
Upper limit (150%)1
Average TSR2
–2σ
0
+1σ
1 200% for each individual year, capped at 150% at the end of the performance period of three years
2 Standard deviation (σ)
The peer group is made up of twelve internationally active Swiss industrial companies listed on SIX
Swiss Exchange and included in the Swiss Performance Index. They are machinery companies
and/or suppliers to the automotive industry with a relevant size and with a relevant level of comple-
xity, headcount, and market capitalization. While reviewed each year, the peer group is only adjusted
if there are compelling grounds, such as in the event of a delisting. In the reporting year there were
changes at three companies in the peer group: Schaffner Holding AG was delisted and Starrag
Group Holding AG merged with Tornos Holding AG to form StarragTornos Group AG. The peer group
was therefore expanded to include Adval Tech Holding AG and SFS Group AG.
Peer group for the calculation of the TSR performance factor
Adval Tech Holding AG
Ems-Chemie Holding AG
Mikron Holding AG
Autoneum Holding AG
Feintool International Holding AG
Rieter Holding AG
Burckhardt Compression Holding AG
Huber+Suhner AG
SFS Group AG
Bystronic AG
Klingelnberg AG
StarragTornos Group AG
Performance targets and share price development are key to the calculation of the payout factor
of the allocated performance share units (PSUs), and take into account volatility of the Komax
Group’s business in the relevant reporting period. The company’s pay-for-performance philosophy
is thus consistently implemented. The Board of Directors determines the allocation amounts in CHF,
taking account of the importance of the function and its impact on corporate results. For the per-
formance period 2024–2026, PSUs were awarded on 1 January 2024.
Calculation of PSU allocation
The number of PSUs allocated is calculated by dividing a fixed CHF amount by the average closing
share price during the 60 trading days preceding the start of the vesting period. The allocation may
amount to a maximum of 100% of the fixed base salary. The effective payment at the end of the
three-year vesting period is made in shares and is dependent on the performance factor, which in
turn is based on achievement of the targets for revenue growth, EBIT margin, and total shareholder
return set by the Board of Directors. Each of these values has a weighting of ¹/3. The overall per-
formance factor is calculated based on the sum of the performance factors for the three individual
years, with each year weighted ¹/3. The payout factor may range from 0% to 150%. The actual value
of the allocation at the end of the vesting period therefore depends on the payout factor and the
share price of Komax Holding AG on the date of allocation.
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Shares are definitively issued according to the following vesting rules:
– Performance factor below threshold value: 0% of PSUs are converted into shares (forfeiture
rate of 100%).
– Performance factor on target: 100% of PSUs are converted into shares.
– Performance factor at maximum performance level: 150% of PSUs are converted into shares (cap).
The payout factor between the threshold value, the target level, and the cap is obtained by linear
interpolation.
Number of shares allocated
at time of vesting
Number of PSUs originally gran-
ted to the individual in question
Payout factor
(0–150%)
2024 plan year
2025 plan year
2026 plan year
=
×
Duration of plan
Plan period (2024–2026)
Sum of performance factors (revenue growth, EBIT margin, TSR) for the three individual years
1 January 2024
Allocation of PSUs
31 December 2026
End of the vesting period
(payout factor between 0% and 150%)
In the event of any termination of employment, pro rata vesting applies at the ordinary vesting date.
The calculation is based on the number of whole months that have elapsed within the vesting
period until the departure date. In the event of a change in control, accelerated pro rata vesting
applies. The calculation is based on the number of whole months that have elapsed by the date of
change in control.
d)
Occupational benefits
Members of the Executive Committee have insured their annual fixed compensation as well as their
target bonus. Contributions are graduated by age, and are shared equally between the insured
person and the employer. The benefits of the plan go beyond the statutory requirements of the
Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans, and are
in line with the market practice of other industrial companies in Switzerland.
e)
Other provisions in employment contracts
The employment contracts of members of the Executive Committee are concluded for an indefinite
period and stipulate a maximum notice period of twelve months. They do not contain any severance
agreement or change of control provisions.
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8 COMPENSATION AND SHAREHOLDINGS
OF THE BOARD OF DIRECTORS IN 2024
Section 8.1 of the Compensation Report was audited by the company’s external auditor.
8.1
COMPENSATION
In 2024, eight members of the Board of Directors received total compensation of CHF 1 093 129 (2023:
CHF 1 087 629), of which CHF 817 500 was paid out in cash (2023: CHF 810 833), CHF 215 000 in the
form of restricted shares (2023: CHF 215 000), and CHF 60 629 as social benefit contributions (2023:
CHF 61 795). No contributions were made to pension plans, as in the previous year. Total compensa-
tion was therefore in line with the maximum amount of CHF 1.23 million approved for the 2024 financial
year at the 2023 Annual General Meeting.
in CHF
Basic
annual fee1
Allocation of
restricted shares2
Social benefits3
Total
compensation
2024
Total
compensation
2023
Beat Kälin
Chairman
222 500
60 000
11 390
293 890
291 598
David Dean
Member
100 000
30 000
7 934
137 934
139 617
Andreas Häberli
Member
105 000
25 000
9 507
139 507
136 022
Kurt Haerri4
Member
31 667
7 292
4 020
42 979
128 832
Annette Heimlicher5
Member
60 000
17 708
4 347
82 055
n. s.
Mariel Hoch
Member
95 000
25 000
8 717
128 717
128 832
Roland Siegwart
Member
105 000
25 000
8 126
138 126
137 819
Jürg Werner
Member
98 333
25 000
6 588
129 921
124 909
Total Board of Directors
817 500
215 000
60 629
1 093 129
1 087 629
1 Basic annual fee in cash (incl. expense allowance).
2 Fixed amount in CHF: is divided by the share price as per allocation date (average closing price over the last 40 trading days prior to allocation) and rounded
up to the nearest number of full shares. The share price applied in 2024 was CHF 165.49.
3 Includes mandatory employer contributions to social insurance.
4 Member of the Board until 17 April 2024.
5 Member of the Board since 17 April 2024.
No compensation was paid to former members of the Board of Directors for the 2023 and 2024
financial years. Komax Group companies had not granted any guarantees, loans, advances, or
credits to members of the Board of Directors or parties closely linked to such persons as at 31 De-
cember 2024. No members of the Board of Directors or persons closely linked to them are or were
involved in Komax Group transactions outside their normal duties.
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8.2
HOLDINGS OF SHARES AS AT 31 DECEMBER 2024
As at the end of 2023 and 2024, the members of the Board of Directors had the following holdings
of shares in the company:
Assets in units
31.12.2024
31.12.2023
Shares
Shares
Beat Kälin
Chairman
11 375
11 012
David Dean
Member
1 829
1 648
Andreas Häberli
Member
779
622
Kurt Haerri1
Member
n. s.
3 421
Annette Heimlicher2
Member
230
n. s.
Mariel Hoch
Member
585
434
Roland Siegwart
Member
2 713
2 562
Jürg Werner
Member
206
55
Total Board of Directors
17 717
19 754
1 Member of the Board until 17 April 2024.
2 Member of the Board since 17 April 2024.
9 COMPENSATION AND SHAREHOLDINGS
OF THE EXECUTIVE COMMITTEE IN 2024
Sections 9.1 and 9.3 of the Compensation Report were audited by the company’s external auditor.
9.1
COMPENSATION AT GRANT VALUE
In the reporting year 2024, the six members of the Executive Committee received total compensa-
tion of CHF 3 720 461 (2023: CHF 3 831 285). Of this amount, CHF 2 074 800 was paid as fixed
compensation (2023: CHF 2 002 543), CHF 261 875 as cash bonuses (2023: CHF 440 391),
CHF 990 000 granted as performance share units (2023: CHF 910 000), and CHF 393 785 compri-
sed social security and pension fund contributions (2023: CHF 478 350). Total compensation for the
Executive Committee was therefore well below the maximum amount of CHF 6.95 million approved
for the 2024 financial year at the 2023 Annual General Meeting.
in CHF
Fixed
compensation1
Cash bonus2
PSU allocation
(plan period
2024–2026)3
Social
benefits4
Total
compensation
2024
Total
compensation
2023
Matijas Meyer5
CEO
544 959
61 875
300 000
95 178
1 002 012
1 043 290
Total other members of the
Executive Committee
1 529 841
200 000
690 000
298 607
2 718 449
2 787 995
Total Executive Committee
2 074 800
261 875
990 000
393 785
3 720 461
3 831 285
1 Expense allowances are not included in the fixed compensation as these are not considered compensation.
2 Bonus for 2024, payment in April 2025.
3 Fixed amount in CHF: is divided by the share price as per allocation date (average closing price over the last 60 trading days prior to allocation) and rounded
up to the nearest number of full shares. The share price applied in 2024 was CHF 190.85.
4 Includes mandatory employer contributions to social insurance of CHF 88 140 as well as contributions to occupational benefits (BVG).
5 Highest compensated member of Executive Committee in 2024.
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800
600
400
200
4
3
2
1
2024
20231
2022
2021
2020
Revenues
EBIT
Total compensation of CEO
1 Excluding one-time effects (revenues: CHF +10.9 million; EBIT: CHF +5.0 million).
Pay-for-performance approach taking the example of the CEO in a five-year comparison
Revenues/EBIT in CHF million
Total compensation of CEO in CHF million
9.2
NOTES ON COMPENSATION
The Komax Group looks back on an extremely challenging year. Customers invested less due to
surplus capacities as well as geopolitical uncertainties, and this led to a significant decline in order
intake, revenues, and operating profit. The Komax Group reacted early on, with rigorous cost
reductions and structural optimizations that were already showing results by the second half of the
year. In addition, the Executive Committee worked intensively on a number of further measures
aimed at strategy implementation. These included strengthening the market position in China, such
as with the acquisition of a majority stake in Hosver, as well as a stake in E-Plus. Individual perfor-
mance in various projects and the financial development of the Komax Group had an influence on
the variable compensation for the members of the Executive Committee.
Relation of variable to fixed compensation
In 2024, the CEO’s cash bonus amounted to 11% of fixed compensation (2023: 21%). This payout
level is based on the development of revenues and EBIT and the attainment of individual objectives.
For the other members of the Executive Committee, the cash bonus amounted to 13% of fixed
compensation (2023: 22%). The PSUs granted to the CEO in the year under review corresponded
to 55% of the annual fixed compensation (2023: 59%) and 45% for the other members of the Exe-
cutive Committee (2023: 41%). The cash bonus and PSU allocation are in line with the provisions
of the company’s Articles of Association.
The overall variable compensation of the CEO in 2024 amounted to 66% of the annual fixed
compensation (2023: 80%) and that of the other members of the Executive Committee to 58% (2023:
63%). Further details on the participation plans can be found in the notes to the 2024 consolidated
financial statements on pages 193–195.
Former members of the Executive Committee
For the 2024 financial year, no compensation was paid to members of the Executive Committee
who left the company. Komax Group companies had not granted any guarantees, loans, advances,
or credits to members of the Executive Committee or parties closely linked to such persons as at
31 December 2024. No members of the Executive Committee or persons closely linked to them are
or were involved in Komax Group transactions outside their normal duties.
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9.3
REALIZED COMPENSATION
Performance share units
The annually allocated performance share units (PSUs) are paid out to the members of the Execu-
tive Committee in the form of shares after a three-year vesting period. In 2024, this payout took
place for the period 2021–2023. The members of the Executive Committee received shares with a
total value of CHF 517 256 (allocation amount on 1 January 2021: CHF 470 000, relevant share price:
CHF 171.21). In 2023, shares with a total value of CHF 864 736 were remunerated.
The 2021–2023 allocation plan had a performance factor of 114.9%, made up of the revenue
growth, EBIT margin, and TSR over three years. Over the plan period of 2021 to 2023, the Komax
share price fell from CHF 171.21 to CHF 164.00. The number of transferred shares at the end of the
plan period, calculated using the performance factor, came to 10.1% in relation to the original all-
ocation on 1 January 2021.
Performance share units in a three-year comparison
Price at
point of allocation
in CHF
Price at
point of conversion
in CHF
Performance factor
Value development
of allocated share
packages
2019–2021
265.51
241.00
40.1%
–63.6%
2020–2022
219.65
244.00
150.0%
66.7%
2021–2023
171.21
164.00
114.9%
10.1%
Performance factors
In the 2022–2024 allocation plan period, the performance indicators recorded mixed developments
over the three years, resulting in a performance factor of 59.0% for the overall plan period. These
shares will be paid out in 2025.
Financial performance
(revenue growth and EBIT
margin)1
Total shareholder
return (TSR)
Overall performance
factor
2022
150.0%
150.0%
150.0%
2023
40.3%
0.0%
26.9%
2024
0.0%
0.0%
0.0%
Average 2022–2024
63.4%
50.0%
59.0%
1 Revenue growth and EBIT margin are weighted equally.
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Total compensation
The total compensation figure for 2024 of CHF 3 247 716 (2023: CHF 3 786 021) is significantly
below the maximum amount of CHF 6 950 000 approved at the 2023 Annual General Meeting
(2023: CHF 6 000 000).
in CHF
Fixed
compensation1
Cash bonus2
PSU allocation
(plan period
2021–2023)
Social
benefits3
Total
compensation
2024
Total
compensation
2023
Matijas Meyer4
CEO
544 959
61 875
242 064
95 178
944 076
1 110 022
Total other members of the
Executive Committee
1 529 841
200 000
275 192
298 607
2 303 640
2 675 999
Total Executive Committee
2 074 800
261 875
517 256
393 785
3 247 716
3 786 021
1 Expense allowances are not included in the fixed compensation as these are not considered compensation.
2 Bonus for 2024, payment in April 2025.
3 Includes mandatory employer contributions to social insurance of CHF 88 140 as well as contributions to occupational benefits (BVG). This amount entitles
members of the Executive Committee to draw the maximum state-insured pension benefits in the future.
