Kardex Holding AG: Financial Results 2022
2 March 2023, Ad Hoc
Kardex Holding AG / Key word(s): Annual Results
Media information – Financial Results 2022
Zurich, 2 March 2023
Release of an ad hoc announcement pursuant to Art. 53 LR
Financial Year 2022
Kardex posted record high bookings of EUR 698.6 million in 2022, 15.9% above the already strong financial year 2021 and approximately 55% above 2019, the last "pre-COVID-19” year. The trend towards automation continued across all industry segments and regions served by Kardex. Demand is additionally supported by the Group's expanded solution portfolio. Bookings in New Business increased by 16.9% and in Life Cycle Services (LCS) by 12.8%. The order backlog as of 31 December 2022, amounted to EUR 510.5 million, 39.3% higher than at the beginning of the year.
Net revenues of EUR 565.6 million were 24.2% higher than the previous year mainly due to strong demand. The revenue mix changed in the year under review with 71.1% (68.2%) of net revenues generated by New Business and 28.9% by LCS (31.8%).
Gross profit increased by only 8.8% to EUR 177.7 million which corresponds to a gross profit margin of 31.4%, down 4.5 margin points from previous year. The gross profit was severely impacted by supply chain issues, material cost increases, project delays by customer and production inefficiencies being based on missing parts, and a high sickness absence rate due to influenza and COVID-19 in German factories.
Operating costs increased less than net revenues by 19.3% to EUR 121.9 million, reflecting in particular the growing employee base, performance-based sales commissions, slightly increased marketing expenses and the partial return of travel expenses after the pandemic. In addition, development expenses, especially in the area of software, were increased in a targeted manner and the sale of Robomotive shares resulted in a low single-digit million euros write-off.
In total, EBIT amounted to EUR 55.8 million. This is 8.7% lower than in the previous year (EUR 61.1 million) and corresponds to an EBIT margin of 9.9%. Net profit amounted to EUR 38.6 million (EUR 43.7 million) being 11.7% lower, due to a likewise weaker financial result.
Challenging year for Kardex Remstar
Net revenues of EUR 436.6 million (EUR 365.5 million) increased substantially by 19.5%. On the other hand, gross profit margins were severely under pressure due to the profound global supply chain issues, which led to significant challenges and higher costs across the entire supply chain. In addition, the ramp up of the new US plant including issues with the implementation of the new ERP software, negatively impacted the result by around EUR 10 million. Kardex expects the plant to achieve the targeted stability, capacity, and efficiency in the second half of 2023.
As a result of these additional costs and production challenges, Kardex Remstar's EBIT declined by 7.3% to EUR 56.1 million, corresponding to an EBIT margin of 12.8% (16.6%).
Kardex Mlog grows
Net revenues increased substantially by 18.7% to EUR 105.6 million (EUR 89.0 million), but also the gross profit margin of this division was heavily impacted by negative supply chain issues and project delays by customers.
As a result of these cost increases and project challenges the EBIT declined compared to previous year by EUR 0.8 million to EUR 5.1 million corresponding to an EBIT margin of 4.8%.
Kardex AutoStore gains momentum
Securing supplies requires more NWC
ESG activities intensified
Change in Group Management
Motions for the General Meeting
1 Definition according Alternative Performance Measures (APM) see note 1 of the Annual Report.
2 2022: Distribution of a dividend as proposed to the Annual General Meeting to be held on 20 April 2023.
Contact for media and investors
Kardex – Corporate Profile
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|Company:||Kardex Holding AG|
|Phone:||+41 (0)44 419 44 79|
|Listed:||Regulated Unofficial Market in Frankfurt, Munich, Stuttgart, Tradegate Exchange; SIX Swiss Exchange|
|EQS News ID:||1572019|
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