Invitation
to shareholders to attend the
47th Annual General Meeting
of Kardex Holding AG
Thursday, 24 April 2025, 16:00 CET
SIX Convention Point
Pfingstweidstrasse 110, 8005 Zurich, Switzerland
Contents
- Kardex at a glance
- Highlights
- Key figures
- Report to the shareholders
10 Agenda (Deutsch)
14 Agenda (inofficial English translation)
- Notes to the Agenda
- Directions for your attendance
Kardex at a glance
Kardex is a global industry partner for intralogistic solutions and a leading supplier of automated storage solutions and materials handling systems. The Group consists of the two reporting segments Automated Products (Kardex Remstar) and Standardized Systems (Kardex Mlog and Kardex AS Solutions). All three business units are entrepreneurially managed.
Kardex Remstar develops, produces, and maintains dynamic storage and retrieval systems, and Kardex Mlog offers integrated materials handling systems and automated high bay warehouses. As a global AutoStore partner, Kardex AS Solutions offers high-performance, space-saving storage and picking solutions for small parts.
Kardex is partner for its customers over the entire lifecycle of a product or solution. This begins with an assessment of customer requirements and continues via the planning, realization, and implementation of customer-specific systems. Each business unit is organized into New Business (NB), which delivers new solutions, and Life Cycle Services (LCS), which provides after sales services to its customers.
Kardex Holding AG is listed on the SIX Swiss Exchange, underlies the Swiss Reporting Standard and the shares are included in the SPI (Swiss Performance Index). Kardex applies the accounting standard Swiss GAAP FER.
Around 2'700 employees (FTE) in over 30 countries worldwide work for the companies of Kardex.
The group of companies within the scope of consolidation are referred to as "Kardex", the "Group", or the "Organization" in this report. Kardex Holding AG is referred to as the "Company".
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Highlights
Bookings | Net revenues |
Bookings increased by 17.4%, driven by higher demand in the standardized system business
Net revenues increased by 12.6%, with marked improvements in all business segments
EBIT | Free cash flow |
EBIT increased by 14.6% and | Free cash flow increased to EUR |
reached a new record level with | 90.7 million mainly due to higher net |
EUR 98.4 million | profit and lower net working capital |
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Key figures
in EUR million | ||||||||||
01.01. - 31.12. | 2024 | (%) | 2023 | (%) | (+/-%) | |||||
Bookings | 791.2 | 100.0% | 673.9 | 95.9% | 17.4% | |||||
Order backlog (31.12.) | 475.5 | 60.1% | 475.9 | 67.7% | -0.1% | |||||
Net revenues | 791.2 | 100.0% | 702.9 | 100.0% | 12.6% | |||||
Gross profit | 276.8 | 35.0% | 235.9 | 33.6% | 17.3% | |||||
OPEX | 178.4 | 22.5% | 150.0 | 21.3% | 18.9% | |||||
EBITDA | 112.1 | 14.2% | 99.3 | 14.1% | 12.9% | |||||
Operating result (EBIT) | 98.4 | 12.4% | 85.9 | 12.2% | 14.6% | |||||
Result for the period (net profit) | 80.8 | 10.2% | 66.9 | 9.5% | 20.8% | |||||
Free cash flow | 90.7 | 46.2 | 96.3% | |||||||
ROIC | 36.1% | 37.6% | ||||||||
31.12.2024 | (%) | 31.12.2023 | (%) | (+/-%) | ||||||
Net working capital | 88.8 | 102.2 | -13.1% | |||||||
Net cash1 | 173.3 | 119.6 | 44.9% | |||||||
Equity/Equity ratio | 284.9 | 57.7% | 240.1 | 56.9% | 18.7% | |||||
Employees (FTE) | 2'678 | 2'397 | 11.7% | |||||||
2024 | (%) | 2023 | (%) | (+/-%) | ||||||
Distribution per share (CHF)2 | 6.00 | 5.00 | 20.0% | |||||||
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2
Definition according Alternative Performance Measures (APM) see note 1 of the consolidated financial statements. 2024: Distribution of a dividend as proposed to the Annual General Meeting to be held on 24 April 2025.
Based on Swiss GAAP FER, figures reported in euros unless indicated differently.
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Report to the shareholders
The reporting year was characterized by continued positive demand dynamics for Kardex' in- tralogistics solutions, which - combined with Kardex' strong market position - led to good re- sults. Although the economic slowdown continued in various industries, Kardex experienced an increase in the willingness to invest in Standardized Systems while some hesitation to invest in Automated Products was observed in the second half of the year. The gross profit margin improved due to normalized material costs, partially offset by higher salaries and IT ex- penses. Driven by the strong order backlog at the beginning of the year, net revenues in- creased, and profitability remained robust in the upper half of the financial targets range.
Demand for Kardex' intralogistics solutions remained strong in the reporting year across many business sectors and market regions. This is reflected in bookings, which rose by a further 17.4% from the previous year's result to a new record of EUR 791.2 million. Bookings in New Business increased by 19.7%, while bookings in Life Cycle Services rose by 11.7%. At the end of the reporting period, the order backlog stood at EUR 475.5 million, matching the good level of the previous year (EUR 475.9 million) but with a shift from Automated Products to Standardized Systems.
