Key Figures

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Key Figures

1.1.-31.12. (in EUR million) 2020 2019 +/ –%
Bookings 416.8 100.9% 452.4 96.0% -7.9%
Order backlog (31.12.) 220.2 53.3% 217.8 46.2% 1.1%
Net revenues 412.9 100.0% 471.2 100.0% -12.4%
Gross profit 153.0 37.1% 171.3 36.4% -10.7%
OPEX 97.5 23.6% 107.8 22.9% -9.6%
EBITDA 62.6 15.2% 70.2 14.9% -10.8%
Operating result (EBIT) 55.5 13.4% 63.5 13.5% -12.6%
Result for the period (net profit) 40.7 9.9% 44.9 9.5% -9.4%
Net cash flow from operating activities 49.8 44.8 11.2%
Free cash flow 25.2 30.8 -18.2%
ROCE 43.7% 51.2%
1.1.-31.12. (in EUR million) 2020 2019 +/ –%
    31.12.2020   31.12.2019 +/-%
Net working capital 67.9 77.3 -12.2%
Net cash 122.3 133.6 -8.5%
Equity/Equity ratio 174.3 62.9% 172.0 59.4% 1.3%
Employees (FTE) 1 860 1 913 -2.8%
    2020   2019 +/-%
Distribution per share (CHF)¹   4.00   4.50 -11.1%

1 2020: Distribution of a dividend as proposed to the Annual General Meeting to be held on 15 April 2021.

Income Statement

in EUR million 2020 (%) 2019 (%)
Net revenues 412.9 100.0% 471.2 100.0%
Cost of goods sold and services provided -259.9 -62.9% -299.9 -63.6%
Gross profit 153.0 37.1% 171.3 36.4%
         
Sales and marketing expenses -49.0 -11.9% -58.3 -12.4%
Administrative expenses -35.4 -8.6% -37.9 -8.0%
R&D expenses -11.0 -2.7% -11.3 -2.4%
Other operating income 0.6 0.1% 1.3 0.3%
Other operating expenses -2.7 -0.7% -1.6 -0.3%
Operating result (EBIT) 55.5 13.4% 63.5 13.5%
         
Financial result, net -1.9 -0.5% -3.3 -0.7%
         
Result for the period before tax (EBT) 53.6 13.0% 60.2 12.8%
         
Income tax expense -12.9 -3.1% -15.3 -3.2%
Income tax rate (based on EBT)   24.1%   25.4%
         
Result for the period 40.7 9.9% 44.9 9.5%
Attributable to:
in EUR million 2020 (%) 2019 (%)
Shareholders of Kardex Holding AG 40.7 9.9% 44.4 9.4%
Minority interests - 0.0% 0.5 0.1%
Result for the period 40.7 9.9% 44.9 9.5%
         
Earnings per share attributable to shareholders (EUR)¹ 5.28 5.75

1 No dilutive effect occurred in 2020 and 2019.

Balance Sheet

in EUR million 31.12.2020 (%) 31.12.2019 (%)
Cash and cash equivalents 122.4 44.1% 133.6 46.1%
Trade accounts receivable 49.0 17.7% 65.4 22.6%
Other receivables 22.9 8.3% 15.4 5.3%
Inventories and work in progress 14.8 5.3% 19.2 6.6%
Prepaid expenses 3.4 1.2% 4.3 1.5%
Current assets 212.5 76.6% 237.9 82.1%
 
Property, plant and equipment 50.7 18.3% 41.2 14.2%
Intangible assets 6.0 2.2% 4.1 1.4%
Financial assets 8.1 2.9% 6.6 2.3%
Non-current assets 64.8 23.4% 51.9 17.9%
Assets 277.3 100.0% 289.8 100.0%
     
Trade accounts payable 12.1 4.4% 17.3 6.0%
Current financial liabilities 0.1 0.0% - 0.0%
Other current liabilities 15.6 5.6% 19.2 6.6%
Current provisions 9.4 3.4% 6.0 2.1%
Accruals 44.3 16.0% 54.7 18.9%
Current liabilities 81.5 29.4% 97.2 33.5%
     
Non-current provisions 21.5 7.8% 20.6 7.1%
Non-current liabilities 21.5 7.8% 20.6 7.1%
Liabilities 103.0 37.1% 117.8 40.6%
     
Share capital 2.5 0.9% 2.5 0.9%
Capital reserves 31.4 11.3% 31.3 10.8%
Retained earnings and translation differences 141.9 51.2% 138.7 47.9%
Treasury shares -1.9 -0.7% -1.0 -0.3%
Equity before minorities 173.9 62.7% 171.5 59.2%
Minority interests 0.4 0.1% 0.5 0.2%
Equity 174.3 62.9% 172.0 59.4%
Equity and liabilities 277.3 100.0% 289.8 100.0%
in EUR million 31.12.2020 (%) 31.12.2019 (%)

Cash Flow Statement

in EUR million 2020 (%) 2019 (%)
Result for the period 40.7 161.5% 44.9 145.8%
Depreciation and amortization 7.1 28.2% 6.7 21.8%
Additions or reversal (net) of provisions 6.7 26.6% 6.2 20.1%
Other non–cash items 4.0 15.9% -0.7 -2.3%
Change in accounts receivable 14.7 58.3% -0.2 -0.6%
Change in other receivables -6.9 -27.4% -4.2 -13.6%
Change in inventories and work in progress 1.4 5.6% -3.7 -12.0%
Change in prepaid expenses 0.6 2.4% 0.4 1.3%
Change in accounts payable -2.9 -11.5% -0.2 -0.6%
Change in other current liabilities -3.9 -15.5% -5.9 -19.2%
Change in provisions -2.3 -9.1% -3.9 -12.7%
Change in accruals -9.4 -37.3% 5.4 17.5%
Net cash flow from operating activities 49.8 197.6% 44.8 145.5%
     
Purchase of property, plant and equipment -18.8 -74.6% -11.7 -38.0%
Sale of property, plant and equipment 0.1 0.4% - 0.0%
Purchase of intangible assets -3.2 -12.7% -2.3 -7.5%
Purchase of financial assets -0.8 -3.2% - 0.0%
Acquisition of organizations and investment in associated companies -1.9 -7.5% - 0.0%
Net cash flow from investing activities -24.6 -97.6% -14.0 -45.5%
     
Free cash flow 25.2 100.0% 30.8 100.0%
     
Acquisition of treasury shares -1.0 -4.0% - 0.0%
Disposal of treasury shares - 0.0% 0.2 0.6%
Divident paid -32.9 -130.6% -27.6 -89.6%
Net cash flow from financing activities -33.9 -134.5% -27.4 -89.0%
     
Effect of currency translation differences on cash and cash equivalents -2.5 -9.9% 1.0 3.2%
Net change in cash and cash equivalents -11.2 -44.4% 4.4 14.3%
     
Cash and cash equivalents at 1 January 133.6   129.2  
Cash and cash equivalents at 31 December 122.4   133.6  
Net change in cash and cash equivalents -11.2 -44.4 4.4 14.3%
in EUR million 2020 (%) 2019 (%)

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