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10.08.2017 – 06:04

Kardex AG

EQS-Adhoc: Kardex AG: Positive business performance in the first half of 2017

EQS Group-Ad-hoc: Kardex AG / Key word(s): Half Year Results
Kardex AG: Positive business performance in the first half of 2017

10-Aug-2017 / 06:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
Media information - Half Year Results 2017

Zurich, 10 August 2017

Positive business performance in the first half of 2017

The Kardex Group is continuing on the road to success. Both divisions are
benefiting from favorable market conditions and their strong position in the
intralogistics market. The Group is reporting good bookings, generating higher
revenue and margins and investing in the future.

At EUR 209.1 million, the Group's bookings are up 2.1% for the same period in
the previous year. While, as expected, Kardex Mlog posted fewer new orders, as
the last year was positively influenced by a huge order, Kardex Remstar made
double-digit gains. The Kardex Group generated revenue of EUR 178.6 million, up
4.8% on the first half of 2016.

Thanks to the revenue mix, which included enhanced service business and stronger
service margins, the gross margin improved further, reaching a value of 36.0%
(35.5%) at Group level. Operational costs increased at a disproportionately
lower pace, rising by 4.2%. This resulted in an operating income (EBIT) of EUR
20.0 million, 11.1% higher than the result obtained during the same period last
year and equating to a return on sales of 11.2%. With a comparable financial
result and an almost normalized tax rate of 25.9%, net profit increased by 7.7%
to EUR 14.0 million (EUR 13.0 million).

Robust development at Kardex Remstar
Kardex Remstar reported an improvement in bookings in almost all regions. The
total figure increased by 10.7% to EUR 164.2 million. North America returned to
growth by the middle of the year and the company acquired a service company in
the USA in May. The Middle East region and Africa are also showing the first
signs of recovery.

Due to the order mix, revenue in the first half of the year rose only by 4.7%
compared to bookings, reaching a figure of EUR 140.9 million. The order backlog
therefore increased significantly by 15.1% to EUR 113.7 million. The service
business made gains of approximately 12%, contributing 31.7% to the division's

Kardex Remstar invested more in the first half of the year in process
digitalization and consequently in the associated IT costs. Conversely,
administration costs were reduced. Development costs continue to account for
more than 3% of revenue. The operating income increased by 10.1% to EUR 19.7
million (EUR 17.9 million), corresponding to an EBIT margin of 14.0% (13.3%).

Kardex Mlog invests in profitable growth
Kardex Mlog is benefiting from the sustained high investment activity of its
clients, which enables focused sales activities. Following the previous year's
extraordinary item (a major project with a low level of own contribution),
bookings to the value of EUR 45.0 million were lower than during the same period
in the previous year (EUR 56.6 million) but remain on target. The order backlog
of EUR 54.7 million as of the end of June (EUR 58.4 million) and the revenue of
EUR 37.8 million (EUR 36.1 million) generated in the first half of the year
establish a positive basis for the second half of the year.

Operating costs increased by 13.0% due to deliberately higher investments in
expanding product sales and in development. Accordingly, the operating income
that was generated increased only slightly by 7.1% to EUR 1.5 million in the
first half of the year; the EBIT margin of 3.9% achieved during the same period
in the previous year increased to 4.0%.

The joint market activities with Kardex Remstar and the cross-divisional
solutions presented for the first time at the LogiMAT 2017 trade fair generates
great interest among customers.

Solid balance sheet and good free cash flow
The Kardex Group continues to enjoy a solid balance sheet. The balance sheet
total increased to EUR 247.1 million at the end of the period (12/31/2016: EUR
232.0 million); the equity ratio amounted to 59.7%. The generated free cash flow
almost doubled to EUR 19.1 million (EUR 10.7 million) compared to the same
period in the previous year and when viewed over both years is once again at a
normalized level. Net cash at the Group amounted to EUR 123.5 million at the end
of the period. It should be noted here that the nominal value reduction of CHF
3.30/share (CHF 25.5 million) only occurred on July 7, 2017.

Continued positive outlook
The Board of Directors and the Group Management are looking at the current 2017
financial year with confidence. At a global level, demand within the
intralogistics market remains unabated, even if all regions are not equally
dynamic. The Kardex Group is well positioned and offers its customers an
attractive solution portfolio and outstanding services. Sustained investment in
the expertise of our staff and the further development of products are, however,
the key to sustained profitable growth. There are no signs of any significant
change in the current trend, leading the Board of Directors and the Group
Management to assume that the communicated financial targets can be achieved.

Today, 10 August 2017 at 02.00 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 on
Please dial in approx. 5 minutes prior to the conference and kindly hold the
presentation ready.
To take part, dial: +41 (0)44 580 72 06
Conference-ID: 2092092

Alternatively you can also participate via audio webcast Please note that questions can only be placed
via the conference call.
Please log in approx. 5 minutes prior to the audio webcast.

Interim Report
The Interim Report is available on our website at

Contact for media and investors:                     

Edwin van der Geest ,  

Tel. +41 (0)44 419 44 79 / Tel. +41 (0)79 330 55 22  




1 March 2018                                        Publication Annual Report
                                                    Media and Analysts
                                                    SIX Swiss Exchange, Zurich,

12 April 2018                                       Annual General Meeting

                                                    SIX Swiss Exchange, Zurich,

2 August 2018                                       Publication Interim Report
                                                    Conference Call for Media
and Analysts

Key figures                              

EUR million                              

1.1.-30.6                               2017      2016       +/-%


Bookings                                209.1                117.1% 204.7  
120.1% 2.1%

Order backlog (30.6.)                   168.3                94.2%  157.2  
92.2%  7.1%

Net revenues                            178.6                100.0% 170.5  
100.0% 4.8%

Gross Profit                            64.3                 36.0%  60.5   
35.5%  6.3%

OPEX                                    44.3                 24.8%  42.5   
24.9%  4.2%

EBITDA                                  22.5                 12.6%  20.3   
11.9%  10.8%

Operating result (EBIT)                 20.0                 11.2%  18.0   
10.6%  11.1%

Result for the period (net profit)      14.0                 7.8%   13.0    7.6%

Net cash flow from operating activities 23.8                        14.3     

ROCE                                    48.4%                       47.8%    


                                        30.6.2017 31.12.2016 +/- %


Net working capital                     57.9                        65.6     

Net cash                                123.5                       105.7    

Equity/Equity ratio                     147.4                59.7%  138.2  
59.6%  6.7%

Employees (FTE)                         1 605                       1 552    
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 lifecycle of a product or
solution. This begins with an assessment of customer requirements and continues
via the planning, realization and implementation of customer-specific systems
through to ensuring a high level of availability and low lifecycle costs by
means of customer-oriented lifecycle management. Around 1 600 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.

Additional features:

Document title: Kardex_Half Year Results 2017
End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Kardex AG

          Thurgauerstrasse 40

          8050 Zürich


Phone:    +41 (0)44 419 44 79


ISIN:     CH0100837282

Valor:    100837282

Listed:   Regulated Unofficial Market in Berlin, Munich, Stuttgart; Open Market
(Basic Board) in Frankfurt; SIX Swiss Exchange


End of Announcement EQS Group News Service


599913  10-Aug-2017 CET/CEST