4 Highest compensated member of Executive Committee in 2024.
9.4
HOLDINGS OF SHARES AS AT 31 DECEMBER 2024
As at the end of 2023 and 2024, the members of the Executive Committee had the following holdings
of shares in the company:
Assets in units
31.12.2024
31.12.2023
Shares
Shares
Matijas Meyer
CEO
7 970
6 494
Christian Mäder
CFO
250
250
Oliver Blauenstein
Executive Vice President
0
0
Jürgen Hohnhaus
Executive Vice President
0
0
Tobias Rölz
Executive Vice President
984
514
Marc Schürmann
Executive Vice President
1 754
1 083
Total Executive
Committee
10 958
8 341
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10 MANDATES OUTSIDE THE KOMAX GROUP
Pursuant to Art. 734e of the Swiss Code of Obligations, the comparable roles of the Members of
the Board of Directors and Executive Committee at companies with a commercial purpose are set
out below. More detailed information on individual profiles can be found in the Corporate Governance
Report (› pages 125–127 and 132/133).
Overview of the mandates of the Board of Directors and the Executive Committee 2024
(audited)
Mandates
Board of
Directors
Beat Kälin
CabTec Holding AG and Huber+Suhner AG (Member of the Board of Directors)
David Dean
Bossard Holding AG, Burckhardt Compression Holding AG, Brugg Group AG, and
Metall Zug AG (Member of the Board of Directors)
Andreas Häberli
PhenoSign AG (Chairman of the Board of Directors) and Kardex Holding AG (Member of the
Board of Directors)
Annette Heimlicher
Contrinex Holding AG, Integra Holding AG (Member of the Board of Directors)
Mariel Hoch
Comet Holding AG, MEXAB AG, and SIG Group AG (Member of the Board of Directors)
Roland Siegwart
Evatec Holding AG, NZZ Media Group, Tethys Robotics AG, and Voliro AG (Member of the
Board of Directors)
Jürg Werner
V-ZUG AG (Member of the Board of Directors)
Executive
Committee
Matijas Meyer
none
Christian Mäder
O. Kleiner AG (Member of the Board of Directors)
Oliver Blauenstein
none
Jürgen Hohnhaus
none
Tobias Rölz
none
Marc Schürmann
Abnox AG (Member of the Board of Directors)
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Report of the statutory auditor to the General Meeting of Komax Holding AG, Dierikon.
REPORT ON THE AUDIT OF THE
REMUNERATION REPORT
Opinion
We have audited the compensation report of Komax Holding AG (the Company) for the year ended
31 December 2024. The audit was limited to the information pursuant to article 734a-734f of the
Swiss Code of Obligations (CO) in the tables marked 'audited' on pages 152 to 157 of the compen-
sation report.
In our opinion, the information pursuant to article 734a-734f CO in the compensation report
(pages 152 to 157) complies with Swiss law and the Company’s articles of incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).
Our responsibilities under those provisions and standards are further described in the ‘Auditor’s
responsibilities for the audit of the compensation report’ section of our report. We are independent
of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss
audit profession, and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information comprises
the information included in the annual report, but does not include the tables marked 'audited' in
the compensation report, the consolidated financial statements, the financial statements and our
auditor’s reports thereon.
Our opinion on the compensation report does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the compensation report, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the audited financial information in the compensation report or our knowledge obtained in the audit,
or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.
Board of Directors’ responsibilities for the compensation report
The Board of Directors is responsible for the preparation of a compensation report in accordance
with the provisions of Swiss law and the Company’s articles of incorporation, and for such internal
control as the Board of Directors determines is necessary to enable the preparation of a compen-
sation report that is free from material misstatement, whether due to fraud or error. It is also char-
ged with structuring the remuneration principles and specifying the individual remuneration com-
ponents.
Auditor’s responsibilities for the audit of the compensation report
Our objectives are to obtain reasonable assurance about whether the information pursuant to
article 734a-734f CO is free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always
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detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influ-
ence the economic decisions of users taken on the basis of this compensation report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement in the compensation report, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not de-
tecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit pro-
cedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including any sig-
nificant deficiencies in internal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have
complied with relevant ethical requirements regarding independence, and communicate with them
all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, actions taken to eliminate threats or safeguards applied.
PricewaterhouseCoopers AG
Korbinian Petzi
Luan Vaidi
Licensed audit expert
Licensed audit expert
Auditor in charge
Basel, 10 March 2025
ESG
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FINANCIAL
REPORT
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Consolidated financial statements
161
Consolidated income statement
161
Consolidated balance sheet
162
Consolidated statement of shareholders’ equity
163
Consolidated cash flow statement
164
Notes on the consolidated financial statements
165
General information
165
Performance
167
Operating assets and liabilities
174
Capital and financial risk management
182
Group structure
186
Other information
192
Report on the audit of the consolidated financial statements
198
Financial statements of Komax Holding AG
203
Balance sheet of Komax Holding AG
203
Income statement of Komax Holding AG
204
Notes on the 2024 financial statements of Komax Holding AG
205
Proposal for the appropriation of profit
209
Report on the audit of the financial statements
210
Five-year overview
214
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Komax Group Annual Report 2024
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CONSOLIDATED INCOME STATEMENT
in TCHF
Notes
2024
%
2023
%
Net sales
621 990
743 165
Other operating income
1.2
8 462
19 758
Revenues
630 452
100.0
762 923
100.0
Change in inventory of unfinished and finished goods
3 657
–16 322
Cost of materials
–236 532
–272 175
Gross profit
397 577
63.1
474 426
62.2
Personnel expenses
1.3
–268 863
–277 021
Depreciation on property, plant, and equipment
2.4
–13 678
–13 718
Depreciation on intangible assets
2.5
–6 786
–6 460
Other operating expenses
1.3
–92 214
–104 419
Operating profit (EBIT)
16 036
2.5
72 808
9.5
Financial result
1.4
–8 657
–11 884
Group earnings before taxes (EBT)
7 379
1.2
60 924
8.0
Income taxes
1.5
–10 242
–17 088
Group earnings after taxes (EAT)
–2 863
–0.5
43 836
5.7
Of which attributable to:
– Shareholders of Komax Holding AG
–3 219
43 836
– Non-controlling interests
356
0
Basic earnings per share (in CHF)
1.6
–0.63
8.55
Diluted earnings per share (in CHF)
1.6
–0.63
8.53
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CONSOLIDATED BALANCE SHEET
in TCHF
Notes
31.12.2024
%
31.12.2023
%
Assets
Cash and cash equivalents
80 079
76 237
Securities
19
21
Trade receivables
2.1
121 896
143 278
Other receivables
2.1
25 761
23 566
Inventories
2.2
183 928
193 592
Accrued income and prepaid expenses
2.3
12 051
11 334
Total current assets
423 734
61.5
448 028
63.2
Property, plant, and equipment
2.4
223 801
222 919
Intangible assets
2.5
19 356
19 300
Deferred tax assets
1.5
18 541
17 190
Other non-current receivables
1 716
1 480
Financial assets
2.6
2 260
0
Total non-current assets
265 674
38.5
260 889
36.8
Total assets
689 408
100.0
708 917
100.0
Liabilities
Current financial liabilities
3.1
14 265
4 013
Trade payables
35 986
27 486
Other payables
2.7
57 914
70 366
Current provisions
2.7
5 357
5 364
Accrued expenses and deferred income
2.7
44 805
37 049
Total current liabilities
158 327
23.0
144 278
20.4
Non-current financial liabilities
3.1
163 426
165 172
Other non-current liabilities
3 677
2 246
Deferred tax liabilities
1.5
7 367
6 625
Total non-current liabilities
174 470
25.3
174 043
24.5
Total liabilities
332 797
48.3
318 321
44.9
Share capital
3.2
513
513
Capital surplus
326 783
334 475
Treasury shares
3.2
–1 750
–3 656
Retained earnings
29 981
59 264
Shareholders’ equity of Komax Holding AG
355 527
51.6
390 596
55.1
Non-controlling interests
1 084
0
Total shareholders’ equity
356 611
51.7
390 596
55.1
Total liabilities and shareholders’ equity
689 408
100.0
708 917
100.0
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CONSOLIDATED STATEMENT OF
SHAREHOLDERS’ EQUITY
in TCHF
Notes
Share capital
Capital surplus
Treasury shares
Goodwill offset
Currency differences
Other retained
earnings
Total retained
earnings
Shareholders’ equity
of Komax Holding
AG
Non-controlling
interests
Total shareholders’
equity
Balance as at
1 January 2023
513
348 591
–1 015
–290 646
–30 833
389 979
68 500
416 589
0
416 589
Group earnings after
taxes
43 836
43 836
43 836
0
43 836
Distribution out of
reserves from
capital contributions
–14 116
0
–14 116
0
–14 116
Dividend paid
–14 116
–14 116
–14 116
0
–14 116
Purchase of treasury
shares
3.2
–4 738
0
–4 738
0
–4 738
Share-based payments
2 097
–521
–521
1 576
0
1 576
Goodwill offset with
shareholders’ equity
4.2
–21 265
–21 265
–21 265
0
–21 265
Currency translation
differences recorded in
the reporting period
–17 170
–17 170
–17 170
0
–17 170
Balance as at
31 December 2023
513
334 475
–3 656
–311 911
–48 003
419 178
59 264
390 596
0
390 596
Balance as at
1 January 2024
513
334 475
–3 656
–311 911
–48 003
419 178
59 264
390 596
0
390 596
Group earnings after
taxes
–3 219
–3 219
–3 219
356
–2 863
Distribution out of
reserves from
capital contributions
–7 692
0
–7 692
0
–7 692
Dividend paid
–7 692
–7 692
–7 692
0
–7 692
Purchase of treasury
shares
3.2
–464
0
–464
0
–464
Share-based payments
2 370
–526
–526
1 844
0
1 844
Goodwill offset with
shareholders’ equity
4.2
–22 685
–22 685
–22 685
0
–22 685
Equity contribution from
non-controlling interests
0
0
725
725
Currency translation
differences recorded in
the reporting period
4 839
4 839
4 839
3
4 842
Balance as at
31 December 2024
513
326 783
–1 750
–334 596
–43 164
407 741
29 981
355 527
1 084
356 611
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CONSOLIDATED CASH FLOW STATEMENT
in TCHF
Notes
2024
2023
Cash flow from operating activities
Group earnings after taxes
–2 863
43 836
Adjustment for non-cash items
− Income taxes
1.5
10 242
17 088
− Depreciation on property, plant, and equipment
2.4
13 678
13 718
− Depreciation on intangible assets
2.5
6 786
6 460
− Profit (–) / loss (+) from sale of non-current assets1
435
–11 754
− Expenses for share-based payments
1 844
1 576
− Financial result
1.4
8 657
11 884
Interest received and other financial income
2 056
1 180
Interest paid and other financial expenses
–9 124
–11 275
Taxes paid
–9 957
–14 877
Increase (+) / decrease (–) in provisions
–651
476
Increase (–) / decrease (+) in trade receivables
26 001
34 252
Increase (–) / decrease (+) in inventories
19 515
2 077
Increase (+) / decrease (–) in trade payables
5 535
–9 834
Increase (–) / decrease (+) in other net current assets
–12 481
–22 741
Total cash flow from operating activities
59 673
62 066
Cash flow from investing activities
Investments in property, plant, and equipment
2.4
–14 859
–20 842
Sale of property, plant, and equipment
1 412
29 265
Investments in intangible assets
2.5
–6 103
–7 693
Sale of intangible assets
13
1 477
Investments in Group companies and participations2
2.6, 4.2
–23 954
–13 277
Sale of Group companies
4.2
–58
692
Total cash flow from investing activities
–43 549
–10 378
Free cash flow3
16 124
51 688
Cash flow from financing activities
Payments for current financial liabilities
–4 310
–8 712
Payments for non-current financial liabilities
–8 854
–12 079
Proceeds from current financial liabilities
3 702
0
Proceeds from non-current financial liabilities
12 359
0
Distribution out of reserves from capital contributions
–7 692
–14 116
Dividend paid
–7 692
–14 116
Purchase of treasury shares
3.2
–464
–4 738
Total cash flow from financing activities
–12 951
–53 761
Effect of currency translations on cash and cash equivalents
669
–4 425
Increase (+) / decrease (–) in funds
3 842
–6 498
Cash and cash equivalents at 1 January
76 237
82 735
Cash and cash equivalents at 31 December
80 079
76 237
1 Mainly profit from property held for sale in 2023.
2 Less cash and cash equivalents acquired. The amount shown relates to the acquisitions as described in note 4.2 and the newly added
financial assets in note 2.6.
3 No Swiss GAAP FER defined key figure, see note 5.5.
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NOTES ON THE CONSOLIDATED
FINANCIAL STATEMENTS
GENERAL INFORMATION
Headquartered in Dierikon, Switzerland, Komax Holding AG (parent company), together with its
subsidiary companies (the Komax Group), is a pioneer and market leader in the field of automated
wire processing, providing customers with innovative, future-oriented solutions in any situation that
calls for precise contact connections.
These consolidated financial statements were adopted by the Board of Directors of Komax
Holding AG on 10 March 2025 and released for publication. Their approval by the Annual General
Meeting, scheduled for 16 April 2025, is pending.
Accounting policies
The consolidated financial statements of the Komax Group are based on the individual financial
statements of the Group companies, compiled in accordance with uniform standards, as at 31 De-
cember 2024. The consolidated financial statements have been drawn up in accordance with the
entire existing guidelines of Swiss GAAP FER (Swiss Accounting and Reporting Recommendations).
Furthermore, the provisions of Swiss company law have been complied with. The consolidated
financial statements are based on the principle of historic acquisition cost (with the exception of
securities and derivative financial instruments, which are recorded at their fair values), and have
been drawn up under the “going concern” assumption.
The accounting and valuation principles relevant to an understanding of the annual financial
statements are described in the relevant explanatory notes.
