Half-year Report 2018/19

3 min.

Segment Key & Wall Solutions

Sales growth and higher profitability

dormakaba merged its Key Systems and Movable Walls segments in November 2017 to form the Key & Wall Solutions segment.

Operational performance

Key & Wall Solutions generated total sales of CHF 197.3 million in the 1st half of financial year 2018/19, representing year-on-year organic sales growth of 3.8%. EBITDA stood at CHF 29.0 million, up 11.1% compared to the previous year; the EBITDA margin improved to 14.7% (previous year 14.1%). The increase resulted from good profitable growth in the Movable Walls business in the USA, higher volumes and price increases, which more than offset the impact of higher raw material costs.

Market development

The Key Systems business unit reported good growth which was mainly driven by North America, Asia and South America. EMEA reported sales growth as well, with regional differences: there was good growth in the UK, Italy and Spain, while sales in France and Germany were weaker. Not only sales in Key Blanks and Key Cutting Machines, but also in Automotive Solutions were above previous year. The recently acquired business in Peru, Klaus Group, met expectations by making a positive contribution to growth and increasing its profitability compared to previous year. The company is a market leader in several South American countries that produces and distributes key blanks as well as other brass products.

There was strong growth in the Movable Walls business. Particularly the North American business performed well. The acquired Skyfold business has been successfully integrated. As a result, the Movable Walls business unit is able to gain top-line synergies due to the very competitive combination of both, vertical and horizontal movable walls. Sales in Asia were basically in line versus the previous year. Sales growth in the EMEA region was below the previous year’s level. The business unit is currently focusing on the execution of the automation of its German production plant. 

Key figures – segment Key & Wall Solutions

 

 

 

 

 

 

 

 

 

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

 

190.1

 

 

180.2

 

 

5.5

Intercompany sales

 

7.2

 

 

5.5

 

 

 

Total segment sales

 

197.3

 

 

185.7

 

 

6.2

Change in segment sales

 

11.6

6.2

 

21.9

13.4

 

 

Of which translation exchange differences

 

–0.6

–0.4

 

3.3

2.1

 

 

Of which acquisition (disposal) impact

 

5.1

2.8

 

14.8

9.0

 

 

Organic sales growth

 

7.1

3.8

 

3.8

2.3

 

 

Operating profit before depreciation and amortization (EBITDA)

 

29.0

14.7

 

26.1

14.1

 

11.1

 

 

 

 

 

 

 

 

 

Average number of full-time equivalent employees

 

2,288

 

 

2,116

 

 

 

Net sales (in CHF million) – segment Key & Wall Solutions

Access Solutions EMEAFinancial performance

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