dormakaba Holding AG is the parent company of dormakaba Group, which was formed by the merger on 1 September 2015 of two previously unaffiliated enterprises: the family-owned German company Dorma Holding and the Swiss Kaba Group. Following the merger, dormakaba Holding AG owns 52.5% of dormakaba Holding GmbH + Co. KGaA, an intermediate holding company that comprises all the operating entities of the Group and is fully consolidated in the financial statements prepared by the parent company1. Minority interests are shown separately as part of equity capital. dormakaba Holding AG’s consolidated financial statements are reported in Swiss francs (CHF) and for the financial year that runs from 1 July 2023 to 30 June 2024. They are prepared in accordance with Swiss GAAP FER, an internationally accepted accounting standard for small and medium-sized organizations and groups of organizations with a presence in Switzerland. dormakaba Holding AG is listed on the SIX Swiss Exchange and is headquartered in Rümlang (Zurich/Switzerland).
Beyond its obligations under Swiss GAAP FER, dormakaba Holding AG produces a Group Management Report that meets the requirements of the Swiss Code of Obligations (Schweizer Obligationenrecht, OR), particularly Art. 961c; of Section 315 of the German Commercial Code (Deutsches Handelsgesetzbuch, HGB); and of Standard 20 of the German Accounting Standards (Deutscher Rechnungslegungs Standard Nr. 20, DRS20).
dormakaba Group (dormakaba) is a leading provider in the access solutions market. The company offers customers a broad, innovative portfolio of products, solutions, and services that easily fit into building ecosystems. With a clear portfolio segmentation, dormakaba concentrates its global core businesses Access Automation Solutions (door operators, sliding doors, and revolving doors), Access Control Solutions (connected devices and engineered solutions), Access Hardware Solutions (door closers, exit devices, and mechanical key systems), and Services. The company is also a market leader for Key Systems (key blanks, key cutting machines, and automotive solutions such as transponder keys and programmers), as well as Movable Walls including acoustic movable partitions and horizontal and vertical partitioning systems.
dormakaba has a long tradition of innovation and engineering expertise. It strives to be an innovation leader that anticipates and fulfills customer needs through continuous technological advancement, creating state-of-the-art solutions that add value for customers and end users alike.
dormakaba is active in around 130 countries and is present in all relevant markets through production sites, distribution and service offices, and collaboration with local partners.
As a publicly listed company, dormakaba’s fundamental goal is to increase its long-term enterprise value across industry cycles and economic fluctuations. It is assisted in this by a strong Pool Shareholder Group that ensures the long-term orientation of its strategy. The company aims to create shareholder value while also furthering the interests of other stakeholders: most importantly its customers, as well as technology and distribution partners, employees, and associates. dormakabaʼs corporate strategy – Shape4Growth (S4G) – is about transforming the company, shaping it to its full potential, and accelerating profitable growth. It consists of five pillars: Accelerating profitable growth; Focus on customer centricity; Improve operational excellence and gain scale; Realize effective capital deployment; Customer-centric and high-performance culture.
For more about the strategy and strategic example, visit here.
Under the Shape4Growth strategy, dormakaba’s operating model builds on globalized management of our Operations and Product Development (Innovation) functions to secure efficiencies of scale and business synergies. This setup extends to globally managed Finance and HR functions.
Since 1 July 2023, the Executive Committee consists of the CEO, CFO, Chief Operations Officer (COO), Chief Commercial Officer (CCO), and Chief Innovation Officer (CIO), along with the President Key & Wall Solutions and OEM.
The CCO leads all Access Solutions market organizations, with those in our “5+2” key markets reporting directly and the others managed through three country clusters for increased efficiency. Customer excellence functions such as Strategic Marketing, Global Accounts & OEM, Services, and the Product Management for Access Hardware Solutions and Access Automation Solutions are also under the CCO’s lead.
