Region Europe & Africa
5 min.Region Europe & Africa comprises the former AS EMEA segment (minus the Market Middle East) and the former AS DACH segment. All figures in this report have been consolidated according to the new operating model; to ensure comparability, dormakaba discloses the comparable figures for the former operating model in the Notes to the Consolidated Financial Statements.
Region Europe & Africa achieved total sales of CHF 566.7 million in the first half of the financial year 2022/23, slightly below the previous year (567.7 million) due to a negative currency impact of 7.0% compared to the previous year. Organic sales, however, grew by 7.1%, mainly thanks to price increases introduced to compensate for inflationary pressure.
Almost all markets experienced solid sales increases. Germany delivered double-digit growth, thanks to strong project activity and price realizations. Organic growth was supplemented by acquisitions in France (Fermatic, which strengthens the Services portfolio) and the Netherlands (Alldoorco, a specialist in industrial door systems). Sweden and the Netherlands saw particularly strong volume growth, while the South Market lagged due to a lack of large projects. All product clusters showed solid sales growth, led by double-digit growth for Electronic Access & Data (despite supply chain constraints) and automatic doors.
Adjusted EBITDA decreased to CHF 106.7 million (previous year: CHF 125.3 million), with an adjusted EBITDA margin of 18.8% (previous year: 22.1%). This reduction was mainly due to lower sales for access door hardware products, particularly door closers, which led to a lower contribution from the manufacturing sites. This effect was partly compensated by volume sales growth, successful price increases, favorable mix impacts, and cost efficiencies – despite inflation impacts and continued investment in operational improvements.
dormakaba’s Shape4Growth strategy mandates higher R&D productivity by focusing on its global core offering to develop open, interoperable platform solutions. Region Europe & Africa supports this strategic goal with EntriWorX: an advanced solution that enables smart access planning processes for buildings, simple installation, and secure, smooth operation. It will be showcased at BAU 2023 in Munich, the biggest construction trade fair in Europe.
Region Europe & Africa expects continued organic growth in the second half of the financial year 2022/23, based on a strong order book and a solid project pipeline across major markets. Forward visibility is limited, however, growth could be impacted by further project delays as well as by customers and distributors continuing to destock high inventory levels.
Key figures – Region Europe & Africa
|
CHF million, except where indicated |
|
Reporting half-year ended 31.12.2022 |
% |
|
Reporting half-year ended 31.12.2021 |
% |
|
Change on previous year in % |
|
Net sales third parties |
|
559.7 |
|
|
555.4 |
|
|
0.8 |
|
Intercompany sales |
|
7.0 |
|
|
12.3 |
|
|
|
|
Total segment sales |
|
566.7 |
|
|
567.7 |
|
|
–0.2 |
|
Change in segment sales |
|
–1.0 |
–0.2 |
|
36.7 |
6.9 |
|
|
|
Of which translation exchange differences |
|
–39.9 |
–7.0 |
|
0.8 |
0.1 |
|
|
|
Of which acquisition impact |
|
16.6 |
2.9 |
|
12.1 |
2.3 |
|
|
|
Of which divestment impact |
|
–14.2 |
–2.5 |
|
–8.1 |
–1.5 |
|
|
|
Of which organic sales growth |
|
36.5 |
7.1 |
|
31.9 |
6.1 |
|
|
|
Adjusted EBITDA (Operating profit before depreciation and amortization) |
|
106.7 |
18.8 |
|
125.3 |
22.1 |
|
–14.8 |
|
Average number of full-time equivalent employees |
|
4,074 |
|
|
3,840 |
|
|
|
Sales (CHF million) – Region Europe & Africa
