Tous Actualités
Suivre
Abonner Kardex Systems AG

Kardex Systems AG

EQS-Adhoc: Kardex AG: Kardex Group remains on course for success


EQS Group-Ad-hoc: Kardex AG / Key word(s): Final Results
Kardex AG: Kardex Group remains on course for success

01-March-2018 / 06:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

--------------------------------------------------------------------------------
Media information - Year End Results 2017

Zurich, 1 March 2018

Kardex Group remains on course for success

The Kardex Group continued its strong performance once again in the 2017
financial year. Attractive market conditions and a strong position in the
intralogistics market contributed to record-high bookings, higher sales and a
further increase in margins in both divisions. The Group has stepped up
marketing efforts and technology development. It is investing in its employees
to create the conditions for continued profitable growth in the future.

Significant growth in bookings

The strong increase in bookings at Kardex Remstar and a solid demand at Kardex
Mlog resulted in bookings of EUR 411.9 million for the Kardex Group, an increase
of 10.3% or EUR 38.3 million compared to the previous year (EUR 373.6 million).
At EUR 173.6 million (EUR 137.8 million), the order backlog had reached a new
record high at the end of the year. The service business accounted for a
slightly larger share of revenue, increasing to 31.5% (31.0%) following Kardex
Remstar's acquisition of a company in the USA and further organic growth. Total
revenue increased by 4.9% to EUR 376.1 million compared to EUR 358.5 million in
the previous year. As a result of this favorable performance, staffing in the
Group rose by more than 6.5% to 1 653 full-time equivalents.

Increase in profitability

The gross profit margin at Group level increased due to the growth of the
service business, which accounts for a greater share of revenue, and its
improved margin. As in previous years, almost 3% of revenue was spent on R&D. In
the year under review, the EUR 10 million threshold was passed for the first
time. Overall, operating costs increased at a disproportionately lower pace,
rising by 3.0% to EUR 89.7 million, corresponding to 23.9% of revenue. This led
once again to a significantly improved operating income of EUR 46.0 million and
a further increased EBIT margin of 12.2% (11.5%). The tax rate increased to
28.5%, which was due primarily to the one-off devaluation of tax assets in
conjunction with tax reform in the USA. Adjusted for this item, the tax rate
amounted to 26.7%. Net profit for the Kardex Group increased by EUR 1.0 million
to EUR 31.8 million. This result corresponds to a return on capital employed
(ROCE) of 46.9% (42.3%).

Kardex Remstar once again delivers an outstanding result

Demand for Kardex Remstar's intralogistics solutions was strong throughout the
entire financial year. The markets in Central Europe and Southwest Europe
(France, Italy, Spain, Benelux countries) proved to be particularly robust.
Activity on the North American market also intensified as the year progressed.
The UK, Scandinavia and some Eastern European countries posted below-average
demand. Bookings increased by 16.5% to EUR 336.9 million and revenue increased
by 6.6% to EUR 302.7 million. The more profitable service business continued to
grow and contributed more than 30% to division revenue for the first time.
Despite increased material and labor costs, Kardex Remstar was in a position to
once again increase its operating result on the basis of economies of scale and
process improvements. At EUR 44.4 million, operating income reached a new record
high, up 10.2% on the previous year. This corresponds to an EBIT margin of
14.7%. In order to deal with the high order backlog worth EUR 124.6 million,
capacities throughout the entire organization will be optimized and expanded in
Q1 2018.

Kardex Mlog records stable result

Targeted sales activities and a focus on orders with a well-balanced risk
profile proved to be the key to success in a positive market environment with
sustainable investment activities. Following the previous year's extraordinary
item (a major project with a high share of third party), bookings were somewhat
lower at EUR 75.1 million (EUR 84.7 million) and revenue totaled EUR 73.6
million (EUR 75.1 million). The profitable service business alone also grew
disproportionately. Targeted investment in product sales and technology
development increased operating costs by 4.1%. Based on the increased gross
profit margin of 19.0%, the operating profit nevertheless rose slightly to EUR
3.9 million, corresponding to an increased EBIT margin of 5.3% (5.1%). Good
order backlog levels of EUR 49.1 million represent a positive starting point for
the current financial year.

Strong balance sheet and high free cash flow

The Kardex Group's balance sheet remains solid and the balance sheet total at
the end of the period on 31 December 2017 was EUR 240.2 million (EUR 232.0
million). The company has no debts, net cash of EUR 114.9 million and an equity
ratio of 57.9% (59.6%). The slightly lower equity ratio arose from the balance
sheet extension, which is due to an increased cash holding, and goodwill written
off through equity following two minor acquisitions. Despite strong bookings in
November and December, net working capital remained almost unchanged at EUR 64.6
million (EUR 65.6 million) due to reduced inventory. Free cash flow increased
again to EUR 34.6 million (EUR 16.4 million) after the previous year was
negatively impacted by extraordinary items.

Strong share price performance and increased dividend proposal

With an overall performance of 29.0%, the Kardex share delivered an
above-average performance again in 2017. The positive annual result prompted the
Board of Directors to apply for a payout of CHF 3.60 per share in the form of a
nominal value reduction at the Annual General Meeting. The current nominal value
of the Kardex share is CHF 4.05, which implies that the potential for tax-free
payouts for individuals who are resident in Switzerland is almost exhausted.

