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Abonner Kaba Holding AG

Kaba Holding AG

euro adhoc: Kaba Holding AG
Annual Reports
Financial 2001/2002 as at June 30, 2002: Kaba boosts net income by 47.5% (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Rümlang, September 23, 2002 - The Kaba Group increased consolidated
net income by 47.5% to CHF 61.8 million and sales by 50.2% to CHF
1,027.0 million. For the most part, these gains in the statement of
income are due to the first-time consolidation of the Unican Group
for a full 12-month period (prior year: 3 months). With a leap in
sales to over CHF 1 billion in an adverse business climate, Kaba
succeeded in boosting operating profitability in financial 2001/2002.
Net free cash flow tripled to CHF 72.6 million and contributed
significantly to a CHF 251.1 million reduction in bank debt. The
Board of Directors proposes the payment of an unchanged dividend of
CHF 3.00 per share with a par value of CHF 10.00. Although the
economic scenario remains hostile, Kaba expects operating profit and
free cash flow to continue benefiting from the ongoing integration of
Unican.
In comparison with the previous year, consolidated sales generated by
the Kaba Group in 2001/2002 increased by 50.2% to CHF 1,027.0
million. Rising by 47.5% to CHF 61.8 million, consolidated net income
posted an almost proportional gain despite a sizable increase in debt
servicing costs. To a great extent, the advance in profit is
attributable to the successful implementation of the integration
projects launched in March 2001.
Recession-resistant EBIT and massive debt reduction
In an adverse economic environment, EBIT climbed 80.4% to CHF 123.0
million. The EBIT margin, i.e. EBIT expressed as a percentage of
operating revenues, rose from 9.6% in the previous year to 12.1% in
the report year. EBITDA even advanced by 3.1% to 16.2%. According to
CEO Ulrich Graf, "The earnings outlook of the Kaba Group has been
sustainably strengthened by Unican. The acquisition has proven to be
beneficial also for shareholders who already owned Kaba stock before
the 2001 capital increase." Thus, in its seventh year since the IPO,
Kaba has yet again succeeded in making its vision of at least 20%
annual earnings growth per share come true.
The increase in net free cash flow (without investments in business
interests) from CHF 23.8 million (previous year) to CHF 72.6 million
is due mostly to the first-time consolidation of Unican for a full
12-month period and a massive cut in working capital, especially in
America. Net free cash flow, the CHF 138.0 million convertible bond
successfully placed in December 2001, and currency translation
effects made it possible to reduce bank debt by CHF 251.1 million in
the year under review.
Successful integration to influence Kaba’s future
The Kaba Group’s future is significantly impacted by the so far very
successful integration of the former Unican companies. In a positive
economic environment, Kaba reaffirms its vision of average annual
earnings per share growth of 20%. This can be achieved in financial
2002/2003 if the economic fundamentals improve in the near future.
Today, Kaba is excellently positioned in Europe, North America, and
the Asian-Pacific region. Its global market leadership in key blanks,
key cutting and coding machines, transponder keys, and high-security
locks as well as the leading position in the European market for
electronic access and time and attendance systems constitute a very
good point of departure for above-average growth.
Kaba publishes separate Corporate Governance Report
Kaba has once again expanded the scope of its reporting by creating a
separate publication on corporate governance. The information it
contains already complies with the Corporate Governance Directive of
the SWX Swiss Exchange even though this directive only begins to
apply to Kaba starting in financial 2002/2003. Moreover, Kaba has
totally redesigned its business report and financial statements and
issued the 7th edition of its popular Investor’s Handbook. All
publications can be ordered by phone (+41 1 818 90 61) or online at
www.kaba.com - downloadable versions are also available on this Web
site.
This communication contains certain forward-looking statements
including statements using the words "believes", "assumes", "expects"
or formulations of a similar kind. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
which could lead to substantial differences between the actual future
results, the financial situation, the development or performance of
the Company and those either expressed or implied by such statements.
Such factors include, among other things: competition from other
companies, the effects and risks of new technologies, the Company's
continuing capital requirements, financing costs, delays in the
integration of acquisitions, changes in the operating expenses, the
Company's ability to recruit and retain qualified employees,
unfavourable changes to the applicable tax laws, and other factors
identified in this communication. In view of these uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. The Company accepts no obligation to
continue to report or update such forward-looking statements or
adjust them to future events or developments.
end of announcement        euro adhoc 23.09.2002

Further inquiry note:

For further information: Kaba Holding AG 8153 Rümlang, Switzerland Fax +41 1 818 90 52 Ulrich
Graf, President and CEO; Phone +41 1 818 90 21 Dr. Werner Stadelmann, CFO; Phone +41 1 818 90 61

Branche: Semiconductors & active components
ISIN: CH0011795959
WKN: 1179595
Index: SPI
Börsen: SWX Swiss Exchange / official dealing

Plus de actualités: Kaba Holding AG
Plus de actualités: Kaba Holding AG