Media and Analyst Conference 13 March 2014 Agenda Introduction F. Thni, Executive Director Financials 2013 T. Reist, Head Finance & Controlling Division Report Kardex Remstar J. Fankhnel, Head Kardex Remstar Division Report Kardex Mlog H.-J. Heitzer, Head Kardex Mlog Outlook F. Thni, Executive Director Questions and Answers 02/14/2020 2 Introduction Felix Thni, Executive Director 13.03.2014 3 Introduction Highlights and Key Achievements FY 2013 Kardex Group achieved solid operating result from continued operations: EBIT EUR 24.2 million (EBIT-Margin 8.0%), EUR + 5.7 million (+ 30.8%) Kardex Remstar increased profitability through efficiency improvements Kardex Mlog achieved turnaround and settled former problem projects
ROCE (continued operations) reaches 29% Profitable divestment of Kardex Stow Repositioning of the Kardex Group concluded Board of Directors proposes ordinary dividend of CHF 1.25 (2012: CHF 1.20) and extradividend of CHF 1.40 (gain on divestment Kardex Stow) 13.03.2014 4 Introduction Kardex Group Key Figures FY 2013 EUR million 2013 in % 2012 in % +/- in % Bookings 410.7 102.9% 489.7 101.1% -16.1%
31.12.2013 OPERATING CASH FLOW EBIT-MARGIN 10.0% 8.0% 20 0 NET CASH -9.8 1 HY 11 6.4 2 HY 11 13.8 17.6 15.5 20.8 1 HY 12 2 HY 12 1 HY 13 2 HY 13 6.0% 4.0% 3.2%
5.1% 6.3% 6.4% 2 HY 12 1 HY 13 8.4% 1.2% 2.0% 0.0% 1 HY 11 2 HY 11 1 HY 12 * without gain of sale of the Kardex Stow Division 2 HY 13* 6 Introduction Kardex Stow Divestment Result of Transaction EUR million Enterprise value
73.0 Goodwill -23.1 Equity Stow Division -35.6 Net debt, transaction cost, taxes, etc. -5.5 Gain on divestment 8.8 7 Introduction Kardex Stow Divestment Use of Proceeds (Holding) EUR million Cash inflow Repayment of bank debts Extraordinary dividend per share of CHF 4.00 - repayment of capital increase 2011 Extraordinary dividend per share CHF 1.40 payment of divestment gain to the shareholders Remaining cash inflow 76.9 -10.0 -25.2
-8.8 32.9 Total cash return to the shareholders 2013/14: CHF 60.7 million (including ordinary dividends from operational results) 8 Introduction Strategic Re-alignment Completed 2011 2014 STOW REMSTAR MLOG REMSTAR MLOG 9 Financials 2013 Thomas Reist, Head Finance & Controlling 13.03.2014 10 Financials 2013
Kardex Group Continued Operation (P&L) EUR million 2013 2012 +/- +/- in % Bookings 302.0 305.9 -3.9 -1.3% Net revenues 302.1 307.9 -5.8 -1.9% COGS -206.0
EBITDA in % 12.5% 12.2% +2.6% Employees 1198 1168 +30 02/14/2020 (FTE) 4 2 0 0 2011 2012 Net revenues 2013 EBIT Positive development from 2012 continued, 2nd half of 2013 stronger in terms of net revenues and EBIT than
in the 1st half Further efficiency gains in the productions leading to higher gross profit margins EBIT better than 2012 despite slightly lower net revenues Growth in service business (from 27.9% to 28.6% of total net revenues) with a high contribution to EBIT All Financial KPIs in upper strategic range: EBIT margin: 10.2% 14 ROCE: 24.5% Division Report Kardex Remstar Major Achievements 2013 Main target for 2013 was to stabilize business model and to deliver the same or better results than 2012 target has been achieved New Asia/Pacific management and organization established provides basis for business expansion in this region Centralized European spare parts center fully operational basis for better and faster service to our customers Investment into sales organization and staff solid foundation for growth in 2014 and the following years Production/Supply chain further efficiency increases and extended strategic sourcing Successful launch of new products SHUTTLE XP1000 and MEGAMAT RS180 Increased order backlog supports profitable growth ambitions in 2014 13.03.2014 15 Division Report Kardex Remstar
