EXECUTIVE REPORT ON FIRST HALF-YEAR 2013/ NET SALES IN CHF MILLION DIVISIONS 4.3 ORGANIC GROWTH IN % WORKFORCE YEARS OF INNOVATION
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1 EXECUTIVE REPORT ON FIRST HALF-YEAR 2013/ NET SALES IN CHF MILLION DIVISIONS 7, ORGANIC GROWTH IN % WORKFORCE 152 YEARS OF INNOVATION
2 Kaba is synonymous with security technology. The company offers innovative solutions for access control and enterprise data recording, as well as key systems, providing its customers all over the world with the optimum benefits in terms of security, organizational efficiency and convenience.
3 KEY FIGURES in CHF million Financial year ended ended % (restated) % ended (restated) % Net sales Operating profit before depreciation (EBITDA) Operating profit (EBIT) Profit from continuing operations before taxes Profit from continuing operations Discontinued operations Net profit Free cash flow (net) before dividend Equity ratio Basic earnings per share (in CHF) Diluted earnings per share (in CHF) Market capitalization 1, , ,474.0 Net debt / EBITDA (Gearing) EBITDA CONTRIBUTION BY DIVISIONS in % Key Systems 15.5 ADS EMEA/AP 46.0 ADS Americas 38.8 Other 0.3
4 HALF-YEAR 2013/2014 IN BRIEF > Sales up 3.3 % to CHF million > Announced investment activity as well as higher infrastructure project costs affect profitability but EBITDA margin of 15.5 % is still within target range > Pleasing organic growth in all three divisions: ADS EMEA /AP 4.9 %, ADS Americas 5.6 %, Key Systems 3.3 % > Very solid balance sheet, equity ratio remains high at 61.0 % > Guidance confirmed for full year 2013/2014: organic growth of 1.5 % to 2.5 % with an EBITDA margin of 15.5 % to 16.5 % THIRD-PARTY SALES BY DIVISIONS in % Half-year 2012/2013 Full year 2012/2013 Half-year 2013/2014 ADS EMEA/AP ADS Americas Key Systems Other 40.1 Net profit in CHF million 61.0 Equity ratio in %
5 PLEASING ORGANIC GROWTH Letter to the shareholders Dear Shareholders In the first half of the 2013/2014 financial year, Kaba Group posted pleasing currency-adjusted growth of 4.3 % and sales of CHF million. In the same period last year, sales in local currency fell by 3.7 %. The ADS divisions EMEA/AP and Americas grew currency-adjusted by 4.9 % and 5.6 % respectively, and Key Systems by 3.3 %. Owing to the increased investment activities that have already been announced, as well as added costs from investment in infrastructure, profitability has decreased slightly. With EBITDA of CHF 74.7 million, Kaba achieved an EBITDA margin of 15.5 %, which is nevertheless within the target range for the current financial year. Markets recover slightly The market environment recovered slightly overall. The ADS EMEA/AP division grew faster than the economy in general in Europe, but was still unable to profit from economic growth in Asia. The ADS Americas division also managed to outperform the economy as a whole in America. The Key Systems division maintained its strong market position in Europe and North America. In the growth regions of Asia and South America, it was able to win additional market share. Planned investments As already announced, Kaba Group is increasing its investment in markets, innovation and infrastructure in order to secure long-term growth and profitability; this has a negative impact on the income statement in the short term. The respective positive impact of the investments will arise in the medium term. In summer 2013, the Board of Directors approved a growth plan for the Asia Pacific region. This involves targeted investment in organic market development, but also acquisitions. Here too, the positive effects will appear in the medium term. Owing to the region s great potential, targeted development of the business in Asia will remain a priority also in the future. Additional investments have also been made in product development projects. This investment centers on the development of existing and new 1
6 KABA INVESTS IN MARKET PRESENCE AND INNOVATION TO SECURE SUSTAINABLE PROFITABLE GROWTH. Riet Cadonau, CEO, and Ulrich Graf, Chairman of the Board of Directors (right) 2
7 important software platforms for access control, as well as on Trusted Services as a basis for future applications of Near Field Communication (NFC) technology. Additional investment affects profitability In the period under review, Kaba Group achieved EBITDA of CHF 74.7 million, which amounts to an EBITDA margin of 15.5 % (prior year: CHF 77.0 million, or 16.5 %). This decline is largely due to the investments mentioned above in developing markets, products and innovations, as well as to additional costs arising from an ERP project in Europe. Changes in the product mix also had an effect on the EBITDA margin. With an average headcount of 7,486 (prior year: 7,385), Kaba Group achieved a net profit to 31 December 2013 of CHF 40.1 million (prior year: CHF 41.7 million). portfolio (mainly in Kaba s traditional product areas), its own assembly plant, and established local distribution channels. Thank you We would like to thank our shareholders, customers and partners for the trust they have placed in us, and for their commitment to Kaba. We thank our employees for their collaboration and dedication. Sincerely yours Ulrich Graf, Chairman of the Board of Directors Riet Cadonau, CEO Acquisition in the growing Chinese market During the period under review, Kaba Group acquired Shenzhen Probuck Technologies Co. Ltd., which is based in Shenzhen (China). The company, which has around 340 employees, specializes in electronic access control with biometric identification, based on its own fingerprint technology, as well as in time recording terminals. Integration of the company, which has its own distribution network in China, is proceeding as planned. Outlook for financial 2013/2014 Kaba is confirming its goals for the current financial year and expects organic growth for 2013/2014 of 1.5 % to 2.5 %, with an EBITDA margin of 15.5 % to 16.5 %. Events after the balance sheet date On 18 February 2014 Kaba Group announced the purchase of Task Sistemas de Computação S/A, based in Rio de Janeiro (Brazil). Task S/A has around 250 employees and offers an appealing product 3
8 INVESTMENTS AFFECT MARGIN Division Access + Data Systems (ADS) EMEA/AP Operational performance The ADS EMEA/AP division posted pleasing organic growth, yet did not fully meet expectations on profitability; in general, the AP area was not able to convince. Consolidated sales improved overall to CHF million (prior year: CHF million). In local currency, sales went up by 4.9 % (CHF 13.4 million, converted). EBITDA reached CHF 41.0 million (prior year: CHF 43.9 million), giving an EBITDA margin of 14.2 % (prior year: 15.9 %). The decline in profitabil- ity is largely due to the announced investment in developing markets and innovation, as well as additional costs from infrastructure investments (ERP Europe). Market developments Business developed well in the DACH region and Northern Europe, while Southern Europe continued to stagnate at a low level. In Asia, the division was unable to benefit from a positive market environment. KEY FIGURES in CHF million ended in % ended (restated) in % Change on previous year in % Total division sales Operating profit before depreciation (EBITDA) in % division sales 14.2 % 15.9 % Operating profit (EBIT) in % division sales 10.9 % 12.5 % Change in division sales Of which translation exchange differences Of which acquisition (disposal) impact Currency-adjusted internal growth division sales Average number of full-time equivalent employees 5,064 4,
9 INCREASED PROFITABILITY Division Access + Data Systems (ADS) Americas Operational performance The ADS Americas division reported very pleasing results for the first half of 2013/2014. Overall, the division increased its consolidated sales to CHF million (prior year: CHF million). In local currency, sales went up by 5.6 % (CHF 6.0 million, converted). EBITDA increased significantly to CHF 34.5 million (prior year: CHF 31.5 million), giving a very healthy EBITDA margin of 30.5 % (prior year: 28.6 %). Market developments The market recovery continued. The hotel locking systems business performed particularly well. The pushbutton and high security lock sector, which in the prior year had been hurt by budget cuts at US government agencies, has recovered though not yet to its previous level. Further orders were won for self-boarding gates, e. g. at Boston s Logan Airport. KEY FIGURES in CHF million ended in % ended (restated) in % Change on previous year in % Total division sales Operating profit before depreciation (EBITDA) in % division sales 30.5 % 28.6 % Division operating profit (EBIT) in % division sales 28.6 % 26.5 % Change in division sales Of which translation exchange differences Of which acquisition (disposal) impact Currency-adjusted internal growth division sales Average number of full-time equivalent employees
10 STRONG MARKET POSITION EXPANDED Division Key Systems Operational performance The Key Systems Division posted very good results for the period under review. Consolidated sales improved overall to CHF 92.1 million (prior year: CHF 89.0 million). In local currency, sales went up by 3.3 % (CHF 2.9 million, converted). EBITDA slipped back slightly to CHF 13.8 million (prior year: CHF 13.9 million), giving an EBITDA margin of 15.0 % (prior year: 15.6 %). Since items affecting comparability are no longer shown sepa- rately in the income statement, the respective prior year s sum of CHF 1.8 million was included in EBITDA. Adjusting for this effect, EBITDA in the prior year would have been CHF 12.1 million and the EBITDA margin 13.6 %. Market developments The division performed as expected in Europe and North America. It increased its market share in the emerging markets of South America and Asia. KEY FIGURES in CHF million ended in % ended (restated) in % Change on previous year in % Total division sales Operating profit before depreciation (EBITDA) in % division sales 15.0 % 15.6 % Division operating profit (EBIT) in % division sales 12.4 % 12.9 % Change in division sales Of which translation exchange differences Of which acquisition (disposal) impact Currency-adjusted internal growth division sales Average number of full-time equivalent employees 1,410 1,
