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23.09.2002 – 06:06

Kaba Holding AG

euro adhoc: Kaba Holding AG
Annual Reports
Financial 2001/2002 as at June 30, 2002: Kaba boosts net income by 47.5% (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

Rümlang, September 23, 2002 - The Kaba Group increased consolidated net income by 47.5% to CHF 61.8 million and sales by 50.2% to CHF 1,027.0 million. For the most part, these gains in the statement of income are due to the first-time consolidation of the Unican Group for a full 12-month period (prior year: 3 months). With a leap in sales to over CHF 1 billion in an adverse business climate, Kaba succeeded in boosting operating profitability in financial 2001/2002. Net free cash flow tripled to CHF 72.6 million and contributed significantly to a CHF 251.1 million reduction in bank debt. The Board of Directors proposes the payment of an unchanged dividend of CHF 3.00 per share with a par value of CHF 10.00. Although the economic scenario remains hostile, Kaba expects operating profit and free cash flow to continue benefiting from the ongoing integration of Unican.

In comparison with the previous year, consolidated sales generated by the Kaba Group in 2001/2002 increased by 50.2% to CHF 1,027.0 million. Rising by 47.5% to CHF 61.8 million, consolidated net income posted an almost proportional gain despite a sizable increase in debt servicing costs. To a great extent, the advance in profit is attributable to the successful implementation of the integration projects launched in March 2001.

Recession-resistant EBIT and massive debt reduction

In an adverse economic environment, EBIT climbed 80.4% to CHF 123.0 million. The EBIT margin, i.e. EBIT expressed as a percentage of operating revenues, rose from 9.6% in the previous year to 12.1% in the report year. EBITDA even advanced by 3.1% to 16.2%. According to CEO Ulrich Graf, "The earnings outlook of the Kaba Group has been sustainably strengthened by Unican. The acquisition has proven to be beneficial also for shareholders who already owned Kaba stock before the 2001 capital increase." Thus, in its seventh year since the IPO, Kaba has yet again succeeded in making its vision of at least 20% annual earnings growth per share come true.

The increase in net free cash flow (without investments in business interests) from CHF 23.8 million (previous year) to CHF 72.6 million is due mostly to the first-time consolidation of Unican for a full 12-month period and a massive cut in working capital, especially in America. Net free cash flow, the CHF 138.0 million convertible bond successfully placed in December 2001, and currency translation effects made it possible to reduce bank debt by CHF 251.1 million in the year under review.

Successful integration to influence Kaba’s future

The Kaba Group’s future is significantly impacted by the so far very successful integration of the former Unican companies. In a positive economic environment, Kaba reaffirms its vision of average annual earnings per share growth of 20%. This can be achieved in financial 2002/2003 if the economic fundamentals improve in the near future.

Today, Kaba is excellently positioned in Europe, North America, and the Asian-Pacific region. Its global market leadership in key blanks, key cutting and coding machines, transponder keys, and high-security locks as well as the leading position in the European market for electronic access and time and attendance systems constitute a very good point of departure for above-average growth.

Kaba publishes separate Corporate Governance Report

Kaba has once again expanded the scope of its reporting by creating a separate publication on corporate governance. The information it contains already complies with the Corporate Governance Directive of the SWX Swiss Exchange even though this directive only begins to apply to Kaba starting in financial 2002/2003. Moreover, Kaba has totally redesigned its business report and financial statements and issued the 7th edition of its popular Investor’s Handbook. All publications can be ordered by phone (+41 1 818 90 61) or online at - downloadable versions are also available on this Web site.

This communication contains certain forward-looking statements including statements using the words "believes", "assumes", "expects" or formulations of a similar kind. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which could lead to substantial differences between the actual future results, the financial situation, the development or performance of the Company and those either expressed or implied by such statements. Such factors include, among other things: competition from other companies, the effects and risks of new technologies, the Company's continuing capital requirements, financing costs, delays in the integration of acquisitions, changes in the operating expenses, the Company's ability to recruit and retain qualified employees, unfavourable changes to the applicable tax laws, and other factors identified in this communication. In view of these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company accepts no obligation to continue to report or update such forward-looking statements or adjust them to future events or developments.

end of announcement            euro adhoc 23.09.2002

Further inquiry note: For further information: Kaba Holding AG 8153 Rümlang, Switzerland Fax +41 1 818 90 52 Ulrich Graf, President and CEO; Phone +41 1 818 90 21 Dr. Werner Stadelmann, CFO; Phone +41 1 818 90 61

Branche: Semiconductors & active components
ISIN:      CH0011795959
WKN:        1179595
Index:    SPI
Börsen:  SWX Swiss Exchange / official dealing