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Kardex Systems AG

Kardex Group: Strong revenue growth and increased profitability in the first half of fiscal 2008

Zurich (ots)

In the first half of fiscal 2008, the Kardex Group,
with its two divisions KRM (55% share) and Stow (45% share), lifted
consolidated net revenues by 13.1% to EUR 222.0 million (prior year:
EUR 196.2 million). Adjusted for exchange rate effects, the increase
was 14.5%. The operating result (EBIT) rose by 19% to EUR 20.7
million (EUR 17.4 million). Excluding the EUR 2.2 million impact of
the sale of the AFT Division, EBIT was up 36.2%. The EBIT margin rose
from 8.9% to 9.3%, while net result of EUR 13.8 million exceeded the
prior-year figure by 66.3% (EUR 8.3 million). Bookings for the Kardex
Group saw a 6.4% year-on-year increase to EUR 243.4 million (EUR
228.8 million) in the first half of fiscal 2008. At the end of the
period, the order backlog amounted to EUR 135.5 million (EUR 107.8
million). The balance sheet was bolstered further, with the equity
ratio amounting to 32.7% as of 30 June 2008 (31 December 2007: 29.4%)
and the gearing (debt-to-equity ratio) standing at 39.6% (31 December
2007: 51.9%). Based on the solid order backlog and continuing strong
demand, the Kardex Group's management is optimistic about net revenue
and result in the second half of fiscal 2008. Based on the current
situation, it expects the result for the second half to be at least
on a par with the first half. The Kardex Group has set itself a
medium-term target for annual revenue growth of around 8% to 10%,
alongside a double-digit EBIT margin.
Demand in the Kardex Group's core market, the logistics sector,
remained high during the first six months of fiscal 2008. This sector
is currently benefiting from continued outsourcing of production
processes to emerging markets such as Russia, India and China. Demand
was also healthy in Europe, while the share of net revenues
attributable to the US fell, mainly as a result of the economic
climate and currency effects. Despite a further increase in the price
of commodities - especially steel - in the first half of 2008, the
Kardex Group was able to raise its EBIT margin from 8.9% to 9.3%. Not
only was it possible to largely pass on the higher material costs to
customers, but the Group's operating profitability was also improved
by consistent purchase management and improved productivity. KRM,
being one of the world leaders in dynamic storage and retrieval
systems, achieved revenues of EUR 122.0 million (EUR 121.0 million)
in the first half of 2008. Thanks to continual process optimization
and smooth integration of the Kardex and Megamat market units, which
were previously under separate management, it was able to make
further advances in profitability. KRM's operating result (EBIT)
climbed 17.3% to EUR 12.9 million (EUR 11.0 million), while its EBIT
margin improved to 10.6% (9.1%). Whereas demand remained at a
consistently high level in Europe and Russia, revenues suffered a
downturn in the US as a result of the economic climate and currency
effects. The Asian markets - notably India and China - continued to
develop positively. In the first half of fiscal 2008, the KRM
Division recorded bookings worth EUR 129.1 million (EUR 130.3
million). The division's order backlog on 30 June 2008 stood at EUR
77.2 million (EUR 70.4 million). Stow, the Group division operating
in the static storage systems market, achieved its third consecutive
half-year increase in revenues and operating income during the first
six months of fiscal 2008. Revenues rose by 33.2% to EUR 100.8
million (EUR 75.7 million). Adjusted for effects related to soaring
steel prices, this jump in revenues equates to an increase in volume
of some 20%. The operating result (EBIT) climbed 87% to EUR 8.6
million (EUR 4.6 million), while the EBIT margin increased to 8.5%
(6.1%). "Synergy", the Operational Excellence Program, facilitated
further process optimization. The consistently high level of demand
for static storage systems, particularly in Central and Eastern
Europe, as well as a continually proactive approach to purchase
management, also helped to underpin the Stow Division's excellent
performance. Bookings in the first half of fiscal 2008 exceeded the
comparable prior-year figure by 16.0%, reaching EUR 114.3 million
(EUR 98.5 million), while the order backlog on 30 June 2008 stood at
EUR 58.3 million (EUR 41.9 million), a 39.1% improvement on the
previous year.
The Kardex Board of Directors and Executive Board are continuing
the Kardex Group's successful dual strategy, which focuses on the two
divisions KRM and Stow. Thanks to the full integration of the Kardex
and Megamat market units, KRM will further enhance its presence and
profitability, and is well placed to achieve sustainable growth, in
particular in the US and the emerging markets of Asia and Eastern
Europe. Energies are being focused on expanding the company's service
business and customized product solutions. Through further
implementation of the "Synergy" program, the Stow Division will
continue to optimize operational flexibility and underpin advances in
profitability. What is more, the extension of the value chain, which
will see the division launching its own slitting line in the first
quarter of fiscal 2009, is expected to contribute to a further
increase in operating result (EBIT). The new Stow plant in Shanghai,
which commenced operations as planned in April 2008, will enable
production volume in China to be doubled by the end of 2009. Stow is
also continuing to look at ways of expanding its market presence in
Eastern and Central Europe.
The detailed Half-year Report 2008 is available at
www.kri-group.com
Kardex Group (continued operations)
Key figures                   1st                    1st
                              half-year 2008         half-year 2007
Bookings          EUR m       243.4                  228.8
Order backlog 
(30.06.2008/31.12.2007)
                  EUR m       135.5                  107.8
Net revenues      EUR m       222.0                  196.2
Operating result
(EBIT)
                  EUR m        20.7                   17.4
in % of net revenues 
(EBIT margin)
                  %             9.3                    8.9
Net result        EUR m        13.8                    8.3
in % of net revenues
                  %             6.2                    4.2
Earnings per share Group (basic)
                  EUR           2.48                   1.71
Total assets 
(30.06.2008/31.12.2007)
                  EUR m       265.1                  252.3
Total equity 
(30.06.2008/31.12.2007)
                  EUR m         86.6                  74.2
Calendar of events
10 March 2009       Annual Media Conference    
   21 April 2009       Annual General Meeting
Kardex Remstar International Group    Australia, Austria, Belgium,
China, Cyprus, Czech Republic, Finland, France, Germany, Greece,
Hungary, India, Ireland, Italy, Malaysia, Netherlands, Norway,
Poland, Portugal, Russia, Singapore, Slovakia, Spain, Sweden,
Switzerland, Taiwan, Turkey, 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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