Kardex AG

EQS-Adhoc: Kardex AG: Year End Result 2014
Kardex further expands its profitability

EQS Group-Ad-hoc: Kardex AG / Key word(s): Final Results
Kardex AG: Year End Result 2014 / Kardex further expands its
profitability

12.03.2015 / 06:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

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Media information - Year End Results 2014

Zurich, 12 March 2015

Kardex further expands its profitability in 2014

The Kardex Group enjoyed a successful 2014 financial year and recorded
further major increases in profitability. The good overall result can be
attributed to the general strong demand, the profitable growth of its major
division Kardex Remstar and the confirmation of the turnaround of Kardex
Mlog. In the following information, the previous year comparisons of the
Group results are based on continued operations only. In other words, the
revenue and results figures for the Kardex Stow division sold at the end of
July 2013 are not taken into account.

Further substantial improvements to the operating result

At EUR 308.9 million, the Kardex Group recorded a 2.5% increase in bookings
compared to the previous year (EUR 301.5 million). The generated revenue of
EUR 308.0 million exceeded the previous year (EUR 302.1 million) by 2.0%.
The order backlog at the end of the year was EUR 107.8 million (EUR 108.0
million). The gross margin generated increased by 7.0% to EUR 102.8
million, equating to an increase of 1.6 percentage points to 33.4% of the
revenue. Although the operative costs increased by EUR 2.4 million (+3.3%)
to EUR 74.3 million, this was largely due to increased research and
development expenditure (+EUR 1.3 million). On the whole, the operating
result increased over proportionately by 17.8% to EUR 28.5 million
(previous year: EUR 24.2 million) with an EBIT margin of 9.3% (8.0%). As a
result of the almost unchanged financial result and a slightly higher but
still low tax rate of 16.8%, a net profit of EUR 23.8 million (7.7% of the
revenue) was generated, up around 20% on that of the previous year.
Pleasing returns on capital employed (ROCE) of 33.4% (previous year: 28.7%)
were achieved. The Group headcount increased in 2014 by 33 full-time
positions to 1 480 employees.

Positive development in both divisions

The Kardex Remstar division achieved its principle set goal of 'profitable
growth' for 2014. Bookings and revenue grew by 4.1% and 6.6% respectively.
The higher volume, the further increase in service business revenue and
efficiency improvements more than offset the higher operating costs and
sustained price pressure. The EBIT rose by 19.2% to EUR 28.6 million
(previous year: EUR 24.0 million), which equates to a strong EBIT margin of
11.4% (previous year: 10.2%).

The Kardex Mlog division also developed positively and achieved the aim of
confirming its turnaround. The consistently risk-conscious behavior in the
field of project business and the increased focus on product and service
contracts are demanding but increasingly having a positive impact on the
result. As such, in 2014 an operating result of EUR 1.9 million (previous
year: EUR 1.2 million), equating to an EBIT margin of 3.3%, was achieved
despite the lower volume (EUR 58.1 million, -13.3%). On this basis, the
company can continue to grow and should be able to achieve the desired
target EBIT margin range of 4% to 6% in the foreseeable future.

Cyclicality reduced through a positive change to the revenue mix

The strategic measures implemented in recent years have clearly improved
the Kardex Group's revenue quality. The Group-wide share of service
business rose to 27.5% (previous year: 26.1%). In 2011, this share was
still at 23.6%. This increased demand for services and modernization
activities strengthens customer loyalty and reduces the cyclicality of
greenfield installations caused by the general economic climate. The
successful OEM business is also opening up new sales channels and further
diversifying the customer base. From a geographic perspective, Europe
remains the most important and a still growing core market for Kardex
products and services (78.5% revenue share) but major investments are also
being made in market development in the USA (12.5% revenue share) and in
the Asia/Pacific region (6.2% revenue share), where the penetration level
of our technologies is still lower and thus a great deal of potential is
available.

The Kardex Group has a solid balance sheet with no debts and no potential
depreciation risks due to goodwill or capitalized tax loss carryforwards.
The financial reserves provide the flexibility required to avail of
targeted opportunities to further strengthen our market position.

