Conference Call Half Year Closing 2013 Zurich, 22 August 2013
Disclaimer This communication contains statements that constitute forward-looking statements. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kardex s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Kardex s past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex Group companies websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kardex disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. 05.09.2013 2
Overview Highlights 1H 2013 Kardex Group achieved a solid operating result in a demanding market environment: EBIT EUR 14.6 million (6.4% of sales) / + 19% against previous half year Kardex Remstar sales below last year by 4.9% due to lower bookings of new business in the second half-year of 2012 and a slow start into 2013. Due to improved margins, EBIT reached same level as last year EUR 10.9 million (9.8% of sales) Kardex Mlog reached break-even for the first time. Three out of four problem projects from last year were successfully closed without any further costs; one project is still under discussion. Free Cashflow EUR 12.2 million (EUR 11.8 million) despite making extensive use of early payment discounts ROCE reaches 23% Sale of Kardex Stow Division completed 05.09.2013 3
Kardex Group Key Figures 300 250 200 150 100 ORDER INTAKE 251.0 229.2 252.2 237.5 249.3 Mlog Stow 200 160 120 80 156.8 ORDER BACKLOG 163.0 148.5 154.9 174.1 Mlog Stow 50 0 Remstar 40 0 Remstar 1 HY 11 2 HY 11 1 HY 12 2 HY 12 1 HY 13 30.06.11 31.12.11 30.06.12 31.12.12 30.06.13 280 240 200 160 120 80 40 0 NET SALES 221.5 237.7 239.8 244.6 227.3 Mlog Stow Remstar 18 EBIT / EBIT MARGIN 15 5.1% 12 3.2% 9 6 12.3 1.2% 3 7.7 2.7 0 6.3% 6.4% 15.3 14.6 1 HY 11 2 HY 11 1 HY 12 2 HY 12 1 HY 13 1 HY 11 2 HY 11 1 HY 12 2 HY 12 1 HY 13 05.09.2013 4
Kardex Group Key Figures 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% EQUITY RATIO 25.5% 13.6% 31.2% 36.2% 38.9% 20 0-20 -40-60 NET CASH -15.6-44.9-3.8 12.4 17.2 30.06.2011 31.12.2011 30.06.2012 31.12.2012 30.06.2013 30.06.11 31.12.11 30.06.12 31.12.12 30.06.13 05.09.2013 5
Kardex Group P&L (1) 1H 2013 1H 2012 Change in % Net Sales 227.3 239.8-5.2% Cost of goods sold -167.5-181.8-7.9% Gross Profit 59.8 58.0 3.1% Gross Profit in % 26.3% 24.2% Operational Expense (OPEX) -45.2-45.7-1.1% EBIT 14.6 12.3 18.7% EBIT in % 6.4% 5.1% Depreciation & Amortisation 4.6 5.3-13.2% EBITDA 19.2 17.6 9.1% EBITDA in % 8.4% 7.3% 05.09.2013 6
Kardex Group P&L (2) 1H 2013 1H 2012 Change in % EBIT 14.6 12.3 18.7% Financial Result -1.2-1.4-14.3% Income before Tax 13.4 10.9 22.9% Income Tax -2.6-1.8 44.4% Net Income 10.8 9.1 18.7% 05.09.2013 7
Kardex Group Balance Sheet 30.06.2013 31.12.2012 Change in % Balance Sheet total 229.1 235.8-2.8% Net Working Capital 74.4 72.1 3.2% - thereof Accounts Receivables 82.8 92.3-10.3% - thereof Accounts Payables 41.8 52.6-20.5% Net Cash 17.2 12.4 38.7% Equity 89.2 85.4 4.4% Equity Ratio 38.9% 36.2% ROCE 22.6% 21.2% 05.09.2013 8
Kardex Group Cash Flow Statement 1H 2013 1H 2012 Net Cash Flow from operating activities 15.5 13.8 - thereof change in net current assets 1.8-0.8 Net cash flow used in investing activities -3.3-2.0 - thereof purchase tangible and intangible assets (net) -3.1-2.2 Free Cash Flow 12.2 11.8 Net cash flow used in financing activities -8.1-17.3 - thereof dividend paid -7.4 - Net change in cash and cash equivalents 3.7-5.1 Cash and cash equivalents 37.8 31.8 05.09.2013 9
