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Kardex AG: Year End Results 2016 / Continued profitable growth for the Group Mittwoch, 08. März 2017 - 06:01
Kardex AG / Key word(s): Final Results
Kardex AG: Year End Results 2016 / Continued profitable growth for the Group
08-March-2017 / 06:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Media information - Year End Results 2016
Zurich, 8 March 2017
Continued profitable growth for the Group
The Kardex Group performed well once again in the 2016 financial year. Both
divisions reported good bookings, increased revenue and improved
profitability in challenging markets. Kardex Remstar increased its
profitability once again on the basis of a good revenue mix and stringent
cost control. Kardex Mlog experienced a strong growth spurt, while
maintaining its margins. At Group level, the EBIT margin increased to a new
record level of 11.5%.
Good bookings and increasing revenue
A strong increase in bookings in the case of Kardex Mlog and a continuing
rise in demand at Kardex Remstar resulted in bookings of EUR 373.6 million,
an increase of 6.9% or EUR 24.0 million on the previous year (EUR 349.6
million). The order backlog at the end of the year was EUR 137.8 million,
up around 11% on the previous year's value. The good bookings had a
positive impact on the revenue level. Revenue increased by 6.1% to EUR
358.5 million (EUR 337.9 million) in the period under review, or by 7.2% to
EUR 362.2 million when adjusted for currency effects. Currency effects had
a slightly negative effect on the annual result in 2016, whereas in the
previous year the rise in the value of the US dollar against the euro had a
significant positive effect.
Operating result increases to EUR 41.3 million
The higher revenue was accompanied by a rise in expenditure for sales
activities and an increase in the number of employees. The Group headcount
increased by 43 full-time positions and totaled 1 552 at the end of the
period. Expenditure on R&D activities was once again deliberately increased
in absolute terms and, as in the previous year, accounted for 2.8% of
revenue. Overall, operating expenditure increased moderately by 1.6% to EUR
87.1 million compared to the previous year. At EBIT level, the operating
result increased by 11.3% to EUR 41.3 million, corresponding to an EBIT
margin of 11.5%. The tax rate increased to 22.8% (20.8%) as there were
fewer tax loss carryforwards. The Kardex Group's annual profit increased by
8.1% to EUR 30.8 million (EUR 28.5 million). This result equates to a
return on capital employed (ROCE) of 42.3% (46.2%).
High EBIT margin for Kardex Remstar
Following strong growth during the previous year, Kardex Remstar
consolidated its position as market leader in its segment of the
intralogistics market. At EUR 289.3 million, its bookings were up 3.3% on
the previous year and revenue increased by 3.9% to EUR 283.9 million. In
terms of geographic regions, the European and Asian markets made a greater
contribution to growth, while the upheaval in the Middle East and Africa
and downward trends in the North American market had a negative effect on
revenue. At EUR 40.3 million or an EBIT margin of 14.2%, the operating
result reached a new record level, 11.0% above the previous year's result.
The improvement in the margin was facilitated by increased volumes, a
better revenue mix and good cost management. In the course of this
improvement, the company is increasing the EBIT margin target range to
between 7% and 15% (over the cycle). The intralogistics market is
increasingly influenced by global trends such as increased digitization or
the path to Industry 4.0. Kardex Remstar has therefore expanded its
technology expertise, created a new Head of Technology function and
appointed a proven intralogistics expert to this role.
Profitable growth path at Kardex Mlog confirmed
Demand across all elements of the product portfolio offered retained at a
high level. Despite the focus on projects with a well-balanced opportunity/
risk profile proved itself once again, it was still possible to accelerate
growth. Bookings rose by 21.5% to a record EUR 84.7 million (EUR 69.7
million), benefiting from widespread, solid demand across the entire range
of products and services. Total revenue increased by 16.1% to EUR 75.1
million. The operating result increased to EUR 3.8 million (EUR 3.4
million), corresponding to an EBIT margin of 5.1% (5.3%). Following a
successful return to a solid growth path, Kardex Mlog's focus in the coming
years will be on operational excellence in order to sustainably secure
profitability in the defined target range (EBIT margin 4% to 6% over the
cycle).
