Region Asia Pacific
Region Asia Pacific comprises the former segment Access Solutions Asia Pacific (AS APAC) and the Market Middle East which used to be a part of the former segment Access Solution Europe Middle East & Africa (AS EMEA). All figures were consolidated according to the operating model valid until and including 30 June 2023.
Region Asia Pacific achieved total sales of CHF 572.2 million in the 2022/23 financial year compared to CHF 574.0 million in the previous year. Organic sales growth was CHF 12.1 million, a 2.2% year-on-year increase. Organic growth was secured by good growth in the Pacific market (including growth in the RELBDA business); additionally, airport projects in China and India supported overall sales. The project business in India showed strong sales in the first half of the financial year. The Asian OEM business recorded a decrease in orders in the second half-year, impacting regional sales. Overall, the second half-year was weaker in sales than the very good first half of 2022/23.
All major markets contributed to growth. India, Pacific, and the Middle East continued to post strong double-digit growth. Greater China recorded a substantial decline in sales, still being impacted by post Covid-19 effects. Door Hardware, Entrance Systems, Lodging Systems, and Mechanical Key Systems recorded double-digit growth.
Total adjusted EBITDA decreased to CHF 92.6 million (previous year: CHF 101.2 million), with an adjusted EBITDA margin of 16.2% (previous year: 17.6%). While the region showed good price realization, volumes stagnated. Margins benefited from a slightly better product mix resulting from decreased OEM sales; however, plant outputs in Asia Pacific decreased. This led to a negative impact on EBITDA as costs could not be reduced quickly enough to fully offset the volume drop.
From 1 July 2023 onwards, the OEM business of Wah Yuet (CN) and THLM (TW) will be reported in the Key & Wall Solutions and OEM segment.
Key figures – Region Asia Pacific
|
CHF million, except where indicated |
|
Financial year ended 30.06.2023 |
% |
|
Financial year ended 30.06.2022 (restated) 1 |
% |
|
Change on previous year in % |
|
Net sales third parties |
|
542.5 |
|
|
543.1 |
|
|
–0.1 |
|
Intercompany sales |
|
29.7 |
|
|
30.9 |
|
|
|
|
Total segment sales |
|
572.2 |
|
|
574.0 |
|
|
–0.3 |
|
Change in segment sales |
|
–1.8 |
–0.3 |
|
111.9 |
24.2 |
|
|
|
Of which translation exchange differences |
|
–26.1 |
–4.5 |
|
5.9 |
1.3 |
|
|
|
Of which acquisition impact |
|
12.2 |
2.2 |
|
55.8 |
12.0 |
|
|
|
Of which divestment impact |
|
0.0 |
0.0 |
|
–2.4 |
–0.5 |
|
|
|
Of which organic sales growth |
|
12.1 |
2.2 |
|
52.6 |
11.3 |
|
|
|
Adjusted EBITDA (Operating profit before depreciation and amortization) |
|
92.6 |
16.2 |
|
101.2 |
17.6 |
|
–8.5 |
|
Average number of full-time equivalent employees |
|
3,561 |
|
|
3,527 |
|
|
|
1 dormakaba changed the Group internal accounting principles for IT cost allocation. To enable a fair comparison with the current year, the prior-year disclosures have been restated. Please refer to the chapter 5.1 of the notes to the consolidated financial statements of the Annual Report 2022/23 of dormakaba.
Sales (CHF million) – Region Asia Pacific
