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Kardex Systems AG

Kardex Remstar International Group - Kardex: Strong EBIT gain and significantly improved balance sheet structure

Zurich (ots)

The Kardex Group increased net revenues in the 2007
fiscal year by 11.4% to EUR 422.5 million (2006: EUR 379.1 million).
The continued operations, KRM (Dynamic Storage and Retrieval Systems)
and Stow (Static Storage Systems), both achieved record net revenues
and bookings. The order backlog grew 21.8% to EUR 107.8 million (EUR
88.5 million). The Kardex Group's operating result showed a
substantial improvement on the previous year's figure. Operating
income for the continued operations amounted to EUR 35.2 million (EUR
18.6 million). Thanks to these operational improvements and the
positive tax effects of the sale of the AFT Division, the net result
for the entire Group increased to EUR 21.8 million (EUR -33.2
million). Net debt decreased by 41.5% to EUR 38.5 million (EUR 65.8
million) and equity rose by EUR 18.4 million to EUR 74.2 million (EUR
55.8 million), representing an equity ratio of 29.4% (19.2%).
Record net revenues and bookings
The Kardex Group looks back on a successful business year, with a
further gain in net revenues, and a renewed increase in bookings in
both divisions. The consolidated net revenues of the Kardex Group's
continued operations outstripped the comparable figure for 2006 by
11.4%, reaching EUR 422.5 million (EUR 379.1 million); adjusted for
exchange rate effects the increase was 12.3%. Bookings were up 12.4%
to EUR 436.2 million (EUR 388.0 million), while the order backlog
exceeded the previous year's by 21.8% at EUR 107.8 million (EUR 88.5
million). KRM contributed 59.8% (61.5%) to the Group's net revenues,
while Stow accounted for 40.2% (38.5%).
Significantly higher profitability
Strong net revenue growth, determined cost management and
continuing advances in productivity led to a significant increase in
profitability. The operating profit (EBIT) of the continued
operations grew 89.2% to EUR 35.2 million (EUR 18.6 million) and the
EBIT margin improved to 8.3% (4.9%). The continued operations' net
result also saw a significant gain, up 71.1% to EUR 23.1 million (EUR
13.5 million). Including the effects (EUR -1.3 million) of the
discontinued AFT Division, the Kardex Group's consolidated net result
was EUR 21.8 million (EUR -33.2 million).
Equity basis strongly reinforced
The balance sheet was strengthened substantially. Equity increased
by EUR 18.4 million from the previous year to EUR 74.2 million (31
December 2006: EUR 55.8 million), and the Kardex Group had an equity
ratio of 29.4% (19.2%) on 31 December 2007. With a much-reduced net
debt of EUR 38.5 million (EUR 65.8 million), the gearing ratio was
51.9% (117.9%). Since the equity ratio target set by the Board of
Directors has not yet been reached, the Board of Directors will be
proposing to the General Meeting of 22 April 2008 that no dividend be
paid. The Board of Directors intends to make dividend payments again
next year.
Improved cash flow
The consolidated cash flow statement shows cash flow from
operating activities of EUR 51.1 million (EUR -9.3 million). It is
gratifying that net current assets were successfully reduced despite
the increase in net revenues. The cash outflows, mainly associated
with the disposal of AFT, led to net cash flow from investing
activities of EUR -22.0 million (EUR -14.2 million). Net cash flow
from financing activities, comprising primarily the issue of a
convertible bond and the repayment of current financial liabilities,
came to EUR -31.8 million (EUR 27.0 million).
Changes in the Board of Directors
Following the decision of Dr Rudolf Huber not to seek re-election
to the Board of Directors of Kardex AG (Holding), the General Meeting
of 22 April 2008 will be asked to approve the appointment of David J.
Schnell, a financial expert, from Berg in the canton of St. Gallen,
resident in Uster. The Board of Directors regrets Dr Huber's decision
and thanks him for his valuable support during the past few years,
which have been crucial in the development of the Kardex Group.
Outlook
The Kardex Group will continue to pursue a dual strategy in 2008,
focusing mainly on sustainable organic growth with a further increase
in profitability in the KRM and Stow Divisions and ongoing
strengthening of the financing structure. Based on the solid order
backlog at the start of the year and continuing strong demand in the
first weeks of fiscal year 2008, the Kardex Group's management is
optimistic in regard to the outlook for net revenues and profit.
The detailed Annual Report 2007 can be downloaded from
www.kri-group.ch
Kardex Group
Key figures                                            2007      2006
Bookings continued operations                EUR m    436.2     388.0
Order backlog continued operations (31.12.)  EUR m    107.8      88.5
Net revenues continued operations            EUR m    422.5     379.1
Operating result continued operations        EUR m     35.2      18.6
in % of net revenues                             %      8.3       4.9
Result from continued operations             EUR m     23.1      13.5
in % of net revenues                             %      5.5       3.6
Earnings per share of continued 
operations (basic)                             EUR      4.11     
2.40
Group result                                 EUR m     21.8     -33.2
Earnings per share Group (basic)               EUR      3.87    
-5.91
Total assets                                 EUR m    252.2     290.6
Total equity                                 EUR m     74.2      55.8
Calendar of events 2008
   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,
Netherlands, Norway, Poland, Portugal, Russia, Singapore, Slovakia,
Spain, Sweden, Switzerland, Taiwan, UK, USA.

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

Phone: +41/44/386'44'15
Fax: +41/44/386'44'17

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