1. Media and Analyst Conference
13 March 2014

2. Introduction F. Thöni, Executive Director
Agenda
Introduction F. Thöni, Executive Director
Financials 2013 T. Reist, Head Finance & Controlling
Division Report Kardex Remstar J. Fankhänel, Head Kardex Remstar
Division Report Kardex Mlog H.-J. Heitzer, Head Kardex Mlog
Outlook F. Thöni, Executive Director
Questions and Answers

3. Introduction
Felix Thöni, Executive Director

4. Highlights and Key Achievements FY 2013
Introduction
Highlights and Key Achievements FY 2013
Kardex Group achieved solid operating result from continued operations:
EBIT EUR 24.2 million (EBIT-Margin 8.0%), EUR million (+ 30.8%)
Kardex Remstar increased profitability through efficiency improvements
Kardex Mlog achieved turnaround and settled former problem projects
ROCE (continued operations) reaches 29%
Profitable divestment of Kardex Stow
Repositioning of the Kardex Group concluded
Board of Directors proposes ordinary dividend of CHF 1.25 (2012: CHF 1.20) and extra-dividend of CHF 1.40 (gain on divestment Kardex Stow)

5. Kardex Group Key Figures FY 2013
Introduction
Kardex Group Key Figures FY 2013
EUR million
2013
in %
2012
+/- in %
Bookings
410.7
102.9%
489.7
101.1%
-16.1%
Order backlog (31.12.)
105.2
26.3%
154.9
32.0%
-32.1%
Net revenues
399.3
100.0%
484.4
-17.6%
Gross profit
113.7
28.5%
118.4
24.4%
-4.0%
EBIT continued operations
24.2
8.0%
18.5
6.0%
+30.8%
EBIT Stow Division (2013: Jan. – July)
4.8
9.0
EBIT gain on divestment Stow
8.8
EBIT
37.8
9.5%
27.6
5.7%
+37.0%
Result for the period
31.5
7.9%
21.4
4.4%
+47.2%
Earnings per share (EUR)
4.08
2.77
+47.3%
Free cash flow
93.9
28.4
+230.6%
ROCE (continued operations)
28.7%
21.2%
+35.4%

6. Kardex Group Key Figures
Introduction
Kardex Group Key Figures
* without gain of sale of the Kardex Stow Division

7. Kardex Stow Divestment – Result of Transaction
Introduction
Kardex Stow Divestment – Result of Transaction
EUR million
Enterprise value
73.0
Goodwill
-23.1
Equity Stow Division
-35.6
Net debt, transaction cost, taxes, etc.
-5.5
Gain on divestment
8.8

8. Kardex Stow Divestment – Use of Proceeds (Holding)
Introduction
Kardex Stow Divestment – Use of Proceeds (Holding)
EUR million
Cash inflow
76.9
Repayment of bank debts
-10.0
Extraordinary dividend per share of CHF repayment of capital increase 2011
-25.2
Extraordinary dividend per share CHF payment of divestment gain to the shareholders
-8.8
Remaining cash inflow
32.9
Total cash return to the shareholders 2013/14: CHF 60.7 million
(including ordinary dividends from operational results)

9. Strategic Re-alignment Completed
Introduction
Strategic Re-alignment Completed
REMSTAR
2011
STOW
MLOG
REMSTAR
2014
MLOG

10. Financials 2013
Thomas Reist, Head Finance & Controlling

11. Kardex Group – Continued Operation (P&L)
Financials 2013
Kardex Group – Continued Operation (P&L)
EUR million
2013
2012
+/-
+/- in %
Bookings
302.0
305.9
-3.9
-1.3%
Net revenues
302.1
307.9
-5.8
-1.9%
COGS
-206.0
-220.0
+14.0
+6.4%
Gross profit
96.1
87.9
+8.2
+9.3%
Gross profit margin
31.8%
28.5%
+11.6%
OPEX
-71.9
-69.4
-2.5
-3.6%
EBIT
24.2
18.5
+5.7
+30.8%
EBIT margin
8.0%
6.0%
+33.3%
EBITDA
30.4
25.0
+5.4
+21.6%

12. Kardex Group – Balance sheet
Financials 2013
Kardex Group – Balance sheet
EUR million
2013
2012
+/-
+/- in %
Balance sheet total
191.3
235.8
-44.5
-18.9%
Non-current assets
34.6
63.5
-28.9
-45.5%
Net working capital (NWC)
54.4
72.1
-17.7
-24.5%
NWC in % of net revenue
13.6%
14.9%
-8.7%
Interest-bearing debt
-2.1
-19.5
+17.4
+89.2%
Net cash
77.0
12.4
+64.6
+521.0%
Equity
106.9
85.4
+21.5
+25.2%
Equity ratio
55.9%
36.2%
+54.4%

13. Division Report Kardex Remstar
Jens Fankhänel, Head of Division

14. Financial Highlights 2013 Division Report Kardex Remstar
EUR million
2013
2012
+/-
Bookings
241.4
233.7
+7.7
Order backlog
75.1
69.4
+5.7
Net revenues
235.4
236.7
-1.3
EBIT
24.0
23.1
+0.9
EBIT in %
10.2%
9.8%
+4.0%
EBITDA
29.4
28.9
+0.5
EBITDA in %
12.5%
12.2%
+2.6%
Employees (FTE)
1198
1168
+30
Positive development from continued, 2nd half of 2013 stronger in terms of net revenues and EBIT than in the 1st half
Further efficiency gains in the productions leading to higher gross profit margins
EBIT better than 2012 despite slightly lower net revenues
Growth in service business (from 27.9% to 28.6% of total net revenues) with a high contribution to EBIT
All Financial KPIs in upper strategic range:
EBIT margin: 10.2%
ROCE: 24.5%

