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EQS-Adhoc: Kardex AG: Continued good business at Kardex

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EQS Group-Ad-hoc: Kardex AG / Key word(s): Half Year Results
Kardex AG: Continued good business at Kardex

30-Jul-2019 / 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 - Half Year Results 2019*

Zurich, 30 July 2019

*Continued good business at Kardex*

*The Kardex Group is once again looking back on a positive first half with
increased revenues and a further improvement in operating income. The largely
stable market conditions and strong position in the intralogistics market led
to a continuation of a good level of bookings at Kardex Remstar, thus ensuring
full order books. At Kardex Mlog, bookings in the period under review were
low, but revenues also show double-digit growth with good margins due to the
processing of the high order backlog.*

At EUR 239.9 million, bookings for Kardex Group were 2.5% down from previous
year's level
(EUR 246.0 million). Group revenues in the first half of the year amounted to
EUR 229.6 million
(EUR 195.1 million), an increase of 17.7%. New business revenues grew by 19.5%
to EUR 165.2 million (EUR 138.3 million). Life Cycle Service also increased
its revenues by 13.4%, accounting for 28.0% of total revenues (29.1%). The
Group's order backlog at the end of the period was 11.1% up on the already
strong prior-year period and has increased by 7.3% since the beginning of this
year. The number of employees increased by 4.0% to 1 880 full-time equivalents
since the beginning of the year.

*Strong increase in operating income and net profit*
Gross profit at Group level increased by 14.9% to EUR 80.1 million, but due to
the higher share of new business revenue the gross profit margin was slightly
reduced to 34.9% (35.7%). Operating expenses increased primarily in IT and
R&D, but at a lower rate than revenues. This resulted in a strongly increased
(+20.3%) operating income of EUR 28.4 million with an EBIT margin of 12.4%
(12.1%). Financial result and taxes combined are slightly higher than in the
previous year leading to a net profit increase of 18.8% to EUR 20.2 million
(EUR 17.0 million). This corresponds to a net profit margin of 8.8% (8.7%) and
a ROCE of 54.0% (51.4%).

*Kardex Remstar with a further increase in bookings*
Despite more selective sales activity, Kardex Remstar achieved an increase in
bookings in almost all markets. Europe and North America were the main
drivers, while Asia developed in a satisfactory way. The Middle East and
Africa region showed little revival. Bookings increased by a total of 7.5% to
EUR 211.6 million (EUR 196.8 million).

The order backlog of EUR 185.9 million (EUR 160.1 million) at the end of the
period provides an extended visibility with regards to the revenue development
in the second half of the year.

Investments in the supply chain are beginning to take effect and delivery
times could be slightly reduced. New business revenues increased by 22.0% and
Life Cycle Service business grew by 12.6%, not least due to the market's good
acceptance of the continuously expanded services. Overall, the division's
revenue grew by 19.1% year-on-year to EUR 189.1 million (EUR 158.8 million).
Operating income rose by 19.1% to EUR 27.4 million, which corresponds to the
same good EBIT margin of 14.5%.

As North America in particular continues to develop in a promising way, the
division will open an own production site in the USA approximately mid-2020.
The corresponding planning processes are already well advanced. In addition,
the recruitment of qualified personnel in all functions and markets remains a
major challenge for the organization.

*Kardex Mlog with solid development despite weak bookings*
Kardex Mlog recorded a 42.5% decline in bookings to EUR 28.4 million (EUR 49.4
million) in the first half of the year. On the one hand, the decline can be
attributed to normal cyclicality in the project business, but on the other
hand it also reflects a certain hesitance in the market to decide for major
investments. Nevertheless, the offer funnel for the second half of 2019 is
well filled. Revenues of EUR 40.6 million were 11.8% higher than previous
year, with Life Cycle Service grew overproportional by 21.2%. As operating
costs developed slightly underproportional to revenue, EBIT increased by 33.3%
to EUR 2.4 million. The EBIT margin thus increased significantly to 5.9%
(5.0%). The order backlog fell only slightly from EUR 62.1 million in the
previous year to EUR 61.0 million and thus continues to form a good basis for
the second half of the year.

