Half-year Report 2018/19

3 min.

Segment Access Solutions APAC

Continuous profitable growth

Operational performance

AS APAC generated total sales of CHF 236.5 million in the 1st half of financial year 2018/19 with an organic sales growth of 5.5% compared to the previous year. EBITDA was at CHF 36.8 million, which is 9.9% higher than a year earlier. The EBITDA margin was considerably higher with 15.6% compared to 14.1% in the previous year as the segment continuously leveraged its good foundation to further improve profitability. The margin improvement was driven by higher sales prices in all regions, a favorable product mix and portfolio management. Additionally, higher volumes and efficiency improvements particularly in the Services business contributed to a higher profitability. All these effects overcompensated the impact of higher raw material prices and a negative currency effect.

Market development

AS APAC experienced good growth in all regional markets except for South East Asia, which was slightly below previous year.

The segment experienced double-digit growth in India benefiting from major projects for Door Hardware and Entrance Systems, including finalization of a major contract for an International Convention Center. Furthermore, the business was able to gain several new contracts, like for the Indian Trade Promotion Organization, the biggest exhibition and convention center in New Delhi.

There was high single-digit growth in China with particular good growth in the commercial sector, whereas demand in the residential business remained somewhat subdued. AS APAC has started to integrate the Commercial Building Physical Access Solutions (PAS) business from Cambaum Group (China), which was acquired in April 2018. Additionally, the business has successfully integrated the Kilargo business (Australia), the latter business and a strong Services business contributed positively to the good growth in the Pacific region.

The segment recorded strong demand for most of its Product Clusters with particular good growth in Services, Door Hardware and Entrance Systems.

The business benefited as well from growth with new innovative products and solutions and will continue to invest in innovation. The segment showcased its latest products like its new NarrowBand-IoT lock for the Chinese market, which was developed together with China Telecom, at the CBD Trade fair in Guangzhou (China), which is the largest fair for Smart Home and Decorative Hardware nationwide.

Key figures – segment AS APAC

 

 

 

 

 

 

 

 

 

in CHF million

 

Reporting half-year ended 31.12.2018

in %

 

Reporting half-year ended 31.12.2017

in %

 

Change on previous year in %

Net sales third parties

 

222.6

 

 

224.1

 

 

–0.7

Intercompany sales

 

13.9

 

 

14.0

 

 

 

Total segment sales

 

236.5

 

 

238.1

 

 

–0.7

Change in segment sales

 

–1.6

–0.7

 

34.7

17.1

 

 

Of which translation exchange differences

 

–7.3

–3.1

 

1.0

0.5

 

 

Of which acquisition (disposal) impact

 

–7.3

–3.1

 

21.6

10.6

 

 

Organic sales growth

 

13.0

5.5

 

12.1

6.0

 

 

Operating profit before depreciation and amortization (EBITDA)

 

36.8

15.6

 

33.5

14.1

 

9.9

 

 

 

 

 

 

 

 

 

Average number of full-time equivalent employees

 

3,328

 

 

4,001

 

 

 

Net sales (in CHF million) – segment AS APAC

Business performanceAccess Solutions DACH

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