The consolidated financial statements of dormakaba Group (“dormakaba”) include the operations of dormakaba Holding AG and all direct and indirect subsidiaries in which dormakaba controls more than 50% of votes or otherwise has the power to govern the financial and operating policies. Investments in associates where dormakaba exercises significant influence, but does not have control (normally with an interest between 20% and 50%), and in joint ventures are considered for using the equity method of accounting.
The unaudited consolidated half-year financial statements cover the period from 1 July 2021 until 31 December 2021 and are prepared in accordance with the rules of the Swiss GAAP FER 31 (“Complementary Recommendation for Listed Public Companies”) relating to interim financial reporting (Generally Accepted Accounting Principles/ FER = Fachempfehlungen zur Rechnungslegung).
The consolidated half-year report should be read in conjunction with the consolidated financial statements compiled for the financial year ended 30 June 2021, as it represents an update of the last complete financial statements and therefore does not contain all information and disclosures required in year-end consolidated financial statements. The consolidated financial statements are prepared in accordance with Swiss GAAP FER and comply with the provisions of the listing rules of the SIX Swiss Stock Exchange as well as the Swiss company law.
The operational performance and the market development are described in the chapter “Business performance” and should be read in conjunction with this consolidated half-year report.
Income tax expense is recognized based upon the best estimate of the weighted average annual income tax rate expected for the full financial year. The preparation of the consolidated half-year financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities, and disclosure of contingent liabilities at the date of the consolidated half-year financial statements. If in future such estimates and assumptions, which are based on management’s best judgment at the date of the consolidated half-year financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the reporting period in which the circumstances change.
dormakaba treats transactions with minority interests that do not result in a loss of control as transactions with equity owners of dormakaba. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and minority interests to reflect their relative interests in the subsidiary.
|
|
Access Solutions AMER |
|
Access Solutions APAC |
|
Access Solutions DACH |
|
Access Solutions EMEA |
|
Eliminations |
|
Access Solutions TOTAL |
|
Key & Wall Solutions |
|
Other |
|
Corporate |
|
Eliminations |
|
Group |
||||||||||||||||||||||
CHF million |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
Net sales third parties |
|
347.7 |
|
326.8 |
|
244.1 |
|
184.0 |
|
268.7 |
|
265.5 |
|
311.2 |
|
283.3 |
|
0.0 |
|
0.0 |
|
1,171.7 |
|
1,059.6 |
|
167.8 |
|
162.0 |
|
10.1 |
