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As a result of the economic crisis within the overall market for automated storage systems, in fiscal 2009 the Kardex Group, with its two divisions Kardex (KRM) (58.2% of revenues) and Stow (41.8% of revenues), posted a decline of 25.5% (24.7% after adjustment for currency translation effects) in revenues to EUR 342.9 million (previous year: EUR 460.0 million). Adjusted for acquisition effects, the consolidated revenues of the Kardex Group were down 28.2% on the previous year. Countries which felt the impact of the crisis particularly keenly were Spain, the UK and Germany in western Europe, and Poland, the Czech Republic and Russia in eastern Europe. In China too, revenues were significantly lower than in the previous year. By contrast, sales trends were positive in Switzerland, the Netherlands and the US, where Kardex USA Inc. benefited decisively from government orders in the office segment. Kardex USA Inc., which was consolidated for the first time since its acquisition in December 2008, and the business area taken over from Norwegian company Element Storage Systems AS in May 2009 contributed a total of EUR 13.0 million to Group revenues in fiscal 2009. At EUR 322.3 million (EUR 449.2 million), the bookings of the Kardex Group were down 28.3% on the previous year. At the end of fiscal 2009, the order backlog was 20.6% lower year-on- year at EUR 78.9 million (EUR 99.4 million).
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