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Dormakaba: significant declines in second half year

08.01.2021 − 

Dormakaba Holding recorded a 14.3% decline in organic turnover during the second half of its 2019/2020 financial year (end of June). According to the company, the decline is attributable to the corona crisis, which caused a slump in business activity from February onwards. During the first half year, organic turnover had still been 0.8% above the preceding year’s figure.

Over the twelve-month period however, Dormakaba generated net turnover of CHF2.540bn, falling 9.9% short of the preceding year’s figure. In organic terms, a decrease of 6.9% was recorded. The EBITDA fell by 27.5% to CHF325.0m, and the EBITDA margin decreased to 12.8% compared to the previous year. Declines in the double-digit percentage range were also recorded with regard to the EBIT, at CHF253.2m; pre-tax profit, at CHF211.2m; and group profit, at CHF164.1m. In addition to turnover declines, one-off costs also contributed to the drop in earnings. These costs resulted partially from the restructuring programme initiated in spring to cope with the corona crisis. In this connection, the company intends to cut 1,300 full-time jobs, 900 of which had already been axed by the end of June. This has primarily impacted production locations in Asia and America.

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