Kardex AG

EQS-Adhoc: Kardex AG: Year End Results 2016
Continued profitable growth for the Group


EQS Group-Ad-hoc: 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.

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 activities    24.2                  48.2   
-49.8%

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 (CHF) 3.30                  3.00   
10.0%



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

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


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.

Additional features:


Document:http://n.eqs.com/c/fncls.ssp?u=OLGVOBMCLS
Document title: Kardex_Media information Year End Results 2016
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End of ad hoc announcement------------------------------------------------------

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
(Basic Board) in Frankfurt; SIX Swiss Exchange



 

End of Announcement EQS Group News Service

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551413  08-March-2017 CET/CEST
 



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