Publiziert in: Marktpuls, Unternehmen
Frei
Kardex AG: Continued profitable growth for the Kardex Group Donnerstag, 11. August 2016 - 07:31
Kardex AG / Key word(s): Half Year Results
Kardex AG: Continued profitable growth for the Kardex Group
11.08.2016 / 06:30
Release of an ad hoc announcement pursuant to Art. 53 KR.
---------------------------------------------------------------------------
Media information - Half Year Results 2016
Zurich, 11 August 2016
Continued profitable growth for the Kardex Group
Kardex continues to perform well. The good result of the first half of 2016
ties in with the positive developments of the previous periods. In the
first half of the year, the Group recorded strong levels of bookings,
slightly higher revenues and a further increase in profitability.
Reduced currency effects
Compared to the previous year, the half-year figures have barely been
influenced by currency effects. The consolidated turnover would have been
about EUR 2 million higher without currency effects, but at EBIT level
these effects were more or less neutralised.
Strong levels of bookings
With a 13.5% increase in bookings to EUR 204.7 million (previous year: EUR
180.3 million), the 200 million mark was passed for the first time in the
first half year. The driving force behind this latest increase was Kardex
Mlog, whose bookings increased by roughly 67% compared to the same period
last year. In both divisions, the order backlog is higher than in the same
period last year. On the other hand, the generated revenue of EUR 170.5
million was only slightly higher by 3.4% than in the same period in the
previous year.
Double-digit growth in operating result
Thanks largely to economies of scale and further efficiency improvements in
the factories, the higher revenue led to the gross margin at Group level
increasing to 35.5% (previous year: 34.0%). However, the operative costs
also rose, especially as the result of further increases in development
expenditure. At EUR 18.0 million, the operating result (EBIT) equates to a
10.6% profit margin and is EUR 2.3 million respectively 14.6% higher than
in the same period last year. The financial result, which benefited from
currency gains in the same period last year, this time recorded a currency
loss of EUR 0.5 million (previous period: currency gain of EUR 1.3
million). The recorded net profit of EUR 13.0 million is, however, still
5.7% up on the same period in the previous year.
Further increase in profitability at Kardex Remstar
In terms of volume, Kardex Remstar continued to develop positively in the
first half year and was able to further increase its profitability despite
higher expenditure for product and market development. Bookings saw a
moderate 1.2% (in local currency 2.7%) increase on the strong level in the
same period in the previous year and revenue rose by 3.9% (in local
currency 5.4%). On the other hand, a strong operating result of EUR 17.9
million was recorded, up 16.2% on the same period in the previous year. A
look at the geographic revenue development shows that the American market
is still developing strong; positive trends can be seen in Southern Europe;
Central and Northern Europe are stable; and the Asian markets, with the
exception of India and Malaysia, are behind expectations. The revenue mix
showed a pleasing increase in the after sale service share to 29.6%. OEM
revenue is also already contributing 2.0% (previous year: 0.8%) to the
total revenue. The development activities focused mainly on new products'
planned readiness for series production.
Strong Bookings at Kardex Mlog
Kardex Mlog achieved strong bookings which increased by 67.0% against the
same period last year. This development allows the company to focus further
on projects with a balanced reward - / risk profile. The clear increase in
bookings did not yet lead to a major increase in revenue in the first half
year. Instead, this remains just 2.3% above that in the same period in the
previous year. To handle the higher level of backlog, the headcount has
been increased by about 10%. At EUR 1.4 million (EBIT margin 3.9%), the
recorded operating result is only negligibly below that in the same period
of last year (EUR 1.5 million). The high order backlog of EUR 58.4 million
will positively affect revenue in the second half year.
Sustained solid Balance sheet
Kardex's balance sheet total has risen to EUR 237.1 million and the equity
ratio has further increased to 59.8% (previous year: 58.7%). In the period
under review, the generated free cash flow amounted to EUR 10.7 million and
was influenced by normalised accounts receivables and higher investments
compared to the higher free cash flow of the same period last year. The
Group's net cash position increased to EUR 122.4 million as of 30 June
2016. However it should be taken into account that the pay-out to the
shareholders through the reduction of the nominal value of CHF 3.00 per
share (CHF 23.2 million) took place on 7 July 2016, i.e. after this balance
sheet date. The Group continues to command the necessary flexibility to
make targeted use of opportunities to further strengthen its market
position.
