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27.07.2023 06:31:08 - dpa-AFX: EQS-Adhoc: Kardex Holding AG: Half-Year Results 2023 (english)
Kardex Holding AG: Half-Year Results 2023
Kardex Holding AG / Key word(s): Half Year Results
Kardex Holding AG: Half-Year Results 2023
27-Jul-2023 / 06:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Media information - Half-Year Results 2023
Zurich, 27 July 2023
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Half-Year Results 2023
* Net revenues up by roughly 30% in the first half of the year
The first half of 2023 was marked by a certain normalization of business
activity following the severe turbulences of previous years. The increasing
demand for intralogistics solutions continued in all market regions despite
economic slowdown trends in various industries. Even more important,
however, was the easing of the situation within the supply chain,
particularly at Kardex Remstar. Even though the procurement market was and
is still volatile, orders were able to be processed more efficiently than in
the previous year. This led to a strong boost in net revenues and a
significant improvement in profitability, and thus to a return to the upper
range of the communicated financial targets.
The continuing positive dynamics of demand for intralogistics solutions
combined with Kardex' strong market position is reflected in bookings, which
at EUR 339.1 million were again 5.8% higher than in the same period of the
previous year. Despite a noticeable slowdown in the decision-making
processes of customers especially in the context of larger projects and thus
effecting mainly Kardex Mlog, the strong demand for automation continued
across all industry segments and regions served by Kardex. In particular,
the first effects of reshoring and increased inventory levels are
materializing in North America and Europe. Bookings in New Business
increased by 5.1% compared to last year, and in Life Cycle Services by 7.4%.
As of 30 June 2023, the order backlog represented EUR 510.0 million, on the
same level as at the beginning of the year despite the strong net revenue
growth and 16.6% higher than a year ago.
Net revenues increased by 29.9% year on year to EUR 334.5 million, due to
the improved situation on the procurement markets and the gradual
normalization within Kardex Remstar's supply chain. Of the net revenues
generated, 74.4% (69.7%) came from New Business and 25.6% (30.3%) from Life
Cycle Services.
Although cost increases continued, particularly in relation to personnel and
electronic components, the price increases of the previous year and the
achieved efficiency gains were reflected in an improvement of the gross
profit margin, which rose from 31.7% in the prior-year period to 33.2%.
Operating costs of EUR 67.8 million increased under-proportionately by
17.5%. This resulted in a strongly improved operating result and an EBIT
margin of 12.9% (9.2%), which marks a return to the range of the financial
goals. EBIT in the first half of the year amounted to EUR 43.1 million, an
increase of 81.1% compared to the same period of the previous year. The
result for the period (net profit) increased by 105.1% to EUR 32.4 million.
Kardex Remstar returns to the old strength
Kardex Remstar continues to benefit from sustained demand in all markets,
especially in North America. At EUR 272.5 million, the strong bookings of
the prior-year period were again exceeded by 7.0%, with bookings of Life
Cycle Services once more outpacing New Business. The order backlog at the
end of the period was 7.0% higher than at the beginning of the year,
although order processing has picked up significantly. The supply chain
bottlenecks and constraints have improved considerably but are still far
from a normalized situation. Missing parts still lead to costly
inefficiencies. In contrast, the difficulties of the ramp-up at the plant in
the US have eased considerably. With net revenues of EUR 245.3 million (EUR
200.2 million), Kardex Remstar achieved a 22.5% increase. In the wake of
these improvements, Kardex Remstar's EBIT increased by 73.1% compared with
the weak prior-year period to strong EUR 41.2 million. This corresponds to
an EBIT margin of 16.8% which is at the upper end of the financial target
range.
Kardex Mlog shows stable developments
Despite some delays in order placements by customers, Kardex Mlog continues
to report bookings on the level of previous year and can look at a full
sales funnel. Through the inclusion of Rocket Solution's portfolio in the
own offering, the market position of Kardex Mlog in the lightgoods business
has strengthened. Although bookings at EUR 52.5 million were slightly down
on the same period last year (EUR 54.7 million), the order backlog at EUR
129.7 million was at the same level as at the beginning of the year. Net
revenues increased by 5.8% compared to last year to EUR 53.3 million in the
year's first half. The EBIT of EUR 2.1 million was slightly below the
previous year's period (EUR 2.8 million), but is expected to regain momentum
with the closing of large profitable projects in the second half of the
year.
