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Financial year 2010 – Following a difficult start the worst is over


  • Acquisition-related 3.8% increase in net revenues to EUR 355.9 million
  • Operating loss of EUR 6.4 million, net loss of EUR 9.8 million
  • End-2010 order backlog of EUR 130 million up 19% (adjusted for acquisitions) year-on-year
  • Successful integration of Kardex Mlog
  • Capital increase planned to secure organic growth

The worst is over following a challenging year, and the Kardex Group is poised to embark on a new growth phase. As a result of acquisitions, in the year under review net revenues increased by 3.8% (in local currencies 1.6%) to EUR 355.9 million (2009: EUR 342.9 million). After a difficult start to the year, sales rose continuously. Bookings increased by 21.3% to EUR 391.0 million (EUR 322.3 million); adjusted for acquisitions, the increase was 5.8%. At the end of the financial year, Groupwide bookings were at EUR 130.0 million (EUR 78.9 million). Acquisition-adjusted, this represents an increase of 19% over the previous year. Owing to lower volumes and despite the implementation of cost-cutting measures such as short-time working hours in the factories and selective downsizing at distribution companies, the Kardex Group posted a negative operating result (EBIT) of EUR 6.4 million (2009: +6.3 million) and, including one-off charges (restructuring and acquisition) in the amount of EUR 3.7 million, a net loss for the year of EUR -9.8 million (EUR 0.8 million). In order to strengthen the Kardex Group’s equity base and so increase its financial flexibility during the organic growth phase now underway, the Board of Directors will propose that the Annual General Meeting approve the creation of authorised capital.

Given the late-cyclical nature of the warehouse logistics segment, the post-economic crisis recovery in demand did not begin to materialise for the Kardex Group in 2010 until after a time lag of  around  twelve months compared with other industrial sectors.In spite of the deep recession, the Kardex Group implemented its new strategy and developed from a manufacturer of logistics products to a supplier of end-to-end solutions in the intralogistics sector. In the same period, the Group developed a number of new products and launched them on the global market.


In terms of the geographic breakdown of revenues, in financial year 2010 the Kardex Group achieved its largest share in the eurozone, which generated 59.1% of Group revenues. The rest of Europe accounted for 23.4%, the Americas region 10.0%, and the Asia/Pacific economic area 7.5%. With the exception of North America, all geographic markets stabilised. Demand developed well in Germany, the UK, Spain, the Czech Republic and Scandinavia.Bookings increased by 21.3% to EUR 391.0 million (EUR 322.3 million); adjusted for acquisitions, the increase was 5.8%.In comparison with the first half of 2010, bookings were up 9.3% in the second six months of the year. At EUR 130.0 million (EUR 78.9 million), the Group's order backlog at the end of the financial year was up by nearly two thirds on the previous year. After factoring out the contribution of Kardex Mlog, the increase came to 19.0%.


Balance sheet and cash flow impacted by economic environment

In financial year 2010, the Kardex Group invested EUR 8.6 million (EUR 9.1 million) in production plant and IT systems. After deducting the cash position acquired with the company, the price of EUR 28.9 million paid for Kardex Mlog was recognized against the free cash flow in the amount of EUR 22.8 million and led to a negative free cash flow of EUR -11.9 million (EUR 17.9 million). Adjusted for the impact of the acquisition of Kardex Mlog, the Kardex Group achieved a positive operating free cash flow of EUR 10.9 million. Net debt increased to EUR 42.6 million (EUR 20.0 million), mainly as a result of the financing of the acquisition. The equity ratio was at 30.0% (40.4%).


Proposals to the Annual General Meeting

In view of the negative result, the Board of Directors will propose to the ordinary Annual General Meeting of Kardex AG on 26 April 2011 that no dividend be paid for financial year 2010.

In order to strengthen the Kardex Group’s equity base and so increase its financial flexibility in the coming organic growth phase, the Board of Directors will propose that the Annual General Meeting approve the creation of authorised capital,in order that the CHF 55 million convertible bond maturing end June 2011 can be repaid, funding approximately half of the repayment through the issue of new shares and half by means of external financing.


