Key & Wall Solutions
In the financial year 2022/23, Key & Wall Solutions generated total sales of CHF 395.0 million (previous year: CHF 364.1 million). The segment grew organically by 12.1% for the full year, exceeding the growth rate of the prior year (5.7%).
Both Business Units the Key Systems and Movable Walls recorded good financial performances in the reporting period. Key Systems grew 3.9% organically, showing good demand in the Keys and Automotive Solutions business lines, while Key Cutting Machines recorded lower demand in major markets compared to the financial year 2021/22.
Sales for the Business Unit Movable Walls recorded double-digit growth in the financial year 2022/23. The improvement was mainly driven by a good conversion into sales of a Covid-related project backlog, in addition to strong market share gains in the US and excellent price realization throughout all regions. Consequently, organic growth for the full financial year was 24.0% (previous year: –0.6%).
Adjusted EBITDA for Key & Wall Solutions substantially improved during the year as well, at CHF 71.1 million for the full financial year compared to CHF 50.3 million for 2021/22 (a gain of 41.4%). The adjusted EBITDA margin increased by 420 basis points for the full year 2022/23 to 18.0% (previous year: 13.8%).
The adjusted EBITDA of the Business Unit Key Systems increased to 16.2% (previous year: 15.3%). The Business Unit was able to offset inflationary pressures with higher sale prices.
The adjusted Movable Walls Business Unit EBITDA margin increased significantly due to strong growth in profitable US market sales. The Business Unit was able to leverage the changed competitive landscape. As a result, adjusted EBITDA increased significantly by 860 basis points to 20.2% (previous year: 11.6%).
From 1 July 2023, the Key & Wall Solutions business segment integrated dormakaba’s OEM (original equipment manufacturer) production operating under the new name Key & Wall Solutions and OEM. This will allow dormakaba to harvest synergies in the area of OEM manufacturing by leveraging the existing global experience in the Key & Wall Solutions segment stemming from the automotive business line.
Key figures – Key & Wall Solutions
|
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 |
|
381.6 |
|
|
351.3 |
|
|
8.6 |
|
Intercompany sales |
|
13.4 |
|
|
12.8 |
|
|
|
|
Total segment sales |
|
395.0 |
|
|
364.1 |
|
|
8.5 |
|
Change in segment sales |
|
30.9 |
8.5 |
|
19.3 |
5.6 |
|
|
|
Of which translation exchange differences |
|
–11.7 |
–3.2 |
|
–0.2 |
–0.1 |
|
|
|
Of which acquisition impact |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
|
|
|
Of which divestment impact |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
|
|
|
Of which organic sales growth |
|
42.6 |
12.1 |
|
19.5 |
5.7 |
|
|
|
Adjusted EBITDA (Operating profit before depreciation and amortization) |
|
71.1 |
18.0 |
|
50.3 |
13.8 |
|
41.4 |
|
Average number of full-time equivalent employees |
|
1,905 |
|
|
1,918 |
|
|
|
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) – Key & Wall Solutions
