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07.03.2024 06:30:48 - dpa-AFX: EQS-Adhoc: Kardex Holding AG: Financial Results 2023 (english)
Kardex Holding AG: Financial Results 2023
Kardex Holding AG / Key word(s): Annual Results
Kardex Holding AG: Financial Results 2023
07-March-2024 / 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 - Financial Results 2023
Zurich, 07 March 2024
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Financial Results 2023
The past year has been marked by a gradual return to normalcy in Kardex'
business operations, following the challenging turbulence of previous years.
Notably, the demand for intralogistics solutions remained at significantly
elevated levels compared to pre-pandemic times, despite economic slowdowns
in various industries. Equally significant was the improvement in Kardex'
supply chain, particularly within Kardex Remstar. This led to higher
efficiency in the factories, resulting in substantial increases in net
revenues and profitability and leading to results in the upper range of
Kardex' communicated financial targets.
The sustained positive momentum in intralogistics demand, coupled with
Kardex' strong market position, is evident in its bookings, which totaled
EUR 673.9 million, close to maintaining the high level of the previous year.
While decision-making processes by customers, particularly for larger
projects that mainly impacted Kardex Mlog, experienced a noticeable
slowdown, the appetite for automation remained robust across all industry
sectors and regions served by Kardex. Notably, North America and Europe
began to feel the initial positive effects of reshoring and increased
inventory levels. Whereas bookings for New Business decreased by 7.9%,
bookings for Life Cycle Services grew by 9.5%. As of 31 December, the order
backlog stood at EUR 475.9 million, which is slightly below last year with
EUR 510.5 million, but still at a high level.
Net revenues climbed 24.3% year-on-year to EUR 702.9 million due to gradual
supply chain normalization within Kardex Remstar, and accelerated progress
in Kardex Mlog customer projects. New Business contributed 74.2% (71.1%) to
net revenues, while Life Cycle Services accounted for 25.8% (28.9%).
Although costs, particularly for personnel and electronic components,
continued to rise, the previous year's price adjustments and the efficiency
gains achieved led to a higher gross profit margin, up from 31.4% last year
to 33.6%. Operating costs remaining proportionally stable resulted in a
significantly improved operating result and an EBIT margin of 12.2% (9.9%),
representing the upper range of Kardex' financial targets. EBIT totaled EUR
85.9 million, marking a 53.9% increase compared to last year. Net profit
soared by 73.3% to EUR 66.9 million.
Kardex Remstar regains structural strength
Kardex Remstar achieved strong results, benefiting from sustained demand
across nearly all markets. Bookings slightly increased to EUR 527.6 million,
surpassing the high level of the previous year (+3.5%), improved market
conditions in procurement, a substantial increase in production output, and
the record-high order backlog from the previous year translated into strong
revenue growth of 21.6% to EUR 530.7 million. Price increases for Kardex'
products and services coupled with enhanced efficiency, led to a higher
gross profit of EUR 201.0 million, representing a gross profit margin of
37.9%. These positive developments enabled the operating result to regain
its former strength, with EBIT increasing by 46.2% to EUR 82.0 million,
yielding a 15.5% margin. Order backlog remained comfortable at EUR 313.7
million at year-end, providing a solid foundation for the new financial
year.
Mixed results at Kardex Mlog
Kardex Mlog delivered mixed results in a challenging market environment. On
the one hand, a substantial order backlog from the prior year significantly
contributed to revenue growth of 7.4% to EUR 113.4 million. On the other
hand, customer-driven order postponements led to significantly lower
bookings of EUR 78.9 million, representing a downswing of 37.1%. Gross
profit increased to EUR 22.6 million, and the operating result at EBIT level
reached EUR 6.5 million, supported by increased volume and stringent cost
management. The EBIT margin improved to 5.7%, returning to the predefined
target range. Despite the lower bookings, the year-end order backlog of EUR
96.0 million, remains solid. This, together with a robust sales pipeline,
provides the basis for a sound start into the new year albeit the fact that
Germany, Mlog's main market, remains volatile.
Kardex AutoStore business grows rapidly and maintains profitability
Kardex AS Solutions continues to excel in Europe and North America, with the
additional reception of initial orders from the APAC region in the latter
half of the year. Bookings increased by 6.8% to EUR 67.6 million. Net
revenues reached EUR 59.1 million, resulting in a positive mid-single-digit
operating result for the first time, despite ongoing investments in
geographic expansion.
Positive free cash flow and ROIC development
With improved supply conditions for raw materials and components, safety
stock levels increased continuously to ensure delivery capability.
Consequently, net working capital grew significantly compared to the
previous year. Nevertheless, free cash flow remained positive at EUR 46.2
million (EUR -15.2 million), thanks to the strong operational performance.
Return on invested capital (ROIC) surged significantly to 37.6% (27.5%).
Change in Group Management
As of 01 June, Jens Hardenacke has taken over as 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. The Chairman of the Board, Felix Thöni, who led the
Company on an interim basis from beginning of March to end of June, has
returned to his core responsibilities.
