Kardex Holding Ag · SIX:KARN
Kardex — FY2016 Earnings Presentation
28 slides from Kardex's earnings presentation, Mar 8, 2017
Slide 1: Media and Analysts' Conference
Media and Analysts’ Conference 8 March 2017
Slide 2: Agenda
Agenda Introduction J. Fankhänel, CEO Financials 2016 T. Reist, CFO Division Report Kardex Remstar J. Fankhänel, CEO Division Report Kardex Mlog H.-J. Heitzer, Head Kardex Mlog Outlook J. Fankhänel, CEO Questions and Answers 08.03.2017 BMK 2017 2
Slide 3: Introduction
Introduction Jens Fankhänel, CEO
Slide 4: Highlights and Key Achievements 2016
Introduction Highlights and Key Achievements 2016 • Profitable growth continues • Kardex Group improves double-digit EBIT-margin • Operating result of Kardex Remstar improved again • Kardex Mlog back on growth track • Planned payout to shareholders increased by 10% 08.03.2017 BMK 2017 4
Slide 5: Key Figures 2012–2016
Introduction Key Figures 2012–2016 EUR millions Net revenues by divisions Operating result (EBIT) and EBIT margin 400 40 11.0% 11.5% 300 65 75 30 9.5% 71 67 57 8.2% 200 20 5.9% 41 37 236 235 251 273 284 29 100 10 25 18 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Net cash flow from operatin
Slide 6: Financials 2016
Financials 2016 Thomas Reist, CFO
Slide 7: Income Statement
Financials 2016 Income Statement EUR millions 2016 in % 2015 in % +/- in % Bookings 373.6 104.2 % 349.6 103.5 % + 6.9 % Order backlog (31.12.) 137.8 38.4 % 124.3 36.8 % + 10.9 % Net revenues 358.5 100.0 % 337.9 100.0 % + 6.1 % Gross profit 128.4 35.8 % 122.8 36.3 % + 4.6 % OPEX 87.1 24.3 % 85.7 25.4
Slide 8: Balance Sheet
Financials 2016 Balance Sheet EUR millions 2016 2015 +/- +/- in % Non-current assets 37.4 33.9 + 3.5 + 10.3 % Net working capital (NWC) 65.6 51.4 + 14.2 + 27.6 % NWC in % of net revenue 18.3 % 15.2 % + 20.4 % Net cash 105.7 112.3 - 6.6 - 5.9 % Equity 138.2 129.4 + 8.8 + 6.8 % Equity ratio 59.6 % 58.
Slide 9: Cash Flow Statement
Financials 2016 Cash Flow Statement EUR millions 2016 2015 +/- +/- in % Net CF from operating activities 24.2 48.2 - 24.0 - 49.8 % thereof change in NWC - 14.2 5.5 - 19.7 n.m. Net CF from investing activities -7.8 -5.5 - 2.3 - 41.8 % Free cash flow 16.4 42.7 - 26.3 - 61.6 % Net CF from financing act
Slide 10: Free Cash Flow – Change compared to Prior Year
Financials 2016 Free Cash Flow – Change compared to Prior Year EUR millions 19.0 -26.3 2016 42.7 Net Working Capital -0.9 2.3 • Very strong Net Sales in December 4.2 • Many POC projects are in a late stage and therefore WIP exceeds advance payments Investments 11.0 • Replacement investments in 23.7
Slide 11: Division Report Kardex Remstar
Division Report Kardex Remstar Jens Fankhänel, CEO
Slide 12: Financial Highlights 2016
Division Report Kardex Remstar Financial Highlights 2016 EUR millions 2016 2015 +/- • Profitable topline growth achieved for the 3rd consecutive year Bookings 289.3 280.1 + 9.2 • Bookings growth 3.3% and revenues 3.9% Order backlog 90.4 86.5 + 3.9 (FX neutral +4.6% respectively +5.2%) • Europe and A
Slide 13: Key Figures 2012-2016
Division Report Kardex Remstar Key Figures 2012-2016 EUR millions Net revenues Operating result (EBIT) and EBIT margin 13.3% 14.2% 300 40 250 11.7% 30 200 9.7% 10.5% 150 236 235 251 273 284 20 40 36 100 25 29 10 11 50 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Sales Mix 2015 Sales Mix 201
Slide 14: Customer Segments and Geographical Development
Division Report Kardex Remstar Customer Segments and Geographical Development 73% 17% 2016 Todays 8% Segment Name Share Machinery 23% → Warehousing & Distribution 12% ↗ Electrics & Electronics 11% → Automotive 11% ↘ Maintenance 8% ↗ Chemicals & Pharmaceuticals 6% ↘ Government & Military 6% ↗ % repre