Adaptation of the dividend policy and motions to the General Meeting

In April 2014, the Kardex AG General Meeting approved payouts with an
equivalent value of EUR 16.8 million (ordinary dividends of CHF 1.25,
special dividends of CHF 1.40 from the sale of the Kardex Stow division).
This financial outflow could be more than offset by the generated free cash
flow of EUR 23.7 million. The Group's equity ratio increased as at the end
of 2014 to a comfortable 59.4% (previous year: 55.9%) and the net cash
increased to EUR 85.1 million (previous year: EUR 77.0 million). The Board
of Directors has therefore decided to adapt the dividend policy. The payout
ratio is to be increased from the former level of a maximum of 35% to a new
level of a maximum of 75% of the net profit. For the 2014 financial year,
it will therefore be proposed to the Annual General Meeting to declare a
dividend of CHF 2.30 per share (tax free for Swiss individuals), equating
to CHF 17.8 million. Payment will occur as a payout of CHF 1.65 from the
capital contribution reserves and a CHF 0.65 reduction in the par value.

The constitution of the Board of Directors is to again remain unchanged in
2015. Internal cooperation and exchanges with the Executive Committee have
been successful. All current members of the Board of Directors will make
themselves available for re-election.

Positive outlook

The Kardex Group continues to expect a long-term growing need for
intralogistics solutions and wants to fully exploit the opportunities
available on the market. The Board of Directors and Executive Committee
currently expect upheaval in several geographical markets but the
continuation of the robust market conditions on the whole. We therefore
again expect a solid course of business for 2015. The strength of the Swiss
franc only affects us marginally as the Group, like all its main
competitors, manufactures solely in the euro zone. The currently weak euro
makes our products more attractive to the growth markets outside the euro
zone.

 Key figures (Continued Operations)
EUR millions



1.1.-31.12.                    2014       (%)      2013       (%)      +/-%
Bookings                      308.9    100.3%     301.5     99.8%      2.5%
Order backlog (31.12.)        107.8     35.0%     108.0     35.7%     -0.2%
Net revenues                  308.0    100.0%     302.1    100.0%      2.0%
Gross Profit                  102.8     33.4%      96.1     31.8%      7.0%
OPEX                           74.3     24.1%      71.9     23.8%      3.3%
Operating result (EBIT)        28.5      9.3%      24.2      8.0%     17.8%
EBITDA                         34.6     11.2%      30.4     10.1%     13.8%
Result for the period          23.8      7.7%      19.9      6.6%     19.6%
(net profit)
Net cash flow from             28.3                28.2                0.4%
operating activities
ROCE                          33.4%               28.7%               16.4%
                           31.12.20            31.12.20               +/- %
                                 14                  13
Net working capital            56.9                54.4                4.6%
Net cash                       85.1                77.0               10.5%
Equity/Equity ratio           115.8     59.4%     106.9     55.9%      8.3%
Employees (FTE)               1 480               1 447                2.3%




Annual Report
A PDF version of the Annual Report of the Kardex Group is available on our
website at
http://www.kardex.com/index.php?id=2178&no_cache=1&L=0, section investor
relations.



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
23 April 2015                   Annual General Meeting
                                SIX Swiss Exchange, Zurich
13 August 2015                  Publication Interim Report 2015
                                Conference Call for Media and Analysts
10 March 2016                   Publication Annual Report 2015
                                Media and Analysts Conference year-end 2015
                                SIX Swiss Exchange, Zurich
21 April 2016                   Annual General Meeting
                                SIX Swiss Exchange, Zurich
11 August 2016                  Publication Interim Report 2016
                                Conference Call for Media and Analysts




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 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.

End of ad hoc announcement

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Additional features:

Document: http://n.equitystory.com/c/fncls.ssp?u=KEWHQYWASG
Document title: Year End Results 2014_Kardex Group

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12.03.2015 News transmitted by EQS Schweiz AG. www.eqs.com - news
archive: http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.

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Language:    English
Company:     Kardex AG
             Thurgauerstrasse 40
             8050 Zürich
             Switzerland
Phone:       +41 (0)44 419 44 79
E-mail:   investor-relations@kardex.com
Internet: www.kardex.com
ISIN:        CH0100837282
Valor:       100837282
Listed:      Regulated Unofficial Market in Berlin, Munich, Stuttgart;
             Open Market in Frankfurt ; SIX


End of News    EQS Group News-Service
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332399 12.03.2015
 



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