Krones Ag · XETR:KRN
Krones — FY2022 Earnings Presentation
27 slides from Krones's earnings presentation, Feb 23, 2023
Slide 1: Krones Preliminary Figures 2022
Krones Preliminary Figures 2022 Conference Call Februar 23, 2023 Christoph Klenk, CEO Uta Anders, CFO
Slide 2: Krones with all key figures of 2022 on the upper part or above the target range
Krones with all key figures of 2022 on the upper part or above the target range; profitable growth in 2023 leads to a further increase in EBITDA After three very strong Revenue growth in 2022 by In Q4 first impacts of price Despite various global quarters in 2022 with approx. 15.8% to €4.2 billion a
Slide 3: Krones highlights
Krones highlights +34.0% +15.8% 8.9% +€371 million Order intake Revenue EBITDA margin Free cash flow €5.78 billion €4,209 million (PY 8.6%) (PY +€203 million) 3 Krones Conference Call Februar 23, 2023
Slide 4: Order intake and orders on hand (€ million)
Order intake and orders on hand (€ million) Market demand still very high. Order Order intake intake and orders on hand on all time Orders on hand 5,783 high +34.0% − In 2022 the order intake was 34% above 1,183 the strong prior year. With €5.8 billion the highest order intake reflects the 4,316 act
Slide 5: Revenue split by region
Revenue split reflects a stabilization in all regions on a high level and a strong performance mainly in the industrial countries Eastern Europe/ Russia/Central Asia Share of sales (Q1 – Q4) 2020 2021 2022 North and Europe 6.5% 6.6% 5.6% Central America 2020 2021 2022 2020 2021 2022 30.8% 31.2% 33.2
Slide 6: Revenue development by quarter (€ million)
Revenue development by quarter (€ million) 4,209 Strong sales growth in 2022 (+15.8%) above the target for full year 10–12% +15.8% − Revenue in 2022 first time above €4 billion 3,634 1,165 and was increased by 15.8% compared to 3,323 +9.4% prior year -16.1% 991 − In Q4 revenue increased by 17.6% vs.
Slide 7: EBITDA and EBITDA margin strongly improved
EBITDA and EBITDA margin strongly improved (€ million and %) 373.3 EBITDA at €373 million and +19.4% EBITDA margin at 8.9% − As a result of performance 312.6 103.2 optimizations EBITDA margin with +134.7% 8.9% above the margin of 2021 100.0 (8.1%; without on-offs). Q4 − EBITDA margin for 2022 as exp
Slide 8: EBT and EBT margin by quarter
EBT and EBT margin by quarter (€ million and %) EBT at €242 million and 242.1 EBT margin increased to 5.8% 58.9 +36.5% − EBT also increased with 36.5% in 65.5 2022 and with a margin of 5.8% far above prior year (2021: 4.4% without 177.3 one-offs) 58.9 63.4 − EBT margin during the complete year Q4 on
Slide 9: Personnel and material expenses Q1 – Q4
Personnel and material expenses Q1 – Q4 (€ million and %) − Personnel cost ratio with 29.8% clearly Personnel cost Q1 – Q4 Material cost Q1 – Q4 better than last year (32.2%) and further (€ million) (€ million) decreased vs. 1st HY 2022 (30.6%). 2,114 Positive effects from the fully implemented stru
Slide 10: Krones employees worldwide
Krones employees worldwide – slight growth in Germany (mainly at KAG) in 2022 after prior years capacity adjustment programs and a further growth in the rest of the world Total Germany RoW Therof KAG 16,736 17,164 16,303 10,364 9,821 10,130 9,314 6,482 7,034 6,372 8,608 8,375 31.12.2020 31.12.2021 3
Slide 11: Revenue and EBITDA per segment: Filling and Packaging Technology
Revenue and EBITDA per segment Filling and Packaging Technology Revenue development Q1 – Q4 Segment EBITDA (€ million) and (€ million) EBITDA margin (%) Q1 – Q4 − Increase in revenue are nearly at group level (+15%) and also above the target 3,497 for 2022 (8% to 10%). Revenue growth is driven prima
Slide 12: Revenue and EBITDA per segment: Process Technology
Revenue and EBITDA per segment Process Technology Revenue development Q1 – Q4 Segment EBITDA (€ million) and (€ million) EBITDA margin (%) Q1 – Q4 − Revenues increased vs. prior year by 24% and was fully inline with the 367 guidance revenue growth in 2022 (20% to 25%) 317 297 +20.4 − EBITDA margin w
