DGAP-Adhoc

Kardex AG: Half Year Results 2014 / Successful first half year for Kardex

Kardex AG / Key word(s): Half Year Results

21.08.2014 06:25

Release of an ad hoc announcement pursuant to Art. 53 KR
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Media information - Half Year Results 2014

Zurich, 21 August 2014

Successful first half year for Kardex

The Kardex Group achieved an encouraging overall result in the first half
of the 2014 financial year, benefiting from solid market conditions and,
above all, from profitable growth in its larger division, Kardex Remstar.
Kardex Mlog Division is currently working on cementing its turnaround. In
the following report, the year-on-year comparison of Group results refers
to continued operations, i.e. the revenues and results of Stow Division
(sold at the end of July 2013) have not been factored in. The detailed
figures can be found in the segment report contained in the Interim Report.

At EUR 153.0 million, the bookings reported by the Kardex Group were
generally on a par with the previous year's level (EUR 153.4 million),
while the posted revenues of EUR 147.2 million were 2.8% up on the figure
for the first half of 2013 (EUR 143.2 million). The operating result (EBIT)
increased by around 22% from EUR 9.9 million to EUR 12.1 million,
corresponding to an EBIT margin of 8.2% (6.9%). Net profit came to EUR 9.5
million (6.5% of revenues), 33.8% higher than the previous year's figure of
EUR 7.1 million. Return on capital employed exceeded the 30% mark.

Profitable growth momentum at Kardex Remstar

In the first half of the year, Kardex Remstar Division benefited from
efforts as of mid-2013 to step up capital expenditure and investments in
personnel resources. The 7.3% year-on-year rise in operating costs reflects
the targeted expansion of the sales organization, efforts to strengthen R&D
activities as well as non-capitalized IT project costs. The globally
reinforced sales team succeeded in increasing bookings from new business by
some 7% compared with the year-back period. Central Europe and Asia saw
above-average double-digit growth in bookings. A sizeable increase in new
orders was also reported by the service business. The newly established OEM
business won its first contracts. Overall, bookings were up by 5.8% to EUR
131.1 million (EUR 124.0 million), while the order backlog of EUR 88.6
million was close to 9% higher than in the same period one year ago (EUR
81.5 million). Net revenues grew by 4.6% to EUR 116.6 million with an
above-average 7.3% increase reported by the service business. Recording an