Annual Report 2003 - Kardex

More documents

Recommendations

Info

4 REPORT OF THE BOARD OF DIRECTORS Other European countries, which posted revenues of CHF 116.2 million/18.9% (previous year CHF 130 million/ 23.6%), account for the second-largest portion of overall revenues. In these markets, the UK and Switzerland reported below-average performance. In third place, with a share of CHF 99.4 million/16.2% (previous year CHF 51.2 million/9.3%), came the Asia/ Pacific Rim region. The efforts and investments made in Asian markets have had a positive effect on operations and helped to double profits. The North, Central and South America market contributed CHF 35.9 million/5.9% (previous year CHF 51.1 million/ 9.3%) towards Group revenues. Difficult times in the automobile, electronics and mechanical engineering industries have caused business to stagnate, while the weak dollar translated into lower revenues and income in Swiss franc terms. TRANSACTIONS AND A STANDARDIZED SHARE Another issue that occupied the Board of Directors of the Kardex Remstar Group, on which Industrieholding Cham is also represented, was far-reaching structural change. With effect from September 30, 2003, the Kardex Remstar Group sold its 100% interest in Retis Software AG, Jona, to the company’s largest customer, Stöcklin Logistik AG, Dornach. Also with effect from September 30, 2003, Kardex Remstar took over the remaining 40% interest in Belgianowned Stow International nv. As in the previous year, Stow is fully consolidated in 2003, but the minority interests no longer apply. Certain transactions were also prepared for finalization during the first half of financial 2004. As part of major restructuring, Kardex AG’s main shareholder, Industrieholding Cham AG, is relinquishing control of Kardex AG. The simplification of interests in various companies will generate capital of approximately CHF 61 million for Tuxedo Invest AG, hitherto the largest shareholder in Industrieholding Cham AG. Following the merger with Kardex AG, this capital will be available for the further development of the Kardex Remstar Group. By way of preparation for the merger, Kardex will convert its participation certificates into a standardized share and carry out a 1:5 split on its bearer shares. This procedure will be completed by the end of May assuming that the General Meeting of Tuxedo Invest AG on May 10, 2004, and the General Meeting of Kardex AG on May 17, 2004, agree to the proposal. The plan is for Tuxedo stock to be removed from the listings on June 3, 2004, and for the split Kardex stock to start trading on the same date. These transactions, together with the simplified capital structure, will ensure that the Kardex Remstar Group is once again an independent, soundly capitalized public company that is attractive to investors. With around 12% of the capital stock, Industrieholding Cham will remain a significant shareholder in Kardex AG. Because of its previous involvement in both Kardex and Tuxedo, the main shareholder under the new arrangement, with 16% of the stock, will be BURU Holding AG. WELL ON THE WAY TO SUCCESS The Kardex Remstar Group is adapting its own operations to the process of global industrialization. It is clear that a shift is taking place in the world’s manufacturing base from the traditional industrialized nations towards new regions. Kardex Remstar’s growth markets are primarily in Asia and eastern and southern Europe. As part of its strategy, the Kardex Remstar Group aims to be active on all the world’s relevant markets, to gain new market shares and to balance out geographical risk. To achieve this, Kardex Remstar is aiming for direct distribution and the provision of services locally. Other factors crucial to the Group’s success, which differ from one division to another, are production cost leadership, professional project management and customized engineering. The foundations for success are provided by a dynamic range of advanced systems, developed and manufactured in the Group’s own facilities. Thanks to the Group’s enormous potential for innovation, these are continuously being updated at an ever faster rate. OUTLOOK Through judicious use of its newly acquired equity capital, Kardex Remstar will be able to make a sustainable improvement to profitability and accelerate the introduction
of measures that will lead to increased efficiency in production and success at distribution level. At the same time, Kardex Remstar is expecting economic conditions to pick up noticeably in certain regions in 2004. Numerous reference projects all over the world and the market shares acquired during the past three difficult years form another pillar on which a successful future can be built. APPROPRIATION OF NET INCOME After two years in which no dividends were paid, Kardex AG’s Board of Directors will ask the General Meeting to approve the payment of a dividend of CHF 3 per share. ELECTIONS FOR THE BOARD OF DIRECTORS Messrs. Michael Funk and Richard Flury will be put forward for re-election at the General Meeting. Messrs. Ernst Meiss and Heinrich C. Spoerry will be stepping down from the Board of Directors. As their replacements, the General Meeting will be asked to elect Mr. Philipp Buhofer, Chairman of the Board of Directors and CEO of BURU Holding AG and Mr. Leo Steiner, CEO of Komax Holding AG and Head of Executive Management with the Komax Group, to the Board. Michael Funk Chairman of the Board of Directors Richard Flury Chief Executive Officer REPORT OF THE BOARD OF DIRECTORS 5
Page 1 and 2: Annual Report 2003 The Far East get
Page 3 and 4: KEY FIGURES Kardex Remstar Group CH
Page 5 and 6: Five-year summary KEY FIGURES Karde
Page 7: Ladies and Gentlemen A glance at th
Page 11 and 12: Dynamic Storage and Retrieval Syste
Page 13 and 14: dilutes the sense of loyalty that u
Page 15 and 16: Industrial Automation and Conveyor
Page 17 and 18: early as possible, has short decisi
Page 19 and 20: Static Storage Systems Division STO
Page 21 and 22: ay shelving system. The remaining 1
Page 23 and 24: Special-Purpose Handling Systems Di
Page 25 and 26: and customized conveying systems. f
Page 27 and 28: Under intangible assets, goodwill d
Page 29 and 30: TCHF ASSETS FINANCIAL INFORMATION R
Page 31 and 32: 1: Accounting principles GENERAL IN
Page 33 and 34: RETIREMENT BENEFITS Most Group comp
Page 35 and 36: 12: Inventories 31.12.2003 31.12.20
Page 37 and 38: Maturities of long-term debt: 31.12
Page 39 and 40: 25: Currency exchange rates Average
Page 41 and 42: FINANCIAL INFORMATION REGARDING THE
Page 43 and 44: CHF ASSETS FINANCIAL INFORMATION RE
Page 45 and 46: INVESTMENTS FINANCIAL INFORMATION R
Page 47 and 48: FINANCIAL INFORMATION REGARDING KAR
Page 49 and 50: TASKS OF THE BOARD OF DIRECTORS The
Page 51 and 52: Richard Flury 1942, Swiss citizen,
Page 53 and 54: Shareholders’ participation right
Page 55 and 56: KARDEX REMSTAR COMPANIES AND DISTRI
Page 57 and 58: The Group publishes Annual Reports

Annual Report 2003 - Kardex

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?