Kardex AG

EQS-Adhoc: Kardex AG: Continued profitable growth for the Kardex Group

EQS Group-Ad-hoc: Kardex AG / Key word(s): Half Year Results
Kardex AG: Continued profitable growth for the Kardex Group

11.08.2016 / 06:30
Release of an ad hoc announcement pursuant to Art. 53 KR.

Media information - Half Year Results 2016

Zurich, 11 August 2016

Continued profitable growth for the Kardex Group

Kardex continues to perform well. The good result of the first half of 2016 ties
in with the positive developments of the previous periods. In the first half of
the year, the Group recorded strong levels of bookings, slightly higher revenues
and a further increase in profitability.

Reduced currency effects

Compared to the previous year, the half-year figures have barely been influenced
by currency effects. The consolidated turnover would have been about EUR 2
million higher without currency effects, but at EBIT level these effects were
more or less neutralised.

Strong levels of bookings

With a 13.5% increase in bookings to EUR 204.7 million (previous year: EUR 180.3
million), the 200 million mark was passed for the first time in the first half
year. The driving force behind this latest increase was Kardex Mlog, whose
bookings increased by roughly 67% compared to the same period last year. In both
divisions, the order backlog is higher than in the same period last year. On the
other hand, the generated revenue of EUR 170.5 million was only slightly higher
by 3.4% than in the same period in the previous year.

Double-digit growth in operating result

Thanks largely to economies of scale and further efficiency improvements in the
factories, the higher revenue led to the gross margin at Group level increasing
to 35.5% (previous year: 34.0%). However, the operative costs also rose,
especially as the result of further increases in development expenditure. At EUR
18.0 million, the operating result (EBIT) equates to a 10.6% profit margin and
is EUR 2.3 million respectively 14.6% higher than in the same period last year.
The financial result, which benefited from currency gains in the same period
last year, this time recorded a currency loss of EUR 0.5 million (previous
period: currency gain of EUR 1.3 million). The recorded net profit of EUR 13.0
million is, however, still 5.7% up on the same period in the previous year.

Further increase in profitability at Kardex Remstar

In terms of volume, Kardex Remstar continued to develop positively in the first
half year and was able to further increase its profitability despite higher
expenditure for product and market development. Bookings saw a moderate 1.2% (in
local currency 2.7%) increase on the strong level in the same period in the
previous year and revenue rose by 3.9% (in local currency 5.4%). On the other
hand, a strong operating result of EUR 17.9 million was recorded, up 16.2% on
the same period in the previous year. A look at the geographic revenue
development shows that the American market is still developing strong; positive
trends can be seen in Southern Europe; Central and Northern Europe are stable;
and the Asian markets, with the exception of India and Malaysia, are behind
expectations. The revenue mix showed a pleasing increase in the after sale
service share to 29.6%. OEM revenue is also already contributing 2.0% (previous
year: 0.8%) to the total revenue. The development activities focused mainly on
new products' planned readiness for series production.

Strong Bookings at Kardex Mlog

Kardex Mlog achieved strong bookings which increased by 67.0% against the same
period last year. This development allows the company to focus further on
projects with a balanced reward - / risk profile. The clear increase in bookings
did not yet lead to a major increase in revenue in the first half year. Instead,
this remains just 2.3% above that in the same period in the previous year. To
handle the higher level of backlog, the headcount has been increased by about
10%. At EUR 1.4 million (EBIT margin 3.9%), the recorded operating result is
only negligibly below that in the same period of last year (EUR 1.5 million).
The high order backlog of EUR 58.4 million will positively affect revenue in the
second half year.

Sustained solid Balance sheet

Kardex's balance sheet total has risen to EUR 237.1 million and the equity ratio
has further increased to 59.8% (previous year: 58.7%). In the period under
review, the generated free cash flow amounted to EUR 10.7 million and was
influenced by normalised accounts receivables and higher investments compared to
the higher free cash flow of the same period last year. The Group's net cash
position increased to EUR 122.4 million as of 30 June 2016. However it should be
taken into account that the pay-out to the shareholders through the reduction of
the nominal value of CHF 3.00 per share (CHF 23.2 million) took place on 7 July
2016, i.e. after this balance sheet date. The Group continues to command the
necessary flexibility to make targeted use of opportunities to further
strengthen its market position.

Positive outlook

The market for intra-logistics solutions remains attractive, even if short-term
demand dynamics vary in different regions of the world. In view of the good
order backlog, the Board of Directors and Group Management expect the Group to
continue developing positively in line with the communicated financial targets.

Today, 11 August 2016 at 01.00 p.m. (CET), an analyst and media conference call
will be held with CEO Jens Fankhänel, CFO Thomas Reist as well as Investor
Relations Contact Officer Edwin van der Geest to discuss the half-year results.
The conference call will be held in English. The corresponding presentation is
available onhttp://www.kardex.com/index.php?id=2186&no_cache=1&L=0.
Please dial in approx. 3 minutes prior to the conference and kindly hold the
presentation ready.
To take part, dial:      +41  (0)43 547 80 01
Conference-ID:  804087

Alternatively you can also participate via audio webcast
onhttp://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=3755. Please
note that questions can only be placed via the conference call.

Interim Report
The Interim Report is available
onhttp://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 (0)44 419 44 79 / Tel. +41 (0)79 330 55 22  



08 March 2017                                       Publication Annual Report
                                                    Media and Analysts
                                                    SIX Swiss Exchange, Zurich,

20 April 2017                                       Annual General Meeting

                                                    SIX Swiss Exchange, Zurich,

10 August 2017                                      Publication Interim Report
                                                    Conference Call for Media
and Analysts

Key figures(EUR millions)

1.1. - 30.6.                            2016      2015       +/-%

Bookings                                204.7                120.1% 180.3  
109.3% 13.5%

Order backlog (30.6.)                   157.2                92.2%  128.2  
77.7%  22.6%

Net revenues                            170.5                100.0% 164.9  
100.0% 3.4%

Gross Profit                            60.5                 35.5%  56.1   
34.0%  7.8%

OPEX                                    42.5                 24.9%  40.4   
24.5%  5.2%

EBITDA                                  20.3                 11.9%  18.2   
11.0%  11.5%

Operating result (EBIT)                 18.0                 10.6%  15.7    9.5%

Result for the period                   13.0                 7.6%   12.3    7.5%

Net cash flow from operating activities 14.3                        23.8     

ROCE                                    47.8%                       40.4%    


                                        30.6.2016 31.12.2015 +/- %

Net working capital                     52.0                        51.4     

Net cash                                122.4                       112.3    

Equity/Equity ratio                     141.7                59.8%  129.4  
58.7%  9.5%

Employees (FTE)                         1 521                       1 509    

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 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 title: Media information - Half Year Results 2016

11.08.2016 News transmitted by Tensid EQS AG. www.eqs.com


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
491247  11.08.2016 

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