Product Development, along with the combined Access Control Solutions and EntriWorX product management organization, are the responsibility of the CIO. The distinction reflects the different requirements of mature versus emerging businesses: it allows management of more mature product segments in Access Hardware Solutions and Access Automation Solutions to move closer to the market, enabling faster innovation in newer and more dynamic segments. Product Development encompasses three main competence center areas: Software, Hard/Firmware, and Mechanical Engineering. In addition to these competence centers, the Global Architecture team plays a crucial role in defining the technology standards, ensuring consistency and excellence across all products. Engineering Management oversees the planning and execution control of all development programs, ensuring that strategic objectives are met.
A detailed description of the operating model can be found here.
Strategic leadership of dormakaba is exercised by the Board of Directors (BoD) of dormakaba Holding AG. The duties and responsibilities of the BoD are defined by the Swiss Code of Obligations, combined with the company’s Articles of Incorporation and Organizational Regulations. The BoD delegates responsibility for day-to-day management of the business to the Chief Executive Officer (CEO), supported by the Executive Committee (EC). The powers and functions of the EC are set out in the Organizational Regulations. Further details of the internal management system are provided in the Corporate Governance Report 2023/24.
The principles governing compensation for the BoD and EC are set out in the Articles of Incorporation. These include: the basic principles of compensation for the BoD (Article 23); the basic principles of compensation for the EC (Article 24); a binding vote on compensation at the General Meeting of Shareholders (Article 22); the maximum additional amount of compensation for new EC members (Article 25); agreements with members of the Board of Directors and the Executive Committee, and notice periods for the members of the Executive Committee (Article 26); and their credits and loans (Article 28).
The Compensation Report, which provides further details on the compensation system and on compensation paid out in the financial year 2023/24, is available here.
Responding to the needs and expectations of society, customers, and employees, dormakaba has made a long-term commitment to fostering sustainable development along its entire value chain, recognizing its economic, environmental, and social responsibilities to current and future generations.
The company’s sustainability framework is based on a rigorous materiality assessment: monitoring global trends and engaging with key stakeholders, dormakaba has identified ten material topics that are most relevant for stakeholders and where the company has the highest potential impact. The framework outlines sustainability standards and measures for the period from 2021 to 2027, grouping topics according to three broad categories: People, Planet, and Partnerships.
The dormakaba Sustainability Report 2023/2024, prepared in accordance with the Global Reporting Initiative (GRI) standards, contains detailed information on the company’s sustainability framework, measures, and progress. The information published on dormakaba’s sustainable economic activities is in line with the EU Taxonomy Regulation. Disclosures on non-financial matters are made in accordance with Art. 964b of the Swiss Code of Obligations. The Sustainability Report also includes a detailed climate risk and opportunities analysis and management report aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). dormakaba is taking active steps to comply with forthcoming regulations on non-financial reporting, including the EU Corporate Sustainability Reporting Directive (CSRD) that will apply to dormakaba entities as of the next financial year. The Sustainability Report is supplemented by annually issued reports on related matters, such as the Modern Slavery and Child Labor Statement, the Communication on Progress to the UN Global Compact, and the submission to the Carbon Disclosure Project.
Detailed information on the business performance and the average number of full-time equivalent employees in the financial year 2023/24 can be found in the Group Performance section of this Group Management Report and in the Consolidated Financial Statements for the financial year 2023/24.
dormakaba has defined a set of strategic non-financial performance indicators for each strategy cycle. These are continuously tracked, although not used for operational control. The main non-financial performance indicators are the following:
Customer satisfaction and product quality are crucial for dormakaba as its brands stand for the high-quality of its products and services provided. Customer satisfaction is assessed through regular dialog, as well as through market research.
As part of Customer Experience Management, dormakaba runs an annual survey in its core and some additional markets to evaluate its Net Promoter Score (NPS) and customer satisfaction. The NPS indicates touchpoints along the customer journey where we need to take action to improve our customers’ experience, and provides insights on how to do business easily through all processes and product clusters. We initiate the necessary changes on a local and global level to further enhance customer experience.
This metric captures how successful innovations are in relevant markets, and therefore how R&D efforts contribute to the overall success of the Group. As a KPI, it has become part of the Group incentive program, helping to ensure that innovation processes are well aligned to customer needs.
