EQS-Adhoc

Kardex AG: Half Year Results 2015 / Strong development of the Kardex Group continues 2015 - Seite 2

adjusted 6.5% and 5.1% respectively. How-ever, the higher volume was also
accompanied by higher salary costs and strategic increases in marketing and
sales costs, whereby around one third of the cost increase is currency
related. Furthermore, increased investments of 2.9 percent of revenue were
again made in Research and Development. Despite this, the operating result
improved by 17.2% or EUR 2.2 million to EUR 15.0 million against the
previous year, leading to an EBIT margin of 11.6% (11.0%).

The repositioning of the Kardex Mlog division is increasingly paying
dividends. This is evident, among other things, in the strong increase in
bookings, which rose by 55.2% or EUR 12.1 million to EUR 34.0 million
compared to the relatively weak previous-year period. The generated revenue
rose by 15.7%. The revenue mix, in particular, moved in the desired
direction. Revenues generated with refurbishment projects increased by
nearly 160%, newly accounting for one quarter of the total revenue. The
efforts to further expand the components business are also increasingly
bearing fruit. The operating result rose by more than one million to EUR
1.5 million, hitting the targeted EBIT margin range of 4% to 6% with 4.2%
for the first time since being acquired by the Kardex Group. The Kardex
Mlog division is not subject to substantial foreign currency effects.

Sound balance sheet
The Kardex Group balance sheet continues to be free from debts and
potential depreciation risks due to goodwill or capitalised tax loss
carry-forwards. The equity ratio remains at a solid 56.8% (31/12/2014:
59.4%). Thanks to the high free cash flow of EUR 22.1 million, the cash
holdings rose to EUR 97.1 million (31/12/2014: +EUR 12 million). This
occurred despite the increase in the pay-out ratio and the resultant
dividend of EUR 12.1 million paid to shareholders in the first half of
2015. These financial reserves provide the flexibility required to avail of
strategic opportunities to further strengthen our market position. The
shareholders also benefitted from a CHF 5 million reduction in the nominal
value, which was paid out at the start of July 2015.

Cautiously optimistic outlook
The Kardex Group continues to expect a long-term growing need for
intra-logistics solutions and wants to exploit the opportunities available
on the market. Despite the economic outlook being difficult to predict, the
Board of Directors and Executive Committee are confident for the remainder
of the year.

Today, 13 August 2015 at 10.00 a.m. (CET), an analyst and media conference