Positive outlook
The market for intra-logistics solutions remains attractive, even if short-
term demand dynamics vary in different regions of the world. In view of the
good order backlog, the Board of Directors and Group Management expect the
Group to continue developing positively in line with the communicated
financial targets.
Today, 11 August 2016 at 01.00 p.m. (CET), an analyst and media conference
call will be held with CEO Jens Fankhänel, CFO Thomas Reist as well as
Investor Relations Contact Officer Edwin van der Geest to discuss the half-
year results. The conference call will be held in English. The
corresponding presentation is available on http://www.kardex.com/index.php?
id=2186&no_cache=1&L=0.
Please dial in approx. 3 minutes prior to the conference and kindly hold
the presentation ready.
To take part, dial: +41 (0)43 547 80 01
Conference-ID: 804087
Alternatively you can also participate via audio webcast on http://
www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=3755. Please note
that questions can only be placed via the conference call.
Interim Report
The Interim Report is available on http://www.kardex.com/index.php?
id=2182&no_cache=1&L=0, on our website section Investor Relations/Financial
Reports/Interim Report.
<pre>
Contact for media and investors:
Edwin van der Geest , investor-
relations@kardex.com
Tel. +41 (0)44 419 44 79 / Tel. +41 (0)79 330 55 22
Agenda
08 March 2017 Publication Annual Report 2016
Media and Analysts Conference
SIX Swiss Exchange, Zurich, Switzerland
20 April 2017 Annual General Meeting
SIX Swiss Exchange, Zurich, Switzerland
10 August 2017 Publication Interim Report 2017
Conference Call for Media and Analysts
</pre>
Key figures (EUR millions)
<pre>
1.1. - 30.6. 2016 2015 +/-%
Bookings 204.7 120.1% 180.3 109.3% 13.5%
Order backlog (30.6.) 157.2 92.2% 128.2 77.7% 22.6%
Net revenues 170.5 100.0% 164.9 100.0% 3.4%
Gross Profit 60.5 35.5% 56.1 34.0% 7.8%
OPEX 42.5 24.9% 40.4 24.5% 5.2%
EBITDA 20.3 11.9% 18.2 11.0% 11.5%
Operating result (EBIT) 18.0 10.6% 15.7 9.5% 14.6%
Result for the period 13.0 7.6% 12.3 7.5% 5.7%
Net cash flow from operating 14.3 23.8 -39.9%
activities
ROCE 47.8% 40.4% 18.3%
30.6.2016 31.12.2015 +/- %
Net working capital 52.0 51.4 1.2%
Net cash 122.4 112.3 9.0%
Equity/Equity ratio 141.7 59.8% 129.4 58.7% 9.5%
Employees (FTE) 1 521 1 509 0.8%
</pre>
Kardex Group - Corporate Profile
The Kardex Group is a global industry partner for intra-logistic solutions
and a leading supplier of automated storage solutions and material handling
systems. The Group consists of two entrepreneurially managed divisions,
Kardex Remstar and Kardex Mlog. Kardex Remstar develops, produces and
maintains dynamic storage and retrieval systems and Kardex Mlog offers
integrated materials handling systems and automated high-bay warehouses.
The two divisions are partners for their customers over the entire life
cycle of a product or solution. This begins with the assessment of customer
requirements and continues through planning, realization and maintenance of
customer-specific systems. It ensures a high level of availability combined
with low total cost of ownership and operation. Around 1 500 employees in
over 30 countries work for the Kardex Group.
Disclaimer
This communication contains statements that constitute "forward-looking
statements". In this communication, such forward-looking statements
include, without limitation, statements relating to our financial
condition, results of operations and business and certain of our strategic
plans and objectives. Because these forward-looking statements are subject
to risks and uncertainties, actual future results may differ materially
from those expressed in or implied by the statements. Many of these risks
and uncertainties relate to factors which are beyond Kardex's ability to
control or estimate precisely, such as future market conditions, currency
fluctuations, the behavior of other market participants, the actions of
governmental regulators and other risk factors detailed in Kardex's past
and future filings and reports and in past and future filings, press
releases, reports and other information posted on Kardex Group companies'
websites. Readers are cautioned not to put undue reliance on forward-
looking statements, which speak only of the date of this communication.
Kardex disclaims any intention or obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