11 SOLID BALANCE SHEET STABLE CASH FLOW Financial commentary Balance sheet equity ratio remains high Kaba s finances remain very solid. Total assets at 31 December 2013 came to CHF million (31 December 2012: CHF million). Cash and cash equivalents fell to CHF 85.1 million (31 December 2012: CHF million) owing to the dividend pay-out of CHF 41.9 million and the acquisition of the Chinese Shenzhen Probuck Technologies Co. Ltd. (CHF 24.9 million). Thanks to the new cash pooling activities, shortterm loans declined to CHF 76.6 million (31 December 2012: CHF million). The equity ratio of 61.0 % (31 December 2012: 55.5 %) remains well above the target range of 30.0 % to 40.0 %. Stable cash flow Operating cash flow was at prior-year level of CHF 64.7 million during the period under review. Owing to the acquisition in China, cash flow from investment activities increased to CHF 39.7 million (prior year: CHF 14.1 million). Free cash flow was at CHF 2.5 million (prior year: CHF 37.9 million). Cash flow from financing activities came to CHF 52.7 million (prior year: CHF 23.2 million) and included the higher dividend pay-out of CHF 41.9 million (prior year: CHF 34.2 million) as well as the reduction in financial liabilities. Notes on accounting practices During the under review, preparation of the income statement was switched from the nature of costs to the cost of sales method. The numbers of the previous periods were restated accordingly. Furthermore items affecting comparability are no longer shown separately in the income statement. On 27 February 2014, the Board of Directors decided to start using the Swiss GAAP FER accounting standard from the forthcoming financial year (at 1 July 2014, see The Interim Report 2013/2014 is available at 7
12 CONSOLIDATED INCOME STATEMENT in CHF million except per share amounts ended in % Financial year ended (restated) in % ended (restated) in % Net sales Cost of goods sold Gross margin Other operating income, net Sales & marketing General administration Research & development Operating profit (EBIT) Result from associates Financial expenses Financial income Profit from continuing operations before taxes Income taxes Profit from continuing operations Discontinued operations Net profit Operating profit before depreciation (EBITDA) Net profit attributable to non-controlling interests Net profit attributable to owners of the parent Basic earnings per share from continuing operations (in CHF) Basic earnings per share from discontinued operations (in CHF) Total basic earnings per share (in CHF) Diluted earnings per share from continuing operations (in CHF) Diluted earnings per share from discontinued operations (in CHF) Total diluted earnings per share (in CHF) Average number of full-time equivalent employees ,486 7,398 7,385 8
13 STATEMENT OF COMPREHENSIVE INCOME in CHF million ended Financial year ended (restated) ended (restated) Net profit Other comprehensive income Items that are or may be reclassified subsequently to profit or loss Translation exchange differences Total items that are or may be reclassified subsequently to profit or loss Items that are not reclassified subsequently to profit or loss Actuarial gains (losses) on pension liabilities, net of tax Total items that are not reclassified subsequently to profit or loss Other comprehensive income, net of tax Total comprehensive income Comprehensive income attributable to non-controlling interests Comprehensive income attributable to owners of the parent CONSOLIDATED BALANCE SHEET ASSETS in CHF million Current assets ended in % Financial year ended (restated) in % ended (restated) in % Cash and cash equivalents Trade receivables Inventories Current income tax assets Other current assets Total current assets Non-current assets Property, plant and equipment Goodwill and other intangible assets Investments in associates Non-current financial assets Deferred income tax assets Total non-current assets Total assets
