Annual Report 2017/18

Information for investors as at
30 June 2018

 

 

dormakaba Group

 

 

Kaba Group

in CHF million, except where indicated

 

2017/18

 

2016/17

 

2015/16

 

 

2014/15

 

2013/14

Net sales

 

2,841.0

 

2,520.1

 

2,302.6

*

 

1,085.2

 

1,003.5

Organic growth in %

 

2.6

 

4.3

*

2.3

*

 

5.4

 

5.1

Earnings before depreciation and amortization (EBITDA)

 

431.0

 

387.3

 

332.7

*

 

170.2

 

154.5

EBITDA in % of net sales

 

15.2

 

15.4

 

14.4

*

 

15.7

 

15.4

Earnings before interest and tax (EBIT)

 

364.3

 

327.0

 

278.2

*

 

145.0

 

130.6

EBIT in % of net sales

 

12.8

 

13.0

 

12.1

*

 

13.3

 

13.0

Net profit1)

 

238.7

 

224.6

 

117.2

*

 

98.9

 

91.3

Net profit in % of net sales

 

8.4

 

8.9

 

5.1

*

 

9.1

 

9.1

Net profit after minorities

 

123.8

 

116.4

 

60.4

*

 

98.4

 

91.2

Basic earnings per share (in CHF)

 

29.6

 

27.8

 

14.4

*

 

25.6

 

24.0

Diluted earnings per share (in CHF)

 

29.5

 

27.7

 

14.4

*

 

25.6

 

24.0

Dividend per share (in CHF)

 

15.0

2)

14.0

 

12.0

 

 

12.0

 

11.0

Payout ratio in %3)

 

51

 

50

 

55

*

 

51

 

46

Cash generated from operations

 

367.2

 

354.7

 

327.6

 

 

149.1

 

149.3

Net cash from operating activities

 

268.9

 

265.3

 

255.3

 

 

104.3

 

105.0

Net cash from operating activities in % of net sales

 

9.5

 

10.5

 

12.1

 

 

9.6

 

10.5

Net cash used in investing activities

 

–231.8

 

–964.5

 

13.5

 

 

–142.5

 

–69.0

Free cash flow (net) before dividend

 

37.1

 

–699.2

 

268.8

 

 

–38.2

 

36.0

Net cash flows from financing activities

 

–129.8

 

654.1

 

–213.2

 

 

111.4

 

–93.4

Of which dividends paid

 

–58.6

 

–50.4

 

–240.7

 

 

–41.8

 

–41.9

Personnel expenses

 

1,045.6

 

933.3

 

792.6

 

 

406.0

 

390.2

Average number of full-time equivalent employees

 

16,433

 

16,250

 

15,779

 

 

8,948

 

7,738

Capital Structure

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

1,982.3

 

1,909.0

 

1,579.3

 

 

734.3

 

650.9

Net operating assets

 

679.2

 

570.3

 

441.2

 

 

331.9

 

294.1

Return on net operating assets (RONOA) in %

 

53.6

 

57.3

 

63.1

*

 

43.7

 

44.4

Total assets in % of net sales

 

69.8

 

75.8

 

68.6

*

 

67.7

 

64.9

Property, plant and equipment in % of net sales

 

16.1

 

16.4

 

14.3

*

 

14.3

 

15.6

Inventories in % of net sales

 

15.2

 

16.3

 

15.8

*

 

16.2

 

16.5

Receivables in % of net sales

 

17.7

 

18.3

 

17.5

*

 

17.1

 

17.8

Net working capital

 

438.3

 

398.2

 

316.2

 

 

177.9

 

152.7

Net working capital in % of net sales

 

15.4

 

15.8

 

13.7

*

 

16.4

 

15.2

(Current assets less cash and cash equivalents and current income tax assets, less trade payables, accrued and other current liabilities, provisions)

 

 

 

 

 

 

 

 

 

 

 

Net debt

 

701.2

 

627.6

 

–159.1

 

 

–121.2

 

–35.4

Net debt/EBITDA

 

1.6

 

1.6

 

–0.5

*

 

–0.7

 

–0.2

Interest coverage

 

10.5

 

25.0

 

40.6

*

 

29.9

 

37.7

Shareholders’ equity

 

187.0

 

183.1

 

680.5

 

 

442.1

 

323.3

Return on equity (ROE) in %

 

127.6

 

122.7

 

17.2

*

 

22.4

 

28.2

Shareholders’ equity per share (in CHF)

 

44.6

 

43.5

 

162.0

 

 

114.9

 

85.0

1)Only in 2015/16: includes merger related extraordinary expenses CHF 89.4 million.