Slide 15: Achievements of 2016 Initiatives
Division Report Kardex Remstar Achievements of 2016 Initiatives (as presented in 2016 BMK) Growth Operational Excellence • Business Plan in North America • Supply Chain projects to improve • Business Plan Asia/Pacific cost-to-market and time-to-market • Business Plan Middle East/Africa position • Co
Slide 16: Main 2017/2018 Targets and Initiatives
Division Report Kardex Remstar Main 2017/2018 Targets and Initiatives Growth Operational Excellence • Implement revised Business Plan • Extend People Development North America Programs (Kardex Academy) • Further implement of Business • Roll-Out of Leadership Framework Profitable Plan Asia/Pacific •
Slide 17: Division Report Kardex Mlog
Division Report Kardex Mlog Hans-Jürgen Heitzer, Head of Division
Slide 18: Financial Highlights 2016
Division Report Kardex Mlog Financial Highlights 2016 EUR millions 2016 2015 +/- • Strong top line development with consequent risk management Bookings 84.7 69.7 + 15.0 • Sound revenue mix with 39% Life Cycle Service and Order backlog 47.5 37.9 + 9.6 14% Products business • Efficient sales organizat
Slide 19: Key Figures 2012-2016
Division Report Kardex Mlog Key Figures 2012-2016 EUR millions Net revenues Operating result (EBIT) and EBIT margin 80 4 5.3% 5.1% 1.8% 3.4% 60 2 3.8 3.4 -4.3% 1.2 2.0 40 71 67 75 0 57 65 20 -2 -3.1 0 -4 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Sales Mix 2015 Sales Mix 2016 Integrated Life
Slide 20: Achievements of 2016 Initiatives
Division Report Kardex Mlog Achievements of 2016 Initiatives (as presented in 2016 BMK) Growth Operational Excellence • Sustain Profitable Growth • Further strengthen the sales • Increase share of Stand-alone organization for Service and Subsystems sales Refurbishment business • Increase share of Cu
Slide 21: Main 2017/2018 Targets and Initiatives
Division Report Kardex Mlog Main 2017/2018 Targets and Initiatives Growth Operational Excellence • Increase share of Stand-alone • Increase efficiency and Subsystems sales effectiveness • Increase share of Customer • Focus on digitization and process Profitable Segment Solutions sales optimization G
Slide 22: Outlook
kardexeroup Outlook Jens Fankhanel, CEO
Slide 23: Global Trends and Impact on Intralogistics
Longer Term Industry Outlook Global Trends and Impact on Intralogistics • Increase in e-commerce and resulting delivery logistics: Greater demand for decentralized, smaller warehouses and “last mile” solutions • Industry 4.0 (“Internet of things”, Service 4.0, Logistics 4.0, Connectivity): Need for
Slide 24: BMK 2017
08.03.2017 BMK 2017 kardex2roup 24
Slide 25: Assumptions and Expectations for 2017
Kardex Outlook Assumptions and Expectations for 2017 • Global trend of growing demand for efficient intralogistic solutions continues • Kardex Remstar invests further into technology to support its technological leadership and to meet global trends • Kardex Remstar sustains profitable growth, driven
Slide 26: Adjusted Financial Targets from 2017 onwards
Kardex Outlook Adjusted Financial Targets from 2017 onwards Net Sales Growth EBIT Margin* ROCE Previously Kardex Remstar 7% - 15% 7% - 13% Kardex Mlog 4% - 6% Group 3% - 5% p.a. > 6% > 20% > 17% Equity Ratio Dividend Policy (pay out ratio) Net Debt/EBITDA > 35% up to 75% of operational Net Profit <
Slide 27: Questions and Answers
kardex2roup Questions and Answers
Slide 28: Disclaimer
Media and Analysts Conference Kardex Group March 2017 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 operati