Proposals to the Annual General Meeting
In line with the dividend policy of distributing up to 75% of the net profit
and taking into account future higher investments for ERP-Systems and
factory infrastructures, the Board of Directors will propose a dividend of
CHF 5.00 (CHF 3.50) to the Annual General Meeting of 25 April 2024. All
current members of the Board of Directors, except Ulrich Looser, are
standing for re-election at the next Annual General Meeting. The Board of
Directors thank Ulrich Looser for his 12 years of dedicated service as Vice
Chairman and his significant contributions as head of the CNC-Committee and
wishes him all the best for his future.
Outlook
The flattening of inflation and the stabilization of the procurement market
provide positive growth drivers, albeit against the backdrop of cooling
global growth expectations. Nevertheless, the Board of Directors and the
Group Management are confident that Kardex' customers will continue
investing in intralogistics solutions to enhance their competitiveness.
Additionally, the increasing difficulty in recruiting qualified personnel is
driving greater investments in automated solutions. Kardex is
well-positioned to capitalize on these megatrends and anticipates continued
development in line with the financial targets throughout the cycle.
Key figures
in EUR million
1 Definition according Alternative Performance Measures (APM) see note 1 of
the consolidated financial statements.
2 2023: Distribution of a dividend as proposed to the Annual General Meeting
to be held on 25 April 2024.
Annual Report
A PDF version of the Annual 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 intralogistics 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.
Kardex also acts as a global AutoStore partner. The two business units 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=54131b122fe05c4599e450bee1d09b93
File description: Kardex Holding AG: Financial Results 2023
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
End of Announcement EQS News Service
---------------------------------------------------------------------------
1852975 07-March-2024 CET/CEST
Kardex Holding AG / Key word(s): Annual Results
Kardex Holding AG: Financial Results 2023
07-March-2024 / 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 - Financial Results 2023
Zurich, 07 March 2024
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Financial Results 2023
* Sustained robust demand for intralogistics solutions despite the
postponement of some larger projects
* Supply chain normalization led to significant efficiency improvements
and enhanced production output
* Substantial increase of net revenues is mainly based on the significant
increase in production output
* Kardex achieved profitability within the upper range of financial
targets
The past year has been marked by a gradual return to normalcy in Kardex'
business operations, following the challenging turbulence of previous years.
Notably, the demand for intralogistics solutions remained at significantly
elevated levels compared to pre-pandemic times, despite economic slowdowns
in various industries. Equally significant was the improvement in Kardex'
supply chain, particularly within Kardex Remstar. This led to higher
efficiency in the factories, resulting in substantial increases in net
revenues and profitability and leading to results in the upper range of
Kardex' communicated financial targets.
The sustained positive momentum in intralogistics demand, coupled with
Kardex' strong market position, is evident in its bookings, which totaled
EUR 673.9 million, close to maintaining the high level of the previous year.
While decision-making processes by customers, particularly for larger
projects that mainly impacted Kardex Mlog, experienced a noticeable
slowdown, the appetite for automation remained robust across all industry
sectors and regions served by Kardex. Notably, North America and Europe
began to feel the initial positive effects of reshoring and increased
inventory levels. Whereas bookings for New Business decreased by 7.9%,
bookings for Life Cycle Services grew by 9.5%. As of 31 December, the order
backlog stood at EUR 475.9 million, which is slightly below last year with
EUR 510.5 million, but still at a high level.
Net revenues climbed 24.3% year-on-year to EUR 702.9 million due to gradual
supply chain normalization within Kardex Remstar, and accelerated progress
in Kardex Mlog customer projects. New Business contributed 74.2% (71.1%) to
net revenues, while Life Cycle Services accounted for 25.8% (28.9%).
Although costs, particularly for personnel and electronic components,
continued to rise, the previous year's price adjustments and the efficiency
gains achieved led to a higher gross profit margin, up from 31.4% last year
to 33.6%. Operating costs remaining proportionally stable resulted in a
significantly improved operating result and an EBIT margin of 12.2% (9.9%),
representing the upper range of Kardex' financial targets. EBIT totaled EUR
85.9 million, marking a 53.9% increase compared to last year. Net profit
soared by 73.3% to EUR 66.9 million.
Kardex Remstar regains structural strength
Kardex Remstar achieved strong results, benefiting from sustained demand
across nearly all markets. Bookings slightly increased to EUR 527.6 million,
surpassing the high level of the previous year (+3.5%), improved market
conditions in procurement, a substantial increase in production output, and
the record-high order backlog from the previous year translated into strong
revenue growth of 21.6% to EUR 530.7 million. Price increases for Kardex'
products and services coupled with enhanced efficiency, led to a higher
gross profit of EUR 201.0 million, representing a gross profit margin of
37.9%. These positive developments enabled the operating result to regain
its former strength, with EBIT increasing by 46.2% to EUR 82.0 million,
yielding a 15.5% margin. Order backlog remained comfortable at EUR 313.7
million at year-end, providing a solid foundation for the new financial
year.
