03.08.2021 Krones AG  DE0006335003

DGAP-News: Krones AG: Krones generates high order intake in first half of 2021 and improves profitability


DGAP-News: Krones AG / Key word(s): Half Year Results
Krones AG: Krones generates high order intake in first half of 2021 and improves profitability

03.08.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

3 August 2021

Krones generates high order intake in first half of 2021 and improves profitability

Krones, the leading manufacturer of filling and packaging technology, today published its report for the first half of 2021. Following a successful start to the 2021 financial year, business continued to develop dynamically between April and June. Overall, Krones' markets have so far recovered faster than expected from the pandemic-related downturn.

Strong demand for Krones products and services

Order intake increased by 58.3% relative to the second quarter of 2020, to €975.5 million in the second quarter of 2021. In the first six months of 2021, the contract value of orders went up by 40.3% year on year to €2,044.3 million. The order intake in the first half of 2021 was higher than the prior year in all of Krones' sales regions. As of 30 June 2021, the company had an order backlog totalling €1,535.5 million. This marks a significant increase in the order backlog compared both with the beginning of 2021 (up 26.8%) and with a year earlier (up 35.5%).

It should be noted with regard to the revenue performance that revenue in the first quarter of 2020 was hardly affected by Covid-19. Revenue in the first half of 2021 consequently showed only a slight year-on-year increase of 1.3% to €1,720.1 million. In the second quarter of 2021, on the other hand, revenue showed strong year-on-year growth to some €845.5 million, marking a rise of around 11.7% on the prior-year quarter.

Krones significantly improves profitability and free cash flow

Despite rising costs, notably of materials and freight, Krones' profitability improved significantly in the period January to June 2021. This was due most of all to structural measures that the company has launched and already implemented. Earnings before interest, taxes, depreciation and amortisation went up 16.2% year on year in the first half of 2021, from €118.5 million to €137.7 million. The EBITDA margin increased to 8.0% (previous year: 7.0%). EBITDA includes a Covid-19 bonus for employees totalling around €5 million paid out by Krones in the second quarter. Nevertheless, EBITDA in the second quarter of 2021, at €61.2 million, was more than twice as high as in the previous year (EUR 29.0 million).

Krones' earnings before taxes (EBT) increased significantly year on year in the first half of 2021, from €31.8 million to €75.7 million. It should be noted in this connection that EBT in the previous year was affected by €13.6 million in goodwill impairments. In total, Krones generated consolidated net income of €56.9 million from January to June 2021 (previous year: €21.5 million). Earnings per share consequently went up from €0.68 in the previous year to €1.80.

Krones significantly improved free cash flow in the first six months of 2021 by €100.2 million to €35.4 million (previous year: €-64.8 million). The company thus consolidated its strong finances. Net cash and cash equivalents, meaning cash and cash equivalents less bank debt, increased to €203.7 million at the end of June 2021 (previous year: €-77.9 million). In addition, Krones had around €1.05 billion in unused lines of credit as of 30 June 2021. Average working capital over the past four quarters increased slightly as a percentage of revenue to 28.1% in the first six months of 2021 (previous year: 27.6%).

Krones remains optimistic for 2021 and has raised its guidance

For the second half of 2021, the company expects demand to stay strong and production capacity utilisation to remain stable. Based on the good figures for the first half year and the positive outlook for the third and fourth quarters of 2021, Krones already raised its full-year guidance for 2021 on publication of the preliminary half-year results on 23 July. For the Krones Group, the Executive Board expects full-year revenue growth of 7% to 9% in 2021 (previously 2.5% to 3.5%). Krones anticipates an EBITDA margin of 7% to 8% (previously 6.5% to 7.5%). For the third performance target, working capital to revenue, the guidance remains unchanged at 26% to 27%.

The guidance for 2021 is subject to the assumption that there will be no severe impacts from the Covid-19 pandemic, problems in supply chains or other general economic impacts.

Krones has published the complete Interim Report for the first half of 2021 online at https://www.krones.com/media/downloads/Q2_2021_e.pdf

Olaf Scholz
Head of Investor Relations, Krones AG
Tel.: +49 9401 70-1169
E-Mail: [email protected]

03.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: Krones AG
Böhmerwaldstraße 5
93073 Neutraubling
Phone: +49 (0)9401 701169
Fax: +49 (0)9401 709 1 1169
E-mail: [email protected]
Internet: www.krones.com
ISIN: DE0006335003
WKN: 633500
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange
EQS News ID: 1223483

End of News DGAP News Service

1223483  03.08.2021 


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023
Umsatzerlöse1 3.691,36 3.853,98 3.958,88 3.322,74 3.634,46 4.209,34 4.720,68
EBITDA1,2 340,19 305,89 227,26 133,22 312,64 373,31 457,31
EBITDA-Marge3 9,22 7,94 5,74 4,01 8,60 8,87
EBIT1,4 245,47 203,15 43,95 -40,81 170,90 230,41 290,99
EBIT-Marge5 6,65 5,27 1,11 -1,23 4,70 5,47 6,16
Jahresüberschuss1 187,13 150,60 9,24 -79,71 141,39 187,08 224,55
Netto-Marge6 5,07 3,91 0,23 -2,40 3,89 4,44 4,76
Cashflow1,7 -5,86 315,05 93,53 321,77 335,86 478,70 137,62
Ergebnis je Aktie8 5,97 4,78 0,30 -2,52 4,47 5,92 7,11
Dividende8 1,70 1,70 0,75 0,06 1,40 1,75 1,55
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

WKN Kurs in € Einschätzung Börsenwert in Mio. €
633500 125,400 Kaufen 3.961,77
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,48 17,58 0,77 27,71
2,41 28,79 0,84 8,08
Dividende '22 in € Dividende '23 in € Div.-Rendite '23
in %
1,75 2,20 1,75 04.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
05.05.2024 31.07.2024 05.11.2024 22.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,77% 9,46% 12,16% 13,38%
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Krones AG  ISIN: DE0006335003 können Sie bei EQS abrufen

Maschinen-/Anlagenbau , 633500 , KRN , XETR:KRN