Kardex AutoStore is growing rapidly and is profitable
The encouraging development of Kardex AutoStore continues in Europe and
North America. In addition, the first orders from the APAC region are
expected in the second half of the year. Bookings increased by 23.9% to EUR
14.1 million. Net revenues generated in the year's first half amounted to
EUR 35.9 million, resulting in a positive operating result in the mid single
digit range for the first time, despite the continuing investments into the
geographic expansion.
Positive free cash flow and ROIC trend
Due to the improvement in the supply situation for raw materials and
components, safety stock levels were continuously increased in order to
remain able to deliver. As a result, net working capital increased
substantially compared to a year ago. Free cash flow was positive at EUR
12.2 million due to the good result and despite the ongoing investment
activities, and return on invested capital (ROIC) increased again
significantly to around 38% (32.5%).
Jens Hardenacke has been appointed as CEO
As of 01 June 2023, Jens Hardenacke has taken over as the new CEO of Kardex.
The Board of Directors is pleased to have found a new CEO who, in addition
to his industry expertise, brings a great deal of management experience from
Kardex' growth markets in North America and APAC (Asia Pacific). The
Chairman of the Board, Felix Thöni, who has led the Company as CEO on an
interim basis since 01 March 2023, has returned to his core
responsibilities.
Outlook
The flattening of inflation and the easing of tension in the procurement
market are positive growth drivers, but contrast with the significant
cooling of growth expectations worldwide. However, the Board of Directors
and Management are confident that Kardex' customers will continue to invest
in intralogistics solutions to maintain or strengthen their competitiveness.
In addition, many companies are experiencing increasing difficulty finding
suitable skilled workers and are therefore investing increasingly in
automated solutions. Kardex is well positioned to continue to benefit from
these megatrends and therefore expects to continue to develop in line with
the communicated financial targets.
Key figures
in EUR million
1 Definition according Alternative Performance Measures (APM) see notes.
Interim Report
A PDF version of the Interim Report 2023 of Kardex is available on our
website.
Contact for media and investors
Alexandre Müller; investor-relations@kardex.com
Mobile: +41 (0)79 635 64 13
Kardex Corporate Profile
Kardex is a global industry partner for intralogistic 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 2'200 employees in over 30 countries work for Kardex.
Kardex Holding AG is listed on the Swiss SIX Stock Exchange since 1989.
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 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.
Privacy policy
You have registered with us for our ad hoc announcements and are therefore
entered in Kardex Holding AG's list of recipients and regularly receive
price-sensitive or current information about our company. The protection of
your personal data is very important to us and we implement this throughout
the entire life cycle of personal data in compliance with the applicable
data protection regulations. You can find further information about data
protection on our website under Privacy Statement.
Recipients of our communications have the option at any time of revoking
their registration for ad hoc communications for the future or requesting
information from Kardex Holding AG about their own personal data that has
been processed or their deletion. Please send us an e-mail to
investor-relations@kardex.com.
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=9c1c664ff1d60ca4d5b9ba30a1429dd8
File description: Kardex Holding AG: Media information - Half-Year Results
2023
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
End of Announcement EQS News Service
---------------------------------------------------------------------------
1688959 27-Jul-2023 CET/CEST
Kardex Holding AG / Key word(s): Half Year Results
Kardex Holding AG: Half-Year Results 2023
27-Jul-2023 / 06:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Media information - Half-Year Results 2023
Zurich, 27 July 2023
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Half-Year Results 2023
* Continued good demand for intralogistics solutions, bookings up by
around 6%
* Net revenues up by roughly 30% in the first half of the year
* Stabilization of the availability of components leads to increased
efficiency in the supply chain
* Kardex and Kardex Remstar return to the upper range of their financial
targets
The first half of 2023 was marked by a certain normalization of business
activity following the severe turbulences of previous years. The increasing
demand for intralogistics solutions continued in all market regions despite
economic slowdown trends in various industries. Even more important,
however, was the easing of the situation within the supply chain,
particularly at Kardex Remstar. Even though the procurement market was and
is still volatile, orders were able to be processed more efficiently than in
the previous year. This led to a strong boost in net revenues and a
significant improvement in profitability, and thus to a return to the upper
range of the communicated financial targets.
