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Kaba Holding AG

euro adhoc: Kaba Holding AG
Quarterly or Semiannual Financial Statements
Kaba increases currency-adjusted EBIT by 10% and the EBIT margin to 12.2% (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Rümlang, 10 March 2003  -  In an adverse market climate, Kaba posted
a 5.3% decline in sales to CHF 490.1 million for the first six months
of financial 2002/2003 but held EBIT at a solid level of CHF 60.0
million. The EBIT margin (operating income in percent of sales) rose
from 11.5% to 12.2%. At constant exchange rates, EBIT would have
picked up by 10% to CHF 64.2 million. In comparison with the same
prior-year period, cash flow from operations nearly tripled, rising
from CHF 23.2 million to CHF 65.3 million. This allowed Kaba to
further reduce debt as at 31 December 2002, by CHF 45.5 million to
CHF 478.5 million.
In the first half of financial 2002/2003, Kaba increased consolidated
sales in local currencies by CHF 7.0 million or +1.4% versus the
previous-year period. Thus, despite hostile economic baseline
conditions, the Group is back on track as regards growth. On the
downside, the appreciation of the Swiss franc cost Kaba CHF 29.9
million (5.8%) in currency translation at the net sales level.
Despite the considerable local-currency growth rates in certain
operations as well as the perceptible progress made in terms of
operating profitability, net income for the first six months, at CHF
26.8 million, fell 8.2% short of the prior-period result. This is due
to an increase of the fiscal burden by CHF 4.0 million or 37% as a
result of a tax rate hike from 27% to 35.6%. This tax reassessment
was caused by over proportional income gains in America.
The Access Systems divisions encompass the regional mechanical and
mechatronic locking systems as well as electronic access control
businesses - by far Kaba’s largest organizational unit. These
divisions generated CHF 296.6 million in sales, 60% of consolidated
sales. Sales growth expressed in local currencies was 2.9%, and the
EBIT margin advanced from 13.5% to 15.2%. Absolute EBIT rose from CHF
42.1 million to CHF 45.1 million. At constant exchange rates, EBIT
would have increased by 17.6% to CHF 49.5 million.
The Data Collection Division posted 11.0% growth in local currencies
and boosted absolute EBIT by 50% to CHF 6.0 million. The EBIT margin
rose from 12.2% to 17.1%.
In local currencies, the Key Systems Europe Division posted a 1.9%
decline in sales but held the EBIT margin at a high level of 17.7%.
The Door Systems Division did not attain its financial targets. Sales
in local currencies declined by 2.4%. The operating results reported
by the companies in Great Britain and Germany were disappointing but
also reflected restructuring charges. A number of remedial measures
have been initiated or intensified.
The integration of Unican, acquired in April 2001, is still moving
forward successfully.
At the present time, Kaba sees no reason to anticipate that the
result of the second half of financial 2002/2003 will be better than
that of the reporting period.
Enclosure: 	Shareholder Newsletter No. 19 dated 10 March 2003 
http://www.kaba.com/e/ak/ak19-mar2003-e.pdf
A telephone conference in English will take place on Monday, March
10, 2003, at 4:00 PM Central European Time (10:00 AM EDT; 07:00 AM
PDT). Please log on until 03:00 PM at 
http://www.kaba.com/pw/konferenz-e.htmlto participate.
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,
unfavorable 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 10.03.2003

Further inquiry note:

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

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