Business performance

Region Americas

5 min.

Region Americas is equivalent to the former Access Solutions AMER (AS AMER) 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 Americas achieved total sales of CHF 389.8 million in the first half of the financial year 2022/23, compared to CHF 366.2 million in the previous year. Organic sales grew by 8.2%, driven by higher sales prices, US commercial construction activity, multifamily housing demand, and growth in Latin America.

Almost all markets and all product clusters contributed to increased sales, with double-digit growth in Services, Access Control Solutions, and Access Automation Solutions. The Lodging business continued its positive trend in hospitality and multifamily housing with steady market share gains. The Safe Lock business experienced slowing growth due to lower activity in the crypto-currency and ATM markets, offset by strengthening demand for government high security locks.

Adjusted EBITDA increased to CHF 68.7 million (previous year: CHF 66.9 million), with an adjusted EBITDA margin of 17.6% (previous year: 18.3%). This reduction was mainly due to an unfavorable product mix, along with higher raw materials and freight costs that have not yet been fully compensated by price increases. Inflation persists, and costs remain elevated; the Region will therefore continue price realization measures to counteract the unfavorable impact on margins.

dormakaba’s Shape4Growth strategy outlines plans for performance improvement in Region Americas, driven by six segment-specific workstreams covering: the core offering, vertical solutions and digitization, commercial excellence, procurement, operating model, and business integration and simplification. There has been significant progress in all six areas in the first half of the financial year 2022/23. Notably, the Region has executed a significant expansion in the specification writing team, lifting specification output accordingly. In addition, two key product innovations were completed in the period: the BEST EHD9000, a region-specific adaptation of dormakaba’s global door-closer platform, significantly strengthening the competitive position of Access Hardware Solutions in North America; and the Lyazon access integration platform, enabling interoperability between leading property technology offerings and dormakaba’s Saffire multifamily housing system.

For the remainder of the financial year 2022/23, Region Americas expects continued organic growth, based on current order backlog levels, steady order intake, and continued pricing traction. Large project wins across key market sectors support higher revenue projections. However, there is still a degree of uncertainty in the US economy: the potential impacts of continued inflation and higher interest rates on commercial construction mean that key distributors in the Access Hardware Solutions and Access Control Solutions channels have begun to reduce their inventories, although sell-through volumes remain strong.

Key figures – Region Americas

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

 

384.6

 

 

358.2

 

 

7.4

Intercompany sales

 

5.2

 

 

8.0

 

 

 

Total segment sales

 

389.8

 

 

366.2

 

 

6.4

Change in segment sales

 

23.6

6.4

 

25.8

7.6

 

 

Of which translation exchange differences

 

13.6

3.7

 

6.1

1.8

 

 

Of which acquisition impact

 

0.0

0.0

 

0.0

0.0

 

 

Of which divestment impact

 

–19.4

–5.3

 

0.0

0.0

 

 

Of which organic sales growth

 

29.4

8.2

 

19.7

5.7

 

 

Adjusted EBITDA (Operating profit before depreciation and amortization)

 

68.7

17.6

 

66.9

18.3

 

2.7

Average number of full-time equivalent employees

 

1,560

 

 

1,729

 

 

 

Sales (CHF million) – Region Americas

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