15. Division Report Kardex Remstar
Major Achievements 2013
Main target for 2013 was to stabilize business model and to deliver the same or better results than 2012 – target has been achieved
New Asia/Pacific management and organization established – provides basis for business expansion in this region
Centralized European spare parts center fully operational – basis for better and faster service to our customers
Investment into sales organization and staff – solid foundation for growth in 2014 and the following years
Production/Supply chain – further efficiency increases and extended strategic sourcing
Successful launch of new products SHUTTLE XP1000 and MEGAMAT RS180
Increased order backlog supports profitable growth ambitions in 2014

16. Division Report Kardex Remstar
New Product SHUTTLE XP1000
Industrial vertical lift with extended features, 1’000 kg load capacity on up to 4m wide trays (total of 60 to 80 tons) – providing a good base for new industrial applications and campaigns

17. Division Report Kardex Remstar
New Product MEGAMAT RS180
Industrial vertical carousel based on standard MEGAMAT RS design
Designed for lower load capacities and better manufacturing cost
Extended features and better market price position providing a good base for new industrial applications
Entry model for new market segments (e.g. hospitals)

18. Main Strategic Projects 2014/2015
Division Report Kardex Remstar
Main Strategic Projects 2014/2015
Transfer strategic investments (organization and people) from 2013 into profitable growth
Sales push specifically in North America, Asia/Pacific, Middle East and Africa to defend and extend market position
Push additional sales channels through extended OEM efforts
Strengthen R&D-initiatives/R&D-projects with the aim to extend application, product and software offering, as well as to further reduce cost base through redesigns
Implement people development further and enhance company attractiveness

19. Division Report Kardex Mlog
Hans-Jürgen Heitzer, Head of Division

20. Division Report Kardex Mlog
Financial Highlights 2013
EUR million
2013
2012
+/-
Bookings
60.6
72.2
-11.6
Order backlog
30.3
37.0
-6.7
Net revenues
67.0
71.3
-4.3
EBIT
1.2
-3.0
+4.2
EBIT in %
1.8%
-4.2%
EBITDA
1.8
-2.4
EBITDA in %
2.7%
-3.4%
Employees (FTE)
242
255
-13
First positive result since part of Kardex family
ROCE of 16% achieved
Bookings and order backlog on a low level due to stringent risk assessment (3 projects refused)
Standardization allows further staff reduction by 5% (EUR 0.5 million restructuring costs incl. in EBIT)

21. Major Achievements 2013 Turn around achieved
Division Report Kardex Mlog
Major Achievements 2013
Turn around achieved
Risk review process in place and effective
New management team on board and effective
All risk projects from previous years settled (1 project to be completed until May 2014 on limited risk)
3 new products developed and launched on 2014 Logimat
MMove
MSpacer
MVisu

22. Division Report Kardex Mlog
MMove

23. Division Report Kardex Mlog
MSpacer

24. Division Report Kardex Mlog
MVisu

25. Major Strategic Projects 2014/15
Division Report Kardex Mlog
Major Strategic Projects 2014/15
Confirmation of turn around
Stabilize new sales mix by pushing partner-, service- and refurbishment- business
Integrated systems business on higher margins with MSpacer
Market entrance and additional features of MMove
Market entrance of MVisu and development of automated code generator
Phase 2 on restructuring: further optimization of staff structure

26. Outlook
Felix Thöni, Executive Director

27. Strategic Direction: Net Sales Mix 2012 -> 2016E
Outlook
Strategic Direction: Net Sales Mix > 2016E
Kardex Remstar
Kardex Mlog
2012
2016E

28. 2012 defined financial targets 2014 slightly adapted
Outlook
2012 defined financial targets 2014 slightly adapted
Net Sales Growth
EBIT Margin
ROCE
Kardex Remstar
7% - 11%
Kardex Mlog
4% - 6%
Group
3% - 5% p.a.
> 6%
> 17%
Equity Ratio
Dividend Policy (pay out ratio)
Net Debt/EBITDA
> 35%
Up to 35% of operational net profit
< 2.5x

29. Kardex is ready for profitable growth …
Outlook
Kardex is ready for profitable growth …
The Kardex Group has the full operational flexibility based on financial independence:
solid free cash flow
strong balance sheet
no interest-bearing debt
no capitalized goodwill
strong cash position
Kardex Remstar has invested in the organization and sales force to exploit its potential for profitable growth
Kardex Mlog aims to prove the sustainability of the achieved turnaround in 2014
Market sentiment improved from last year
Despite the limited visibility of the business, Kardex expects a further positive development in 2014

30. Questions and Answers

31. Media and Analysts Conference Kardex Group March 2014
Disclaimer
This communication contains statements that constitute “forward-looking statements”. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kardex’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Kardex’s past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex Group companies’ websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kardex disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.