Region Americas
Region Americas is comprised of the former segment Access Solutions AMER (AS AMER). All figures were consolidated according to the operating model valid until and including 30 June 2023.
Region Americas achieved total sales of CHF 781.8 million in the financial year 2022/23 (previous year: CHF 744.7 million). Organic sales growth was a strong 10.5%, with accelerated growth in the second half. Pricing contributed 7.8% to sales growth, offsetting inflationary pressure. The increase was driven by double-digit growth in the US, which benefited from a catch-up in price realization and strong volume growth contributions, notably from vertical markets for electronic airport, multi-housing, and hospitality security solutions.
All Product Clusters contributed to the top-line development except for Door Closers (excluding recently launched innovations such as the EHD9000). The Lodging business experienced strong growth across retrofit projects in hospitality and new construction installations in multi-housing, where dormakaba gained market share. Despite a decline in the crypto-currency ATM market, the Safe Locks business contributed strongly to the Region’s overall growth. While the supply chain normalized and freight issues abated, the operating environment remained challenging due to labor availability challenges in the US. Electronic Access & Data recovered from the impact of historic scarcity of electronic components over the past few years, and now enjoys more normal supply conditions.
In the financial year 2022/23 dormakaba launched three major innovations in the Americas, supporting its focus on core product offerings:
- The Lyazon multifamily housing access integration platform, enabling API-based interoperability between the leading property technology offerings and dormakaba’s Saffire multifamily housing system
- The BEST EHD9000 door closer: dormakaba’s global door closer body platform in a region-specific housing with market leading features for installation ease, and exceptional product durability
- The Alvarado Argus V60 optical sensor barrier, enabling physical sensor barrier access control in spaces that were previously un-addressable due to space constraints (e.g., elevator lobbies)
All three new products were featured in the prestigious ISC West innovation showcase, with the EHD9000 and Alvarado Argus V60 winning awards. These innovations contributed to the strong regional result in financial year 2022/23 and set the ground for continued growth of dormakaba’s latest market offerings.
Adjusted EBITDA improved to CHF 145.7 million (previous year: CHF 130.2 million) resulting in an adjusted EBITDA margin of 18.6% (previous year: 17.5%). The margin was positively impacted by price realizations which offset inflation, including higher costs for services and personnel. Additionally, dormakaba realized efficiencies in the sales process, thanks to an internal reorganization executed early in the fiscal year which reallocated territory and solution sales resources to improve customer reach and internal processing effectiveness.
As part of its execution of the Shape4Growth strategy, Region Americas increased investment in specification writers, whose number was increased during the year, and tools to support their market success. Total specification writing and specification output per FTE increased significantly in the year.
Overall sales showed good volume growth, with the second half of the financial year contributing strongly. The positive effects on margins more than offset inflationary pressures and a one-time inventory cost. Region Americas saw a substantial improvement in profitability in the second half-year of 200 basis points (vs first half-year 2022/23).
Key figures – Region Americas
|
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 |
|
772.2 |
|
|
736.8 |
|
|
4.8 |
|
Intercompany sales |
|
9.6 |
|
|
7.9 |
|
|
|
|
Total segment sales |
|
781.8 |
|
|
744.7 |
|
|
5.0 |
|
Change in segment sales |
|
37.1 |
5.0 |
|
72.7 |
10.8 |
|
|
|
Of which translation exchange differences |
|
4.6 |
0.6 |
|
17.2 |
2.6 |
|
|
|
Of which acquisition impact |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
|
|
|
Of which divestment impact |
|
–41.9 |
–5.6 |
|
–1.3 |
–0.2 |
|
|
|
Of which organic sales growth |
|
74.4 |
10.5 |
|
56.8 |
8.3 |
|
|
|
Adjusted EBITDA (Operating profit before depreciation and amortization) |
|
145.7 |
18.6 |
|
130.2 |
17.5 |
|
11.9 |
|
Average number of full-time equivalent employees |
|
1,534 |
|
|
1,730 |
|
|
|
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 Americas