In terms of New Business, Kardex Remstar saw a weakening of demand in Europe and a slight slowdown in the US, while the Asia-Pa- cific region continued to grow. At Kardex Mlog, the order lead time was noticeably re- duced, particularly from the second quarter onwards. Also Kardex AS Solutions developed very well throughout the year and bookings more than doubled overall.
Thanks to the high level of bookings and the continuous processing of the substantial order backlog at Kardex Remstar, combined with well-performing Life Cycle Services, net revenues amounted to EUR 791.2 million. This is not only 12.6% more than in the previous year, but also the highest net revenue ever achieved. New Business contributed 73.8% (74.2%) to net revenues, while Life Cycle Services accounted for 26.2% (25.8%). On Group level, higher personnel and IT costs were more than offset by normalized material costs and efficiency gains. As a result, gross profit increased by 17.3% to EUR 276.8 million. Although operating costs increased due to investments in R&D, IT, and Marketing, EBIT rose by 14.6% to EUR 98.4 million, resulting in an
EBIT margin of 12.4% (12.2%). This remains at the upper middle range of Kardex' financial targets of 10-14%. Net profit amounted to EUR 80.8 million, compared with EUR 66.9 million in the previous year. At the year's end, Kardex employed 2'678 FTEs, up 11.7% over last year.
Automated Products increased net revenues to a new record level
This reporting segment consists exclusively of Kardex Remstar. Demand for Kardex Rem- star's intralogistics-solutions was slightly below the strong previous year. Especially in the second half of the year, some hesitation to invest was observed. Overall, bookings in this reporting segment totaled EUR 515.5 million, down 2.3% from the prior year. New Business and Life Cycle Services developed in opposite directions, with New Business bookings 8.2% below the prior-year period but Life Cycle Services up significantly by 11.9%, reflecting Kardex Remstar's growing installed base in the market. Net revenues rose by 5.0% to EUR 557.1 million, a new record. The significant share of 30.5% of net revenues generated by Life Cycle Services positively impacted the operating result. Efficiency gains and normalized material costs offset rising personnel and IT costs. As a result, EBIT increased by 9.8% to EUR 90.0 million, resulting in an EBIT margin of 16.2%. The order backlog at the end of the period amounted to EUR 271.7 million, 13.4% below the high level of the previous year.
Standardized Systems achieved significant growth in bookings
The Standardized Systems reporting segment, comprising the business units Kardex Mlog and Kardex AS Solutions, achieved good
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results in a challenging market environment. Bookings in the reporting segment totaled EUR 276.0 million, a substantial increase of 88.4% compared to the previous year. Bookings at Kardex Mlog rose sharply by 62.6% to EUR 128.3 million, driven by higher demand and the decision-making process for larger projects has decreased significantly in the course of the year. Demand for AutoStore systems remained exceptionally strong, and bookings at Kardex AS Solutions rose by 118.9% to EUR 148.0 million. Net revenues in the reporting segment amounted to EUR
-
million, an increase of 36.0%. While Kardex Mlog's net revenue fell slightly by
8.1% to EUR 104.2 million, Kardex AS Solu- tions grew strongly by 120.6% to EUR 130.4 million. Kardex Mlog and Kardex AS Solutions are increasingly benefiting from sales, service, and cost synergies, which contributed to an in- crease in the EBIT margin in the Standardized Systems reporting segment by 6.1% to EUR
- million, corresponding to a gross profit margin of 22.6% (20.3%). With a strong order backlog of EUR 203.8 million, 25.6% more than a year ago, and a well-filled sales funnel, both divisions expect a solid start to the new financial year.
Increased free cash flow and net profit The free cash flow was driven by a strong result for the period and further boosted by a reduced net working capital, reaching new heights at EUR 90.7 million (EUR 46.2 mil- lion). In addition to the strong operating result, the result for the period was also positively influenced by interest and investment income and a somewhat lower tax rate. Despite a substantial dividend payment, the cash position increased significantly once again and equity and the equity ratio rose considerably. ROIC remains with 36.1% (37.6%) at a high level.
Organizational changes at Kardex Remstar Urs Siegenthaler retired from his role as Head of Division Remstar as planned at the end of
Felix Thöni
Chairman of the Board of Directors
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2024. In 2025, he will stay with Kardex in a reduced capacity to support the transition. The Board of Directors and the whole Kardex team thank him for his great contribution over the last 14 years. As part of creating a new route for growth, Kardex is streamlining the Com- pany's management by simultaneously shifting more responsibility to the front-line re- gions. Kardex Remstar will be managed in future directly by the Group CEO, Jens Har- denacke.
Proposals to the Annual General Meeting In line with the dividend policy of distributing up to 75% of the net profit and taking into account future higher investments for ERP systems and factory infrastructures, the Board of Directors will propose a dividend of CHF 6.00 (CHF 5.00) to the Annual General Meeting on 24 April 2025. Furthermore, all current members of the Board of Directors are standing for reelection.