Kardex Remstar Division P&L 1 H 2013 1 H 2012 Change in % Order Intake 124.0 121.9 1.7% Order Backlog 81.5 76.6 6.4% Net Sales 111.5 117.3-4.9% Gross Profit 39.7 40.0-0.8% Gross Profit in % of Net Sales 35.6% 34.1% EBIT 10.9 10.8 0.9% EBIT in % of Net Sales 9.8% 9.2% EBITDA 13.4 13.8-2.9% EBITDA in % of Net Sales 12.0% 11.8% 10
Kardex Stow Division P&L 1 H 2013 1 H 2012 Change in % Order Intake 96.8 99.4-2.6% Order Backlog 58.8 55.5 5.9% Net Sales 84.8 88.7-4.4% Gross Profit 15.4 15.1 2.0% Gross Profit in % of Net Sales 18.2% 17.0% EBIT 4.3 4.5-4.4% EBIT in % of Net Sales 5.1% 5.1% EBITDA 6.1 6.4-4.7% EBITDA in % of Net Sales 7.2% 7.2% 11
Kardex Mlog Division P&L 1 H 2013 1 H 2012 Change in % Order Intake 29.5 32.9-10.3% Order Backlog 34.5 33.7 2.4% Net Sales 31.7 35.7-11.2% Gross Profit 4.7 2.9 62.1% Gross Profit in % of Net Sales 14.8% 8.1% EBIT 0.2-1.3 n/a EBIT in % of Net Sales 0.6% -3.6% EBITDA 0.4-1.0 n/a EBITDA in % of Net Sales 1.3% -2.8% 12
Divestment Stow Kardex Stow Divestment Estimated Result of Transaction (1) Enterprise Value 73.0 Goodwill -23.1 Equity Stow Division -35.6 Net debt, transaction cost, taxes, etc. ca.-6.0 Estimated result of divestment 8.0-9.0 Cash inflow 76.9 13
Divestment Stow Kardex Stow Divestment Estimated Result of Transaction (2) Cash inflow 76.9 Repayment of bank debts -10.0 Outstanding payments -1.1 Extraordinary dividend* -25.4 Net increase of cash position 40.4 * BoD invites to an extraordinary General Assembly held on 25 September 2013 at the SIX Swiss Exchange, Zurich and proposes an extraordinary dividend of CHF 4.00 per share. 14
Divestment Stow Kardex Group Continued Operation (P&L) Kardex Group (old) Stow Discontinued Eliminations Kardex Group (new) Order Intake 249.3-96.8 1.0 153.5 Order Backlog 174.1-58.8 0.7 116.0 Net Sales 227.3-84.8 0.7 143.2 EBIT 14.6-4.3-0.4 9.9 EBIT in % of Net Sales 6.4% 5.1% 6.9% EBITDA 19.2-6.1-0.4 12.7 EBITDA in % of Net Sales 8.4% 7.2% 8.9% Employees (FTE) 2 111-649 1 462 15
Divestment Stow Kardex Group Continued Operation (Balance sheet) Kardex Group (old) Divestment / Utilization of Funds Kardex Group (new) Non-current assets 62.4-26.3 36.1 Current assets 166.7-20.8 145.9 - thereof cash 37.8 +31 68.8 Total assets 229.1-47.1 182.0 Equity 89.2 +6.5 95.7 Equity in % 38.9% 52.6% Liabilities 139.9-53.6 86.3 Equity and liabilities 229.1-47.1 182.0 Figures are based on 30 June 2013 and represent an pro forma Balance Sheet 16
Outlook Cautiously optimistic for 2H 2013 The healthy order backlog and again increasing order intake makes us cautiously optimistic about the remainder of the year Kardex Remstar should be able to hold its EBIT margin at the previous year s level Kardex Mlog management team is now complete and ready to further implement the turn-around strategy. Mlog is expected to break-even for the year The Board of Directors announces an extraordinary shareholders meeting to be held on 25 September 2013 and will propose the pay-out of a special dividend of CHF 4.- per share. This dividend pay-out of CHF 31 Mio. is equal to the capital increase of 2011 05.09.2013 17