Kardex Holding AG: Financial Year 2021
3 March 2022, Ad Hoc
Kardex Holding AG / Key word(s): Annual Results
Media information - Year End Results 2021
Zurich, 3 March 2022
Financial Year 2021
- Automation is reaching more and more industry segments and is driving demand
- Strategic initiatives change the perception of Kardex in the market
- Turbulence in the procurement market and struggle for talent prevent greater growth
- Solid market growth and extensive investments open up new prospects
The second year of the pandemic showed two faces for Kardex. On one hand, catch-up effects in customer investments, the increasing trend towards automation and the expanded solution portfolio drove demand and filled order books to unprecedented levels. On the other hand, pandemic-related restrictions, massive disruptions in global supply chains and associated price increases presented very significant challenges to the company. This mainly affected the ability to plan personnel deployment and production, as well as deliveries and installations. Nevertheless, Kardex systematically continued its extensive investment program in new technologies, capacity expansions and digitalization. In total, this resulted in a revenue growth of 10.3%, an increase in the operating result of 10.1% and a net profit of EUR 43.7 million with a plus of 7.4%. By joining the UN Global Compact, Kardex also continued to drive forward its efforts in the area of sustainability.
Kardex recorded bookings of EUR 603.0 million in the period under review, 44.7% above 2020 but also one third above the strong financial year 2019. Major contributors were catch-up effects, and in particular a noticeable automation boost in various industry segments combined with the positive market response to the extension of the lightgoods solution portfolio. Bookings in New Business increased by 57.5%. Life Cycle Service (LCS), which came through the pandemic in a fairly stable way, increased by 17.1%. The order backlog at the end of the year amounted to a high EUR 366.6 million, which is 66.5% more than at the beginning of the year.
Net revenues development significantly delayed by critical bottlenecks
New Business net revenues increased by 17.9%, while LCS revenues decreased slightly by 3%. In addition to supply shortages, Kardex was also affected by substantial price increases for raw materials, components and transportation services. Part of this could be compensated for with a time lag by own price increases. Thanks to a favorable net revenues mix, great efforts by all employees and strict cost management, a gross profit of EUR 163.3 million was achieved. This is 6.7% more than in the previous year and corresponds to a margin of 35.9% (37.1%). As operating costs also increased only moderately - mainly due to the still very low travel and trade fair expenses - Kardex achieved an operating result of EUR 61.1 million. This corresponds to an increase of 10.1% compared to the previous year, despite higher expenditure on its strategic growth initiatives. Accordingly, net profit also increased by 7.4% to EUR 43.7 million.
Kardex Remstar leverages opportunities in e-commerce
Kardex Mlog climbs to a new level
Strategic portfolio expansion changes the image of Kardex
Increase in financial targets during the Capital Market Day
Going forward, the Company remains committed to maintaining a strong balance sheet with a maximum leverage ratio of 2.5x EBITDA. Despite the growth initiatives, the payout ratio will continue to be up to 75% of operating net profit.
Achieving the new targets requires enormous efforts in the entire organization. Exploiting the existing, significant growth potential requires full commitment, innovation and the expansion of the existing organization in both divisions. Kardex' ability to complement the existing team with the best talent from the labor market will play a key role in this development.
Resilient balance sheet
Proposed dividend of CHF 4.30 per share
Jennifer Maag proposed for election as new member of the Board of Directors
in EUR million
1 Calculation according to Bloomberg.
2 2021: Distribution of a dividend as proposed to the Annual General Meeting to be held on 21 April 2022.
Contact for media and investors
Kardex - Corporate Profile
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File: Media Release: Financial Year 2021
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