Outlook

The Board of Directors and the Group Management are optimistic about the current
2018 financial year. Both divisions are well positioned to benefit from the
growing demand for intralogistics services, to gain market share and to deliver
results within the frame-work of the stated financial goals. The good order
backlog, attractive solutions portfolio and increasingly important service
business form a strong starting point for continued favorable business
development. Continued investment in employee development, in the products and
solutions portfolio and in the digitization of processes forms the basis for
sustainable and profitable growth. There is currently no indication of any
significant change in the current trend.

Key Figures                                                                     
EUR millions

1.1.-31.12.                                 2017       2016       +/-%

                                                                                

Bookings                                    411.9      109.5%     373.6 104.2%
10.3%

Order backlog (31.12.)                      173.6      46.2%      137.8 38.4%
26.0%

Net revenues                                376.1      100.0%     358.5 100.0%
4.9%

Gross profit                                135.7      36.1%      128.4 35.8%
5.7%

Operating expenses                          89.7       23.9%      87.1  24.3%
3.0%

EBITDA                                      51.4       13.7%      46.3  12.9%
11.0%

Operating result (EBIT)                     46.0       12.2%      41.3  11.5%
11.4%

Result for the period (net profit)          31.8       8.5%       30.8  8.6%
3.2%

Net cash flow from operating activities     46.0                  24.2   
90.1%

Free cash flow                              34.6                  16.4   
111.0%

ROCE                                        46.9%                 42.3%  
10.9%

                                                                                

                                            31.12.2017 31.12.2016 +/-%

                                                                                

Net working capital                         64.6                  65.6   
-1.5%

Net cash                                    114.9                 105.7  
8.7%

Equity/Equity ratio                         139.0      57.9%      138.2 59.6%
0.6%

Employees (FTE)                             1 653                 1 552  
6.5%

                                                                   

                                            2017       2016       +/-%

                                                                                

Reduction of nominal value per share (CHF)1            3.60             3.30
9.1%

12017: planned.


Annual Report
A PDF version of the Annual Report 2017 of the Kardex Group is available on our
website at
https://www.kardex.com/nc/en/investor-relations/financial-reports/annual-reports
.html.

Contact for media and investors
Edwin van der Geest;investor-relations@kardex.com
Tel. +41(0)44 419 44 79 / Mobile +41(0)79 330 55 22

Agenda         

12 April 2018 Annual General Meeting

              SIX ConventionPoint, Zurich, Switzerland

2 August 2018 Publication Interim Report 2018
              Conference Call for Media and Analysts

4 March 2019  Publication Annual Report 2018
              Conference Call for Media and Analysts

11 April 2019 Annual General Meeting

              SIX ConventionPoint, Zurich, Switzerland

30 July 2019  Publication Interim Report 2019
              Conference Call for Media and Analysts
 
Kardex Group - Corporate Profile

The Kardex Group is a global industry partner for intra-logistic solutions and a
leading supplier of automated storage solutions and material handling systems.
The Group consists of two entrepreneurially managed divisions, Kardex Remstar
and Kardex Mlog. Kardex Remstar develops, produces and maintains dynamic storage
and retrieval systems and Kardex Mlog offers integrated materials handling
systems and automated high-bay warehouses. The two divisions are partners for
their customers over the entire lifecycle of a product or solution. This begins
with an assessment of customer requirements and continues via the planning,
realization and implementation of customer-specific systems through to ensuring
a high level of availability and low lifecycle costs by means of
customer-oriented lifecycle management. Around 1 650 employees in over 30
countries work for the Kardex Group.

Disclaimer

This communication contains statements that constitute "forward-looking
statements". In this communication, such forward-looking statements include,
without limitation, statements relating to our financial condition, results of
operations and business and certain of our strategic plans and objectives.
Because these forward-looking statements are subject to risks and uncertainties,
actual future results may differ materially from those expressed in or implied
by the statements. Many of these risks and uncertainties relate to factors which
are beyond Kardex's ability to control or estimate precisely, such as future
market conditions, currency fluctuations, the behavior of other market
participants, the actions of governmental regulators and other risk factors
detailed in Kardex's past and future filings and reports and in past and future
filings, press releases, reports and other information posted on Kardex Group
companies' websites. Readers are cautioned not to put undue reliance on
forward-looking statements, which speak only of the date of this communication.
Kardex disclaims any intention or obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

Additional features:


Document:http://n.eqs.com/c/fncls.ssp?u=ASUOMACPLM
Document title: Kardex_Media information Year End Results 2017
--------------------------------------------------------------------------------
End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Kardex AG

          Thurgauerstrasse 40

          8050 Zürich

          Switzerland

Phone:    +41 (0)44 419 44 79

E-mail:    investor-relations@kardex.com

Internet: www.kardex.com

ISIN:     CH0100837282

Valor:    100837282

Listed:   Regulated Unofficial Market in Berlin, Frankfurt (Basic Board),
Munich, Stuttgart; SIX Swiss Exchange



 

End of Announcement EQS Group News Service

--------------------------------------------------------------------------------

658707  01-March-2018 CET/CEST

Plus de actualités: Kardex Systems AG
Plus de actualités: Kardex Systems AG