Slide 13: Revenue and EBITDA per segment: Intralogistics
Revenue and EBITDA per segment Intralogistics Revenue development Q1 – Q4 Segment EBITDA (€ million) and (€ million) EBITDA margin (%) Q1 – Q4 − After a strong recovery in revenue in 2021 (+40%) based on high negative influences in 2020 by Covid-19, the 345 20.2 revenue growth in 2022 has realized o
Slide 14: Krones financially very strong; resilient capital position
Krones financially very strong; resilient capital position of Krones to withstand volatile world economy developments − Strong cash position of Liquidity reserves Q1 – Q4 2022 ~ €1.6bn Equity (€ million) and equity ratio (in %) €675million and also free credit lines of approx. 1,598 €900 million ref
Slide 15: Working Capital Q1 – Q4 (in %)
Working Capital Q1 – Q4 (in %) Strong decrease in Working Capital Working Capital of revenue Q1 – Q4 Part of Working Capital in % with 19.0% vs. 24.8% prior year (%, average over four quarters) of revenue (last 12 months) − Beside higher business activities (sales 28.3 +15.8%), receivables nearly st
Slide 16: ROCE
ROCE − ROCE, as the new third target figure, is ROCE Q1 – Q4 2020 – 2022* in % with 14.1% better than expectations for FY 2022 (10% to 12%) − The positive development of the last 14.1 years mainly based on higher earnings but also on better working capital, whereas the fixed assets are nearly stable
Slide 17: Free cash flow Q1 – Q4
Free cash flow Q1 – Q4 Strong improvements in cashflows (€ million) 2022 2021 − Operating activities with €508 million in Earnings before taxes (EBT) 242.1 177.3 2022 (vs. €306 million prior year) were influenced by stronger EBT but also by +/– Other non-cash changes +189.8 +153.7 higher non-cash ch
Slide 18: Free cash flow
Free cash flow Free cash flow and cash conversion Free cash flow (without M&A) in € million rate significantly improving − Beside further positive effects in working capital the Free cash flow 398 increased by 83% to €371 million also as a result of high prepayments. − Still high discipline in inves
Slide 19: Outlook 2023
Outlook 2023 19 Krones Conference Call Februar 23, 2023
Slide 20: Krones Outlook 2023 – a strong confirmation in challenging times
Krones Outlook 2023 – a strong confirmation in challenging times Kernaussage 8% – 11% 9% – 10% 15% – 17% Revenue growth EBITDA margin ROCE Key assumptions: 1. No further escalation of Russia-Ukraine conflict 2. No major Covid-19 shutdowns in important markets of Krones Global supply chain shortages
Slide 21: Krones Outlook 2023 – Segment targets
Krones Outlook 2023 – Segment targets Filling and Packaging Process Intralogistics Technology Technology Revenue growth 7% – 9% 15% – 20% 10% – 15% EBITDA margin 9% – 11% 6% – 7% 6% – 7% 21 Krones Conference Call Februar 23, 2023
Slide 22: Key take aways
Key take aways 1. Record order intake and order backlog – excellent base for 2023 and 2024 and relevant price increases are imposed 2. All targets for 2022 are fulfilled or exceeded 3. Strong improvement in profitability, due to efficiency improvement measures and strong service business in all regi
Slide 23: Questions and Answers
Questions and Answers 23 Krones Conference Call Februar 23, 2023
Slide 24: Thank you for your attention!
Thank you for your attention! 24 Krones Conference Call Februar 23, 2023
Slide 25: Financial calendar 2023
Financial calendar 2023 May 5, 2023 Conference Call Group Quarterly statement for the period from 1 January to March 31, 2023 August 1, 2023 Conference Call Group Quarterly statement for the period from 1 January to June 30, 2023 Olaf Scholz Head of Investor Relations November 3, 2023 Conference Cal
Slide 26: Disclaimer
Disclaimer This investor presentation contains forward-looking statements that are based on current estimates, forecasts and assumptions made by Krones AG management to the best of its knowledge and other information currently available to Krones AG. The forward-looking statements of this presentati
Slide 27: Solutions Beyond Tomorrow
SOLUTIONS BEYOND TOMORROW