Key recognition and measurement assumptions
Preparation of the consolidated financial statements requires the Board of Directors and Group Manage-
ment to make estimates and assumptions, whereby such estimates and assumptions have an effect on
the accounting principles applied and are reflected in the amounts stated under assets, liabilities, income,
expenses, and related disclosures. Their estimates and assumptions are based on past experience and on
various other factors deemed applicable in the current situation. These form the basis for reporting those
assets and liabilities that cannot be measured directly from other sources. The actual values may differ from
these estimates. The following material estimates are included in the consolidated financial statements:
Page
Recognition of revenue according to the POC method
168
Current and deferred income taxes
172
Impairment of property, plant, and equipment
176
Impairment of intangible assets and goodwill
180
Contingent consideration
181
Provisions
181
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Key events of the reporting period
The Komax Group looks back on an extremely challenging year. Customers invested less due to
excess capacities as well as geopolitical uncertainties, and this led to a significant decline in order
intake, revenues, and operating profit (EBIT). The Komax Group reacted early on, with rigorous cost
reductions and structural optimizations that will have a lasting impact. The long-term trend toward
automation remains stable. With streamlined structures and a lower cost base, the Komax Group
is well equipped to drive further progress in automation and grow profitably.
Due to a lower level of orders – in volume business in Europe in particular, but also in Asia and
in the United States – solid backlog of CHF 208.0 million at the end of 2023 declined to CHF 177.1
million over the course of 2024. Revenues were down 17.4% to CHF 630.5 million (2023: CHF 762.9
million). The decline in organic terms worked out at 16.6%, whereas acquisition-related growth was
positive at 2.3%. The foreign currency impact amounted to –1.8%. Operating profit stood at
CHF 16.0 million (2023: CHF 72.8 million). This included one-time effects of CHF 11.5 million, which
weighed on EBIT accordingly. Group earnings after taxes (EAT) amounted to CHF –2.9 million (2023:
CHF 43.8 million).
An area of focus in the year under review was the strengthening of the market position in China,
which was achieved inter alia with the acquisition of a majority stake (56%) in Hosver and a 5%
stake in E-Plus. While Hosver is the leading manufacturer of machines for processing high-voltage
cables for e-vehicles, E-Plus develops and distributes the most widely used manufacturing execut-
ion system (MES) in China for the production of wire harnesses. The localization of further products
for the Chinese market made further headway and production was transferred from the Komax site
in Shanghai to the Schleuniger site in Tianjin in order to bundle capacities and know-how.
The year under review saw the closure of the German production sites in Jettingen and Söm-
merda and, in Bulgaria, the Komax Testing Bulgaria site was discontinued. Further structural opti-
mizations are being implemented and are expected to be completed in 2025. These include discon-
tinuation of production at three further German sites (Porta Westfalica, Radevormwald, and
Wiedensahl) as well as at the site in Tokyo, Japan. In Switzerland, the Komax Group will focus its
activities at the sites in Dierikon and Thun. To this end, the Rotkreuz site transferred to the head-
quarters in Dierikon in 2024, with the Cham site following in early 2025.
Events after the balance sheet date
The Komax Group will take further steps in the optimization of its organizational structure. Produc-
tion will be discontinued at Schleuniger GmbH in Radevormwald, Germany, with effect from the
end of March 2025. In addition, the product portfolio in the high voltage and data cables segment
will be optimized, and the organizational structure in Dierikon adapted in line with the new organi-
zation. Apart from these events, there are no further significant events between the balance sheet
date and the approval of the consolidated financial statements by the Board of Directors on 10
March 2025 which might adversely affect the information content of the 2024 consolidated finan-
cial statements or which would require disclosure here.
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1
PERFORMANCE
In this section, we provide details of the 2024 result of the Komax Group. In addition to earnings
per share, we also provide details of revenues, expenses, the financial result, and taxes.
The operating profit of the Komax Group decreased from CHF 72.8 million in 2023 to
CHF 16.0 million in 2024. The chart below illustrates the year-on-year change between the current
reporting period and the prior year.
72.8
–0.3
12.2
16.0
in CHF million
EBIT 2023
Gross profit
Personnel
Depreciation
Operating
EBIT 2024
expenses
expenses
90
60
30
0
–30
–76.9
8.2
1.1
Segment information
The Komax Group is a global technology company that focuses on markets in the automation
sector. As a manufacturer of innovative and high-quality solutions for the wire processing industry,
the Komax Group helps its customers implement economical and safe manufacturing processes,
especially in the automotive supply sector. All Group companies are active in wire processing, have
a uniform customer base, and are centrally managed. The Board of Directors and the Group
Executive Committee, which make the key strategic and operating decisions, manage the Komax
Group primarily on the basis of the financial statements of the individual companies, the manage-
ment information system, and the consolidated financial statements. Due to the commercial simi-
larity and interconnections between the Group companies, the Komax Group presents its business
in amalgamated form as a single segment, in accordance with Swiss GAAP FER 31.
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1.2
Revenues
a)
Revenues by region
The percentage breakdown of revenues by region is as follows:
2024
2023
9.9%
Africa
11.6%
Africa
37.0%
Europe
45.1%
Europe
33.2%
North and
South
America
16.3%
Asia/
Pacific
19.9%
Asia/
Pacific
27.0%
North and
South
America
b)
Construction contracts
In the current reporting period, revenues of CHF 23.6 million (2023: CHF 14.6 million) were recor-
ded from long-term construction contracts on the basis of the POC method.
c)
Other operating income
in TCHF
2024
2023
Own work capitalized
1 398
1 969
Government grants
1 542
1 506
Gains from the disposal of non-current assets1
502
11 862
Insurance income
316
0
Other income
4 704
4 421
Total other operating income
8 462
19 758
1 2023: Mainly profit from property held for sale.
In the current period, revenues from the rental of operational buildings of CHF 0.8 million (2023:
CHF 0.8 million) were recognized in other income.
Key recognition and measurement assumptions
Automated assembly and production contracts are measured according to the POC method, provided the
assessment meets the requirements of Swiss GAAP FER 22, “Long-term contracts.” Although projects are
assessed monthly and in good faith in accordance with comprehensive project management guidelines,
subsequent corrections may be required. These corrections are made in the following period and may have
a positive or negative impact on revenue in this period.
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RECOGNITION AND MEASUREMENT
Revenue recognition
The Komax Group’s consolidated income statement is compiled using the nature
of expense method. Net sales comprise the fair value of considerations received
or receivable for the sale of goods and services in the course of ordinary business
activities after deducting VAT, returns, discounts, and price reductions, and eli-
minating intragroup sales. Revenues are recognized as described below. For any
intermediated transactions, only the value of services provided by Komax itself is
reported. Transactions with a number of individually identifiable component parts
are recorded and valued separately.
Sale of goods
Revenue from the sale of goods is recognized when risk and rewards of owner-
ship have been transferred to the buyer. All expenses connected with sales are
recognized on an accrual basis.
Sale of services
Revenue from the sale of services is recognized in accordance with progress on
the service according to the ratio of completed to still outstanding services to be
performed during the financial year in which the services are rendered.
Manufacturing
contracts
Manufacturing contracts in the automated assembly and production business
units, involving the customer-specific manufacture of systems, are valued
according to the percentage of completion method (POC) in accordance with
Swiss GAAP FER 22. On the balance sheet, these are reported either under
“Trade receivables” or “Other payables,” depending on the degree to which they
are underfinanced or overfinanced. The percentage of completion is calculated
according to the “cost-to-cost method” (costs incurred in relation to the overall
estimated costs of the contract). Anticipated project losses are recognized in
full in the income statement. Any costs of debt capital are capitalized provided
debt capital is raised for the purpose of financing the project and its costs can be
directly attributed to a manufacturing contract.
Government grants
Government grants are recognized if it is likely that the payments will be received
and the Komax Group can fulfill the conditions attached to such subsidies.
These are recognized in “Other operating income” regardless of when payment
is received and on a pro rata basis in the period in which the associated costs
are incurred, and charged to the income statement as an expense. Grants in the
form of short-time working compensation are offset against personnel expenses.
Grants relating to an asset are deducted from the carrying amount.
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1.3
Expenses
a)
Personnel expenses
in TCHF
2024
2023
Wages and salaries
–213 222
–221 189
Share-based payments settled with equity instruments
–1 844
–1 576
Share-based payments settled in cash
96
–158
Social security and pension contributions
–43 464
–42 915
Other personnel costs (in particular, training and development)
–10 429
–11 183
Total personnel expenses
–268 863
–277 021
Personnel expenses include compensation from short-time working of CHF 5.3 million (2023:
CHF 0.0 million).
b)
Other operating expenses
in TCHF
2024
2023
Expenditure on operating equipment and energy
–4 838
–4 974
Rental expenses
–8 821
–7 787
Repair and maintenance expenses
–29 551
–30 034
Third-party services for development expenses
–9 077
–11 186
Representation and marketing expenses
–14 691
–18 600
Legal and consultancy expenses
–9 911
–12 028
Shipping and packaging expenses
–6 455
–9 705
Expenditure on administration and sales
–6 020
–7 216
Insurance
–2 783
–2 701
Expenses from the liquidation of fixed assets
–67
–188
Total other operating expenses
–92 214
–104 419
Leases with the
Komax Group
as lessee
Only in exceptional cases does the Komax Group act as a lessee in financial lea-
se agreements. A financial lease arises when the lessor transfers virtually all the
risks and benefits associated with ownership of the leasing object to the lessee.
At the beginning of the contract term, the object in question is recorded on the
balance sheet as both an investment asset and a liability at its fair value or (if
lower) at the net cash value of future leasing payments. Every lease installment is
broken down into financing costs on the one hand and repayment of the residual
debt on the other, so the interest rate remains constant for the residual liability.
Financing costs are booked directly to the income statement as an expense. Ca-
pitalized leasing objects are depreciated over their estimated economically useful
life, or (if lower) over the contractual period in question.
An operating lease agreement arises when a substantial proportion of the
risks associated with ownership remains with the lessor. Payments for operating
leasing agreements are booked to the income statement as an expense in a
linear way for the entire duration of the agreement.
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1.4
Financial result
in TCHF
2024
2023
Interest result (net)
–5 341
–5 186
Exchange rate translation differences (net)
–3 316
–6 698
Total financial result
–8 657
–11 884
1.5
Taxes
a)
Income taxes
in TCHF
2024
2023
Current income taxes
–9 434
–12 312
Deferred tax income (+) / tax expenses (–)
–808
–4 776
Total income taxes
–10 242
–17 088
Analysis of the tax rate
in TCHF
2024
%
2023
%
Group earnings before taxes (EBT)
7 379
60 924
Expected tax expenses
–4 485
60.8
–12 985
21.3
Impact of non-capitalized tax-loss carry forwards
–7 730
104.7
–5 379
8.8
Utilization of non-capitalized tax-loss carry forwards
190
–2.6
866
–1.4
Effect of changes in tax rate
–174
2.4
–84
0.1
Tax credits / charges from prior years
–82
1.1
142
–0.2
Effect of non-deductible expenses
–1 223
16.6
–420
0.7
Effect of non-taxable income
4 112
–55.7
1 112
–1.8
Non-reclaimable withholding taxes
–944
12.8
–543
0.9
Others
94
–1.3
203
–0.3
Effective tax expenses
–10 242
138.8
–17 088
28.0
As the Group operates internationally, its income taxes are dependent on a number of different tax
jurisdictions. The expected income 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.
The expected tax rate based on the ordinary result was 60.8% (2023: 21.3%).
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b)
Deferred tax assets and liabilities
in TCHF
31.12.2024
31.12.2023
Property, plant, and equipment / intangible assets
12 796
13 458
Trade receivables and inventories1
6 675
6 017
Provisions
3 587
2 875
Other items
2 135
1 463
Total deferred tax assets (gross)
25 193
23 813
Offset against deferred tax liabilities
–6 652
–6 623
Balance sheet deferred tax assets
18 541
17 190
Property, plant, and equipment / intangible assets
8 825
8 391
Trade receivables and inventories
3 209
2 867
Provisions
887
1 399
Other items
1 098
591
Total deferred tax liabilities (gross)
14 019
13 248
Offset against deferred tax assets
–6 652
–6 623
Balance sheet deferred tax liabilities
7 367
6 625
Net deferred tax assets (+) / tax liabilities (–)
11 174
10 565
1 Including unrealized intragroup profit.
The non-capitalized and unused tax-loss carry forwards expire as follows:
in TCHF
Within 5 years
After more than
5 years
Total
Expiry of unutilized tax-loss carry forwards
31 December 2024
10 212
97 312
107 524
31 December 2023
12 954
76 497
89 451
This results in a deferred tax claim (not recognized in the balance sheet) for as yet unutilized tax-
loss carry forwards of CHF 25.7 million (31 December 2023: CHF 19.4 million) as well as
CHF 3.4 million (31 December 2023: CHF 3.2 million) in non-recognized tax credits.
Key recognition and measurement assumptions
In determining the assets and liabilities from current and deferred income taxes, estimates must be made
on the basis of existing tax laws and ordinances. Numerous internal and external factors may have favorab-
le or unfavorable effects on the assets and liabilities from income taxes. These factors include changes in
tax laws and ordinances, as well as the way they are interpreted, in addition to changes in tax rates and the
total amount of taxable income for the particular location. Any changes may affect the assets and liabilities
from current and deferred income taxes carried in future reporting periods.
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RECOGNITION AND MEASUREMENT
Deferred taxes
Deferred and future tax expenses are calculated on the basis of the comprehen-
sive liability method. This method is based on the tax rates and tax regulations
applicable on the balance sheet date or which have in essence been enacted and
are expected to apply at the time the deferred tax claim is realized or the deferred
tax liability is settled. Deferred and future taxes are calculated on the basis of the
temporary differences in value between the individual balance sheets and balance
sheets for tax purposes. Such differences primarily exist in the case of non-current
assets, inventories, and some provisions. Deferred tax assets are recognized in the
amount corresponding to the probability that the Group companies in question will
generate sufficient future taxable income to absorb the relevant positive differences
in the tax assets.
Loss carry
forwards
Future tax savings from offsettable tax-loss carry forwards are not capitalized. The
use of these tax-loss carry forwards is recorded upon realization.
