Brief: Kardex adjusts margin target for 2022, decides to sell stake in Robomotive

Kardex Holding AG

18/11/2022 05:37

Nov 18 (Reuters) - Kardex Holding Ag  KARN.S :
    * KARDEX ADJUSTS MARGIN TARGET FOR 2022
    * KARDEX REMSTAR DIVISION WAS UNLIKELY TO ACHIEVE TARGETED
EBIT-MARGIN CORRIDOR OF 14-17% IN FISCAL 2022
    * NOW EXPECTS AN EBIT OF AROUND 9% FOR FINANCIAL YEAR 2022
    * ROBOMOTIVE TO BECOME AN INDEPENDENT COMPANY AGAIN
    * KARDEX AND ROBOMOTIVE WILL CONTINUE TO JOINTLY DEVELOP NEW
PROTOTYPES AND PRODUCTS TO SOLVE CUSTOMER REQUIREMENTS
    * ORDER BOOKS ARE FULL UNTIL MID-2023 AND DEMAND REMAINS
GOOD
    * CO AND ROBOMOTIVE PARTIES HAVE AGREED NOT TO DISCLOSE
FINANCIAL
DETAILS
    * CURRENT INEFFICIENCIES IN SUPPLY CHAIN SHOULD BE OVERCOME
IN
COURSE OF 2023
    * FOUNDERS OF ROBOMOTIVE INTEND TO BUY BACK 50% STAKE KARDEX
ACQUIRED IN 2020
    * ROBOMOTIVE MOVE WILL RESULT IN A LOW SINGLE-DIGIT MILLION
WRITE-DOWN REQUIREMENT FOR KARDEX
    * IMPLEMENTED PRICE INCREASES WILL ALSO HAVE A POSITIVE
IMPACT ON
GROSS MARGIN
    * NEW FACTORY IN USA, WHICH IS STRUGGLING WITH START-UP
DIFFICULTIES, HAS NOT YET ACHIEVED HOPED-FOR STABILITY, IS
PLACING ADDITIONAL BURDEN ON PROFITABILITY

Source text for Eikon:  ID:nEQ8LSZza 
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