Two indicators, Employee Engagement and Diversity & Inclusion, help to track dormakaba’s success in its transformation towards a customer-centric and performance-oriented work culture that fosters accountability and ownership and enables professional growth.
dormakaba measures its Employee Engagement Index through periodic global surveys, the most recent of which was conducted as a Pulse Check in November 2023. The survey aimed to listen to the voices of our employees during the S4G transformation to understand where the organization can be supported with corresponding follow-up actions. This survey was open to dormakaba employees with a company email address. Over 6,600 employees participated, responding to 22 questions on Our dormakaba Behaviors, Me & My Work Environment, My Manager, and Engagement. The results showed an Employee Engagement Index of 61%. Specific actions are planned to ensure that the engagement level is increased to the target of 73%, which is the external global benchmark.
dormakaba is committed to diversity in employment and has established concrete targets to improve the gender balance of management teams, along with a roadmap to achieving those targets. Initiatives include training on unconscious bias, among other relevant topics, as well as the establishment of Women’s Networks across dormakaba. Further information on these targets and initiatives can be found in the Sustainability Report.
As a matter of course, dormakaba complies with all applicable laws and regulations at local, national, and international levels. Its internal company directives, based on a binding Group-wide Code of Conduct, apply globally and cover internal processes as well as relations with external partners, including customers, authorities, and suppliers. dormakaba has developed a range of measures and processes to prevent abuses and ensure that responsibilities are met; these measures and processes are continuously reviewed and refined. The Code of Conduct is available, in several languages, to all employees on the Group Intranet and to external stakeholders on the dormakaba website. Mandatory Code of Conduct training sessions are offered to all dormakaba new joiners.
The Code of Conduct and the Supplier Code of Conduct confirm dormakaba’s commitment to respecting human rights. The Group’s Human Rights Due Diligence (HRDD) framework and material topics are further described in its Statement of Commitment on Human Rights, which aligns with international standards, including the UN Guiding Principles on Business and Human Rights, and which has been revised to reflect requirements under the German Supply Chain Due Diligence Act.
Based on the human rights-related risks and impacts identified, dormakaba will continue to develop prevention and mitigation measures integrated into company operations, training programs, policies, and management systems. Human rights-related risks identification and mitigation are also a central part of supplier due diligence. In the financial year 2023/24, a key focus has been to further assess the risks present in our high-risk suppliers by means of on-site audits. There is further information on human rights in the Sustainability Report 2023/24.
As a manufacturer, dormakaba inevitably consumes resources and generates waste and emissions; environmental issues are therefore highly relevant along the Group’s entire value chain. In September 2021, dormakaba adopted its global Environment Directive, which defines its fundamental requirements and regulations for environmental performance. The directive has since been updated with new product development standards to reflect dormakaba’s commitment to a circular economy. A detailed overview of the company’s sustainability work and key benchmarks, including greenhouse gas emissions, energy consumption, water consumption, and waste management, is available in the Sustainability Report 2023/24. A detailed climate risk and opportunities analysis and management report, aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), also forms part of the Sustainability Report.
dormakaba maintains a comprehensive, globally consistent procurement policy, based on detailed analysis of its own needs and rigorous assessment of current and potential suppliers, supported where necessary by on-site quality audits.
The dormakaba Supplier Code of Conduct outlines minimum requirements relating to human rights, fair working conditions, environmental responsibility, and business ethics, among other criteria. Supply chain risk assessment is based on seven families of indicators: energy and emissions; effluents and waste; occupational health and safety; materials; training and education; freedom of association; and human rights. dormakaba assesses suppliers’ sustainability performance in collaboration with EcoVadis, the world’s most trusted business sustainability ratings provider, and requires improvement plans where assessment results are unsatisfactory.
Further information is available in the Supplier Sustainable Development chapter of the Sustainability Report 2023/24.
Detailed information on dormakaba Holding AG’s capital structure can be found in the Corporate Governance Report 2023/24.