Temporary
differences on
investments
Deferred tax liabilities are not provided on temporary differences arising on invest-
ments in subsidiaries and associates, except where the timing of the reversal of the
temporary difference cannot be determined by the Group and it is consequently
probable that the temporary difference will not reverse in the foreseeable future.
1.6
Earnings per share (EPS)
in CHF
2024
2023
Group earnings (attributable to shareholders of Komax Holding AG)
–3 218 224
43 835 911
Weighted average number of outstanding shares
5 125 381
5 124 960
Basic earnings per share
–0.63
8.55
Group earnings (attributable to shareholders of Komax Holding AG)
–3 218 224
43 835 911
Weighted average number of outstanding shares
5 125 381
5 124 960
Adjustment for dilution effect of share-based compensation plans
0
15 012
Weighted average number of outstanding shares for
calculating diluted earnings per share
5 125 381
5 139 972
Diluted earnings per share
–0.63
8.53
RECOGNITION AND MEASUREMENT
Earnings per
share
Basic earnings per share are calculated by dividing the consolidated Group earnings
after taxes (EAT) by the average number of shares outstanding during the fiscal year,
excluding treasury shares. Diluted earnings per share are calculated by adding all
option rights and non-vested equity rights which would have had a dilutive effect to
the average number of shares outstanding.
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2
OPERATING ASSETS AND LIABILITIES
In this section we describe the current and non-current operating assets and liabilities. Among
other things, this includes further details on receivables, inventories, tangible assets, and
intangible assets.
2.1
Current receivables
a)
Trade receivables
in TCHF
31.12.2024
31.12.2023
Trade receivables
116 106
139 367
less provision for impairment
–3 754
–1 263
Accruals for construction contracts (POC)
19 893
11 239
less prepayments for construction contracts (POC)
–10 349
–6 065
Total
121 896
143 278
Overdue trade receivables that had not been written down amounted to CHF 41.1 million on
31 December 2024 (31 December 2023: CHF 50.3 million). Their maturity structure is set out in the
following table:
in TCHF
Number of days
1–30
31–60
61–90
91–120
>120
Total
As at 31 December 2024
20 779
6 590
4 094
1 807
7 796
41 066
As at 31 December 2023
20 961
8 126
4 817
3 574
12 854
50 332
b)
Other receivables
In addition to prepayments to suppliers of CHF 1.0 million (31 December 2023: CHF 1.6 million),
other receivables mainly comprise credits due from government organizations (tax authorities) and
bills receivable.
RECOGNITION AND MEASUREMENT
Current
receivables
Receivables are recorded at nominal value. Impaired receivables are value-adjusted
on an individual basis; no flat-rate value adjustments are calculated for the remaining
portfolio.
For manufacturing contracts of systems, the inventory includes all costs asso-
ciated with the systems as well as the production costs. The order costs comprise all
costs attributable to the contract from the date the order is received until the balance
sheet date. The order proceeds per manufacturing contract are recorded as at
31 December according to the POC.
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2.2
Inventories
in TCHF
31.12.2024
31.12.2023
Manufacturing components and spare parts
123 722
129 351
Semi-finished goods / work in process
29 326
35 002
Finished goods
59 533
49 882
Gross value inventories
212 581
214 235
less impairment
–28 653
–20 643
Inventories
183 928
193 592
RECOGNITION AND MEASUREMENT
Inventories
Inventories are valued at the lower of acquisition/production costs and net market
value. Acquisition/production costs encompass all direct and indirect expenses
incurred in bringing inventories to their current location or state (full costs). Dis-
counts are treated as acquisition price reductions. For all inventory components, the
ascertainment of value is undertaken for the most part in accordance with the FIFO
method. The current market price in the sales market in question is assumed when
determining net market value. Movement analyses are also carried out and items
that do not move over a longer period of time will be impaired.
2.3
Accrued income and prepaid expenses
in TCHF
31.12.2024
31.12.2023
Prepaid services
4 801
4 404
Prepayments for current taxes
1 254
1 949
Others
5 996
4 981
Total accrued income and prepaid expenses
12 051
11 334
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2.4
Property, plant, and equipment
in TCHF
Undeveloped
property
Land
Buildings
Machines and
equipment
Other tangible
fixed assets
Assets under
construction
Total proper-
ty, plant, and
equipment
Costs
As at 31 December 2022
1 444
31 640
194 671
64 698
16 449
3 338
312 240
Additions
0
0
6 405
7 872
3 442
3 123
20 842
Disposals
0
0
0
–1 220
–1 549
0
–2 769
Change in scope of conso-
lidation
0
363
932
745
179
0
2 219
Reclassifications
0
0
852
2 011
–39
–2 824
0
Currency differences
0
–508
–3 168
–2 393
–731
–79
–6 879
As at 31 December 2023
1 444
31 495
199 692
71 713
17 751
3 558
325 653
Additions
0
0
820
3 733
1 612
8 694
14 859
Disposals
0
–782
0
–2 251
–2 125
0
–5 158
Change in scope of conso-
lidation
0
0
0
90
239
0
329
Reclassifications
–1 141
1 141
–242
1 030
556
–1 344
0
Currency differences
0
152
1 000
77
265
102
1 596
As at 31 December 2024
303
32 006
201 270
74 392
18 298
11 010
337 279
Depreciation
As at 31 December 2022
0
0
–44 083
–38 142
–11 319
0
–93 544
Additions
0
0
–5 949
–5 638
–2 131
0
–13 718
Disposals
0
0
0
1 412
1 146
0
2 558
Currency differences
0
0
37
1 564
369
0
1 970
As at 31 December 2023
0
0
–49 995
–40 804
–11 935
0
–102 734
Additions
0
0
–5 827
–5 714
–2 137
0
–13 678
Disposals
0
0
0
1 955
1 790
0
3 745
Reclassifications
0
0
5
505
–510
0
0
Currency differences
0
0
–331
155
–635
0
–811
As at 31 December 2024
0
0
–56 148
–43 903
–13 427
0
–113 478
Book values
As at 31 December 2022
1 444
31 640
150 588
26 556
5 130
3 338
218 696
As at 31 December 2023
1 444
31 495
149 697
30 909
5 816
3 558
222 919
As at 31 December 2024
303
32 006
145 122
30 489
4 871
11 010
223 801
Key recognition and measurement assumptions
A test is performed at least once a year to determine whether there are any indications of impairment of
property, plant, and equipment. If there are indications of impairment, impairment tests are carried out for
the corresponding property, plant, and equipment. To determine whether impairment exists, estimates are
made of the expected future cash flows arising from use. Actual cash flows may differ from the discounted
future cash flows based on these estimates.
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RECOGNITION AND MEASUREMENT
Property, plant, and equipment
Property, plant, and equipment are accounted for at historical acqui-
sition or production cost less accumulated depreciation. Borrowing
costs incurred during the construction phase through the financing of
assets under construction are part of the acquisition cost if they are
material. Depreciation is linear over the expected service lifetime.
DEPRECIATION PERIOD
Asset category
Years
Machinery
7–10
Tools
7
Measuring, testing, and
controlling devices
5
Operating installations
10
Warehouse installations
10–14
Vehicles
5–8
Office equipment
3–10
Information technology
3–5
Solar systems
20
Factory buildings
33
Office buildings
40
Land
no depreciation
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2.5
Intangible assets
a)
Movements in intangible assets
in TCHF
Software
Patents and
customer base
Software in im-
plementation
Total intangible
assets
Costs
As at 31 December 2022
47 326
5 252
2 517
55 095
Additions
6 171
0
1 522
7 693
Disposals
–2 072
–200
0
–2 272
Change in scope of consolidation
152
0
0
152
Reclassifications
1 416
0
–1 416
0
Currency differences
–763
–103
–53
–919
As at 31 December 2023
52 230
4 949
2 570
59 749
Additions
3 339
7
2 757
6 103
Disposals
–96
–22
–3
–121
Change in scope of consolidation
100
0
0
100
Reclassifications
1 817
0
–1 817
0
Currency differences
874
77
–17
934
As at 31 December 2024
58 264
5 011
3 490
66 765
Depreciation
As at 31 December 2022
–30 328
–5 007
0
–35 335
Additions
–6 230
–230
0
–6 460
Disposals
585
200
0
785
Currency differences
464
97
0
561
As at 31 December 2023
–35 509
–4 940
0
–40 449
Additions
–6 784
–2
0
–6 786
Disposals
90
18
0
108
Currency differences
–205
–77
0
–282
As at 31 December 2024
–42 408
–5 001
0
–47 409
Book values
As at 31 December 2022
16 998
245
2 517
19 760
As at 31 December 2023
16 721
9
2 570
19 300
As at 31 December 2024
15 856
10
3 490
19 356
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b)
Goodwill
Goodwill is offset against Group shareholders’ equity upon the acquisition of a subsidiary or the
interest in an associated company. Assuming a useful life of five years for trading companies ac-
quired and ten years for production operations acquired (including the Schleuniger Group acquired
in 2022), plus depreciation on a straight-line basis, the theoretical capitalization of goodwill would
have the following impact on the consolidated balance sheet:
in TCHF
2024
2023
Historical costs as at 1 January
307 565
288 544
Additions
22 685
21 265
Currency differences
1 030
–2 244
Historical costs as at 31 December
331 280
307 565
Theoretical accumulated depreciation as at 1 January
–95 576
–69 649
Theoretical depreciation
–28 573
–27 059
Currency differences
–553
1 132
Theoretical accumulated depreciation as at 31 December
–124 702
–95 576
Theoretical net book value as at 31 December
206 578
211 989
The additions to goodwill in the year 2024 comprise goodwill from the acquisitions of Hosver China,
Seno Property Czech Republic, and Seno Romania.
The capitalization and depreciation of goodwill would have the following theoretical impacts on
shareholders’ equity and Group earnings after taxes:
in TCHF
31.12.2024
31.12.2023
Shareholders’ equity according to balance sheet
356 611
390 596
Theoretical capitalization of net book value of goodwill
206 578
211 989
Theoretical tax impacts
1 017
886
Theoretical shareholders’ equity
564 206
603 471
in TCHF
2024
2023
Group earnings after taxes (EAT) according to income statement
–2 863
43 836
Theoretical goodwill depreciation
–28 573
–27 059
Theoretical tax impacts
68
68
Theoretical Group earnings after taxes (EAT)
–31 368
16 845
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Key recognition and measurement assumptions
Intangible assets and goodwill are tested for impairment if indicators reflect a possible impairment. To de-
termine whether impairment exists, estimates are made of the expected future cash flows arising from use.
Actual cash flows may differ from the discounted future cash flows based on these estimates.
RECOGNITION AND MEASUREMENT
Software
Purchased software licenses are capitalized at acquisition or production cost plus
costs incurred in readying them for use. The total acquisition cost is amortized on
a linear basis over three to eight years. Costs associated with the development or
maintenance of software are recorded as expenses at the time they are incurred.
Patents
Patents are recognized at historical acquisition cost less cumulative amortization.
Acquisition costs are written down in a linear way over patent life.
Research and
development
Research and development expenditure is fully charged to the income statement.
These costs are contained in the positions “Personnel expenses” and “Other opera-
ting expenses.”
Goodwill
Companies acquired over the course of the year are revalued and consolidated at
the point of acquisition in keeping with standardized Group principles. The difference
between the acquisition cost (including material transaction costs) and the prorated
fair value of the net assets acquired is described as goodwill. In the context of ac-
quisitions, intangible assets that were previously not recognized and are of relevance
to acquisition-of-control decisions have been identified and recorded on the balance
sheet. Goodwill can also arise from investments in associated companies, whereby
this amounts to the difference between the acquisition cost of the investment and
the prorated fair value of the net assets acquired. The goodwill resulting from ac-
quisitions is directly offset against Group shareholders’ equity. If the purchase price
contains components that are dependent on future results, these components are
estimated as accurately as possible at the point of acquisition and then capitalized.
In the event of deviations when the purchase price is definitively settled at a later
date, the goodwill offset against shareholders’ equity is adjusted accordingly. In case
of disposal, acquired goodwill offset with equity at an earlier date is to be considered
at original cost to determine the profit or loss recognized in the income statement.
2.6
Financial assets
In 2024, the Komax Group acquired minority stakes of 5% in E-Plus in China and 3% in Smans in
Belgium. E-Plus is the largest provider of digital smart factory solutions for the wire processing in-
dustry in China. Smans is a long-standing Komax representative for the Benelux countries.
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2.7
Other liabilities
a)
Other payables
in TCHF
31.12.2024
31.12.2023
Prepayments by customers
30 626
34 103
Current income tax liabilities
6 056
8 492
Prepayments for construction contracts (POC)
2 701
4 600
Less accruals for construction contracts (POC)
–1 718
–2 657
Commissions not yet invoiced to agents
6 105
7 686
Other positions1
14 144
18 142
Total other payables
57 914
70 366
1 Includes, among other things, liabilities against government organizations (tax authorities and social contributions).
Key recognition and measurement assumptions
For the determination of the fair value of a contingent consideration, profit and revenue forecasts and the
current exchange rates are used, which might result in a higher or lower fair value measurement. The conti-
nued employment of certain selling shareholders has also been assumed.
b)
Current provisions
in TCHF
2024
2023
Total as at 1 January
5 364
5 207
Additional provisions
2 568
3 127
Amounts utilized during the year
–1 222
–2 418
Unused amounts reversed
–2 056
–391
Currency differences
62
–187
Change in scope of consolidation
641
26
Total as at 31 December
5 357
5 364
Current provisions are warranty provisions that include material and personnel costs in relation to
warranty work.
Key recognition and measurement assumptions
In relation to machines and systems already delivered, the Komax Group calculates the necessary warranty
provisions on the balance sheet date on the basis of analysis and estimates. The actual costs may differ
from the provisions stated. Any differences may affect the provision carried for warranty events in future
reporting periods and therefore the reported result for the period.