The continuing positive dynamics of demand for intralogistics solutions
combined with Kardex' strong market position is reflected in bookings, which
at EUR 339.1 million were again 5.8% higher than in the same period of the
previous year. Despite a noticeable slowdown in the decision-making
processes of customers especially in the context of larger projects and thus
effecting mainly Kardex Mlog, the strong demand for automation continued
across all industry segments and regions served by Kardex. In particular,
the first effects of reshoring and increased inventory levels are
materializing in North America and Europe. Bookings in New Business
increased by 5.1% compared to last year, and in Life Cycle Services by 7.4%.
As of 30 June 2023, the order backlog represented EUR 510.0 million, on the
same level as at the beginning of the year despite the strong net revenue
growth and 16.6% higher than a year ago.
Net revenues increased by 29.9% year on year to EUR 334.5 million, due to
the improved situation on the procurement markets and the gradual
normalization within Kardex Remstar's supply chain. Of the net revenues
generated, 74.4% (69.7%) came from New Business and 25.6% (30.3%) from Life
Cycle Services.
Although cost increases continued, particularly in relation to personnel and
electronic components, the price increases of the previous year and the
achieved efficiency gains were reflected in an improvement of the gross
profit margin, which rose from 31.7% in the prior-year period to 33.2%.
Operating costs of EUR 67.8 million increased under-proportionately by
17.5%. This resulted in a strongly improved operating result and an EBIT
margin of 12.9% (9.2%), which marks a return to the range of the financial
goals. EBIT in the first half of the year amounted to EUR 43.1 million, an
increase of 81.1% compared to the same period of the previous year. The
result for the period (net profit) increased by 105.1% to EUR 32.4 million.
Kardex Remstar returns to the old strength
Kardex Remstar continues to benefit from sustained demand in all markets,
especially in North America. At EUR 272.5 million, the strong bookings of
the prior-year period were again exceeded by 7.0%, with bookings of Life
Cycle Services once more outpacing New Business. The order backlog at the
end of the period was 7.0% higher than at the beginning of the year,
although order processing has picked up significantly. The supply chain
bottlenecks and constraints have improved considerably but are still far
from a normalized situation. Missing parts still lead to costly
inefficiencies. In contrast, the difficulties of the ramp-up at the plant in
the US have eased considerably. With net revenues of EUR 245.3 million (EUR
200.2 million), Kardex Remstar achieved a 22.5% increase. In the wake of
these improvements, Kardex Remstar's EBIT increased by 73.1% compared with
the weak prior-year period to strong EUR 41.2 million. This corresponds to
an EBIT margin of 16.8% which is at the upper end of the financial target
range.
Kardex Mlog shows stable developments
Despite some delays in order placements by customers, Kardex Mlog continues
to report bookings on the level of previous year and can look at a full
sales funnel. Through the inclusion of Rocket Solution's portfolio in the
own offering, the market position of Kardex Mlog in the lightgoods business
has strengthened. Although bookings at EUR 52.5 million were slightly down
on the same period last year (EUR 54.7 million), the order backlog at EUR
129.7 million was at the same level as at the beginning of the year. Net
revenues increased by 5.8% compared to last year to EUR 53.3 million in the
year's first half. The EBIT of EUR 2.1 million was slightly below the
previous year's period (EUR 2.8 million), but is expected to regain momentum
with the closing of large profitable projects in the second half of the
year.
Kardex AutoStore is growing rapidly and is profitable
The encouraging development of Kardex AutoStore continues in Europe and
North America. In addition, the first orders from the APAC region are
expected in the second half of the year. Bookings increased by 23.9% to EUR
14.1 million. Net revenues generated in the year's first half amounted to
EUR 35.9 million, resulting in a positive operating result in the mid single
digit range for the first time, despite the continuing investments into the
geographic expansion.
