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Abonner Kaba Holding AG

Kaba Holding AG

euro adhoc: Kaba Holding AG
Quarterly or Semiannual Financial Statements
Kaba posts strong earnings gain

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
06.03.2005
Rümlang, March 7, 2005  -  In the first six months of financial
2004/2005, reported by Kaba for the first time pursuant to IFRS, the
Group’s currency-adjusted sales increased by 4.9% versus the same
prior-year period. Mostly due to the weaker US dollar, sales
expressed in Swiss francs rose by a nominal 2.2% to CHF 492.5
million. Despite a currency translation loss of CHF 2.3 million,
reported EBIT increased by 14.5% to CHF 65.6 million and thus
fulfilled the Group’s ambitious expectations. The EBIT margin
improved from 11.9% to 13.3%. After deduction of non-recurring
refinancing charges of CHF 7.9 million, income climbed to CHF 29.7
million, an increase of 35.6% versus the prior-year period (restated
to IFRS) The Kaba Group’s gross debt declined by CHF 85.6 million to
CHF 387.3 million. Kaba expects significant income growth in the 2nd
half of financial 2004/2005.
For reasons of transparency, Kaba initiated the transition from Swiss
GAAP FER to the International Financial Reporting Standards (IFRS)
with the semi-annual statement as at 31.12.2004. The comparable
figures for the prior six-month period as well as for financial
2003/2004 have also been restated according to IFRS conventions. In
the first six months of financial 2004/2005, currency-adjusted sales
increased by 4.9% versus the same period a year ago. Mostly due to
the further depreciation of the US dollar, however, reported sales
increased by a mere 2.2% to CHF 492.5 million.
Reported EBIT rose by 14.5% in the 1st half of 2003/2004, closing at
CHF 65.6 million in the period under review. Currency-adjusted EBIT
even grew by CHF 10.6 million or 18.5%. The EBIT margin (income from
operations in % of operating revenues) improved from 11.9% to 13.3%.
Thus, Kaba was able to generate the overproportional earnings
increase forecast in September 2004. Despite extraordinary
refinancing costs of CHF 7.9 million incurred in October 2004, the
Group’s income climbed by CHF 7.8 million or 35.6% versus the
prior-year period (restated to IFRS) to close at CHF 29.7 million.
The Group’s gross debt declined from CHF 472.9 million as at
30.6.2004 to CHF 387.3 million as at 31.12.04. Thus, Kaba cut debt by
no less than CHF 85.6 million in the 1st half of financial 2004/2005.
Dynamic business segments
Among the individual business segments, differentiated by products in
compliance with IFRS, the increasing growth and earnings momentum of
Door Systems as well as the above-average increase of
currency-adjusted sales and EBIT of Access Systems in the Americas
and Europe are noteworthy developments. In the Asia Pacific region,
however, the Access Systems segment (generating about 3.5% of
consolidated sales) experience a disappointing decline in sales as a
result of the weak market demand. Key + Ident Systems (including Key
Systems Americas) reported sales growth with an unchanged EBIT
margin. The Data Collection segment grew slightly more than the Group
average.
Further income gains expected in 2nd half of the year
For the 2nd half of the year (to close on 30.6.2005), Kaba expects
the EBIT trend to remain strong, although not quite as pronounced as
in the first six months of financial 2004/2005. One reason is the
seasonal weakness of the market for Access Systems in Europe and for
Door Systems. Additionally, it will not easily be possible to offset
the currency translation losses incurred as a result of the
depreciation of the US dollar.
On the other hand, income from operations in the 2nd half of
financial 2004/2005 will reflect the elimination of the extraordinary
refinancing charge of CHF 7.9 million incurred in the 1st half of the
year. The tax rate for the 2nd half of the year (on income before
taxes) should amount to about 33%, as was the case for the first six
months.
We again expect earnings growth in a double-digit magnitude in
comparison with the IFRS figures of the prior year.
Kaba is a globally active, publicly traded security corporation. With
its «Total Access» strategy, the Kaba Group is specialized in
integrated solutions for security, organization, and convenience at
building and information access points. Kaba is also the world
market’s No. 1 provider of key blanks, key cutting and coding
machines, transponder keys, and high security locks. It is a leading
provider of electronic access systems, locks, master key systems,
hotel locking systems, security doors, and automatic doors. Further
information is available at www.kaba.com .
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 06.03.2005 23:00:00 

Further inquiry note:

Ulrich Graf, President and CEO; Tel +41 44 818 90 21
Dr. Werner Stadelmann, CFO; Tel +41 44 818 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