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RECOGNITION AND MEASUREMENT
Provisions
Provisions are formed if the Group has a current legal or constructive obligation ari-
sing from an event in the past, if it appears probable that the asset base will be ne-
gatively impacted by settlement of the obligation, and if the amount of the provision
can be reliably determined. Provisions for warranties are based on past payments,
revenues in prior years, and current contracts. The Komax Group normally gives a
one-year warranty on machines and systems.
c)
Accrued expenses and deferred income
in TCHF
31.12.2024
31.12.2023
Accrual for bonuses
7 009
6 892
Accrual for holiday and overtime
6 355
7 107
Accrual for other personnel expenses
6 904
4 427
Commission payments to representatives
2 487
1 963
Invoices not yet received
9 626
6 420
Other accruals
12 424
10 240
Total accrued expenses and deferred income
44 805
37 049
3
CAPITAL AND FINANCIAL RISK MANAGEMENT
In addition to details on shareholders’ equity, details are also provided on financial risk management
at the Komax Group.
3.1
Financial liabilities
in TCHF
Currency
31.12.2024
31.12.2023
Bank liabilities
CHF
153 000
163 500
Bank liabilities
EUR
4 216
5 685
Bank liabilities
CNY
20 475
0
Total financial liabilities
177 691
169 185
Komax Holding AG finalized an agreement with a bank syndicate for a credit line of CHF 245.0 mil-
lion (31 December 2023: CHF 247.5 million) which can be extended by CHF 60.0 million by means
of an option. Additionally, there are further local credit lines for subsidiaries, with the available ma-
ximum amounting to CHF 60.0 million (31 December 2023: maximum CHF 60.0 million). As at 31
December 2024 the Group has drawn on this credit limit to the amount of CHF 177.7 million (31
December 2023: CHF 169.2 million).
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Total credit lines
Utilized credit lines
31.12.2024
31.12.2023
400
300
200
100
305
308
178
169
Credit lines Komax Group
in CHF million
The maturities of the financial liabilities (without interest) are as follows:
in TCHF
less than 1 year
1-5 years
over 5 years
Total
As at 31 December 2024
14 265
162 137
1 289
177 691
As at 31 December 2023
4 013
163 724
1 448
169 185
Of the financial liabilities of CHF 177.7 million as at 31 December 2024 (31 December 2023:
CHF 169.2 million), CHF 153.0 million (31 December 2023: CHF 163.5 million) relate to the syndi-
cated loan with a term until 31 January 2028. The average interest rate in 2024 for the syndicated
loan is 2.39% (2023: 2.44%).
RECOGNITION AND MEASUREMENT
Financial
liabilities
Financial liabilities comprising bank loans, mortgages, and bonds are valued at
amortized cost. Financial liabilities are recorded as current liabilities in the balance
sheet unless the Group has the unconditional right to defer settlement of the liability
to a point in time at least twelve months after the relevant balance sheet date.
3.2
Shareholders’ equity
This section shows the change in shareholders’ equity compared to the prior year.
Balance sheet total
Shareholders’ equity
31.12.2024
31.12.2023
800
600
400
200
689
709
357
391
Shareholders’ equity
Shareholders’ equity
in CHF million
in % of total assets
55.1
51.7
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a)
Share capital
Balance sheet date
Number of
shares
Par value
in CHF
Share capital
in CHF
31 December 2024
5 133 333
0.10
513 333.30
31 December 2023
5 133 333
0.10
513 333.30
31 December 2022
5 133 333
0.10
513 333.30
All registered shares are fully paid up.
b)
Treasury shares
2024
2023
Number
Average price
in CHF
Purchase
costs (avg.) in
TCHF
Number
Average price
in CHF
Purchase
costs (avg.) in
TCHF
Total as at 1 January
15 796
231.43
3 656
4 651
218.17
1 015
Purchases
4 000
116.12
464
20 200
234.55
4 738
Transfer (share-based compensation)
–10 240
231.43
–2 370
–9 055
231.58
–2 097
Total as at 31 December
9 556
183.16
1 750
15 796
231.43
3 656
Both at the end of the reporting year and at the end of the prior-year period, all treasury shares
were envisaged for share-based compensation programs. All treasury shares are held by Komax
Holding AG. Neither the other Group companies nor the staff pension scheme of Komax AG hold
any shares of Komax Holding AG.
c)
Conditional capital
There was no conditional capital either as at 31 December 2024 or as at 31 December 2023.
d)
Capital band
The company had a capital band ranging from CHF 513 333.30 (lower limit) to CHF 564 666.60
(upper limit) as at 31 December 2024 and 31 December 2023. There was no increase in share ca-
pital as at 31 December 2024 (31 December 2023: none).
e)
Reserves
The non-distributable reserves amounted to CHF 8.2 million as at 31 December 2024 (31 Decem-
ber 2023: CHF 7.3 million).
RECOGNITION AND MEASUREMENT
Treasury shares
Treasury shares are recognized at the average weighted cost of acquisition, inclu-
ding the transaction costs assignable to them, and are then offset against sharehol-
ders’ equity. When treasury shares are sold or issued, the consideration received is
credited to shareholders’ equity.
Issuance of
shares
Costs that are directly assignable to the issuance of new shares are recognized in
shareholders’ equity in net form as a deduction from the issue proceeds.
Preferred shares
No preferred shares have been issued to date.
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3.3
Financial risk management
Through its business activities, the Komax Group is exposed to various financial risks, for example cur-
rency, credit, liquidity, and interest rate risks. The Group’s overall risk management strategy is focused
on the unpredictability of developments in the financial markets and is intended to minimize the poten-
tial negative impact on the Group’s financial position. The Group uses derivative financial instruments to
protect itself against interest rate, currency, and credit risks. Risk management is conducted by the fi-
nance department of Komax Management AG in conformity with the guidelines issued by the Board of
Directors. These guidelines set out procedures for the use of derivatives as well as for dealing with foreign
currency, interest rate, and credit risks. The guidelines are binding for all subsidiaries of the Komax Group.
a)
Currency risk
The Komax Group operates internationally and is therefore exposed to a variety of foreign exchange
risks. Foreign currency risks arise from future cash flows, assets, and liabilities recognized in the
balance sheet, and investment in foreign companies. Komax Group generates its revenues in the
following currencies:
2024
2023
10.5%
CNY
13.2%
CHF
9.0%
Others
7.7%
Others
40.0%
EUR
44.4%
EUR
30.1%
USD
24.9%
USD
10.4%
CHF
9.8%
CNY
The most important year-end and average exchange rates were as follows:
Currency
Year-end rate
31.12.2024
Average rate
2024
Year-end rate
31.12.2023
Average rate
2023
EUR
0.950
0.960
0.940
0.990
USD
0.910
0.890
0.850
0.910
CNY
0.125
0.124
0.120
0.130
The Komax Group is mainly exposed to currency risks relating to the EUR, the USD, and the CNY.
Assuming that the average rates against the CHF had been 10% lower or higher and that all other
parameters remained largely unchanged, the EBIT margin would have changed as follows:
Change in EBIT margin 2024
Change in EBIT margin 2023
EUR/CHF average rate +/–10%
+/–0.4%-pt.
+/–0.6%-pt.
USD/CHF average rate +/–10%
+/–1.3%-pt.
+/–1.1%-pt.
CNY/CHF average rate +/–10%
+/–0.3%-pt.
+/–0.5%-pt.
b) Credit risk
Credit risks may exist with regard to bank account balances, derivative financial instruments, and
receivables from customers. The Komax Group regularly reviews the independent ratings of finan-
cial institutions. Moreover, all risks pertaining to cash and cash equivalents are further minimized
by using a variety of banks rather than one single bank.
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c)
Capital risk
In the management of its capital, the Komax Group pays special attention to ensuring that the Group
is able to continue to operate, that shareholders receive an appropriate return for their risks, and
that financial ratios are optimized, taking the cost of capital into account. To achieve these targets,
the Komax Group may adjust its dividend payment, issue new shares, or sell assets in order to
scale back its debt.
d)
Liquidity risk
Prudent liquidity risk management involves maintaining sufficient reserves of cash and cash equi-
valents and liquid securities as well as financing capacity through an adequate volume of approved
lines of credit. The amount of cash required for operations is reviewed annually and monitored on
a continuous basis by the finance department. Given the business environment in which the Komax
Group operates, it is also essential for the Group to maintain the necessary financing flexibility by
maintaining sufficient unused lines of credit.
e)
Interest rate risk
Neither at 31 December 2024 nor at the prior year’s balance sheet date did the Komax Group pos-
sess any assets that were subject to any material rate of interest. The Group’s financial risk policy
is to finance long-term investments with long-term liabilities, which gives rise to an interest rate risk.
If there is a significant interest rate risk, the related cash flow risks are hedged through interest rate
swaps.
4
GROUP STRUCTURE
This section contains details on the scope of consolidation, including any changes (acquisitions,
business areas to be discontinued). The list of investments also includes all directly and indirectly
held investments as at 31 December 2024.
4.1
Scope of consolidation
The consolidated financial statements incorporate the individual financial statements of Komax
Holding AG, Switzerland, and its subsidiaries.
As explained under note 4.2, the Komax Group made three acquisitions in 2024 and sold its
subsidiary Artos Engineering France Sarl. to its previous managing director at the beginning of 2024.
Additionally, the new subsidiary Komax Suzhou Investment Co. Ltd. was founded in China in the
first half of 2024. In July 2024, Komax acquired 56% of the Chinese company Suzhou Hosver Auto-
mation Technology Co., Ltd. Also in the second half of 2024, the company Seno Property Czech
Republic was acquired. Following the takeover, Seno Property Czech Republic was merged into
the company Komax Czech Republic. In addition, in December 2024, the company Seno Romania
was acquired by Komax Romania by means of an asset deal.
In the prior-year, the Komax Group carried out two acquisitions. WUSTEC was acquired in
early 2023, and this acquisition was followed in October 2023 by the Alcava Group. The Komax
Portugal subsidiary was sold to distribution partner Estanflux in Spain effective 1 July 2023.
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RECOGNITION AND MEASUREMENT
Subsidiaries
Subsidiaries are fully consolidated if Komax Holding AG exercises control over
their financial and business policies. As a rule, this is the case if Komax Holding AG
directly or indirectly holds more than 50% of the subsidiary’s voting capital.
Date of
consolidation
Subsidiaries are included in the consolidated financial statements from the date on
which the Group assumes control. They are deconsolidated from the date on which
control is ceded.
Intragroup
eliminations
Intragroup transactions, intragroup balances, and unrealized gains or losses from trans-
actions between Group companies are eliminated from the scope of consolidation.
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4.2
Business combinations
a)
Acquisitions and sales 2024
in TCHF
Artos
France
Hosver
China
Seno
Property
Czech
Republic
Seno
Romania
Total
Net assets at fair value
Cash and cash equivalents
–231
2 296
218
0
2 283
Trade receivables
–52
2 166
73
0
2 187
Other receivables
0
6 788
0
0
6 788
Inventories
–154
7 278
325
3
7 452
Accrued income and prepaid
expenses
–2
3 405
0
0
3 403
Property, plant, and equipment
–27
288
49
19
329
Intangible assets
0
100
0
0
100
Deferred tax assets
–19
925
20
0
926
Other non-current receivables
–1
0
0
0
–1
0.0
Total assets
–486
23 246
685
22
23 467
Current financial liabilities
0
–6 242
0
0
–6 242
Trade payables
1
–2 525
–6
0
–2 530
Other payables
62
–8 915
–29
0
–8 882
Current provisions
7
–576
–72
0
–641
Accrued expenses and
deferred income
68
–3 198
0
0
–3 130
Non-current financial liabilities
0
–49
0
0
–49
Deferred tax liabilities
0
–93
0
0
–93
Total liabilities
138
–21 598
–107
0
–21 567
Net assets
–348
1 648
578
22
1 900
Non-controlling interests
0
–725
0
0
–725
Goodwill
0
21 057
878
750
22 685
Acquisition costs
0
105
0
0
105
Transferred cash and
cash equivalents
–173
21 875
1 456
772
23 930
Total consideration
–173
21 980
1 456
772
24 035
Acquisition costs
173
–21 980
–1 456
–772
–24 035
Sold (–) / acquired (+)
cash and cash equivalents
–231
2 296
218
0
2 283
Net cash flow 2024
–58
–19 684
–1 238
–772
–21 752
Artos, France
At the beginning of 2024, the Komax Group sold its subsidiary Artos Engineering France Sarl. Re-
venues amounted to CHF 0.7 million for 2023 and CHF 0.0 million for 2024.
Hosver, China
In July 2024, Komax acquired 56% of the Chinese company Suzhou Hosver Automation Techno-
logy Co., Ltd. Growth in the Chinese high-voltage wire processing market is crucial to the imple-
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mentation of the Komax Group’s Strategy 2028. This acquisition has enabled the Komax Group to
significantly strengthen its position in this area. Komax also expects Hosver to provide growth op-
portunities in the strategically important data cable market. Hosver has so far operated almost ex-
clusively in China, but due to the size of the Chinese electromobility market, it has the world’s lar-
gest market share in machines for processing high-voltage cables. Revenues in the first half of 2024
(before acquired by the Komax Group) amounted to CHF 13.9 million, in the second half of 2024 to
CHF 6.5 million.
Seno Property, Czech Republic
Seno Property Czech Republic was acquired in the second half of 2024 and merged into Komax
Czech Republic. The revenues for 2024 are not material.
