Region Europe & Africa
Region Europe & Africa is comprised of the former segments AS EMEA and AS DACH excluding the Market Middle East. All figures were consolidated according to the operating model valid until and including 30 June 2023.
Europe & Africa achieved total sales of CHF 1,166.5 million for the 2022/23 financial year (up 1.9% from CHF 1,144.5 million in 2021/22 financial year). Sales growth was substantially up in the second half of 2022/23, driven equally by volume and pricing. Organic sales growth of 8.0% was driven by a strong price increase realization of 5.6%.
All major markets contributed to the development of organic growth, which was mainly driven by the performances of core markets including Germany with double-digit growth, and Switzerland and UK & Ireland with mid-single-digit growth. Netherlands and Italy also achieved double-digit growth rates. Netherlands benefited from a weaker base in the past financial year.
Sales growth in France and Sub-Sahara Africa was lower, due to a lack of large projects compared to the previous year in addition to partial destocking activities of door closers in France and weaker underlying macro-economic conditions within Sub-Sahara Africa. As a consequence, and in line with dormakaba’s Shape4Growth strategy, the legal entity in Kenya is currently in the process of being closed. The market will be served through an export model.
Entrance Systems recorded double-digit growth. Lodging Systems and Mechanical Key Systems also contributed to growth. Door Hardware, in particular door closers, were below prior-year level partially due to destocking in some European channels.
Adjusted EBITDA was CHF 219.8 million, translating to a margin of 18.8% putting it 150 basis points below the 2021/22 financial year. The benefit of overall strong price realization, which offset inflationary pressure and additional cost control measures, could not cover the negative contribution from the plants. This negative impact was mainly driven by a lower global demand for Door Hardware in the financial year 2022/23.
Key figures – Region Europe & Africa
|
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 |
|
1,152.5 |
|
|
1,125.7 |
|
|
2.4 |
|
Intercompany sales |
|
14.0 |
|
|
18.8 |
|
|
|
|
Total segment sales |
|
1,166.5 |
|
|
1,144.5 |
|
|
1.9 |
|
Change in segment sales |
|
22.0 |
1.9 |
|
38.7 |
3.5 |
|
|
|
Of which translation exchange differences |
|
–70.4 |
–6.1 |
|
–25.6 |
–2.3 |
|
|
|
Of which acquisition impact |
|
21.7 |
2.0 |
|
34.6 |
3.3 |
|
|
|
Of which divestment impact |
|
–14.2 |
–1.2 |
|
–32.4 |
–2.9 |
|
|
|
Of which organic sales growth |
|
84.9 |
8.0 |
|
62.1 |
5.9 |
|
|
|
Adjusted EBITDA (Operating profit before depreciation and amortization) |
|
219.8 |
18.8 |
|
232.6 |
20.3 |
|
–5.5 |
|
Average number of full-time equivalent employees |
|
4,093 |
|
|
3,932 |
|
|
|
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 Europe & Africa
