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Rümlang, 06 March 2006 – In the first half of
financial 2005/2006, the Kaba Group increased net income by 19% to
CHF 35.2 million. Sales picked up by 3.3% to close at CHF 508.9
million. However, compared with the prior-year period, the operating
result (EBIT) decreased by 6.1% to CHF 61.5 million and the EBIT
margin declined from 13.3% to 12.2%. Free cash flow (net, before
dividends) has more than tripled, rising to CHF 41.6 million. For
the current half year, Kaba expects operations to develop within the
scope of the same previous-year period.
For the first half of financial 2005/2006, the Kaba Group can
report a year-over-year increase in currency-adjusted sales by CHF
16.4 million or 3.3% to CHF 508.9 million. For the first time since
Unican was acquired in 2001, foreign-currency translation into Swiss
francs had a positive impact. Thus, sales growth expressed in local
currencies amounted to CHF 4.0 million or 0.8% – while the weaker
Swiss franc accounts for CHF 12.3 million or 2.5%.
At CHF 61.5 million, the operating result (EBIT) falls 6.1% short
of the CHF 65.5 million reported for the first half of financial
2004/2005. The EBIT margin declined from 13.3% to 12.2%. This
decrease is due largely to the exceptionally high prior-year EBIT
resulting from a major one-time order in the USA. In comparison with
the prior-year period, net income grew by 19% to CHF 35.2
million.
Free cash flow (net, before dividends) advanced from CHF 13.3
million to CHF 41.6 million, more than tripling. In the period under
review, current assets (at constant exchange rates) remained stable.
Net debt was further reduced.
Business segment trends
The Door Systems segment
further developed favorable and increased the EBIT margin from 7.6%
to 9.1%. The trend in new business was reassuring as well, as
evidenced by new orders worth more than CHF 12 million for platform
screen doors in Shanghai as well as for tripod barriers and
coin-for-voucher systems at 250 German motorway rest stops.
The Data Collection segment succeeded in boosting EBIT by 8.1%,
increasing the EBIT margin from 12.6% to 14.6%. However, sales did
not match the very high prior-year level and declined by 6.7%.
The Access Systems segment posted growth in Europe; it increased
local-currency EBIT by 7.1% to CHF 132.9 million and gained market
share in most regions. In the Americas, sales receded by 3.1%. In
this context, it must be mentioned that the prior-year figure
included a very significant order for high-security locks.
The currency-adjusted sales of the Key + Ident Systems segment
closed in the magnitude of the prior-year period. The EBIT margin
fell from 11.5% to 8.5%.
Outlook
Experience shows that in the second 6-month
period, the performance of the Access Systems Europe, Data
Collection, and Door Systems segments is slightly weaker than in the
first half of the year. Kaba expects operations in the current
period to develop within the scope of the second half of the
previous year (excluding one-time effects). As communicated some
time ago, the non-recurring charge of CHF 3 million for the
streamlining of distribution structures in Europe will be expensed
to the second half of 2005/06.
For further information::
Kaba Holding
AG
CH-8153 Rümlang
Ulrich Graf, President and CEO, Tel.
+41 44 818 90 21
Dr. Werner Stadelmann, CFO, Tel. +41 44
818 90 61
Kaba is a globally active, publicly traded security corporation.
With its «Total Access» strategy, the Kaba Group is specialized in
integrated solutions for security, organization, and convenience at
building and information access points. Kaba is also the world
market’s No. 1 provider of key blanks, key cutting and coding
machines, transponder keys, and high security locks. It is a leading
provider of electronic access systems, locks, master key systems,
hotel locking systems, security doors, and automatic doors.
This communication contains certain forward-looking statements
including statements using the words "believes", "assumes",
"expects" or formulations of a similar kind. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which could lead to substantial differences between the
actual future results, the financial situation, the development or
performance of the Company and those either expressed or implied by
such statements. Such factors include, among other things:
competition from other companies, the effects and risks of new
technologies, the Company's continuing capital requirements,
financing costs, delays in the integration of acquisitions, changes
in the operating expenses, the Company's ability to recruit and
retain qualified employees, unfavorable changes to the applicable
tax laws, and other factors identified in this communication. In
view of these uncertainties, readers are cautioned not to place
undue reliance on such forward-looking statements. The Company
accepts no obligation to continue to report or update such
forward-looking statements or adjust them to future events or
developments.
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