Kardex AG

EQS-Adhoc: Kardex AG: Year End Result 2015
Positive developments for the Kardex Group

EQS Group-Ad-hoc: Kardex AG / Key word(s): Final Results
Kardex AG: Year End Result 2015 / Positive developments for the Kardex Group

10.03.2016 / 06:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

Media information - Year End Results 2015

Zurich, 10 March 2016

Positive developments for the Kardex Group

The Kardex Group is looking back on another successful year. Both its divisions
have benefited from robust markets, increased revenues and recorded positive
profitability. Kardex Remstar is continuing its dynamic growth and reported a
strong increase in demand from the USA in particular. Kardex Mlog harvested the
fruits of its restructuring, recorded positive developments in all its segments
and achieved the set margin targets. The operating result (EBIT) at Group level
exceeded the 10% margin.

Significant currency influences

The annual result for 2015 incorporates significant currency effects. Bookings
and consolidated revenues for Kardex Remstar were positively influenced by the
strength of the US dollar against the euro, while costs converted into euros,
which were incurred in US dollars and Swiss francs rose noticeably.

Healthy growth and improved operating result

At EUR 350.1 million, bookings by the Kardex Group were considerably above the
previous year. This represents an increase of EUR 41.2 million or 13.3%,
currency adjusted the growth amounts to 9.3%. Revenues of EUR 338.5 million
exceeded last year's figure by 9.9% or 5.9% currency adjusted. Order backlog has
increased in both divisions and is also clearly above the previous year at EUR
124.3 million (EUR 107.8 million). In line with turnover expansion,
profitability increased at an over-proportional high rate. The gross margin
reached 36.0% (33.4%). Currency adjusted, the operating costs for sales,
marketing and administration were up 7.5% on the previous year. The operating
result rose by 27.4% to EUR 36.3 million (EUR 28.5 million), which equates to a
two-digit EBIT margin of 10.7% (9.3%). Although the tax level has increased to
20.8% (16.8%), it is still moderate. The annual profit of EUR 28.5 million
achieved exceeds the previous year's result by 19.7%. Return on capital employed
(ROCE) at 45.2% is well up on the previous year again (33.4%). The Group's
headcount increased by 2.0% or 29 full-time equivalents since the beginning of
the year to 1 509 employees.

Positive development in both divisions

Kardex Remstar reported its best financial year to date, even though not all
markets developed as expected. The strongest growth boost at nearly 9% in local
currency came from the USA. While demand from central and northern European
countries was good, southern Europe was still weak and growth in Asia was less
than expected. The systematic investments in marketing and sales led to an 11.6%
increase in bookings to EUR 280.4 million and a 9.0% rise in turnover to EUR
273.7 million. Despite the associated additional expenditure and more intensive
efforts in software and product development, Kardex Remstar achieved an
operating result of EUR 35.6 million (EUR 28.6 million), equivalent to an EBIT
margin of 13.0% (11.4%).

After a demanding phase of refocussing and restructuring, Kardex Mlog is back to
profitable growth. The business model adjusted in 2012 is increasingly proving
its worth both in the market and in the strong increase in earnings. There was
strong demand for efficient storage and retrieval systems and for the
refurbishment of existing systems and services. This is reflected in a strong
boost to growth and the achievement of the targeted profitability level (EBIT
margin 4-6%). Overall, the result was an increase in bookings by 20.7% to EUR
69.9 million, revenues of EUR 64.9 million (+11.7%) and an operating result of
EUR 3.3 million (+73.7%).

Healthy balance sheet despite high dividends

The balance sheet of the Kardex Group is solid with no debts and no potential
depreciation risks due to goodwill or capitalized tax loss carryforwards. The
equity capital remains at a comfortable 58.7 percent (31/12/2014: 59.4%). The
Group's capital is efficiently employed, net working capital could be reduced
from EUR 56.9 million to EUR 51.4 million despite increased volumes. Due to the
high free cash flow of EUR 42.7 million, the cash level increased to EUR 112.3
million (+EUR 27.2 million since 31/12/2014). This despite the fact that the
payout rate was increased in 2015 and, as a result, dividends of CHF 2.30 per
share or a total of EUR 16.9 million was paid out to the shareholders. The
financial reserves provide the flexibility required to avail of targeted
opportunities to further strengthen the market position.