|
5.9 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
1,349.6 |
|
1,227.5 |
Intercompany sales |
|
17.5 |
|
12.9 |
|
17.0 |
|
11.0 |
|
155.9 |
|
130.7 |
|
66.1 |
|
59.6 |
|
–252.5 |
|
–211.1 |
|
4.0 |
|
3.1 |
|
6.5 |
|
7.1 |
|
2.6 |
|
2.5 |
|
0.0 |
|
0.0 |
|
–13.1 |
|
–12.7 |
|
0.0 |
|
0.0 |
Total sales |
|
365.2 |
|
339.7 |
|
261.1 |
|
195.0 |
|
424.6 |
|
396.2 |
|
377.3 |
|
342.9 |
|
–252.5 |
|
–211.1 |
|
1,175.7 |
|
1,062.7 |
|
174.3 |
|
169.1 |
|
12.7 |
|
8.4 |
|
0.0 |
|
0.0 |
|
–13.1 |
|
–12.7 |
|
1,349.6 |
|
1,227.5 |
Adjusted EBIT (Operating profit) |
|
54.0 |
|
52.7 |
|
30.8 |
|
24.7 |
|
70.4 |
|
60.1 |
|
29.1 |
|
26.6 |
|
–2.6 |
|
0.1 |
|
181.7 |
|
164.2 |
|
18.0 |
|
21.9 |
|
1.5 |
|
–0.5 |
|
–46.4 |
|
–44.0 |
|
0.0 |
|
0.0 |
|
154.8 |
|
141.6 |
as % of sales |
|
14.8% |
|
15.5% |
|
11.8% |
|
12.7% |
|
16.6% |
|
15.2% |
|
7.7% |
|
7.8% |
|
1.0% |
|
0.0% |
|
15.5% |
|
15.5% |
|
10.3% |
|
13.0% |
|
11.8% |
|
–6.0% |
|
0.0% |
|
0.0% |
|
0.0% |
|
0.0% |
|
11.5% |
|
11.5% |
Adjusted depreciation and amortization |
|
7.0 |
|
7.4 |
|
4.2 |
|
3.9 |
|
7.0 |
|
7.8 |
|
5.4 |
|
5.9 |
|
0.0 |
|
0.0 |
|
23.6 |
|
25.0 |
|
4.3 |
|
4.7 |
|
0.3 |
|
0.2 |
|
10.5 |
|
7.8 |
|
0.0 |
|
0.0 |
|
38.7 |
|
37.7 |
Adjusted EBITDA (Operating profit before depreciation and amortization) |
|
61.0 |
|
60.1 |
|
35.0 |
|
28.6 |
|
77.4 |
|
67.9 |
|
34.5 |
|
32.5 |
|
–2.6 |
|
0.1 |
|
205.3 |
|
189.2 |
|
22.3 |
|
26.6 |
|
1.8 |
|
–0.3 |
|
–35.9 |
|
–36.2 |
|
0.0 |
|
0.0 |
|
193.5 |
|
179.3 |
as % of sales |
|
16.7% |
|
17.7% |
|
13.4% |
|
14.7% |
|
18.2% |
|
17.1% |
|
9.1% |
|
9.5% |
|
1.0% |
|
0.0% |
|
17.5% |
|
17.8% |
|
12.8% |
|
15.7% |
|
14.2% |
|
–3.6% |
|
0.0% |
|
0.0% |
|
0.0% |
|
0.0% |
|
14.3% |
|
14.6% |
Net working capital |
|
211.1 |
|
150.0 |
|
110.7 |
|
95.2 |
|
122.4 |
|
120.1 |
|
181.4 |
|
156.9 |
|
–13.3 |
|
–10.9 |
|
612.3 |
|
511.3 |
|
82.7 |
|
81.0 |
|
1.9 |
|
2.8 |
|
–14.0 |
|
–12.9 |
|
2.1 |
|
0.3 |
|
685.0 |
|
582.5 |
Capital expenditure |
|
9.3 |
|
7.2 |
|
2.8 |
|
3.3 |
|
5.2 |
|
5.3 |
|
6.1 |
|
5.9 |
|
0.0 |
|
0.0 |
|
23.4 |
|
21.7 |
|
3.2 |
|
3.0 |
|
3.9 |
|
3.4 |
|
5.7 |
|
2.7 |
|
0.0 |
|
0.0 |
|
36.2 |
|
30.8 |
|
|
Reporting half-year ended 31.12.2021 |
|
Reporting half-year ended 31.12.2020 |
||||||||
CHF million |
|
Adjusted |
|
IAC 1) |
|
Unadjusted |
|
Adjusted |
|
IAC 1) |
|
Unadjusted |
Operating profit before depreciation and amortization (EBITDA) |
|
193.5 |
|
–9.2 |
|
184.3 |
|
179.3 |
|
2.6 |
|
181.9 |
Depreciation and amortization 2) |
|
–38.7 |
|
–3.2 |
|
–41.9 |
|
–37.7 |
|
0.0 |
|
–37.7 |
Operating profit (EBIT) |
|
154.8 |
|
–12.4 |
|
142.4 |
|
141.6 |
|
2.6 |
|
144.2 |
1) Content of items affecting comparability (IAC) is described in the chapter alternative performance measures (APM).
2) In 2021/22: depreciation and amortization include CHF 2.2 million goodwill recycling from the sale of the interior glass business (IGS) which is treated as IAC. Details are disclosed in the chapter business combinations and divestments.