14 CONSOLIDATED BALANCE SHEET LIABILITIES AND EQUITY in CHF million Current liabilities ended in % Financial year ended (restated) in % ended (restated) in % Current borrowings Trade payables Current income tax liabilities Accrued and other current liabilities Provisions Total current liabilities Non-current liabilities Non-current borrowings Accrued pension costs and benefits Deferred income tax liabilities Provisions (non-current) Other non-interest bearing liabilities Total non-current liabilities Total liabilities Equity Share capital Additional paid-in capital Retained earnings Treasury stock Translation exchange differences Total equity owners of the parent Non-controlling interests Total equity Total liabilities and equity
15 CONSOLIDATED CASH FLOW STATEMENT in CHF million ended Financial year ended (restated) ended (restated) Net profit Depreciation and amortization Income tax expenses Interest expenses Interest income (Gain) loss on disposal of fixed assets, net Adjustment for non-cash items Gain recognized on disposal of discontinued operations Change in trade receivables Change in inventories Change in other current assets Change in trade payables Change in accrued pension cost Change in accrued and other current liabilities Cash generated from operations Income taxes paid Interest paid Interest received Net cash from operating activities Cash flows from investing activities Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Acquisition of subsidiaries, net of cash acquired Purchases of other intangible assets Decrease in other non-current financial assets Increase in other non-current financial assets Net cash used in investing activities Cash flows from financing activities Repayment of syndicated bank loan Initial drawdown syndicated bank loan Other proceeds from (repayment of) current borrowings, net Proceeds from non-current borrowings Repayment of non-current borrowings Decrease in other non-current liabilities (Purchase) sale of treasury stock Dividends paid to company s shareholders Net cash flows from financing activities Translation exchange differences Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Net increase (decrease) in cash and cash equivalents
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17 Agenda, Contact 12 September 2014, Friday > > Full-year results: presentation for media and financial community > > Publication of Annual Report and Executive Report 28 October 2014, Tuesday > > Annual General Meeting of Kaba Holding AG 13 November 2014, Thursday > > Capital Market Day Contact Investor Relations Beat Malacarne, CFO Phone Media Relations Martin Bahnmüller, SVP Group Communications Phone Editor Kaba Holding AG, Project management Daniela Schöchlin, Communications Manager Copyrights Kaba Holding AG, 2014 Concept and design Linkgroup, Zurich Print Neidhart + Schön AG, Zurich Picture credits Günter Bolzern, Zurich (Page 2) This information contains certain forward-looking statements including, but not limited to, those using the words believes, assumes, expects or formulations of a similar kind. Such forward-looking statements are made on the basis of assumptions and expectations that the Company believes to be reasonable at this time, but may prove to be erroneous. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks, uncertainties and other factors which could lead to substantial differences between the actual future results, the financial situation, the development or performance of the Company or the Group and those either expressed or implied by such statements. Such factors include, but are not limited to: > > general economic conditions, > > competition from other companies, > > the effects and risks of new technologies, > > the Company s continuing capital requirements, > > financing costs, > > delays in the integration of acquisitions, > > changes in the operating expenses, > > currency and raw material price fluctuations, > > the Company s ability to recruit and retain qualified employees, > > political risks in countries where the Company operates, > > changes in applicable law, > > and other factors identified in this publication. Should one or more of these risks, uncertainties or other factors materialize, or should any underlying assumption or expectation prove incorrect, actual outcomes may vary substantially from those indicated. In view of these risks, uncertainties or other factors, readers are cautioned not to place undue reliance on such forward-looking statements. The Company accepts no obligation to continue to report or update such forward-looking statements or adjust them to future events or developments. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser. This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction. Kaba, Com-ID, Ilco, La Gard, LEGIC, SAFLOK, Silca, etc. are registered trademarks, CardLink, TouchGo, etc. are trademarks of the Kaba Group. Due to country-specific constraints or marketing considerations, some of the Kaba Group products and systems may not be available in every market.
18 Kaba Holding AG Hofwisenstrasse Rümlang Switzerland
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