Kardex AG

EQS-Adhoc: Kardex AG: Half Year Results 2015
Strong development of the Kardex Group continues 2015

EQS Group-Ad-hoc: Kardex AG / Key word(s): Half Year Results
Kardex AG: Half Year Results 2015 / Strong development of the Kardex
Group continues 2015

13.08.2015 / 06:28
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.


Media information - Half Year Results 2015

Zurich, 13 August 2015

Strong development of the Kardex Group continues in 2015

The financial year 2015 has started well, following on from the good second
half of 2014. Kardex Remstar is continuing on its dynamic growth path and
Kardex Mlog is recording profitable growth for the first time.

Significant currency effects
The half-year figures are influenced by significant currency effects. The
US dollar and the Swiss franc have both strengthened substantially against
the euro and therefore positively affected the consolidated turnover
expressed in euros. However, the aforementioned effects also led to
currency-related cost increases.

Double-digit growth and improved operating result
At EUR 180.5 million, the bookings reported by the Kardex Group were
substantially higher than in the same period in the previous year. This
equates to an increase of EUR 27.5 million or 18.0%. Currency adjusted,
this increase still amounts to 13.4%. The generated revenue of EUR 165.1
million was 12.2% higher than in the previous year, currency adjusted 7.3%
higher. The order backlog has increased in both divisions and, at EUR 128.2
million, is considerably above the level of the previous year (EUR 110.0
In the course of this turnover growth, profitability rose
over-proportionately despite additional costs. The gross margin increased
to 33.7% (33.2%). The operative costs grew by 10.1%, but approximately one
third of which can be attributed to currency shifts. The operating result
rose by 26.4% to EUR 15.3 million (EUR 12.1 million), which equates to a
strong EBIT margin of 9.3% (8.2%). As a result of the improved financial
result, the currency gains and a higher but still relatively low tax rate,
a half-year profit of EUR 12.3 million was generated, up 30% on the
previous year. The return on capital employed (ROCE) reached 38.8% (31.1%).
Since the start of the year, the Group headcount increased by 1.3% or 19
full-time equivalents to 1 499 employees.

Positive development in both divisions
The Kardex Remstar division is continuing to experience dynamic growth.
Bookings and revenue were up by 11.9% and 11.2% respectively, or currency
adjusted 6.5% and 5.1% respectively. How-ever, the higher volume was also
accompanied by higher salary costs and strategic increases in marketing and
sales costs, whereby around one third of the cost increase is currency
related. Furthermore, increased investments of 2.9 percent of revenue were
again made in Research and Development. Despite this, the operating result
improved by 17.2% or EUR 2.2 million to EUR 15.0 million against the
previous year, leading to an EBIT margin of 11.6% (11.0%).

The repositioning of the Kardex Mlog division is increasingly paying
dividends. This is evident, among other things, in the strong increase in
bookings, which rose by 55.2% or EUR 12.1 million to EUR 34.0 million
compared to the relatively weak previous-year period. The generated revenue
rose by 15.7%. The revenue mix, in particular, moved in the desired
direction. Revenues generated with refurbishment projects increased by
nearly 160%, newly accounting for one quarter of the total revenue. The
efforts to further expand the components business are also increasingly
bearing fruit. The operating result rose by more than one million to EUR
1.5 million, hitting the targeted EBIT margin range of 4% to 6% with 4.2%
for the first time since being acquired by the Kardex Group. The Kardex
Mlog division is not subject to substantial foreign currency effects.

Sound balance sheet
The Kardex Group balance sheet continues to be free from debts and
potential depreciation risks due to goodwill or capitalised tax loss
carry-forwards. The equity ratio remains at a solid 56.8% (31/12/2014:
59.4%). Thanks to the high free cash flow of EUR 22.1 million, the cash
holdings rose to EUR 97.1 million (31/12/2014: +EUR 12 million). This
occurred despite the increase in the pay-out ratio and the resultant
dividend of EUR 12.1 million paid to shareholders in the first half of
2015. These financial reserves provide the flexibility required to avail of
strategic opportunities to further strengthen our market position. The
shareholders also benefitted from a CHF 5 million reduction in the nominal
value, which was paid out at the start of July 2015.

Cautiously optimistic outlook
The Kardex Group continues to expect a long-term growing need for
intra-logistics solutions and wants to exploit the opportunities available
on the market. Despite the economic outlook being difficult to predict, the
Board of Directors and Executive Committee are confident for the remainder
of  the year.

Today, 13 August 2015 at 10.00 a.m. (CET), an analyst and media conference
call will be held with Executive Director Felix Thöni, Head of Finance and
Controlling, Thomas Reist as well as Investor Relations Contact Officer
Edwin van der Geest to discuss the half-year results. The corresponding
presentation is available on
Please dial in approx. 3 minutes prior to the conference and kindly hold
the presentation ready.
To take part, dial:      +41  44 800 9658
Conference-ID:  6207873

Interim Report
The Interim Report is available on
http://www.kardex.com/index.php?id=2182&no_cache=1&L=0, on our website
section Investor Relations/Financial Reports/Interim Report.

Contact for media and investors:
Edwin van der Geest , investor-relations@kardex.com
Tel. +41 44 419 44 79 / Tel. +41 79 330 55 22

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

Key figures (EUR millions)

1.1. - 30.6.                             2015                2014      +/-%

Bookings                      180.5    109.3%     153.0    103.9%     18.0%
Order backlog (30.6.)         128.2     77.6%     110.0     74.7%     16.5%
Net revenues                  165.1    100.0%     147.2    100.0%     12.2%
Gross Profit                   55.7     33.7%      48.8     33.2%     14.1%
OPEX                           40.4     24.5%      36.7     24.9%     10.1%
Operating result (EBIT)        15.3      9.3%      12.1      8.2%     26.4%
EBITDA                         17.8     10.8%      15.1     10.3%     17.9%
Result for the period          12.3      7.5%       9.5      6.5%     29.5%
Earnings per share (EUR)       1.59                1.22               29.5%
Net cash flow from             23.8                10.9              118.3%
operating activities
ROCE                          38.8%               31.1%               24.8%

                           30.6.2015           31.12.20               +/- %
Net working capital            54.0                56.9               -5.1%
Net cash                       97.1                85.1               14.1%
Equity/Equity ratio           117.8     56.8%     115.8     59.4%      1.7%
Employees (FTE)               1'499               1'480                1.3%

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.

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

Additional features:

Document: http://n.equitystory.com/c/fncls.ssp?u=TTRICQQTGC
Document title: Media information_Half Year Result 2015


13.08.2015 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.


Language:    English
Company:     Kardex AG
             Thurgauerstrasse 40
             8050 Zürich
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
386177 13.08.2015

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