The following table summarizes all considerations paid for businesses, as well as the assets and liabilities acquired and recognized at fair value as at the acquisition date in the first half-year 2021/22 and for the full financial year 2020/21 in comparison.
CHF million |
|
|
|
|
|
|
|
Reporting half-year ended 31.12.2021 |
|
Financial year ended 30.06.2021 |
|
|
Fermatic |
|
RELBDA |
|
Others |
|
Total |
|
Total |
Total consideration |
|
27.1 |
|
62.3 |
|
12.2 |
|
101.6 |
|
20.5 |
Cash paid |
|
26.7 |
|
52.2 |
|
7.2 |
|
86.1 |
|
19.9 |
Deferred payment |
|
0.0 |
|
9.4 |
|
4.8 |
|
14.2 |
|
0.5 |
Acquisition-related costs |
|
0.4 |
|
0.7 |
|
0.2 |
|
1.3 |
|
0.1 |
Identifiable assets and liabilities |
|
–2.5 |
|
–5.2 |
|
2.9 |
|
–4.8 |
|
2.7 |
Cash and cash equivalents |
|
2.6 |
|
2.5 |
|
2.1 |
|
7.2 |
|
1.4 |
Trade receivables |
|
9.2 |
|
6.4 |
|
0.5 |
|
16.1 |
|
3.2 |
Inventories |
|
2.2 |
|
6.3 |
|
0.7 |
|
9.2 |
|
0.9 |
Current income tax assets |
|
0.0 |
|
0.0 |
|
0.4 |
|
0.4 |
|
0.0 |
Other current assets |
|
1.7 |
|
1.4 |
|
0.3 |
|
3.4 |
|
0.8 |
Property, plant, and equipment |
|
3.0 |
|
4.6 |
|
0.4 |
|
8.0 |
|
0.5 |
Intangible assets |
|
0.0 |
|
0.3 |
|
0.0 |
|
0.3 |
|
0.0 |
Deferred income tax assets |
|
0.3 |
|
0.9 |
|
0.0 |
|
1.2 |
|
0.2 |
Current borrowings |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
–0.4 |
Trade payables |
|
–3.4 |
|
–4.5 |
|
–0.5 |
|
–8.4 |
|
–1.5 |
Current income tax liabilities |
|
–0.1 |
|
–0.4 |
|
–0.4 |
|
–0.9 |
|
–0.3 |
Accrued and other current liabilities |
|
–6.8 |
|
–3.0 |
|
–0.4 |
|
–10.2 |
|
–1.7 |
Provisions |
|
–0.3 |
|
–0.2 |
|
0.0 |
|
–0.5 |
|
0.0 |
Non-current borrowings |
|
–10.0 |
|
–18.2 |
|
0.0 |
|
–28.2 |
|
–0.4 |
Accrued pension costs and benefits |
|
–0.4 |
|
–1.3 |
|
–0.2 |
|
–1.9 |
|
0.0 |
Deferred income tax liabilities |
|
–0.5 |
|
0.0 |
|
0.0 |
|
–0.5 |
|
0.0 |
Goodwill |
|
29.6 |
|
67.5 |
|
9.3 |
|
106.4 |
|
17.8 |
On 22 October 2021, dormakaba acquired Fermatic Group based near Paris (FR). Fermatic Group is a renowned provider for services for automatic doors and gates. The company is primarily operating in the multi-housing market in the North-West of France and serves also other verticals such as Offices, Retail and Public Buildings.
On 31 August 2021, dormakaba acquired the Australian Reliance Doors and Best Doors Australia Groups (RELBDA) based in eastern and southern Australia. The group of companies is a well-established provider in the Australian market with reputable brands for residential garage doors, automatic openers, industrial overhead doors as well as related services.
In the first half-year 2021/22 dormakaba acquired in addition Rovato Techniek B.V. based in LK Tiel (NL), and Solus Security Systems Pvt Ltd based in Bangalore (IN).
