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Kardex AG: Positive business performance in the first half of 2017 Donnerstag, 10. August 2017 - 07:01
Kardex AG / Key word(s): Half Year Results
Kardex AG: Positive business performance in the first half of 2017
10-Aug-2017 / 06:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Media information - Half Year Results 2017
Zurich, 10 August 2017
Positive business performance in the first half of 2017
The Kardex Group is continuing on the road to success. Both divisions are
benefiting from favorable market conditions and their strong position in the
intralogistics market. The Group is reporting good bookings, generating
higher revenue and margins and investing in the future.
At EUR 209.1 million, the Group's bookings are up 2.1% for the same period
in the previous year. While, as expected, Kardex Mlog posted fewer new
orders, as the last year was positively influenced by a huge order, Kardex
Remstar made double-digit gains. The Kardex Group generated revenue of EUR
178.6 million, up 4.8% on the first half of 2016.
Thanks to the revenue mix, which included enhanced service business and
stronger service margins, the gross margin improved further, reaching a
value of 36.0% (35.5%) at Group level. Operational costs increased at a
disproportionately lower pace, rising by 4.2%. This resulted in an operating
income (EBIT) of EUR 20.0 million, 11.1% higher than the result obtained
during the same period last year and equating to a return on sales of 11.2%.
With a comparable financial result and an almost normalized tax rate of
25.9%, net profit increased by 7.7% to EUR 14.0 million (EUR 13.0 million).
Robust development at Kardex Remstar
Kardex Remstar reported an improvement in bookings in almost all regions.
The total figure increased by 10.7% to EUR 164.2 million. North America
returned to growth by the middle of the year and the company acquired a
service company in the USA in May. The Middle East region and Africa are
also showing the first signs of recovery.
Due to the order mix, revenue in the first half of the year rose only by
4.7% compared to bookings, reaching a figure of EUR 140.9 million. The order
backlog therefore increased significantly by 15.1% to EUR 113.7 million. The
service business made gains of approximately 12%, contributing 31.7% to the
division's revenue.
Kardex Remstar invested more in the first half of the year in process
digitalization and consequently in the associated IT costs. Conversely,
administration costs were reduced. Development costs continue to account for
more than 3% of revenue. The operating income increased by 10.1% to EUR 19.7
million (EUR 17.9 million), corresponding to an EBIT margin of 14.0%
(13.3%).
Kardex Mlog invests in profitable growth
Kardex Mlog is benefiting from the sustained high investment activity of its
clients, which enables focused sales activities. Following the previous
year's extraordinary item (a major project with a low level of own
contribution), bookings to the value of EUR 45.0 million were lower than
during the same period in the previous year (EUR 56.6 million) but remain on
target. The order backlog of EUR 54.7 million as of the end of June (EUR
58.4 million) and the revenue of EUR 37.8 million (EUR 36.1 million)
generated in the first half of the year establish a positive basis for the
second half of the year.
Operating costs increased by 13.0% due to deliberately higher investments in
expanding product sales and in development. Accordingly, the operating
income that was generated increased only slightly by 7.1% to EUR 1.5 million
in the first half of the year; the EBIT margin of 3.9% achieved during the
same period in the previous year increased to 4.0%.
The joint market activities with Kardex Remstar and the cross-divisional
solutions presented for the first time at the LogiMAT 2017 trade fair
generates great interest among customers.
Solid balance sheet and good free cash flow
The Kardex Group continues to enjoy a solid balance sheet. The balance sheet
total increased to EUR 247.1 million at the end of the period (12/31/2016:
EUR 232.0 million); the equity ratio amounted to 59.7%. The generated free
cash flow almost doubled to EUR 19.1 million (EUR 10.7 million) compared to
the same period in the previous year and when viewed over both years is once
again at a normalized level. Net cash at the Group amounted to EUR 123.5
million at the end of the period. It should be noted here that the nominal
value reduction of CHF 3.30/share (CHF 25.5 million) only occurred on July
7, 2017.
Continued positive outlook
The Board of Directors and the Group Management are looking at the current
2017 financial year with confidence. At a global level, demand within the
intralogistics market remains unabated, even if all regions are not equally
dynamic. The Kardex Group is well positioned and offers its customers an
attractive solution portfolio and outstanding services. Sustained investment
in the expertise of our staff and the further development of products are,
however, the key to sustained profitable growth. There are no signs of any
significant change in the current trend, leading the Board of Directors and
the Group Management to assume that the communicated financial targets can
be achieved.
Today, 10 August 2017 at 02.00 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/presentation.
Please dial in approx. 5 minutes prior to the conference and kindly hold the
presentation ready.
To take part, dial: +41 (0)44 580 72 06
Conference-ID: 2092092
Alternatively you can also participate via audio webcast on
www.audio-webcast.com/kardex. Please note that questions can only be placed
via the conference call.
Please log in approx. 5 minutes prior to the audio webcast.
Interim Report
The Interim Report is available on our website at
http://www.kardex.com/nc/en/investor-relations/financial-reports/interim-report.html.
Contact for media and
investors:
Edwin van der Geest ,
investor-relations@kar
dex.com
Tel. +41 (0)44 419 44
79 / Tel. +41 (0)79
330 55 22
Agenda
1 March 2018 Publication Annual Report 2017 Media and
Analysts Conference SIX Swiss Exchange,
Zurich, Switzerland
12 April 2018 Annual General Meeting
SIX Swiss Exchange, Zurich, Switzerland
2 August 2018 Publication Interim Report 2018 Conference
Call for Media and Analysts
Key figures
EUR million
1.1.-30.6 2017 2016 +/-%
Bookings 209.1 117.1- 204.7 120.1- 2.1%
% %
Order backlog (30.6.) 168.3 94.2% 157.2 92.2% 7.1%
Net revenues 178.6 100.0- 170.5 100.0- 4.8%
% %
Gross Profit 64.3 36.0% 60.5 35.5% 6.3%
OPEX 44.3 24.8% 42.5 24.9% 4.2%
EBITDA 22.5 12.6% 20.3 11.9% 10.8%
Operating result (EBIT) 20.0 11.2% 18.0 10.6% 11.1%
Result for the period (net 14.0 7.8% 13.0 7.6% 7.7%
profit)
Net cash flow from operating 23.8 14.3 66.4%
activities
ROCE 48.4% 47.8% 1.3%
30.6.2017 31.12.2016 +/- %
Net working capital 57.9 65.6 -11.7-
%
Net cash 123.5 105.7 16.8%
Equity/Equity ratio 147.4 59.7% 138.2 59.6% 6.7%
Employees (FTE) 1 605 1 552 3.4%
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 1 600 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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