*Balance sheet remains solid *
The distribution to shareholders in the amount of EUR 27.5 million took the
form of a normal dividend in the reporting period, while the distribution in
2018 took place in July as a reduction in nominal value. As a result, the
equity ratio reported for the first half of the year is slightly lower than
previous year. Kardex Group's balance sheet remains very robust and shows
total assets of EUR 265.3 million at the end of the period (31.12.2018: EUR
264.9 million). The company is debt-free and has a net cash of EUR 119.9
million. At EUR 17.7 million, the free cash flow generated in the first half
of the year was significantly higher than in the same period last year (EUR
15.6 million) despite higher investments.

At Kardex Remstar, there are currently only few signs of a change in the
current positive market environment. For Kardex Mlog we are somewhat more
cautious due to the prolongued project award periods. The Board of Directors
and the Group Management are confident about the second half of the year due
to the full order books. The divisions are well positioned and have a strong
position in the still growing intralogistics market.

*Today, 30 July 2019 at 2:00 p.m. (CET)*, an analyst and media conference call
will be held with CEO Jens Fankhänel, CFO Thomas Reist as well as Investor
Relations Contact Officer Alexandre Müller to discuss the half-year results.
The conference call will be held in English. The corresponding presentation is
available on http://www.kardex.com/presentation [1].

Please dial in approx. 5 minutes prior to the conference and kindly hold the
presentation ready.
*Dial-in details*:
Switzerland / Europe +41 (0) 58 310 50 00
United Kingdom +44 (0) 207 107 06 13
United States +1 (1) 631 570 56 13
Other international numbers available HERE [2]
Alternatively, you can also participate via audio webcast on
https://ccwebcast.eu/links/kardex190730/indexr.html [3]. Please register with
the link above. After your registration you will receive a confirmation email
with a link to the webcast. Please note that questions can only be placed via
the conference call.

*Interim Report*
The Interim Report is available on our website at
t.html [4].

Alexandre Müller, investor-relations@kardex.com
Phone +41 (0)44 419 44 79 / Mobile +41 (0)79 635 64 13

*5 March 2020* *Publication Annual Report 2019*
Conference Call for Media and Analysts
*14 April 2020* *Annual General Meeting*
SIX Swiss Exchange, Zurich, Schweiz
*30 July 2020* *Publication Interim Report 2020*
Conference Call for Media and Analysts

*Key Figures*
EUR millions

*1.1.-30.6.* *2019* *2018* *+/-%*

Bookings 239.9 104.5% 246.0 126.1% -2.5%
Order backlog (30.6.) 246.8 107.5% 222.1 113.8% 11.1%
Net revenues 229.6 100.0% 195.1 100.0% 17.7%
Gross Profit 80.1 34.9% 69.7 35.7% 14.9%
OPEX 51.7 22.5% 46.1 23.6% 12.1%
EBITDA 31.4 13.7% 26.4 13.5% 18.9%
Operating result 28.4 12.4% 23.6 12.1% 20.3%
Result for the period 20.2 8.8% 17.0 8.7% 18.8%
(net profit)
Net cash flow from 23.9 19.4 23.2%
operating activities
Free cash flow 17.7 15.6 13.5%
ROCE 54.0% 51.4% 5.1%

*30.6.2019* *31.12.2018* *+/-%*

Net working capital 67.1 63.9 5.0%
Net cash 119.9 129.2 -7.2%
Equity/Equity ratio 146.8 55.3% 153.3 57.9% -4.2%
Employees (FTE) 1 880 1 807 4.0%

*Kardex Group - Corporate Profile*
The Kardex Group 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. Over 1
800 employees in over 30 countries work for the Kardex Group.

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

(MORE TO FOLLOW) Dow Jones Newswires

July 30, 2019 00:33 ET ( 04:33 GMT)

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