After the balance sheet date, on 16 February 2022, dormakaba signed an agreement to acquire AtiQx Holding B.V. based in Utrecht/Dordrecht (NL). AtiQx provides comprehensive, customized solutions for electronic access control and workforce management in the Netherlands.
The following table summarizes the considerations received as well as the net assets divested. The resulting net goodwill was recycled affecting net income.
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Financial year ended 30.06.2021 |
|
|
Total |
|
Total |
Total consideration |
|
26.6 |
|
2.6 |
Cash consideration |
|
30.8 |
|
2.6 |
Deferred expenses / payment |
|
–1.8 |
|
0.0 |
Divestment-related costs |
|
–2.4 |
|
0.0 |
Assets and liabilities divested |
|
22.7 |
|
2.9 |
Cash and cash equivalents |
|
17.4 |
|
1.5 |
Trade receivables |
|
4.3 |
|
0.7 |
Inventories |
|
8.5 |
|
1.3 |
Other current assets |
|
0.9 |
|
0.0 |
Property, plant, and equipment |
|
13.2 |
|
0.0 |
Intangible assets |
|
0.1 |
|
0.0 |
Non-current financial assets |
|
0.5 |
|
0.0 |
Deferred income tax assets |
|
2.2 |
|
0.0 |
Trade payables |
|
–2.9 |
|
–0.6 |
Accrued and other current liabilities |
|
–1.7 |
|
0.0 |
Provisions |
|
–0.1 |
|
0.0 |
Accrued pension costs and benefits |
|
–19.7 |
|
0.0 |
Amortization on goodwill - recycling 1) |
|
2.2 |
|
0.0 |
Result from sale of subsidiaries 2) |
|
1.7 |
|
–0.3 |
1) Goodwill is fully offset in equity at the date of acquisition and amortized over five years in the notes of the annual financial statements without affecting consolidated income. In order to determine the result from sale of subsidiary, goodwill allocated to the disposed business is recognized at its original cost in the income statement.
2) Included in other operating income, net
As per 31 October 2021, dormakaba divested its interior glass business (IGS). The purchaser is the Italian-based investment and financial group Aliante Equity Tre S.p.A. Aliante has built up an investment portfolio with other portfolio companies, with a global presence in the design and furniture market, that complement the IGS business and offer commercial synergies.
Some of the key figures used by dormakaba to measure the financial performance are not defined by Swiss GAAP FER. The comparability of these figures with those of other companies might be limited. Explanations and reconciliations of these APMs are disclosed below.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) corresponds to the operating result (EBIT) before depreciation and amortization. By adjusting EBITDA and EBIT for items affecting comparability (IAC) transparency is further increased and the comparability of Groupʼs operational performance on a period-to-period basis is improved.
IACs are defined as significant costs and income which, because of their exceptional nature, cannot be viewed as inherent to the Groupʼs underlying performance. The content of these items excluded is summarized in the table below and the reconciliation with EBIT defined by Swiss GAAP FER is disclosed in segment reporting:
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Reporting half- year ended 31.12.2020 |
Items affecting comparability (IAC) |
|
12.4 |
|
–2.6 |
Reorganization and restructuring expenses |
|
14.0 |
|
4.1 |
(Gain) Loss on divestment of businesses |
|
–1.7 |
|
0.0 |
Other exceptional items |
|
0.1 |
|
–6.7 |
Reorganization and restructuring comprise expenses in relation to dormakabaʼs new strategy Shape4Growth, which will change the operating model of dormakaba, and consequently the organizational setup as well as the financial reporting. Strategic IT harmonization projects, which are closely related to the execution of Shape4Growth such as ERP harmonization and accelerated IT infrastructure optimization, including state-of-the-art business continuity management across applications and processes, are also included.
In the first half of financial year 2021/22 dormakaba divested its interior glass business (IGS). Details on the divestments are disclosed in chapter business combinations and divestments.