Seno, Romania
In December 2024, the company Seno Romania was acquired by Komax Romania by means of an
asset deal. The revenues for 2024 are not material.
b)
Acquisitions 2023
in TCHF
WUSTEC
Alcava
Group
Total
Acquired net assets at fair value
Cash and cash equivalents
858
3 822
4 680
Trade receivables
460
4 179
4 639
Other receivables
34
294
328
Inventories
993
1 208
2 201
Accrued income and prepaid expenses
9
105
114
Property, plant, and equipment
693
1 588
2 281
Intangible assets
159
0
159
Deferred tax assets
1 273
206
1 479
Total assets
4 479
11 402
15 881
Current financial liabilities
–76
–157
–233
Trade payables
–135
–4 458
–4 593
Other payables
–574
–2 080
–2 654
Current provisions
0
–34
–34
Accrued expenses and deferred income
–802
–315
–1 117
Non-current financial liabilities
–1 678
–287
–1 965
Deferred tax liabilities
0
–209
–209
Total liabilities
–3 265
–7 540
–10 805
Acquired net assets
1 214
3 862
5 076
Acquisition costs
117
175
292
Contingent consideration
2 000
0
2 000
Transferred cash and cash equivalents
2 864
14 801
17 665
Total consideration
4 981
14 976
19 957
Goodwill
3 767
11 114
14 881
Transferred consideration
–2 981
–14 976
–17 957
Acquired cash and cash equivalents
858
3 822
4 680
Net cash flow 2023
–2 123
–11 154
–13 277
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WUSTEC
The Komax Group acquired WUSTEC at the start of 2023. This company has been providing its
customers with services in automated wire prefabrication for over 20 years. Headquartered in the
Black Forest region of Germany, WUSTEC has developed a digital platform that facilitates the or-
dering of prefabricated wire harnesses.
Alcava Group
The Komax Group acquired the Alcava Group, with the companies Lintech in France, Malintech in
Morocco, and Tulintech in Tunisia, effective 1 October 2023. Alcava has been distributing Schleu-
niger Group products in the three above-mentioned countries for more than 15 years. This acqui-
sition has strengthened the Komax Group’s market position.
4.3
Investments in associates
As at 31 December 2024 and 31 December 2023, the Komax Group held no investments in asso-
ciated companies.
RECOGNITION AND MEASUREMENT
Investments in
associates
Companies in which the Komax Group holds at least 20% of voting rights but in
which it has a stake of less than 50%, or on which it exerts a key influence in other
ways, are recognized by the equity method and initially recorded at the correspon-
ding acquisition cost.
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4.4
Direct and indirect equity participation of Komax Holding AG
as at 31 December 20241
Company
Place
Purpose3
Ordinary capital
Switzerland
Komax AG
Dierikon, Switzerland
E D M P S
CHF
5 000 000
Komax Management AG
Dierikon, Switzerland
G
CHF
100 000
Schleuniger AG
Thun, Switzerland
E D M P S
CHF
2 500 000
Europe
adaptronic Prüftechnik GmbH
Wertheim, Germany
E D M P S
EUR
300 000
Alcava SAS
Villebon-sur-Yvette, France
H
EUR
37 000
DiIT GmbH
Gilching, Germany
E D M S
EUR
103 000
Komax Austria GmbH
Vienna, Austria
S
EUR
36 336
Komax Belgium nv
Beerse, Belgium
E D M P S
EUR
60 760
Komax Consult Deutschland GmbH
Nuremberg, Germany
R
EUR
30 000
Komax Czech Republic Trading s.r.o.
Brno, Czech Republic
S
CZK
200 000
Komax Deutschland GmbH
Nuremberg, Germany
S
EUR
400 000
Komax France SAS
Toulouse, France
E D M P S
EUR
1 057 280
Komax Hungary Kft.
Budakeszi, Hungary
E D M P S
HUF
13 827 800
Komax Romania Trading S.R.L.
Bucharest, Romania
S
RON
2 200 000
Komax SLE GmbH & Co. KG
Grafenau, Germany
E D M P S
EUR
5 700 000
Komax SLE Verwaltungs GmbH
Grafenau, Germany
A
EUR
25 000
Komax Slovakia s.r.o.
Bratislava, Slovakia
S
EUR
6 639
Komax Taping GmbH & Co. KG
Burghaun, Germany
E D M P S
EUR
100 000
Komax Taping Verwaltungs GmbH
Burghaun, Germany
A
EUR
25 000
Komax Testing Beteiligungs GmbH
Porta Westfalica, Germany
H
EUR
4 000 000
Komax Testing Bulgaria EOOD
Yambol, Bulgaria
R E
BGN
600 000
Komax Testing Germany GmbH
Porta Westfalica, Germany
E D M P S
EUR
1 764 700
Komax Testing Romania S.R.L.
Bistrita, Romania
E S
RON
110 152
Komax Testing Türkiye Test Sistemleri San. Ltd. Şti.
Ergene/Tekirdağ, Türkiye
E M P S
TRY
14 950 000
Lintech SAS
Villebon-sur-Yvette, France
S
EUR
100 000
Schleuniger GmbH
Radevormwald, Germany
E D M P S
EUR
28 000
Schleuniger Messtechnik GmbH
Sömmerda, Germany
A
EUR
25 000
SCI Femto
Villebon-sur-Yvette, France
A
EUR
2 000
WUSTEC GmbH & Co. KG
Dunningen-Seedorf, Germany
E M P S
EUR
20 000
WUSTEC Verwaltungs GmbH
Dunningen-Seedorf, Germany
A
EUR
25 000
Africa
Komax Maroc Sàrl.
Mohammédia, Morocco
S
MAD
10 000 000
Komax Testing Maroc Sàrl.
Tangier, Morocco
E M P S
MAD
2 100 000
Komax Testing Maroc FT Sàrl.
Tangier, Morocco
E M P S
EUR
2 300 000
Komax Testing Tunisia sarl
Tunis, Tunisia
E M P S
TND
366 000
Malintech Sarl
Tangier, Morocco
S
MAD
100 000
Malintech W.P.S
Tangier, Morocco
S
EUR
4 000
Komax Tunisia SARL.
Sousse, Tunisia
S
TND
150 000
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North/South America
Cirris Inc.
Salt Lake City, USA
E D M P S
USD
0
Komax Comercial do Brasil Ltda.
São Paulo, Brazil
S
BRL
200 000
Komax Corporation
Buffalo Grove, USA
E D M P S
USD
1 000 000
Komax de México, S. de R.L. de C.V.
Irapuato, Mexico
S
MXN
3 000
Komax Holding Corporation
Buffalo Grove, USA
H
USD
8 160 000
Komax Testing Brasil Ltda.
Colombo, Brazil
A
BRL
362 500
Komax Testing México, S. de R.L. de C.V.
Irapuato, Mexico
E P
MXN
3 000
Komax Testing US Co.
El Paso, USA
S
USD
1 000 000
Komax York Inc.
Buffalo Grove, USA
A
USD
150
Laselec Inc.
Grand Prairie, USA
S
USD
1
Schleuniger Inc.
Manchester, USA
M S
USD
200 000
Schleuniger, S. de R.L. de C.V.
Queretaro, Mexico
M S
MXN
3 000
Asia
Komax Automation India Pvt. Ltd.
Gurgaon, India
S
INR
10 000 000
Komax Distribution (Thailand) Co., Ltd.
Bangkok, Thailand
S
THB
42 300 000
Komax Japan K.K.
Tokyo, Japan
D M P S
JPY
90 000 000
Komax (Shanghai) Co., Ltd.
Shanghai, China
D M P S
USD
12 210 000
Komax Singapore Pte. Ltd.
Singapore
D P S
SGD
8 600 000
Komax Suzhou Investment Co., Ltd.
Suzhou, China
H
CHF
13 100 000
Komax Testing India Pvt. Ltd.
Pune, India
E M P S
INR
98 200 100
Schleuniger Japan Co.
Tokyo, Japan
M S
JPY
200 000 000
Schleuniger Machinery (Tianjin) Co., Ltd.
Tianjin, China
D P S
CNY
20 000 000
Schleuniger Trading (Shanghai) Co., Ltd.
Shanghai, China
M S
CNY
10 863 620
Suzhou Hosver Automation Technology Co., Ltd.²
Suzhou, China
E D M P S
CNY
10 000 000
1 Investments are 100% and fully consolidated.
2 Investment is 56% and fully consolidated.
3 A = Administration, D = Research and Development, E = Engineering, G = Group services and management, H = Holding of equity interests, M = Marketing,
P = Production, R = Regional services, S = Sales.
5
OTHER INFORMATION
This section contains all the information not addressed in the previous sections, e. g. information
on employee benefits and share-based compensation.
5.1
Employee benefits
in TCHF
2024
2023
Surplus cover as
per FER 26
Economic share
within the Group
Economic share
within the Group
Pension plans with
surplus cover
29 544
0
0
Total
29 544
0
0
in TCHF
2024
2023
Change compared
to prior year /
expense of
reporting period
Contributions
accrued for
the period
Employee bene-
fits expenditure
in personnel
expenses
Employee bene-
fits expenditure
in personnel
expenses
Pension plans with
surplus cover
0
7 853
7 853
7 176
Total
0
7 853
7 853
7 176
Company
Place
Purpose3
Ordinary capital
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There is no economic benefit, since the pension fund’s fluctuation reserve has not yet reached the
level of full accumulation and there are no plans to make use of this economic benefit.
The employee benefits expenditure stated only comprises contributions made to the benefit
schemes at the expense of the company.
The pension plans with surplus cover are related to the staff pension scheme of Komax AG in
Switzerland. The coverage rate amounted to 112.3% as at 31 December 2024 (31 December 2023:
108.0%). The actuarial calculations are based on a technical interest rate of 1.75% (31 December
2023: 1.75%) as well as the technical basis of BVG 2020 (31 December 2023: BVG 2020).
There were no material employer contribution reserves as at 31 December 2024 or as at
31 December 2023.
RECOGNITION AND MEASUREMENT
Employee benefits
The key companies are based in Switzerland, where employee benefits are amalga-
mated in a legally independent foundation regulated by the Federal Law on Old-Age,
Survivors’ and Disability Insurance (BVG). No significant pension plans are managed
abroad. The ascertainment of any surplus or shortfall in respect of Swiss pension plans
is undertaken on the basis of the annual financial statements of the corresponding
pension schemes in accordance with Swiss GAAP FER 26. Any benefit arising from
employer contribution reserves is recognized as an asset. The capitalization of an
additional economic benefit (as a result of a pension scheme having surplus cover) is
not intended, nor are the prerequisites for such a step met. An economic obligation is
carried as a liability if the prerequisites for the creation of a provision are met.
5.2
Share-based compensation
The Komax Group has the following share-based compensation agreements:
a)
Komax Performance Share Unit Plan (PSU)
The equity-settled plan for the executive management comprises PSUs with a three-year vesting
period which are dependent on the attainment of a performance target and the continuation of the
employment relationship. The number of PSUs allocated is calculated by dividing a fixed amount
by the average closing share price during the 60 days preceding the start of the vesting period. The
actual payout at the end of the vesting period is made in shares compared to the target figure de-
termined in advance by the Board of Directors. The allocation of the number of shares depends
equally on one third of revenue growth, EBIT margin, and TSR (total shareholder return) compared
with a peer group. The payout multiplier may range from 0% to 150%. The actual value of the all-
ocation at the end of the vesting period is therefore dependent on the payout multiplier and the
development of the share price over the course of the vesting period. In the event of any termina-
tion of the employment relationship, pro rata vesting applies at the ordinary vesting date.
Terms of outstanding rights as at 31 December 2024
2022–2024
2023–2025
2024–2026
Number of outstanding rights
2 361
3 483
7 105
Vesting period
3 years
3 years
3 years
Allocation
2025
2026
2027
Fair value on the day of granting
CHF
245.99
245.64
190.85
Total fair value at allocation
TCHF
581
856
1 356
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b)
Komax Long-term Share Incentive Plan
The equity-settled plan for managers is not currently linked to profitability conditions, and includes
a three-year vesting period. The number of shares allocated is calculated by dividing a fixed amount
by the average closing share price during the 60 days preceding the start of the vesting period. The
actual payout at the end of the vesting period takes the form of shares. In the event of any termi-
nation of the employment relationship, pro rata vesting applies at the ordinary vesting date.
Number of rights
2024
2023
Total as at 1 January
8 181
7 058
Granted on 1 January
5 307
3 775
Forfeited
–1 046
–431
Transferred to participants
–2 451
–2 221
Total as at 31 December
9 991
8 181
The fair value on the day of granting amounted to CHF 190.85 (2023: CHF 245.64).
c)
Komax Long-term Cash Incentive Plan
The cash-settled plan for managers is currently not linked to profitability conditions and includes a
three-year vesting period. The actual payout at the end of the vesting period is determined at the
end of the performance period, and is based on the multiplication of the allocation amount by the
share price performance factor (ratio of final share price to starting share price).
Number of rights
2024
2023
Total as at 1 January
5 649
5 219
Granted on 1 January
3 769
2 441
Forfeited
–323
–58
Transferred to participants
–1 988
–1 953
Total as at 31 December
7 107
5 649
The fair value on the day of granting amounted to CHF 190.85 (2023: CHF 245.64).
d)
Komax Restricted Share Plan
Restricted shares are allocated to Board members at the end of their period of office shortly befo-
re the Annual General Meeting (equity-settled plan); the lock-in period is three years. In the event
of resignation from office as a result of retirement, death, or disability, the entitlement to restricted
shares is calculated on a pro rata temporis basis. In such cases, lock-in periods may be either con-
tinued or rescinded at the discretion of the Board of Directors. In the 2024 financial year, 1 299
shares (2023: 722 shares) with a fair value of CHF 179.80 (2023: CHF 256.00) on the date of gran-
ting were allocated to the Board of Directors.
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RECOGNITION AND MEASUREMENT
Share-based
compensation
All share-based compensation granted to staff is estimated at fair value as per the date
it is granted, and is charged evenly across the vesting period to the corresponding
income statement positions within the operating result. In the case of compensation
plans involving remuneration in the form of equity instruments, the expense of the
granted compensation is booked as an increase in shareholders’ equity, and any funds
received from the exercise of this compensation following the vesting period are booked
as a change in shareholders’ equity. The fair value of the amount that is to be paid to
employees in respect of share appreciation rights and settled in the form of cash is
booked as an expense with a corresponding increase in debt over the period in which
employees acquire unrestricted access to these payments.