Mr. Dave Schnell, who has been a member of the Board of Directors of Kardex AG since 2008 and whose period of office is expiring, is no longer standing for re-election. The Board of Directors proposes that Felix A. Thöni be elected to succeed him. Felix Thöni (born 1959) is a proven financial expert with many years of management experience in the industry and as a director on the boards of listed companies. In keeping with best practises corporate governance, the Board of Directors also proposes that a one-year term of office be introduced for members of the Board.   


Kardex Remstar – Continuous recovery in demand

The Kardex Remstar Division contributed 54.2% of the Kardex Group’s net revenues in financial year 2010. Segment revenues fell by 3.4% to EUR 192.8 million (EUR 199.6 million), mainly because of the slow recovery of demand in Europe and North America. Segment revenues in the second half of 2010 were over 30.0% higher than in the first six months.The operating loss incurred in the first half improved considerably in the second half, resulting in a positive full-year operating result (EBIT) of EUR 2.1 million (2009: EUR 6.8 million); the EBIT margin stood at 1.1% (3.4%). Bookings improved from the second quarter onward, increasing by 12.4% year-on-year to EUR 203.3 million (EUR 180.9 million). The order backlog came to EUR 60.3 million at the end of the financial year, up by roughly 25% on the previous year. The structural adjustments had largely been carried out by the end of the year, and the Kardex Remstar Division can again focus in full on its customers and markets.


Kardex Stow – Balanced operating result

The Kardex Stow Division contributed 38.0% of the Kardex Group’s net revenues in financial year 2010. At EUR 135.6 million (EUR 143.5 million), segment revenues were 5.5% lower compared with the previous year. The development stems mainly from overcapacity and strong price pressure in most markets. Kardex Stow achieved a balanced operating result (EBIT) (2009: EUR 2.1 million) with similar results in both the first and second half-year. Bookings declined by 2.3% year-on-year to EUR 138.2 million (EUR 141.4 million), mainly because of the difficult market conditions in the first half of the financial year. From the second quarter on, a steady recovery in demand began to emerge and sales in the second half of the year were up by around 28% on the first six months. At the end of the year, bookings were 10.1% higher than the previous year at EUR 33.8 million.


Kardex Mlog – Recovery in demand

Consolidated effective May 2010, in the eight months since its integration the Kardex Mlog Division generated segment revenues of EUR 27.8 million, contributing 7.8% of the Kardex Group’s net revenues. The operating result (EBIT) for the period from May to December 2010 was negative at EUR -3.8 million. The low order backlog at the time of acquisition impacted on Kardex Mlog’s result, and the average gross margin of the newly acquired projects in 2010 owing to the tight competitive situation on the market fell short of expectations.Regardless of this, integration into the Kardex Group was energetically driven forward. The expected sales turnaround set in as of the fourth quarter.During the eight-month period under review, Kardex Mlog posted bookings of EUR 50.0 million and at the end of the year its order backlog stood at EUR 36.1 million. Kardex Mlog is well positioned to press ahead with international, profitable growth as a member of the Kardex Group.



The Kardex Group started financial year 2011 with a significantly higher order backlog than the previous year.With its comprehensive range of solutions and services, new products – including the automatic small parts warehouse stacker crane for light loads, the Shuttle Element vertical lift, the Megamat RS circulating rack, the Atlas pallet shuttle, silo high-bay warehouse constructions as well as warehouse logistics software from Kardex Remstar and Kardex Mlog – the Kardex Group, as a global supplier, has broad access to the albeit still highly price competitive logistics market. For the current year management is expecting an increase in revenues in line with market growth as well as an improvement in profitability.





Jos De Vuyst, Chief Executive Officer

Gerhard Mahrle, Chief Financial Officer

Tel. +41 (0)44,419 44 15

Tel. +41 (0)44,419 44 72


Calendar of events


26 April 2011

2011 Annual General Meeting

23 August 2011

2011 Interim Report

29 March 2012

2011 Annual Report

24 April 2012

2012 Annual General Meeting


2010 Annual Report

The full 2010 Annual Report of the Kardex Group is available at:


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