Annual Results 2014

Brief statement

February 13, 2015

Solid growth and increased profit

Schindler stayed on course with its growth strategy in 2014, recording a strong fourth quarter. For the reporting year orders received increased 7.8% in local currencies, with revenue up 7.3%. In Swiss francs, growth in orders received and revenue was 5.5% and 4.9% respectively. Operating profit (EBIT) was CHF 1 138 million, a rise of CHF 242 million from the previous year, giving an EBIT margin of 12.3%. Adjusted for exceptional items, operating profit in local currencies improved 7.4% to CHF 932 million, representing an EBIT margin of 10.1%. Net profit was CHF 902 million, significantly exceeding the previous year. Net profit before exceptional items was CHF 740 million, an improvement of 8.5% over the previous year.

Outlook 2015

Schindler is of the view that the elevator and escalator market will continue to grow above global GDP rates throughout 2015. China will remain the dominant market and is expected to be the single largest contributor to overall new installation growth, although developing at a slightly lower growth rate than in recent years. In the rest of the region, India and South-East Asia should maintain the strong growth path witnessed over recent years. The Americas region will strengthen thanks to an accelerated recovery in the USA, while in Europe uncertainty will prevail.

Thanks to a strong order book, Schindler expects to generate an increase in revenue of around 7% to 9% in local currencies for 2015. However, the discontinuation of the euro minimum exchange rate is likely to result in a negative translation impact of approximately 10%. A forecast concerning net profit for 2015 will be issued with publication of the company's half-year results.

Selected key figures as of December 31, 2014:

January - December

Δ % local

In CHF million

2014

2013

Δ %

currencies

Orders received

9 979

9 456

+5.5

+7.8

Revenue

9 246

8 813

+4.9

+7.3

Operating profit (EBIT)

1 138

896

+27.0

+30.4

Net profit

902

463

+94.8

Before exceptional items

Operating profit (EBIT)

932

896

+4.0

+7.4

Net profit

740

682

+8.5

Headcount at year-end

54 209

48 169

+12.5

The full Annual Report is available from 07.00 CET online at:

http://www.schindler.com/com/internet/en/investor-relations/reports.html

The full version of the press release will be distributed at 06.30 CET and will be published on:www.schindler.com




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