5.3
Related party transactions
Transaction with related companies
in TCHF
2024
2023
Sale of goods and services
0
59
Various expenses
7
18
Related party transactions relate to members of the Board of Directors, members of the Executive
Committee, pension funds, and key shareholders, as well as companies controlled by the same.
5.4
Off-balance-sheet transactions
a)
Contingent liabilities
As at 31 December 2024 and 31 December 2023, there were no contingent liabilities nor perfor-
mance guarantees. Other guarantees of CHF 9.9 million were granted as at 31 December 2024
(31 December 2023: CHF 16.9 million); these almost exclusively comprise guarantees granted to
customers for advance payments.
b)
Ownership restrictions for own liabilities
in TCHF
31.12.2024
31.12.2023
Book value real estate
85 288
75 992
Lien on real estate
55 806
58 193
Utilization
48 645
49 068
The pledged assets will be used to secure own liabilities.
c)
Contractual obligations
As at 31 December 2024, contractual obligations existed with respect to the acquisition of proper-
ty, plant, and equipment amounting to CHF 0.2 million (31 December 2023: CHF 0.2 million). Future
liabilities arising from rental agreements and from operating lease agreements amount to
CHF 5.6 million due in 2025 and CHF 6.9 million due in 2026–2029 (31 December 2023: CHF 6.0
million due in 2024 and CHF 6.2 million due in 2025−2028).
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5.5
Other key accounting principles
a)
Key figures not defined under Swiss GAAP FER
By stating its free cash flow in the cash flow statement, the Komax Group is reporting an item that
is not in conformity with Swiss GAAP FER but is nonetheless a key figure for the Komax Group, as
well as being widely used and recognized. This key figure is an amalgamation of cash flow from
operating activities and cash flow from investing activities. In the income statement, the Komax
Group discloses the revenues as an additional subtotal that is not defined under Swiss GAAP FER.
This subtotal includes other operating income in addition to net sales and is used for the calcula-
tion of important key figures. As gross profit is an important key figure for the Komax Group, the
corresponding interim total is reported separately in the income statement. Gross profit comprises
revenues (net sales and other operating income) minus the cost of materials and changes in the
inventory of unfinished and finished products.
b)
Currency conversion
RECOGNITION AND MEASUREMENT
Functional
currency and
reporting cur-
rency
Items included in the financial statements of each entity are measured using the cur-
rency that best reflects the economic substance of the underlying events and circums-
tances relevant to that entity (the functional currency). The consolidated financial state-
ments are presented in CHF, which is the functional currency of the parent company,
Komax Holding AG.
Transactions and
balances
Foreign currency transactions are translated into the functional currency at the rate
prevailing on the date of the transaction. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation of monetary assets
and liabilities denominated in foreign currencies are recognized in the income statement.
Group companies
The earnings and balance sheet figures of foreign business units with a functional cur-
rency other than the Swiss franc are translated to Swiss francs as follows:
a) Assets and liabilities are translated at the exchange rate on the balance sheet date
for each such date.
b) Revenues and expenses are translated at the weighted average exchange rate for
each income statement.
c) All exchange rate gains and losses are recognized in shareholders’ equity and repor-
ted on a separate line within retained earnings.
Exchange rate differences arising from the translation of net investments in foreign
business units are recognized under comprehensive income. When a foreign company
is sold, these exchange rate differences are reported in income as part of the gain or
loss from the sale.
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c)
Other important accounting policies
RECOGNITION AND MEASUREMENT
Cash and cash
equivalents
Cash and cash equivalents include banknotes, sight deposits, and other current, highly
liquid financial assets with an original maturity of no greater than three months. Utilized
current account overdrafts are shown on the balance sheet as payables to credit insti-
tutions under current financial liabilities.
Trade payables
Trade payables are valued initially at fair value, which is normally the amount originally
invoiced, and subsequently measured at amortized cost.
Non-operating
properties
Investment property encompasses land and buildings held with a view to generating
rental income or for purposes of capital appreciation, and not for internal production
purposes, the delivery of goods, or the provision of services, administrative purposes,
or sales in the context of ordinary business activity. Investment property is valued at
acquisition or construction cost less cumulative depreciation.
Transactions with
minorities
Changes in ownership interests in subsidiaries are recognized as equity capital trans-
actions provided control remains intact.
Impairment of
non-monetary
assets
Assets subject to planned amortization are also tested for impairment if events or chan-
ges in circumstances create a presumption that the carrying value can potentially no
longer be realized. An impairment is recorded in the amount by which the asset’s car-
rying value exceeds its realizable value. The realizable value is the greater of the asset’s
fair value less disposal costs and its use value.
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Report of the statutory auditor to the General Meeting of Komax Holding AG, Dierikon
REPORT ON THE AUDIT OF THE CONSOLIDATED
FINANCIAL STATEMENTS
Opinion
We have audited the consolidated financial statements of Komax Holding AG and its subsidiaries
(the Group), which comprise the consolidated income statement, the consolidated balance sheet
as at 31 December 2024, the consolidated statement of shareholders’ equity and the consolidated
cash flow statement for the year then ended, and notes on the consolidated financial statements,
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements (pages 161 to 197) give a true and fair view
of the consolidated financial position of the Group as at 31 December 2024 and of its consolidated
financial performance and its consolidated cash flows for the year then ended in accordance with
Swiss GAAP FER and comply with Swiss law.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).
Our responsibilities under those provisions and standards are further described in the ‘Auditor’s
responsibilities for the audit of the consolidated financial statements’ section of our report. We are
independent of the Group in accordance with the provisions of Swiss law and the requirements of
the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Our audit approach
OVERVIEW
Overall Group materiality: CHF 4 600 000
Materiality
Audit scope
Key audit
matters
We tailored the scope of our audit in order to perform sufficient work to enable
us to provide an opinion on the consolidated financial statements as a whole,
taking into account the structure of the Group, the accounting processes and
controls, and the industry in which the Group operates.
As key audit matter the following area of focus has been identified:
– Valuation of trade receivables
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to
provide reasonable assurance that the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if, indi-
vidually or in aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of the consolidated financial statements.
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Based on our professional judgement, we determined certain quantitative thresholds for materiali-
ty, including the overall Group materiality for the consolidated financial statements as a whole as
set out in the table below. These, together with qualitative considerations, helped us to determine
the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate
the effect of misstatements, both individually and in aggregate, on the consolidated financial state-
ments as a whole.
Overall Group
materiality
CHF 4 600 000
Benchmark
applied
Net sales
Rationale for
the materiality
benchmark
applied
We chose net sales as the benchmark for determining materiality. This benchmark takes
into account the volatility of the business environment and is a generally accepted
benchmark for materiality considerations.
We agreed with the Audit Committee that we would report to them misstatements above
CHF 460 000 identified during our audit as well as any misstatements below that amount which, in
our view, warranted reporting for qualitative reasons.
Audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the consolidated financial statements as a whole, taking into account the structure of
the Group, the accounting processes and controls, and the industry in which the Group operates.
The consolidated financial statements encompass 61 entities.
We identified 13 Group companies across 7 countries for which, in our opinion, a full audit of
their financial information was necessary due to their size or risk characteristics. These companies
contributed 42% of the Group’s net sales. Additional assurance was derived through the audit of
account balances for two Group companies (representing 20% of the Group’s net sales). Further-
more, specified procedures were carried out for four Group companies, covering an additional 12%
of the Group’s net sales. Six of the group companies included in the described audit scope were
audited by non-PwC firms. None of the Group companies excluded from our audit of the consoli-
dated financial statements individually accounted for more than 3% of Group net sales. To ensure
appropriate guidance and oversight, the Group audit team conducted selected reviews of audit
working papers and held telephone conferences with the auditors of the Group companies.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were ad-
dressed in the context of our audit of the consolidated financial statements as a whole, and in for-
ming our opinion thereon, and we do not provide a separate opinion on these matters.
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VALUATION OF TRADE RECEIVABLES
Key audit matter
How our audit addressed the key audit matter
Trade receivables represent a significant balance
sheet line item for the Komax Group as of December
31, 2024, amounting to CHF 112.4 million (16.3% of
total assets).
Trade receivables are recognized at nominal value.
Doubtful accounts are individually adjusted for im-
pairment based on assumptions regarding their re-
coverability, taking into account credit and default
risks. No general bad debt allowance is applied to
the remaining balance.
We consider the valuation of trade receivables to be
a key audit matter, as the assessment of credit losses
requires material judgments and assumptions by ma-
nagement to identify impairment events.
We refer to page 174 of the annual report, where the
accounting policies and explanations related to trade
receivables are described.
We have examined the appropriateness of the
Group’s financial reporting with regard to the valua-
tion of trade receivables, including the accounting
policies for determining specific provisions for im-
pairment. In this context, we performed the following
audit procedures:
– Sample-based verification of the accuracy and
existence of outstanding trade receivables at year-
end through balance confirmations;
– Analytical and sample-based examination of the
settlement of outstanding receivables as of Decem-
ber 31, 2024, after the balance sheet date;
– Obtaining the list of outstanding trade receivables
and identifying customers with potential payment
constraints based on discussions with manage-
ment and a review of the aging structure;
– Critical assessment of the underlying data, as-
sumptions and judgments made by management
regarding the recoverability of trade receivables.
Based on our audit results, we consider the data,
assumptions, and judgments used by management
in valuing trade receivables to be appropriate.
Other information
The Board of Directors is responsible for the other information. The other information comprises
the information included in the annual report, but does not include the financial statements, the
consolidated financial statements, the remuneration report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.
Board of Directors’ responsibilities for the consolidated financial statements
The Board of Directors is responsible for the preparation of consolidated financial statements, that
give a true and fair view in accordance with Swiss GAAP FER and the provisions of Swiss law, and
for such internal control as the Board of Directors determines is necessary to enable the prepara-
tion of consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative
but to do so.
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Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial state-
ments as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influ-
ence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one re-
sulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenta-
tions, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit proce-
dures that are appropriate in the circumstances, but not for the purpose of expressing an opi-
nion on the effectiveness of the Group’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made.
– Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists re-
lated to events or conditions that may cast significant doubt on the Group’s ability to continue as
a going concern. If we conclude that a material uncertainty exists, we are required to draw at-
tention in our auditor’s report to the related disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or condi-
tions may cause the Group to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the un-
derlying transactions and events in a manner that achieves fair presentation.
– Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the consolidated financial statements. We are responsible for the direction, supervi-
sion and review of the audit work performed for purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Board of Directors or its relevant committee regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including any sig-
nificant deficiencies in internal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have
complied with relevant ethical requirements regarding independence, and communicate with them
regarding all relationships and other matters that may reasonably be thought to bear on our inde-
pendence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors or its relevant committee, we de-
termine those matters that were of most significance in the audit of the consolidated financial
statements of the current period and are therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated
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in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an
internal control system that has been designed, pursuant to the instructions of the Board of Direc-
tors, for the preparation of the consolidated financial statements.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Korbinian Petzi
Luan Vaidi
Licensed audit expert
Licensed audit expert
Auditor in charge
Basel, 10 March 2025
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BALANCE SHEET OF KOMAX HOLDING AG
in TCHF
31.12.2024
%
31.12.2023
%
Assets
Cash and cash equivalents
442
671
Other current receivables third parties
363
678
Other current receivables Group
5 221
4 919
Financial loans Group
89 540
77 919
Accrued income / prepaid expenses
688
595
Total current assets
96 254
14.8
84 782
13.4
Financial investments Group
160 709
155 324
Participations in subsidiaries
394 929
393 251
Financial assets
379
0
Total non-current assets
556 017
85.2
548 575
86.6
Total assets
652 271
100.0
633 357
100.0
Liabilities and shareholders’ equity
Trade payables
279
393
Current interest-bearing liabilities Group
1 775
1 770
Other current liabilities Group
19
38
Other current liabilities third parties
949
1 880
Accrued expenses / deferred income
524
482
Provisions
2 693
358
Total current liabilities
6 239
0.9
4 921
0.8
Non-current interest-bearing liabilities third parties
108 000
116 000
Total non-current liabilities
108 000
16.6
116 000
18.3
Total liabilities
114 239
17.5
120 921
19.1
Share capital
513
513
Capital contribution reserves
185 242
192 934
Other statutory capital reserves
2 000
2 000
Statutory profit reserves
100
100
Voluntary profit reserves
312 770
289 771
Retained earnings
83
1
Earnings after taxes
39 074
30 773
Treasury shares
–1 750
–3 656
Total shareholders’ equity
538 032
82.5
512 436
80.9
Total liabilities and shareholders’ equity
652 271
100.0
633 357
100.0
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INCOME STATEMENT OF KOMAX HOLDING AG
in TCHF
2024
2023
Dividend income
41 204
36 591
Other financial income
8 880
8 285
Other operating income
845
1 128
Total income
50 929
46 004
Financial expenses
–7 129
–8 189
Compensation
–1 061
–1 014
Other operating expenses
–2 900
–3 096
Value adjustment on participations
0
–2 188
Value adjustment on financial assets Group
0
–358
Direct taxes
–765
–386
Total expenses
–11 855
–15 231
Earnings after taxes
39 074
30 773
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NOTES ON THE 2024 FINANCIAL STATEMENTS
OF KOMAX HOLDING AG
1
PRINCIPLES
1.1
General
These annual financial statements were drawn up according to the provisions of Swiss accounting
law (Section 32 of the Swiss Code of Obligations). The key valuation principles applied other than
those prescribed by law are described below. Here it should be remembered that use has been
made of the option to create and release hidden reserves for the purpose of securing the compa-
ny’s lasting prosperity.
As Komax Holding AG draws up a set of consolidated financial statements in line with a recog-
nized accounting standard (Swiss GAAP FER), it has elected not to include in these financial state-
ments – in keeping with statutory guidelines – explanatory notes on interest-bearing liabilities and
audit fees, as well as the presentation of a cash flow statement.
1.2
Financial investments
Financial investments comprise non-current financial loans. Granted loans are valued at the respec-
tive balance sheet date, whereby unrealized losses are accounted for but unrealized gains are not
recorded (imparity principle).
