Dorma+Kaba increases sales and profitability
In its first joint financial year, the merged company Dorma+Kaba increased sales and profitability, according to a statement made at today's media conference in Zurich.
Dorma+Kaba increased consolidated sales by 2.6% to CHF 2.3 billion after adjusting for currency effects. The EBITDA margin reportedly improved from 13.5% to 14.4%. The group has a strong balance sheet with a solid equity ratio of 43.2% and net liquidity of Fr159.1 million, CEO Riet Cadonau said. In the year under review, the Group generated a high operating cash flow of CHF 327.6 million. In addition, the integration process is proceeding according to plan. In connection with the integration, one-time special expenses of 89.4 million Swiss francs were incurred in the year under review, which will be reported separately as an extraordinary result, Cadonau said.
For the 2015/2016 financial year, the Board of Directors proposes the distribution of a dividend of 12 Swiss francs per share, unchanged from the previous year.
Development of the segments
According to company information, the individual business units of Dorma+Kaba, headquartered in Rümlang ZH, developed as follows:
- Access Solutions AMER (North and South America): The segment achieved very good operating results in fiscal 2015/2016. On a pro forma basis, Access Solutions AMER reported currency-adjusted organic growth of 5.4% and increased total sales year-on-year to Fr. 514.9 million. The EBITDA margin improved year-on-year from 19.3% to 20.9%.
- Access Solutions APAC (Asia-Pacific): As expected, the market environment for the segment continued to be challenging in the reporting year, particularly in China, while good results were achieved in Australia, Southeast Asia and some other Asian countries. Overall, Access Solutions APAC achieved total sales of CHF 376.1 million on a pro forma basis (previous year CHF 377.8 million) and improved its EBITDA margin year-on-year from 8.7% to 9.6%.
- Access Solutions DACH (Germany, Austria, and Switzerland): In the DACH region, economic developments were mixed. Growth was driven by good results in Germany. Sales growth in Austria was slightly above the prior-year level, while there was no growth in Switzerland. Overall, on a pro forma basis, the segment increased total organic currency-adjusted sales by1.6% to790 million, and the EBITDA margin was on a par with the previous year at18.6%.
- Access Solutions EMEA (Europe, Middle East, and Africa): Despite regional differences in the economic environment, the segment's operating results were in line with expectations. Access Solutions EMEA achieved good sales growth, particularly in Western Europe, and on a pro forma basis increased total sales organically adjusted for currency effects by 3.9% to Fr. 736.5 million. The EBITDA margin was 6.6% (previous year 6.9%).
Key Systems
In the Key Systems segment, sales adjusted for acquisition effects did not quite match the high level of the previous year, but were in line with expectations, not least because sales in fiscal 2014/2015 benefited from a one-time effect in the North American automotive business. Key Systems generated total sales of 208.5 million Swiss francs (previous year 206.8 million) and achieved an EBITDA margin of 17.1% (previous year 17.2%).
Movable Walls
The newly created Movable Walls segment closes its first financial year as an independent unit with good results. Total revenue increased by 3.9% to 113.8 million francs in organic currency-adjusted terms compared to the previous year, and the EBITDA margin improved from 9% to 11.5%, Dorma+Kaba wrote in its media release.