Outlook
The Board of Directors and Group Management remain confident that the demand to invest in intralogistics solutions will continue. Reshoring, labor shortages, and automation remain key growth drivers and Kardex is well- positioned to capitalize on these trends. Kardex plans to invest heavilly in the next two years into its sales organization, marketing, R&D, and IT infrastructure in order to benefit overproportionally from these trends. How- ever, the large installed base provides a solid foundation for further profitable growth.
Updated financial targets over the cycle Kardex intends to further accelerate its growth. The Company plans to cross the EUR
1.5 billion net revenue threshold by 2029- 2031, while maintaining its profitability tar- gets for the Group (EBIT margin between 10- 14% over the cycle) with an EBIT margin tar- get for Automated Products of 14-17% and Standardized Systems of 5-8%.
Jens Hardenacke
CEO
Einladung zur 47. Generalversammlung der Kardex Holding AG
Agenda
Traktanden und Anträge des Verwaltungsrats
1. Abstimmungen über den Geschäftsbericht inklusive Jahresrechnung der Kardex Hol- ding AG, Konzernrechnung, Vergütungsbe- richt sowie die Berichterstattung über nichtfinanzielle Belange (Sustainability
Report) für das Geschäftsjahr 2024
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Genehmigung Geschäftsbericht inklusive Jah- resrechnung der Kardex Holding AG 2024 sowie Konzernrechnung 2024
Der Verwaltungsrat beantragt die Genehmi- gung des Geschäftsberichts inklusive der Jah- resrechnung der Kardex Holding AG 2024 so- wie der Konzernrechnung 2024.
Erläuterung
Der Verwaltungsrat ist gesetzlich und statutarisch verpflichtet, den Geschäftsbericht inklusive der Jahresrechnung und Konzernrechnung für jedes Rechnungsjahr der Generalversammlung zur Ge- nehmigung vorzulegen. Die Revisionsstelle Price- waterhouseCoopers AG (PwC), Zürich, Schweiz, hat die Jahresrechnung der Kardex Holding AG und die Konzernrechnung der Kardex-Gruppe und geprüft und empfiehlt in ihren Revisionsberichten, diese zu genehmigen. - Konsultativabstimmung über den Vergü- tungsbericht 2024
Der Verwaltungsrat beantragt, dem Vergü- tungsbericht für das Geschäftsjahr 2024 im Rahmen einer nicht bindenden Konsultativab- stimmung zuzustimmen.
Erläuterung
Gemäss den Statuten der Gesellschaft wird der jährliche Vergütungsbericht der Generalversamm- lung in einer konsultativen Genehmigung vorge- legt. Der Vergütungsbericht ist auf den Seiten 41 bis 55 im Geschäftsbericht 2024 der Kardex ab- gedruckt. - Konsultativabstimmung über die Berichter- stattung über nichtfinanzielle Belange (Sustainability Report)
Der Verwaltungsrat beantragt, der Berichter- stattung über nichtfinanzielle Belange gemäss Art. 964a ff. OR für das Geschäftsjahr 2024 im Rahmen einer nicht bindenden Konsulta- tivabstimmung zuzustimmen.
Erläuterung
Im Sinne von Art. 964a ff. des Schweizerischen Obligationenrechts unterbreitet der Verwaltungs- rat die Berichterstattung über nichtfinanzielle Be- lange der Generalversammlung in einer nicht bin- denden Konsultativabstimmung. Die entspre- chende Berichterstattung ist auf den Seiten 59 bis 88 im Geschäftsbericht 2024 der Kardex abge- druckt (Sustainability Report).
2. Verwendung des Bilanzgewinns 2024 Der Verwaltungsrat beantragt, den Bilanzge- winn wie folgt zu verwenden:
in CHF Millionen | 31.12.2024 | |||
Vortrag aus dem Vorjahr | 150.4 | |||
Reingewinn | 56.9 | |||
Verfügbarer Gewinn | 207.3 | |||
Vorgeschlagene Dividende | 46.4 | |||
Vortrag auf neue Rechnung | 160.9 | |||
Die Dividende von CHF 6.00 pro Aktie soll am 30. April 2025 ausbezahlt werden (Ex-Date: 28. April 2025; Record Date: 29. April 2025; Payment Date: 30. April 2025).
Erläuterung
Die Ausschüttung einer Dividende erfordert einen Beschluss der Generalversammlung. Die bean- tragte Verwendung des verfügbaren Gewinns steht im Einklang mit der Dividendenpolitik der Kardex Holding AG.
3. Entlastung der Mitglieder des Verwal- tungsrats und des Group Management Der Verwaltungsrat beantragt, den Mitgliedern des Verwaltungsrats und des Group Manage- ment für das Geschäftsjahr 2024 Entlastung zu erteilen.
Erläuterung
Nach Genehmigung des Geschäftsberichts 2024 beantragt der Verwaltungsrat Gesetz und Statuten den Aktionären die Entlastung des Verwaltungs- rats und des Group Management für dieses Ge- schäftsjahr.
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