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Kardex Group posts positive result in financial year 2009

Operating profit (EBIT) of EUR 6.3 million – Positive net result – Free cash flow of EUR 17.9 million – Equity ratio increases to 40.4% – Ready for sustainable growth

The Kardex Group's net revenues decreased to EUR 342.9 million (2008: EUR 460.0 million) in financial year 2009. At 25.5%, the decline in revenues was in line with the overall market trend. Adjusted for currency factors, the decline was 24.7%, and adjusted for acquisition effects, 28.3%. Kardex USA Inc., which was consolidated for the first time, and the division acquired from Element Storage Systems AS of Norway in May 2009 contributed EUR 13.0 million to net revenues. In financial year 2009, in particular sales in Western and Eastern Europe and in China were down. Revenue trends were positive in Switzerland, the Netherlands and the US, where Kardex USA Inc. had benefited decisively from government orders in the office segment. Order intake declined by 28.3% to EUR 322.3 million (EUR 449.2 million). At the end of financial year 2009, the Kardex Group had an order backlog of EUR 78.9 million (EUR 99.4 million).

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