Equity ratio increases to 60%
The Kardex Group has no debts and shows no potential depreciation risks. As
of the end of 2016, the balance sheet total had risen slightly to EUR 232.0
million. The Group enjoys a solid equity ratio of 59.6% (58.7%) and net
cash of EUR 105.7 million (EUR 112.3 million). The net working capital
increased to EUR 65.6 million at the end of the year (EUR 51.4 million),
which is due mainly to the higher accounts receivable. These were driven by
strong revenue in December and amounted to EUR 59.6 million, or around 24%
more than one year ago, at the end of the year. The higher accounts
receivable and a significantly lower level of advance payments at the end
of the year are a snapshot in time and in combination with higher
investment spending led to a lower reported free cash flow of EUR 16.4
million (EUR 42.7 million).
Higher payout once again
The Board of Directors will apply for a payout of CHF 3.30 (CHF 3.00) at
the Annual General Meeting in the form of a nominal value reduction. The
current nominal value of the Kardex share is CHF 7.35 and thus still offers
scope for the continuation of tax-free payouts to individuals who are
resident in Switzerland.
Outlook
The Board of Directors and Group Management look forward confidently to the
current 2017 financial year. Despite the economic and political uncertainty
in some markets, both divisions are well positioned to exploit the
continued positive market potential. Moreover, the good order backlog
levels and the stabilizing nature of the service business in both divisions
provides some protection against any possible economic fluctuations. On the
whole, the Group expects to perform well within the framework of the
financial goals that have been announced.
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Key Figures
EUR millions
1.1.-31.12 2016 2015 +/-%
Bookings 373.6 104.2% 349.6 103.5% 6.9%
Order backlog (31.12) 137.8 38.4% 124.3 36.8% 10.9%
Net revenue 358.5 100.0% 337.9 100.0% 6.1%
Gross profit 128.4 35.8% 122.8 36.3% 4.6%
Operating expenses 87.1 24.3% 85.7 25.4% 1.6%
EBITDA 46.3 12.9% 42.4 12.5% 9.2%
Operating result (EBIT) 41.3 11.5% 37.1 11.0% 11.3%
Result for the period (net profit) 30.8 8.6% 28.5 8.4% 8.1%
Net cash flow from operating 24.2 48.2 -49.8%
activities
Free cash flow 16.4 42.7 -61.6%
ROCE 42.3% 46.2% -8.5%
31.12.2016 31.12.2015 +/-%
Net working capital 65.6 51.4 27.6%
Net cash 105.7 112.3 -5.9%
Equity/Equity ratio 138.2 59.6% 129.4 58.7% 6.8%
Employees (FTE) 1 552 1 509 2.8%
2016 2015 +/-%
Reduction of nominal value per share 3.30 3.00 10.0%
(CHF)
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Annual Report
A PDF version of the Annual Report 2016 of the Kardex Group is available on
our website at
http://www.kardex.com/nc/en/investor-relations/financial-reports/annual-
reports.html.
Contact for media and investors
Edwin van der Geest; investor-relations@kardex.com
Tel. +41(0)44 419 44 79 / Mobile +41(0)79 330 55 22
<pre>
Agenda
20 April 2017 Annual General Meeting
SIX Swiss Exchange, Zurich, Switzerland
10 August 2017 Publication Interim Report 2017
Conference Call for Media and Analysts
01 March 2018 Publication Annual Report 2017
Media and Analysts Conference year-end
2017
SIX Swiss Exchange, Zurich, Switzerland
12 April 2018 Annual General Meeting
SIX Swiss Exchange, Zurich, Switzerland
02 August 2018 Publication Interim Report 2018
Conference Call for Media and Analysts
</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 shuttles and 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 lifecycle of a product or solution. This begins with an assessment
of customer requirements and continues via the planning, realization and
implementation of customer-specific systems through to ensuring a high
level of availability and low lifecycle costs by means of customer-oriented
lifecycle management. Around 1 550 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.
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End of ad hoc announcement
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