Region Asia Pacific
5 min.Region Asia Pacific comprises the former Access Solutions Asia Pacific (AS APAC) segment and the Market Middle East, which was part of the former Access Solutions Europe Middle East & Africa (AS EMEA) 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 Asia Pacific achieved total sales of CHF 305.2 million in the first half of financial year 2022/23, compared to CHF 283.4 million in the previous year. Organic sales grew by 5.1%, driven both by higher sales prices and by volume gains in both sales and services.
Sales increased in almost all markets, despite the challenging environment in China due to continuing Covid-19 restrictions. Strong growth in Australia was supported by the good performance of the Reliance Doors and Best Doors Australia Group (RELBDA), acquired in late 2021. All global core products performed well, including door closers and entrance systems. Solus in India (acquired in 2021) continues to have a strong order book and supports other markets with technical expertise and integration solutions.
Adjusted EBITDA increased to CHF 49.1 million (previous year: CHF 41.2 million), with an adjusted EBITDA margin of 16.1% (previous year: 14.5%). This increase was due to price developments, cost management and efficiency improvements. These largely offset negative product mix effects in some markets and the impact of higher raw material, freight and labor costs.
Region Asia Pacific continues to implement dormakaba’s Shape4Growth strategy with the goal of accelerating profitable growth. Implementation includes focusing on core products and solutions, expanding services, and increasing presence in high-growth markets such as India, China and Australia. Growth will be supported by innovative solutions, such as the Entrivo Door Insight application, recently installed in 48 doors at Singapore Management University, which lets building managers see operational data – on any device – across their network of connected doors.
Region Asia Pacific expects continued good growth for the remainder of the financial year 2022/23. Organic growth should be bolstered by a good project pipeline in the commercial, healthcare, government, residential and hospitality sectors. However, visibility of future trends is limited: business activity in China and other countries could continue to be subdued by the effects of the Covid-19 pandemic. Resulting supply chain issues and project delays would affect both sales growth and profitability. Asia Pacific will therefore continue to increase sales prices where necessary to offset cost inflation.
Key figures – Region Asia Pacific
|
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 |
|
287.6 |
|
|
268.2 |
|
|
7.2 |
|
Intercompany sales |
|
17.6 |
|
|
15.2 |
|
|
|
|
Total segment sales |
|
305.2 |
|
|
283.4 |
|
|
7.7 |
|
Change in segment sales |
|
21.8 |
7.7 |
|
68.9 |
32.1 |
|
|
|
Of which translation exchange differences |
|
–4.8 |
–1.7 |
|
5.4 |
2.5 |
|
|
|
Of which acquisition impact |
|
12.5 |
4.4 |
|
23.6 |
11.0 |
|
|
|
Of which divestment impact |
|
0.0 |
0.0 |
|
–0.9 |
–0.4 |
|
|
|
Of which organic sales growth |
|
14.1 |
5.1 |
|
40.8 |
18.6 |
|
|
|
Adjusted EBITDA (Operating profit before depreciation and amortization) |
|
49.1 |
16.1 |
|
41.2 |
14.5 |
|
19.2 |
|
Average number of full-time equivalent employees |
|
3,612 |
|
|
3,477 |
|
|
|
Sales (CHF million) – Region Asia Pacific