2)In 2017/18: proposal to the Annual General Meeting; in the form of a distribution of capital reserves.

3)Only in 2015/16: payout ratio excludes extraordinary expenses CHF 89.4 million and the related tax impact.

*Pro forma based (other items as reported)

Information for investors per share data

 

 

 

dormakaba Group

 

 

Kaba Group

 

 

 

2017/18

 

2016/17

 

2015/16

 

 

2014/15

 

2013/14

Capital stock

 

 

 

 

 

 

 

 

 

 

 

 

Registered shares at CHF 0.10 par value

No

 

4,200,026

 

4,200,026

 

4,195,026

 

 

4,195,026

 

3,815,026

Outstanding shares at end of financial year

No

 

4,187,243

 

4,177,588

 

4,190,963

 

 

4,184,261

 

3,798,121

Weighted average number of shares outstanding (diluted)

No

 

4,195,507

 

4,208,743

 

4,200,816

 

 

3,848,787

 

3,803,998

Par value of average outstanding shares

CHF m

 

0.4

 

0.4

 

0.4

 

 

0.4

 

0.4

Par value of year-end outstanding shares

CHF m

 

0.4

 

0.4

 

0.4

 

 

0.4

 

0.4

Shareholders as at 30 June

No

 

8,874

 

7,525

 

7,181

 

 

6,683

 

6,750

Figures per share (fully diluted)

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA per share (Group)

CHF

 

102.7

 

92.0

 

79.2

*

 

44.2

 

40.6

Earnings per share (Group)

CHF

 

29.5

 

27.7

 

14.4

*

 

25.6

 

24.0

Dividend (gross) per share

CHF

 

15.0

1)

14.0

 

12.0

 

 

12.0

 

11.0

Payout ratio2)

%

 

51

 

50

 

55

*

 

51

 

46

Shareholders’ equity per share (Group)

CHF

 

44.6

 

43.5

 

162.0

 

 

114.9

 

85.0

Price per share

 

 

 

 

 

 

 

 

 

 

 

 

– high

CHF

 

1,001.0

 

888.0

 

693.5

 

 

630.0

 

446.8

– low

CHF

 

674.0

 

659.0

 

543.0

 

 

413.8

 

356.0

– 31 December

CHF

 

907.5

 

757.0

 

683.5

 

 

502.5

 

433.5

– 30 June

CHF

 

694.5

 

833.0

 

679.5

 

 

556.5

 

438.5

Market capitalization

 

 

 

 

 

 

 

 

 

 

 

 

– high

CHF m

 

4,191.4

 

3,709.7

 

2,906.4

 

 

2,636.1

 

1,697.0

– low

CHF m

 

2,822.2

 

2,753.0

 

2,275.7

 

 

1,731.4

 

1,352.1

– 30 June

CHF m

 

2,908.0

 

3,479.9

 

2,847.8

 

 

2,328.5

 

1,665.5

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

– low

%

 

1.5

3)

1.6

 

1.7

 

 

1.9

 

2.5

– high

%

 

2.2

3)

2.1

 

2.2

 

 

2.9

 

3.1

1)In 2017/18: proposal to the Annual General Meeting; in the form of a distribution of capital reserves.

2)Only in 2015/16: payout ratio excludes extraordinary expenses CHF 89.4 million and the related tax impact.

3)In 2017/18: under the precondition that the shareholder approves the dividend proposed at the Annual General Meeting

*Pro-forma-based (other items as reported or market rates)

Compensation BoD and ECSustainability Report

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