New Product SHUTTLE XP1000 Industrial vertical lift with extended features, 1000 kg load capacity on up to 4m wide trays (total of 60 to 80 tons) providing a good base for new industrial applications and campaigns 13.03.2014 16 Division Report Kardex Remstar New Product MEGAMAT RS180 Industrial vertical carousel based on standard MEGAMAT RS design Designed for lower load capacities and better manufacturing cost Extended features and better market price position providing a good base for new industrial applications Entry model for new market segments (e.g. hospitals) 13.03.2014 17 Division Report Kardex Remstar Main Strategic Projects 2014/2015 Transfer strategic investments (organization and people) from 2013 into profitable growth Sales push specifically in North America, Asia/Pacific, Middle East and Africa to defend and extend market position Push additional sales channels through extended OEM efforts
Strengthen R&D-initiatives/R&D-projects with the aim to extend application, product and software offering, as well as to further reduce cost base through redesigns Implement people development further and enhance company attractiveness 13.03.2014 18 Division Report Kardex Mlog Hans-Jrgen Heitzer, Head of Division 13.03.2014 19 Division Report Kardex Mlog Financial Highlights 2013 EUR million 2013 2012 +/- Bookings 60.6 72.2 Order backlog 30.3
Net revenues EBIT EBIT in % EBITDA EBITDA in % Employees (FTE) 02/14/2020 EUR million First positive result since part of Kardex family 80 4.0 -11.6 70 3.0 ROCE of 16% achieved 37.0 -6.7 60 2.0
67.0 71.3 -4.3 50 1.0 1.2 -3.0 +4.2 40 0.0 Bookings and order backlog on a low level due to stringent risk assessment (3 projects refused) 30 -1.0 20 -2.0 10
-3.0 1.8% 1.8 2.7% -4.2% -2.4 +4.2 -3.4% 0 -4.0 2011 242 255 2012 Standardization allows further staff reduction by 5% (EUR 0.5 million restructuring costs incl. in EBIT) 2013 -13 Net revenues
EBIT 20 Division Report Kardex Mlog Major Achievements 2013 Turn around achieved Risk review process in place and effective New management team on board and effective All risk projects from previous years settled (1 project to be completed until May 2014 on limited risk) 3 new products developed and launched on 2014 Logimat MMove MSpacer MVisu 13.03.2014 21 Division Report Kardex Mlog MMove Division Report Kardex Mlog MSpacer Division Report Kardex Mlog MVisu Division Report Kardex Mlog Major Strategic Projects 2014/15
Confirmation of turn around Stabilize new sales mix by pushing partner-, service- and refurbishmentbusiness Integrated systems business on higher margins with MSpacer Market entrance and additional features of MMove Market entrance of MVisu and development of automated code generator Phase 2 on restructuring: further optimization of staff structure 13.03.2014 25 Outlook Felix Thni, Executive Director 02/14/2020 26 Outlook Strategic Direction: Net Sales Mix 2012 -> 2016E Kardex Remstar 2012 Kardex Mlog Service; 15.50% Life Cycle Services; 28.00% Refurbishment; 12.50% New Business; 72.00% Life Cycle Services; 27.00%
2016E OEM; 6.00% New Business; 67.00% System Components; 2.00% Systems; 70.00% Service; 21.00% Systems; 37.00% Refurbishment; 16.00% Standalone Subsystems; 11.00% System Components; 15.00% 27 Outlook 2012 defined financial targets 2014 slightly adapted Net Sales Growth EBIT Margin Kardex Remstar 7% - 11% Kardex Mlog 4% - 6% Group 3% - 5% p.a. > 6%
ROCE > 17% Equity Ratio Dividend Policy (pay out ratio) Net Debt/EBITDA > 35% Up to 35% of operational net profit < 2.5x 13.03.2014 28 Outlook Kardex is ready for profitable growth The Kardex Group has the full operational flexibility based on financial independence: solid free cash flow strong balance sheet no interest-bearing debt no capitalized goodwill strong cash position Kardex Remstar has invested in the organization and sales force to exploit its potential for profitable growth Kardex Mlog aims to prove the sustainability of the achieved turnaround in 2014
Market sentiment improved from last year Despite the limited visibility of the business, Kardex expects a further positive development in 2014 13.03.2014 29 Questions and Answers 13.03.2014 30 Media and Analysts Conference Kardex Group March 2014 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 Kardexs 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 Kardexs 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. 13.03.2014 31
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