KARDEX HOLDING AG Media and Analysts Conference
7 March 2024
Agenda
Introduction | J. Hardenacke, CEO |
Financials 2023 | T. Reist, CFO |
Divisional Reports | T. Reist, CFO |
Outlook | J. Hardenacke, CEO |
Questions and Answers |
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Introduction
Jens Hardenacke, CEO
Media and Analysts Conference - YEC 2023 | 07.03.2024 | 3
Highlights 2023
- Demand for intralogistics solutions remained significantly above level of 2019 (pre-pandemic)
- Robust appetite for automation across all industry sectors and regions but slowdown of decision-making process for larger projects at Kardex Mlog
- Normalized global supply chain enabled record high net revenues
- Higher output of the factories led to higher gross profit margin
- EBIT margin raised in the upper half of financial targets
- ROIC has increased significantly to 37.6% and regained its former strength
- Kardex AutoStore gains market share and achieved profitability in the second year after launch
- Investments in innovation and digitalization continued
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Financials 2023
Thomas Reist, CFO
Media and Analysts Conference - YEC 2023 | 07.03.2024 | 5
Kardex - Key Figures 2019 - 2023 (in EUR million)
750
600
450
300
150
0
Bookings
CAGR 10.5%
603.0 | 698.6 | 673.9 | ||
452.4 | -7.9%416.8 +44.7% | +15.9% | -3.5% | |
2019 | 2020 | 2021 | 2022 | 2023 |
750
600
450
300
150
0
Net revenues
CAGR 10.5%
565.6 | 702.9 | |||
471.2 -12.4%412.9 +10.3% 455.5 +24.2% | +24.3% | |||
2019 | 2020 | 2021 | 2022 | 2023 |
100
80
60
40
20
0
EBIT and EBIT margin
CAGR 7.8% | 12.2% | ||
13.5% | 13.4% | 13.4% | 9.9% |
85.9
63.5 -12.6%55.5 +10.1% 61.1 -8.7%55.8 +53.9%
2019 | 2020 | 2021 | 2022 | 2023 |
60
40
20
0
-20
Free cash flow
51.4 | 46.2 | |||
30.8 | 25.2 | |||
-15.2 | ||||
2019 | 2020 | 2021 | 2022 | 2023 |
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Kardex - Income Statement (1/2)
in EUR million | 2023 | (%) | 2022 | (%) | (+/- %) | |||||
Bookings | 673.9 | 95.9% | 698.6 | 123.5% | -3.5% | |||||
Order backlog (31.12.) | 475.9 | 67.7% | 510.5 | 90.3% | -6.8% | |||||
Net revenues | 702.9 | 100.0% | 565.6 | 100.0% | 24.3% | |||||
Gross profit | 235.9 | 33.6% | 177.7 | 31.4% | 32.8% | |||||
OPEX | 150.0 | 21.3% | 121.9 | 21.6% | 23.1% | |||||
EBITDA | 99.3 | 14.1% | 65.4 | 11.6% | 51.8% | |||||
EBIT | 85.9 | 12.2% | 55.8 | 9.9% | 53.9% | |||||
- Bookings slightly below PY due to slowed-down decision taking of Kardex Mlog's customers
- Improved component availability resulted in backlog translating into very strong net revenues
- GP margin improved due to higher factory output and stabilized purchase price situation
- EBIT margin back in upper half of financial target range (10 - 14%)
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Kardex - Income Statement (2/2)
in EUR million | 2023 | (%) | 2022 | (%) | (+/- %) | ||||
EBIT | 85.9 | 12.2% | 55.8 | 9.9% | 53.9% | ||||
Financial result, net | 1.2 | 0.2% | -2.3 | -0.4% | 152.2% | ||||
EBT | 87.1 | 12.4% | 53.5 | 9.5% | 62.8% | ||||
Income tax | -20.2 | -2.9% | -14.9 | -2.6% | -35.6% | ||||
Tax rate | 23.2% | 27.9% | |||||||
Result for the period | 66.9 | 9.5% | 38.6 | 6.8% | 73.3% | ||||
- Financial result positively impacted by gains on financial assets
- Tax rate improved due to positive one-time effects and slightly below new target range of 24- 26%
- Significant improvement in result
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Kardex - Balance Sheet
in EUR million
Current assets
thereof cash and cash equivalents
thereof NWC (accounts receivable and inventories)
Non-current assets
thereof property, plant and equipment
Assets
Liabilities
thereof NWC (accounts payable)
Equity
Equity ratio
Equity and liabilities
2023 | 2022 | (+/-) | (+/-%) | |
294.7 | 257.9 | 36.8 | 14.3% | |
107.3 | 71.2 | 36.1 | 50.7% | |
147.1 | 132.3 | 14.8 | 11.2% | |
127.5 | 106.2 | 21.3 | 20.1% | |
68.9 | 61.2 | 7.7 | 12.6% | |
422.2 | 364.1 | 58.1 | 16.0% | |
182.1 | 159.5 | 22.6 | 14.2% | |
44.9 | 56.1 | -11.2 | -20.0% | |
240.1 | 204.6 | 35.5 | 17.4% | |
56.9% | 56.2% | |||
422.2 | 364.1 | 58.1 | 16.0% |
- Strong increase in cash levels
- Proportionally lower increase in accounts receivable and inventories
- Equity and equity ratio further strengthened
- ROIC returned to its old strength at 37.6% (27.5%)
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Kardex - Cash Flow Statement
in EUR million | 2023 | 2022 | (+/-) | (+/-%) | |||||||||||||
Result for the period | 66.9 | 38.6 | 28.3 | 73.3% | |||||||||||||
Change in non-cash items | 24.2 | 16.3 | 7.9 | 48.5% | |||||||||||||
Change in NWC | -26.9 | -31.4 | 4.5 | 14.3% | |||||||||||||
thereof accounts receivable | -23.8 | -19.1 | -4.7 | -24.6% | |||||||||||||
thereof inventories | 7.9 | -26.5 | 34.4 | 129.8% | |||||||||||||
thereof accounts payable | -11.0 | 14.2 | -25.2 | -177.5% | |||||||||||||
Change in other assets and liabilities | 16.2 | -13.1 | 29.3 | 223.7% | |||||||||||||
thereof change in other receivables | -5.0 | -5.0 | - | 0.0% | |||||||||||||
thereof change in accruals | 18.8 | -2.2 | 21.0 | 954.5% | |||||||||||||
Change in investments | -34.2 | -25.6 | -8.6 | -33.6% | |||||||||||||
thereof CAPEX | -19.7 | -18.8 | -0.9 | -4.8% | |||||||||||||
Free cash flow | 46.2 | -15.2 | 61.4 | 403.9% |
- Strong result main contributor to sharp FCF rise
- Accruals up mainly due to higher business volume
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Kardex AG published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2024 08:37:07 UTC.