Increased payouts to shareholders again

The Board of Directors will propose to the General Meeting a payout of CHF 3.00
per share (CHF 2.30) to the shareholders. The payout will take the form of a
reduction in the nominal value. The current nominal value of Kardex shares is
CHF 10.35, which still leaves margin for further tax-free payouts.

Separation of strategic and operative management

The current management structure, with an Executive Director managing the Group
at an operational level via an Executive Committee, was introduced in line with
the reorganisation of the Kardex Group 2011 and has proven successful. Since
then, the strategic direction has been successfully implemented. It has given
the Kardex Group and its two divisions, Kardex Remstar and Kardex Mlog, the
necessary stability for economic success.

The Board of Directors now wants to effect the complete separation between
strategic and operative management again. Consequently, the function of the
Executive Director will be dissolved as of the General Meeting, but continuity
will still be ensured. In his new role as acting Vice Chairman of the Board of
Directors, Felix Thöni will form an important link between the management and
the Board of Directors.

Jens Fankhänel, Divisional Manager of Kardex Remstar since 2011, is additionally
taking over responsibility as CEO of the Kardex Group as of 1 May 2016. Thomas
Reist, formerly Head of Finance & Controlling for the holding company, will be
appointed as CFO of the Kardex Group as of 1 May 2016. Hans-Jürgen Heitzer,
Divisional Manager of Kardex Mlog, will continue to complete the Group
management team of Kardex.


The Kardex Group continues to expect long-term growing demand for
intra-logistics solutions and wants to fully exploit the opportunities available
on the market. Both divisions are in a good position: Kardex Remstar as the
global market leader in its segment and Kardex Mlog as the leading provider in
attractive niche markets. The Group has further growth potential both with
respect to new applications for their product and logistics solutions and from a
geographical perspective. Its stable service business also makes it well
equipped to face economical fluctuations. The Board of Directors and the
Executive Committee are therefore confident about the further development of the
company despite the restricted visibility of its business development.

Key figures
EUR millions

1.1.-31.12.                             2015     (%)    2014     (%)    +/-%

Bookings                                350.1    103.4% 308.9    100.3% 13.3%

Order backlog (31.12.)                  124.3    36.7%  107.8    35.0%  15.3%

Net revenues                            338.5    100.0% 308.0    100.0% 9.9%

Gross Profit                            122.0    36.0%  102.8    33.4%  18.7%

OPEX                                    85.7     25.3%  74.3     24.1%  15.3%

Operating result (EBIT)                 36.3     10.7%  28.5     9.3%   27.4%

EBITDA                                  41.6     12.3%  34.6     11.2%  20.2%

Result for the period (net profit)      28.5     8.4%   23.8     7.7%   19.7%

Net cash flow from operating activities 48.2            28.3            70.3%

Free Cash Flow                          42.7            23.7            80.2%

ROCE                                    45.2%           33.4%           35.3%


                                        31.12.15        31.12.14         

Net working capital                     51.4            56.9            -9.7%

Net cash                                112.3           85.1            32.0%

Equity/Equity ratio                     129.4    58.7%  115.8    59.4%  11.7%

Employees (FTE)                         1 509           1 480           2.0%

Annual Report
A PDF version of the Annual Report 2015 of the Kardex Group is available on our
website at
html, section investor relations.

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


21 April 2016  Annual General Meeting

               SIX Swiss Exchange, Zurich

11 August 2016 Publication Interim Report 2016
               Conference Call for Media and Analysts

08 March 2017  Publication Annual Report 2016
               Media and Analysts Conference year-end 2016
               SIX Swiss Exchange, Zurich

20 April 2017  Annual General Meeting

               SIX Swiss Exchange, Zurich

10 August 2017 Publication Interim Report 2017
               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


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 title: Year End Results 2015_Kardex Group

10.03.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive:

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


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
443817  10.03.2016 

Weitere Meldungen: Kardex AG

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