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Kardex Systems AG

Kardex reports significant increase in profitability in first half-year 2007

Zurich (ots)

- Successful turnaround in operations 
- EBIT increase in both divisions
- sustainable growth by concentrating on intrinsic strengths
In the first half of 2007, the Kardex Group
achieved a turnaround in its operations, increasing its operating
result by EUR 8.7 million. In the first six months of the current
financial year, Kardex reported a gratifying net result of EUR 8.3
million as against a loss of EUR -0.4 million in the previous year.
This result included a charge against the operating result of EUR
-1.3 million posted by the AFT division sold as per 21 February 2007.
The operating result (EBIT) of the continuing operations increased by
87.1% to EUR 17.4 million (EUR 9.3 million) and the EBIT margin rose
to 8.9% (1H 2006: 5.1%). The consolidated net revenues of the KRM
division (revenues share: 62%) and Stow (revenues share: 38%) rose by
7.4% to EUR 196.2 million (EUR 182.7 million), or 8.0% when adjusted
for currency exchange factors. At EUR 228.8 million (1H 2006: EUR
216.0 million), bookings exceeded the comparable figure for the
previous year by 5.9%. Earnings before tax increased by 69.0% to EUR
14.7 million (1H 2006: EUR 8.7 million) and the net result for
continuing operations of EUR 9.6 million (1H 2006: EUR 7.0 million )
exceeded that of the previous year by 37.1%. KRM increased EBIT by
17.0% to EUR 11.0 million (1H 2006: EUR 9.4 million) and the EBIT
margin to 9.1% (1H 2006: 8.5%). Sales rose by 9.7% to EUR 121.0
million (1H 2006: EUR 110.3 million), while bookings increased to EUR
130.3 million (1H 2006: EUR 129.7 million). As at 30 June 2007, KRM
had an order backlog of EUR 70.4 million (1H 2006: EUR 72.0 million).
Stow improved EBIT by more than 650% to EUR 4.6 million (1H 2006: EUR
0.6 million) and the EBIT margin to 6.1% (1H 2006: 0.8%). With the
goal of a solid EBIT margin, Stow decided to focus consistently on
qualitative project selection, accepting conservative revenue growth;
in the event, period-on-period growth of 3.0% took revenues to EUR
75.7 million (1H 2006: EUR 73.5 million). Bookings increased by 14.1%
to EUR 98.5 million (1H 2006: EUR 86.3 million); as at 30 June 2007,
Stow had an order backlog of EUR 41.9 million (1H 2006: EUR 44.7
million). Thanks to much enhanced profitability, the Group's equity
increased by 12.9% to EUR 63.0 million as at 30 June 2007
(31.12.2006: EUR 55.8 million), which improved the equity ratio by
5.6 percentage points to 24.8% (31.12.2006: 19.2%).
After the sale of the AFT Division to the German Certina Group
with effect from 21 February 2007, the divestment process continued
as planned in the first half of the year. The outstanding guarantees
- including contract performance guarantees - in the initial amount
of EUR 13.5 million were reduced in stages, and the residual
guarantee risk for the Kardex Group amounted to EUR 5.1 million as at
30 June 2007. The guarantee obligations are expected to decline as
planned in the third and fourth quarters as well. As things stand,
adequate provision has been made for the guarantee risks related to
the sale of AFT.
The Kardex Group has decided to retain the dual strategy with its
two divisions, KRM and Stow, and will concentrate in the short term
on further improving profitability and putting its finances on a firm
footing. At the same time, the Group continues to evaluate investment
projects such as the development of new products with a view to
establishing a solid basis that will enable the Kardex Group to
generate rapid sustainable growth in the long term. KRM seeks to
continue revenue and profit growth with ongoing optimization of
processes and structures and a consistent policy of market
development, particularly in the USA and the emerging markets of Asia
and Eastern Europe, and accelerate develoment of its service business
and customized product solutions. Stow will continue to consistently
optimize the process and cost potential of its investment in
production capacity. Besides actively cultivating its existing
markets, it will focus in particular on the rapid expansion of its
market position in Central and Eastern Europe as well as in China.
Given the robust demand in its most important markets, the Kardex
Group expects to continue its positive business development in the
second half of 2007.
The detailed 2007 Half-Year Report can be downloaded from
www.kri-group.ch

Contact:

Jos De Vuyst, Chief Executive Officer
E-Mail: jos.devuyst@kri-group.com

Reto Welte, Chief Financial Officer
E-Mail: reto.welte@kri-group.com

Tel.: +41/44/386'44'15
Fax: +41/44/386'44'17

Calendar of events:
11 March 2008 Conference for analysts and media
22 April 2008 Annual General Meeting

Kardex Remstar International Group:
Australia, Austria, Belgium, China, Cyprus, Czech Republic, Finland,
France, Germany, Greece, Hungary, India, Ireland, Italy, Mexico,
Netherlands, Norway, Poland, Portugal, Singapore, Slovakia, South
Korea, Spain, Sweden, Switzerland, Taiwan, UK, USA.

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