Other exceptional items comprise revaluation gains or losses, significant gains on sale of property, plant, and equipment, as well as other significant items that cannot be viewed as inherent to the Groupʼs underlying performance.
Capital expenditure (Capex) consists of the additions in property, plant, and equipment and the additions of intangible assets.
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Reporting half- year ended 31.12.2020 |
Capital expenditure |
|
36.2 |
|
30.8 |
Additions of property, plant, and equipment |
|
25.6 |
|
21.3 |
Additions of intangible assets |
|
10.6 |
|
9.5 |
Free cash flow consists of cash flow from operating activities together with cash flow from investing activities. Free cash flow before acquisitions/divestments excludes the cash effective movements arising from acquisitions/divestments.
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Reporting half- year ended 31.12.2020 |
Free cash flow before acquisitions/divestments |
|
15.8 |
|
160.8 |
Acquisition of subsidiaries, net of cash acquired |
|
–80.7 |
|
–5.7 |
Sale of subsidiaries, net of cash sold |
|
11.0 |
|
0.2 |
Acquisition of associates and joint ventures |
|
0.0 |
|
–2.0 |
Free cash flow |
|
–53.9 |
|
153.3 |
Net cash from operating activities |
|
49.3 |
|
194.3 |
Net cash used in investing activities |
|
–103.2 |
|
–41.0 |
Net debt describes the current borrowings and non-current liabilities minus cash and cash equivalents.
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Reporting half- year ended 31.12.2020 |
Net debt |
|
708.3 |
|
556.3 |
Current borrowings |
|
472.3 |
|
370.1 |
Non-current liabilities |
|
334.2 |
|
324.2 |
Cash and cash equivalents |
|
–98.2 |
|
–138.0 |
Net working capital is used by the Group to measure the efficiency of the segment in managing financial resources and complements the Groupʼs performance management. dormakaba defines net working capital as trade receivables plus inventories, minus the sum of trade payables, advances from customers and deferred income.
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Reporting half- year ended 31.12.2020 |
Net working capital |
|
685.0 |
|
582.5 |
Trade receivables |
|
429.7 |
|
375.2 |
Inventories |
|
507.7 |
|
414.2 |
Trade payables |
|
–182.9 |
|
–149.3 |
Advances from customers |
|
–44.0 |
|
–35.8 |
Deferred income |
|
–25.5 |
|
–21.8 |
Operating cash flow margin is calculated as the ratio of net cash from operating activities to net sales.
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Reporting half- year ended 31.12.2020 |
Operating cash flow margin |
|
3.7% |
|
15.8% |
Net sales |
|
1,349.6 |
|
1,227.5 |
Net cash from operating activities |
|
49.3 |
|
194.3 |
Organic growth in sales refers to the growth compared to the same period of the previous year adjusted for the impacts from currency translation as well as impacts from acquisition and divestment.
EBIT divided by capital employed (CE) results in ROCE. dormakaba bases the calculation on a 12 months rolling EBIT, adjusted for items affecting comparability (IAC). CE equals the sum of net working capital, property, plant, and equipment and intangible assets. For the calculation, the average of the last three published balance sheet information is considered (31 December 2021, 30 June 2021, and 31 December 2020). For the previous year comparison, the same principles were applied.
CHF million |
|
Reporting half- year ended 31.12.2021 |
|
Reporting half- year ended 31.12.2020 |
ROCE (Return on capital employed) |
|
25.8% |
|
18.4% |
Adjusted EBIT - rolling 12 months |
|
296.9 |
|
216.7 |
Adjusted EBIT current half-year |
|
154.8 |
|
141.6 |
Adjusted EBIT second half-year previous year |
|
142.1 |
|
75.1 |
Average CE (Capital employed) |
|
1,150.2 |
|
1,178.5 |
Average net working capital |
|
636.4 |
|
653.9 |
Average property, plant, and equipment |
|
427.3 |
|
447.2 |
Average intangible assets |
|
86.5 |
|
77.4 |
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