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Financial year 2010 still overshadowed by the economic downturn

Acquisition-related increase in revenues – negative operating result expected – bookings up on previous year

Owing to the late-cyclical nature of the warehouse logistics industry, the Kardex Group continued to feel the impact of the economic crisis in financial year 2010, with overcapacity in most markets. Financial year 2010 saw the Kardex Group's consolidated net revenues improve by 3.8% to EUR 355.9 million (2009: EUR 342.9 million.). In local currencies, the increase came to 1.6%. After factoring out revenues of EUR 27.8 million attributable to Kardex Mlog, which was integrated in May 2010, net revenues showed a year-on-year fall of 4.3% on a like-for-like basis. Over the course of the year, revenues increased from quarter to quarter. In the second half of the year, the sales of the Kardex Group came to EUR 205.3 million, representing an increase of more than 36% on the first half of the year. Despite the swift implementation of cost-cutting measures, such as short-time working hours in the factories and selective downsizing also at distribution companies, the Kardex Group is expecting financial year 2010 to produce a negative operating result (EBIT) in the single-digit millions range. This is due to a combination of low demand, particularly in the first half of the year, and strong price competition in most markets. The detailed annual result will be published on 31 March 2011. Bookings made positive progress during the year under review, increasing 21.3% to EUR 391.0 million (EUR 322.3 million.); adjusted for the impact of the newly acquired Kardex Mlog Division, the increase came to around 6%. In the second half of 2010, bookings were up more than 9% in comparison with the first half 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%. Demand developed particularly well in Germany, the UK, Spain, the Czech Republic and Scandinavia and in terms of sectors in the automotive, retail, engineering, food and pharmaceutical industries. In the Asia-Pacific economic region, growth in revenues was higher than average thanks to increases in sales in China, India and Australia.


Kardex Remstar Division

In the Kardex Remstar Division, segment revenues for 2010 were down 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. In the second half of the year, revenues rose by more than 30% in comparison with the first half of the year. Bookings showed a positive trend, increasing by 12.4% to EUR 203.3.million, and at the end of the financial year the order backlog stood at EUR 60.3 million, an increase of around 25% on the previous year.


Kardex Stow Division

In the Stow Division, segment revenues for 2010 declined by 5.5% to EUR 135.6 million (EUR 143.5 million). The decline stems mainly from overcapacity and strong price pressure in most markets. Sales in the second half of the year were up by around 28% on the first half of the year. Kardex Stow saw bookings decrease by 2.3% year-on-year to EUR 138.2 million (EUR 141.4 million). At EUR 33.8, the order backlog at the end of the year was 10.1% higher than the previous year.

Kardex Mlog Division

The Kardex Mlog Division, which was consolidated from May 2010, posted segment revenues of EUR 27.8 million over eight months. A start was made on efforts to internationalize the project business of Kardex Mlog and the Kardex Group expects financial year 2011 to see the first projects sold outside Germany. After taking bookings of EUR 50.0 million, Kardex Mlog's order backlog at the end of the year stood at EUR 36.1 million.



The Kardex Group started the 2011 financial year with a significantly higher order backlog than the previous year. With its comprehensive range of solutions and services, new products (including a new stacker crane for mini loads, the Shuttle Element vertical lift, the Megamat RS circulating rack, the Atlas pallet shuttle and silo high-bay warehouse constructions), a market-focused organization, streamlined production processes and an efficient cost structure, the Kardex Group is equipped to benefit more than most from a sustained market recovery. Although demand is recovering, market visibility is still not sufficient to issue a reliable forecast for the 2011 financial year.



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


31 March 2011

Media and Analysts' Conference

26 April 2011

2011 General Meeting



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