Mixed results at Kardex Mlog
Kardex Mlog delivered mixed results in a challenging market environment. On
the one hand, a substantial order backlog from the prior year significantly
contributed to revenue growth of 7.4% to EUR 113.4 million. On the other
hand, customer-driven order postponements led to significantly lower
bookings of EUR 78.9 million, representing a downswing of 37.1%. Gross
profit increased to EUR 22.6 million, and the operating result at EBIT level
reached EUR 6.5 million, supported by increased volume and stringent cost
management. The EBIT margin improved to 5.7%, returning to the predefined
target range. Despite the lower bookings, the year-end order backlog of EUR
96.0 million, remains solid. This, together with a robust sales pipeline,
provides the basis for a sound start into the new year albeit the fact that
Germany, Mlog's main market, remains volatile.
Kardex AutoStore business grows rapidly and maintains profitability
Kardex AS Solutions continues to excel in Europe and North America, with the
additional reception of initial orders from the APAC region in the latter
half of the year. Bookings increased by 6.8% to EUR 67.6 million. Net
revenues reached EUR 59.1 million, resulting in a positive mid-single-digit
operating result for the first time, despite ongoing investments in
geographic expansion.
Positive free cash flow and ROIC development
With improved supply conditions for raw materials and components, safety
stock levels increased continuously to ensure delivery capability.
Consequently, net working capital grew significantly compared to the
previous year. Nevertheless, free cash flow remained positive at EUR 46.2
million (EUR -15.2 million), thanks to the strong operational performance.
Return on invested capital (ROIC) surged significantly to 37.6% (27.5%).
Change in Group Management
As of 01 June, Jens Hardenacke has taken over as 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. The Chairman of the Board, Felix Thöni, who led the
Company on an interim basis from beginning of March to end of June, has
returned to his core responsibilities.
Proposals to the Annual General Meeting
In line with the dividend policy of distributing up to 75% of the net profit
and taking into account future higher investments for ERP-Systems and
factory infrastructures, the Board of Directors will propose a dividend of
CHF 5.00 (CHF 3.50) to the Annual General Meeting of 25 April 2024. All
current members of the Board of Directors, except Ulrich Looser, are
standing for re-election at the next Annual General Meeting. The Board of
Directors thank Ulrich Looser for his 12 years of dedicated service as Vice
Chairman and his significant contributions as head of the CNC-Committee and
wishes him all the best for his future.
Outlook
The flattening of inflation and the stabilization of the procurement market
provide positive growth drivers, albeit against the backdrop of cooling
global growth expectations. Nevertheless, the Board of Directors and the
Group Management are confident that Kardex' customers will continue
investing in intralogistics solutions to enhance their competitiveness.
Additionally, the increasing difficulty in recruiting qualified personnel is
driving greater investments in automated solutions. Kardex is
well-positioned to capitalize on these megatrends and anticipates continued
development in line with the financial targets throughout the cycle.
Key figures
in EUR million
01.01. - 31.12. 2023 (%) 2022 (%) (+/-%) Bookings 673.9 95.9% 698.6 123.5% -3.5% Order backlog (31.12.) 475.9 67.7% 510.5 90.3% -6.8% Net revenues 702.9 100.0% 565.6 100.0% 24.3% Gross profit 235.9 33.6% 177.7 31.4% 32.8% OPEX 150.0 21.3% 121.9 21.6% 23.1% EBITDA 99.3 14.1% 65.4 11.6% 51.8% Operating result (EBIT) 85.9 12.2% 55.8 9.9% 53.9% Result for the period (net profit) 66.9 9.5% 38.6 6.8% 73.3% Free cash flow 46.2 -15.2 403.9% ROIC 37.6% 27.5%
31.12.2023 (%) 31.12.2022 (%) (+/-%) Net working capital 102.2 76.2 34.1% Net cash1 119.6 102.7 16.5% Equity/Equity ratio 240.1 56.9% 204.6 56.2% 17.4% Employees (FTE) 2'397 2'097 14.3%
2023 (%) 2022 (%) (+/-%)
Distribution per share (CHF)2 5.00 3.50 42.9%
1 Definition according Alternative Performance Measures (APM) see note 1 of
the consolidated financial statements.
2 2023: Distribution of a dividend as proposed to the Annual General Meeting
to be held on 25 April 2024.
Annual Report
A PDF version of the Annual 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
25 April 2024 Annual General Meeting 2024
SIX ConventionPoint, Zurich, Switzerland
30 July 2024 Publication Interim Report 2024
Conference Call for Media and Analysts
06 March 2025 Publication Annual Report 2024
Conference Call for Media and Analysts
24 April 2025 Annual General Meeting 2025
SIX ConventionPoint, Zurich, Switzerland
31 July 2025 Publication Interim Report 2025
Conference Call for Media and Analysts
Kardex Corporate Profile
Kardex is a global industry partner for intralogistics 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.
Kardex also acts as a global AutoStore partner. The two business units 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=54131b122fe05c4599e450bee1d09b93
File description: Kardex Holding AG: Financial Results 2023
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
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: 1852975
End of Announcement EQS News Service
---------------------------------------------------------------------------
1852975 07-March-2024 CET/CEST