Positive free cash flow and ROIC trend
Due to the improvement in the supply situation for raw materials and
components, safety stock levels were continuously increased in order to
remain able to deliver. As a result, net working capital increased
substantially compared to a year ago. Free cash flow was positive at EUR
12.2 million due to the good result and despite the ongoing investment
activities, and return on invested capital (ROIC) increased again
significantly to around 38% (32.5%).
Jens Hardenacke has been appointed as CEO
As of 01 June 2023, Jens Hardenacke has taken over as the new CEO of Kardex.
The Board of Directors is pleased to have found a new CEO who, in addition
to his industry expertise, brings a great deal of management experience from
Kardex' growth markets in North America and APAC (Asia Pacific). The
Chairman of the Board, Felix Thöni, who has led the Company as CEO on an
interim basis since 01 March 2023, has returned to his core
responsibilities.
Outlook
The flattening of inflation and the easing of tension in the procurement
market are positive growth drivers, but contrast with the significant
cooling of growth expectations worldwide. However, the Board of Directors
and Management are confident that Kardex' customers will continue to invest
in intralogistics solutions to maintain or strengthen their competitiveness.
In addition, many companies are experiencing increasing difficulty finding
suitable skilled workers and are therefore investing increasingly in
automated solutions. Kardex is well positioned to continue to benefit from
these megatrends and therefore expects to continue to develop in line with
the communicated financial targets.
Key figures
in EUR million
01.01. - 30.06. 2023 (%) 2022 (%) (+/-%) Bookings 339.1 101.4% 320.5 124.5% 5.8% Order backlog (30.06.) 510.0 152.5% 437.4 169.9% 16.6% Net revenues 334.5 100.0% 257.5 100.0% 29.9% Gross profit 110.9 33.2% 81.5 31.7% 36.1% Operating expenses (OPEX) 67.8 20.3% 57.7 22.4% 17.5% EBITDA 47.6 14.2% 28.0 10.9% 70.0% Operating result (EBIT) 43.1 12.9% 23.8 9.2% 81.1% Result for the period (net profit) 32.4 9.7% 15.8 6.1% 105.1% Free cash flow 12.2 -9.2 232.6% ROIC 37.5% 32.5%
30.06.2023 (%) 30.06.2022 (%) (+/-%) Net working capital 97.4 62.4 56.1% Net cash1 86.6 108.4 -20.1% Equity/Equity ratio 206.0 54.1% 180.5 54.2% 14.1% Employees (FTE) 2'205 2'062 6.9%
1 Definition according Alternative Performance Measures (APM) see notes.
Interim Report
A PDF version of the Interim Report 2023 of Kardex is available on our
website.
Contact for media and investors
Alexandre Müller; investor-relations@kardex.com
Mobile: +41 (0)79 635 64 13
Agenda
07 March 2024 Publication Annual Report 2023
Conference Call for Media and Analysts
25 April 2024 Annual General Meeting 2024
SIX ConventionPoint, Zurich, Switzerland
30 July 2024 Publication Interim Report 2024
Conference Call for Media and Analysts
Kardex Corporate Profile
Kardex is a global industry partner for intralogistic 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 2'200 employees in over 30 countries work for Kardex.
Kardex Holding AG is listed on the Swiss SIX Stock Exchange since 1989.
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 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.
Privacy policy
You have registered with us for our ad hoc announcements and are therefore
entered in Kardex Holding AG's list of recipients and regularly receive
price-sensitive or current information about our company. The protection of
your personal data is very important to us and we implement this throughout
the entire life cycle of personal data in compliance with the applicable
data protection regulations. You can find further information about data
protection on our website under Privacy Statement.
Recipients of our communications have the option at any time of revoking
their registration for ad hoc communications for the future or requesting
information from Kardex Holding AG about their own personal data that has
been processed or their deletion. Please send us an e-mail to
investor-relations@kardex.com.
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=9c1c664ff1d60ca4d5b9ba30a1429dd8
File description: Kardex Holding AG: Media information - Half-Year Results
2023
---------------------------------------------------------------------------
End of Inside Information
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Language: English
Company: Kardex Holding 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 Frankfurt, Munich,
Stuttgart, Tradegate Exchange; SIX Swiss Exchange
EQS News ID: 1688959
End of Announcement EQS News Service
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1688959 27-Jul-2023 CET/CEST
