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Kardex Systems AG

Kardex back on course for profitable growth after selling AFT

Zurich (ots)

Measures to sustainably strengthen Group to be proposed to Annual
General Meeting
Substantial growth at KRM and Stow - divestment of
AFT depresses shareholders' equity
In those business divisions in which it is continuing operations -
KRM (Dynamic Storage and Retrieval Systems) and Stow (Static Storage
Systems) - the Kardex Group generated a significant increase in
consolidated sales in 2006, up by 16.2% from EUR 326.2 million to EUR
379.1 million. At EUR 18.6 million, the operating result (EBIT) of
those business divisions was slightly ahead of the previous year's
figure (EUR 18.3 million), which reduced the EBIT margin from 5.6% to
4.9%. The lower EBIT margin was due to start-up problems at the new
Stow works, steel price increases that could not be passed on to the
market straight away, and heavy capital investment in the Sales &
Marketing organization - especially at KRM. The profits achieved by
the business divisions continuing in operation fell from the previous
year's figure of EUR 14.6 million to EUR 13.5 million. This decrease
was due to significantly higher interest charges as borrowing levels
rose. Taking account of the loss of EUR -46.7 million (previous year:
loss of EUR -48.8 million) incurred by the AFT business division
(Industrial Automation and Conveyor Technology), the Group as a whole
posted a loss for the year of EUR -33.2 million (previous year: loss
of EUR -34.2 million). The financial burden imposed by the former AFT
business division led to a reduction in Groups' equity from EUR 90.3
million to EUR 55.8 million.
Record year for the KRM business division
The KRM business division increased sales by 15.4% in the 2006
financial year, from EUR 191.5 million to EUR 221.0 million - the
highest level in its history to date. Operating result grew
substantially for the second year in succession, reaching EUR 18.4
million - 43.8% ahead of the previous year's figure of EUR 12.8
million. The EBIT margin was 8.3% (6.7%). 56.4% of KRM's sales during
the year under review were generated in the euro zone, the rest of
Europe accounting for 23.0%. The American markets contributed 13.0%,
and 7.6% came from the Asian growth markets (China and India). At EUR
227.0 million, new orders received during the year under review were
11.3% up on the previous year's figure of EUR 204.0 million. As at
the year-end the KRM order backlog was EUR 58.4 million (EUR 51.6
million).
Challenges successfully handled by Stow
The Stow business division increased sales by 19.3%, from EUR
133.5 million to EUR 159.3 million. At EUR 2.2 million, operating
result was substantially down on the previous year's figure of EUR
6.9 million - and the EBIT margin was 1.4% (5.1%). This decline was
mainly due to unexpected start-up problems at the new works in
Belgium and to a significant increase in steel prices, which it
proved impossible to pass on to the market straight away. Once these
difficulties had been successfully overcome by the end of the third
quarter, Stow's production volume and margins in the final quarter of
2006 were on target. The Stow business division generated 56.9% of
its sales in the euro zone markets, 33.4% in the rest of Europe and
9.7% in the Asia/Pacific region. At EUR 158.3 million, new order
bookings were 15.5% ahead of the previous year's EUR 137.1 million.
At the year-end the Stow business division's order backlog was EUR
28.6 million (EUR 25.0 million).
Proposals to the Annual General Meeting
In order to strengthen the financial basis for the reorientation
of the Kardex Group and to be able to respond flexibly and fast to
changes and opportunities on the market, the Board of Directors will
propose to the Annual General Meeting on 24 May 2007 that no dividend
should be paid. The Board of Directors also plans to seize the
opportunity presented by the current market environment and issue a
convertible bond with the aim of sustainably strengthening the
financing structure and entrepreneurial flexibility of the Kardex
Group. The time of issue and the terms of the bond are dependent on
market conditions and will be determined at a later date and
subsequently communicated. Current shareholders will enjoy
preferential subscription rights. A proposal will be made to the
Annual General Meeting to create the necessary conditional share
capital. It will also be proposed that the Annual General Meeting
elect Martin Wipfli - attorney, Managing Partner of Baryon AG and
Chairman of the Board of Directors of NEBAG - as an additional member
of the Board of Directors.
Ready for profitable growth
Having disposed of the AFT business division, the Kardex Group can
now focus on profitable growth in its successful international
business with logistics products from the KRM and Stow business
divisions. In the coming months the Board of Directors and the
Executive Board will establish the strategy of the Kardex Group in
the light of its altered circumstances. Initial results are expected
in the second half of 2007.
The detailed Annual Report can be downloaded from www.kri-group.ch
Kardex Group     
                                                  2006           2005
Bookings continued operations        EUR m      388.0           343.6
Order backlog continued operations   EUR m       88.5            77.6
Net revenues continued operations    EUR m      379.1           326.2
Operating result continued 
operations                           EUR m       18.6            18.3
in % of net revenues                 %            4.9             5.6
Result from continued operations     EUR m       13.5            14.6
in % of net revenues                 %            3.6             4.5
Earnings per share for continued 
operations                           EUR         2.40            2.59
Net revenues discontinued operation  EUR m       76.1            99.1
Operating result discontinued 
operation                            EUR m      -44.4           -48.4
Result from discontinued operation   EUR m      -46.7           -48.8
Net result Group                     EUR m      -33.2           -34.2
Loss per share Group                 EUR         -5.91          -6.07
Total assets                         EUR m       290.6          286.6
Total equity                         EUR m        55.8           90.3
Calendar
24 May 2007Annual General Meeting
Kardex Remstar International Group
Australia, Austria, Belgium, China, Cyprus, Czech Republic,
Finland, France, Germany,  Greece, Hungary, India, Ireland, Italy,
Mexico, Netherlands, Norway, Poland, Portugal, Sweden, Switzerland,
Singapore, Slovakia, Spain, South Korea, Taiwan, UK, USA.
Parent company
Kardex AG
Thurgauerstrasse 40
8050 Zurich,
Tel.:  +41/44/386'44'10
Fax:   +41/44/386'44'18
E-Mail:  info@kri-group.com
Internet: www.kri-group.com

Contact:

Jos De Vuyst
Chief Executive Officer
E-Mail: jos.devuyst@kri-group.com
Reto Welte
Chief Financial Officer
E-Mail: reto.welte@kri-group.com
Tel.: +41/44/386'44'15
Fax: +41/44/386'44'17

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  • 22.02.2007 – 18:00

    Kardex AG: Sale of AFT division closed

    Zurich (ots) - Kardex AG is selling its AFT division effective February 21, 2007 to the Munich-based Certina Group since agreement could not be reached with the original buyer (see media information dated December 22, 2006) on the terms of the closing. The contract with the Certina Group was signed and closed yesterday. As previously published, the anticipated extraordinary costs for the restructuring and hive-off of ...