1.3
Participations
To assess impairment, similar participations are grouped together. If there are indications of impair-
ment, the value is assessed and, if necessary, adjusted to a lower recoverable amount.
1.4
Treasury shares
Treasury shares are recorded at the time they are acquired as minus items in shareholders’ equity,
at acquisition cost. In the event of a later resale, the profit or loss is recognized in the income state-
ment as financial income or financial expense.
1.5
Share-based compensation
If treasury shares are used for the share-based compensation of Board members, the difference
between the acquisition cost and the actual payment to Board members when the shares are all-
ocated is booked to compensation.
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2
INFORMATION ON BALANCE SHEET AND INCOME STATEMENT POSITIONS
2.1
Assets
Other current receivables from Group companies increased by a total of CHF 0.3 million. This ba-
lance sheet item contains open interest receivables in respect of subsidiary companies.
The Group’s current financial loans increased by a total of CHF 11.6 million. This balance sheet
item likewise encompasses the current account loan of Komax Holding AG to Komax AG, Switzerland.
Financial investments comprise non-current financial loans and participatory loans.
2.2
Liabilities
The “Current interest-bearing liabilities Group” items comprise current financial loans reported by
subsidiary companies.
Komax Holding AG agreed a credit line with a bank syndicate of CHF 245.0 million (31 Decem-
ber 2023: CHF 247.5 million) which can be extended by CHF 60.0 million by means of an option.
As at 31 December 2024, Komax Holding AG had drawn on this credit line to the amount of
CHF 108.0 million. The rate of interest is linked to an ESG component. In other words, the Komax
Group has agreed with the syndicate of six banks (lead bank: Zürcher Kantonalbank) a bonus/
malus system based on an ESG rating.
In accordance with the applicable capital contribution principle, capital contributions (share
premiums) made after 31 December 1996 are disclosed in the separate equity item “Statutory
capital reserves.” Repayments to shareholders from this account are treated in the same way as
the repayment of nominal capital and are therefore tax-free for natural persons domiciled in Swit-
zerland who hold the shares as part of their private assets.
2.3
Income
Dividend income amounted to CHF 41.2 million in the year under review (2023: CHF 36.6 million).
Other financial income includes interest income on granted loans as well as realized and unrea-
lized exchange rate gains on cash and cash equivalents, and loans in foreign currency.
Other operating income comprises billed amounts for holding fees and licenses, as well as in-
cidental revenues of third parties and the Group.
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2.4
Expenses
The “Financial expenses” item comprises, among other things, interest expenses and commissions,
securities losses, unrealized and realized exchange rate losses on cash and cash equivalents, and
loans in foreign currency.
Compensation comprises compensation paid to the Board of Directors.
The “Other operating expenses” item includes patents and license costs, advisory and legal
expenses, investor relations expenses, representation expenses, insurance premiums, and other
operating expenditure items.
Direct taxes include expenses for taxes on earnings and corporation tax.
3
COMPANY AND LEGAL FORM, REGISTERED OFFICE
Company:
Komax Holding AG
Legal form:
Aktiengesellschaft (company limited by shares)
Registered office: Dierikon, canton of Lucerne, Switzerland
4
FULL-TIME EMPLOYEES
Komax Holding AG does not have any employees.
5
PARTICIPATIONS
The direct and indirect participations of Komax Holding AG are set out in the consolidated finan-
cial statements on pages 191 and 192.
6
TREASURY SHARES
Details of the treasury shares of Komax Holding AG are provided in the consolidated financial state-
ments on page 184.
7
CONTINGENT LIABILITIES
in TCHF
31.12.2024
31.12.2023
Joint liability for Group taxation value-added tax
p.m.
p.m.
Guarantees
in EUR
11 006
8 228
in USD
0
388
in CNY
3 612
0
in CHF
450
450
Total
15 068
9 066
From the total contingent liabilities of CHF 15.1 million (31 December 2023: CHF 9.1 million),
CHF 15.1 million (31 December 2023: CHF 9.1 million) are contingent liabilities in favor of subsidia-
ries.
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8
MAJOR SHAREHOLDERS
As at 31 December 2024, the company had the following major shareholders holding more than
5% of the votes:
Shareholder/shareholder group as at 31.12.2024
No. of shares
Share in %¹
Metall Zug AG, Zug, Switzerland
1 283 333
25.000
UBS Fund Management (Switzerland) AG, Basel, Switzerland2
257 892
5.024
Shareholder/shareholder group as at 31.12.2023
No. of shares
Share in %¹
Metall Zug AG, Zug, Switzerland
1 283 333
25.000
1 The calculation is based on the 5 133 333 registered shares listed in the Commercial Register as at 31 December 2024 (31 De-
cember 2023: 5 133 333 registered shares).
2 Notification of breach of 5% threshold (obligation to notify arose on 27 December 2024, notification on 5 January 2025).
9
EXTERNALLY REGULATED CAPITAL REQUIREMENTS (COVENANTS)
The Group’s financial liabilities are generally subject to the following externally regulated capital
requirements (covenant) as per the syndicated loan agreement:
The Komax Group’s debt factor may not exceed 3.25 either as at 31 December 2024 or there-
after at each quarter-end balance sheet date. Non-compliance with the debt factor as a key metric
is permissible on one occasion for no more than a total of four successive quarters up until the
expiry date, as long as the Komax Group’s self-financing ratio amounts to at least 50% at the end
of the quarter(s) in question.
This requirement was complied with as at 31 December 2024. Under the syndicated loan agree-
ment, Komax Holding AG also guarantees the liabilities of any member of the Komax Group.
10
NET RELEASE OF HIDDEN RESERVES
The total amount of the net released hidden reserves amounted to CHF 0.0 million (2023: CHF 3.2
million).
11
CAPITAL BAND
The company has a capital band ranging from CHF 513 333.30 (lower limit) to CHF 564 666.60
(upper limit). The Board of Directors is authorized, within the scope of the capital band, to increase
the share capital at any time or on an occasional basis and in an unlimited number of (partial)
amounts until 12 April 2026 or until the capital band has been fully used up. A capital increase may
take place by the issue of up to 513 333 fully paid-up registered shares with a nominal value of
CHF 0.10 each. There was no increase in share capital as at 31 December 2024.
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PROPOSAL FOR THE APPROPRIATION OF PROFIT
The Board of Directors proposes the following appropriation of profit:
in CHF
31.12.2024
31.12.2023
Balance carried forward from previous year
82 526
815
Earnings after taxes
39 073 719
30 773 377
Transfer from capital contribution reserves
0
7 700 000
Total available for distribution
39 156 245
38 474 192
Payout from capital contribution reserves of CHF 0.00 per
registered share (2023: CHF 1.50), which is not subject to withholding tax1
0
7 700 000
Dividend of CHF 0.00 gross per registered share (2023: CHF 1.50)1
0
7 700 000
Allocation to free profit reserves
39 000 000
23 000 000
Profit carried forward
156 245
74 192
Total
39 156 245
38 474 192
1 The distribution requirement applies to all outstanding registered shares.
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Report of the statutory auditor to the General Meeting of Komax Holding AG, Dierikon
REPORT ON THE AUDIT OF THE
FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Komax Holding AG (the Company), which comprise
the balance sheet as at 31 December 2024, and the income statement for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements (pages 203 to 208) comply with Swiss law and the
Company’s articles of incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).
Our responsibilities under those provisions and standards are further described in the ‘Auditor’s
responsibilities for the audit of the financial statements’ section of our report. We are independent
of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss
audit profession, and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to
provide reasonable assurance that the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for mate-
riality, including the overall materiality for the financial statements as a whole as set out in the tab-
le below. These, together with qualitative considerations, helped us to determine the scope of our
audit and the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, both individually and in aggregate, on the financial statements as a whole.
Overall materiality
CHF 2 700 000
Benchmark applied
Net assets
Rationale for
the materiality
benchmark applied
We chose net assets as the benchmark for materiality considerations because the
company primarily holds investments and grants loans to Group companies.
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We agreed with the Audit Committee that we would report to them misstatements above
CHF 270 000 identified during our audit as well as any misstatements below that amount which, in
our view, warranted reporting for qualitative reasons.
Audit scope
We designed our audit by determining materiality and assessing the risks of material misstatement
in the financial statements. In particular, we considered where subjective judgements were made;
for example, in respect of significant accounting estimates that involved making assumptions and
considering future events that are inherently uncertain. As in all of our audits, we also addressed
the risk of management override of internal controls, including among other matters consideration
of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Company,
the accounting processes and controls, and the industry in which the Company operates.
Key audit matters
We have determined that there are no key audit matters to communicate in our report.
Other information
The Board of Directors is responsible for the other information. The other information comprises
the information included in the annual report, but does not include the financial statements, the
consolidated financial statements, the remuneration report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be mate-
rially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.
Board of Directors’ responsibilities for the financial statements
The Board of Directors is responsible for the preparation of financial statements in accordance with
the provisions of Swiss law and the Company’s articles of incorporation, and for such internal con-
trol as the Board of Directors determines is necessary to enable the preparation of financial state-
ments that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are consi-
dered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
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– Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not de-
tecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit proce-
dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made.
– Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists re-
lated to events or conditions that may cast significant doubt on the Company’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evi-
dence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
We communicate with the Board of Directors or its relevant committee regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including any sig-
nificant deficiencies in internal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have
complied with relevant ethical requirements regarding independence, and communicate with them
regarding all relationships and other matters that may reasonably be thought to bear on our inde-
pendence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors or its relevant committee, we de-
termine those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report becau-
se the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on other legal and regulatory requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an
internal control system that has been designed, pursuant to the instructions of the Board of Direc-
tors, for the preparation of the financial statements.
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We further confirm that the proposed appropriation of available earnings complies with Swiss law
and the Company’s articles of incorporation. We recommend that the financial statements submit-
ted to you be approved.
PricewaterhouseCoopers AG
Korbinian Petzi
Luan Vaidi
Licensed audit expert
Licensed audit expert
Auditor in charge
Basel, 10 March 2025
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FIVE-YEAR OVERVIEW
in TCHF
2024
2023
2022
2021
2020
Order intake
577 207
686 541
678 063
482 395
345 349
Income statement
Revenues
630 452
762 923
606 332
421 067
327 623
Gross profit
397 577
474 426
372 860
265 907
199 860
in % of revenues
63.1
62.2
61.5
63.2
61.0
EBITDA
36 500
92 986
88 939
60 343
26 340
in % of revenues
5.8
12.2
14.7
14.3
8.0
Operating profit (EBIT)
16 036
72 808
71 732
44 794
11 254
in % of revenues
2.5
9.5
11.8
10.6
3.4
Group earnings after taxes (EAT)
–2 863
43 836
51 773
30 375
–1 319
in % of revenues
–0.5
5.7
8.5
7.2
–0.4
Depreciation
20 464
20 178
17 207
15 549
15 086
Research and development
74 288
78 844
59 018
41 066
29 756
in % of revenues
11.8
10.3
9.7
9.8
9.1
Balance sheet
Current assets
423 734
448 028
522 882
313 895
253 219
Non-current assets
265 674
260 889
260 624
200 996
198 870
Current financial liabilities
14 265
4 013
12 382
7 478
7 106
Non-current financial liabilities
163 426
165 172
175 877
141 597
137 169
Total liabilities
332 797
318 321
366 917
249 987
215 603
in % of total assets
48.3
44.9
46.8
48.6
47.7
Share capital
513
513
513
385
385
Shareholders’ equity1
356 611
390 596
416 589
264 904
236 486
in % of total assets
51.7
55.1
53.2
51.4
52.3
Total assets
689 408
708 917
783 506
514 891
452 089
Net cash (+) / net indebtedness (–)
–97 592
–92 927
–105 512
–98 391
–92 426
Cash flow statement
Cash flow from operating activities
59 673
62 066
39 010
33 006
41 766
Investments in non-current assets
20 962
28 535
13 081
38 062
25 811
Free cash flow
16 124
51 688
17 622
–5 492
15 435
Employees
Headcount as at 31 December
No.
3 496
3 490
3 390
2 121
2 095
Revenues per employee2
191
230
246
215
177
Share details
Shares3
No. 1 000
5 133
5 133
5 133
3 850
3 850
Par value
CHF
0.10
0.10
0.10
0.10
0.10
Highest price
CHF
195.40
305.50
288.00
276.60
238.80
Lowest price
CHF
107.00
174.40
214.00
177.30
122.00
Closing price as at 31 December
CHF
115.00
200.50
257.50
253.00
176.30
1 Total shareholders’ equity.
2 Calculated on the basis of the average headcount.
3 Changes resulting from capital increases.
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Komax Holding AG
Group Communications / Investor Relations / ESG
Industriestrasse 6
6036 Dierikon
Switzerland
communication@komaxgroup.com
komaxgroup.com
Financial calendar
Annual General Meeting
16 April 2025
Half-year results 2025
12 August 2025
Preliminary information on 2025 financial year
20 January 2026
Forward-looking statements
The present Annual Report contains forward-looking statements in relation to the Komax Group,
which are based on current assumptions and expectations. Unforeseeable events and develop-
ments 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 behavior on the part of our competitors, negative publicity, and
the departure of members of management. The forward-looking statements are pure assumptions,
made on the basis of information that is currently available.
This Annual Report is available in English and German. The original German version is binding.
Imprint
Publisher:
Komax Holding AG, Dierikon
Concept, design, and realization:
NeidhartSchön AG, Zurich
Christoph Stalder, Zurich
Daniel Allemann, Zurich
Photography of the Board of Directors and
Executive Committee:
Pius Amrein, Rothenburg
Komax Holding AG
Industriestrasse 6
6036 Dierikon
Switzerland
Phone +41 41 455 04 55
komaxgroup.com
The Komax Group celebrates its 50-year anniversary in 2025.
Anecdotes, videos, and images from the last five decades
can be found at www.komaxgroup.com/50-years-komax.