Krones Ag · XETR:KRN
Krones — Q1 2021 Earnings Presentation
23 slides from Krones's earnings presentation, May 7, 2021
Slide 1: Krones Q1 2021 Conference Call
Krones Conference Call Q1 2021 Krones Q1 2021 Conference Call 07 May 2021 Christoph Klenk, CEO Norbert Broger, CFO
Slide 2: Good start in 2021
Good start in 2021 ▪ Upward trend in order intake continues. Order value increased in first three months by 27.1% to €1,068.8 million. ▪ First quarter revenue of €874.6 million down 7.2% to prior-year figure, which was not yet severely affected by Corona. ▪ Despite lower revenue from January to Marc
Slide 3: Krones highlights Q1 2021
Krones highlights Q1 2021 Order intake Revenue EBITDA margin Free cash flow + 27.1% – 7.2% 8.7% €30million €1.1 billion €875 million (PY 9.5%) (PY € –16 million) 3 | Krones AG | Conference Call 07 May 2021
Slide 4: Q1 Order intake and orders on hand
Q1 Order intake and orders on hand (€ million) 4,084 +3.2% Following a strong 4th quarter 2020, the upward trend in orders continued in 1st 3,307 Q4 1,126 –19.0% quarter 2021 ◼ Order intake in the 1st quarter 2021 1,006 was €1,069 million. Compared to Q4 –10.7% Q3 919 the 1st quarter 2020, order int
Slide 5: Revenue development by quarter
Revenue development by quarter (€ million) 3,959 +2.7% Krones business further stabilised in the 1st 3,323 quarter of 2021 Q4 1,069 –16.1% ◼ Revenue was decreased by 7.2% in Q1 2021, but was on same level 874 Q4 –18.2% as in the 4th quarter of 2020 Q3 1,000 ◼ Revenue in the 1st quarter was Q3 750 in
Slide 6: Q1 revenue split by region
Krones’ Q1 revenue split remains well balanced, but different regional developments occured Russia/ Central Asia 2019 2020 2021 1.6% 2.8% 2.7% Europe North and 2019 2020 2021 Central America 44.9% 39.8% 38.1% China 2019 2020 2021 2019 2020 2021 11.8% 16.8% 20.6% 9.3% 4.9% 6.0% Middle East/ Africa 20
Slide 7: EBITDA and EBITDA margin by quarter
EBITDA and EBITDA margin by quarter (€ million and %) 227.3 –25.7% In Q1 2021 EBITDA margin was at 8.7% ◼ Profitability was positively impacted Q4 63.0 133.2 by structural measures. Compared –41.4% with EBITDA margin for FY 2020 Q3 47.4 (6.2% w/o one-offs) margin increased Q3 28.8 9.5 ◼ Nevertheless
Slide 8: EBT and EBT margin by quarter
EBT and EBT margin by quarter (€ million and %) 41.7 –79.6% 5.6 Q3 13.5 In Q1 2021 EBT margin was at 5.1% Q1 5.2 53.0 ◼ Strong increase in Q1 2021 compared 51.5 Q1 5.1 44.6 with 2020 margin (1.3% w/o one-offs). Q1 –3.6 ◼ But a little lower than Q1 2020 (5.6%) Q2 Q4 Q2 –21.2 due to lower sales volume
Slide 9: Personnel and material expenses Q1
Personnel and material expenses Q1 (€ million and %) Personnel expenses Q1 (€ million) Material expenses Q1 (€ million) ◼ Personnel cost ratio was nearly 323 322 492 stable at 33.9% in 1st quarter 2021. 303 439 Decrease from €322 million to 431 €303 million includes first P+L effects from structural
Slide 10: Revenue and EBITDA per segment in Q1
Revenue and EBITDA per segment in Q1 Revenue development Q1 (€ million) Segment EBITDA (€ million) Product filling and decoration and EBITDA margin (%) in Q1 ◼ Decrease in revenue higher than on group 834 816 731 level (-11%) Product filling +8% – 2% and decoration -11% 93.5 97.0 ◼ First effects fro
Slide 11: Working capital Q1
Working capital Q1 (in %) Working capital in % of revenue (Q1) Part of working capital in % of revenue (last 12 months) (%, average over four quarters) Receivables 41.6 37.9 28.7 37.0 Working Capital in % of revenues 26.4 27.1 (average) with 28.7% higher than prior Payables 11.5 year 11.6 9.7 ◼ Incr
Slide 12: Krones employees worldwide
Krones employees worldwide 17,353 16,736 16,450 ◼ Reduction of employees worldwide 10,733 by more than 600 in 2020 10,364 10,126 ◼ Further reduction in Q1 2021 by 286 employees 6,620 6,372 6,324 ◼ Further programs to reduce employees in Germany initiated in 2020 with effects in 2021 ◼ No workforce r
Slide 13: Liquidity, equity and equity ratio
Krones Liquidity, equity (€ million) and equity ratio (in %) Liquidity reserves Q1 2021 > €1.2 billion Equity (€ million) and equity ratio (in %) Used credit lines 1,370 €81 million 1,200 1,237 ◼ Liquidity reserves of more than €1.2 billion are sufficient for Cash uncertainties in the market and als
Slide 14: Free cash flow Q1
Free cash flow Q1 Q1 (€ million) 2021 2020 Earnings before taxes (EBT) 44.6 53.0 Free cash flow €46 million higher compared +/– Other non-cash changes +127.4 +66.9 to Q1 2020 +/– Change in Working Capital –65.0 –27.3 Main reasons for positive development: +/– Other assets and liabilities –59.5 –76.4
Slide 15: Krones outlook 2021 unchanged
Krones outlook 2021 unchanged Revenue Growth EBITDA margin Working capital 2.5%–3.5% 6.5%–7.5% 26%–27% (organic growth) (EBT margin 3%–4%) 15 | Krones AG | Conference Call 07 May 2021
Slide 16: Our goals for sustainable development through 2030
Our goals for the company’s sustainable development through 2030 Ethics Employees Market Environment Society ▪ Pursue a zero-tolerance ▪ Motivate our employees to ▪ Bring our products’ energy ▪ Reduce our corporate ▪ Give 0.01% to 0.02% of our policy with respect to do their best work by offe- & med
Slide 17: Reduction of our environmental footprint
Reduction of our environmental Footprint Scope 1 & 2 → Improving our Operations Scope 3 → Improving our Products ▪ Roll-out of e-mobility fleet & reduction of business travel ▪ Achieve best possible energy efficiency ▪ Investment in energy efficient factories & office spaces ▪ Minimize water & media
Slide 18: Krones' commitment to Sustainable Packaging
Krones’ commitment to Sustainable Packaging rPET Compatibility As world leader in beverage packaging solutions, Krones embraces sustainable packaging Beyond PET Plastic-free Packaging Secondary Packaging We enable our customers to Recycle, Reduce, Reuse & Rethink Packaging Recycling Solutions Recycl
Slide 19: Our network
Our network We are part of Ratings Performance Score Stakeholder We believe that we are stronger when we work together. The Krones Group has KRONES Industry been a member of the UN Global Compact since 2012. We collaborate with companies within our industry Key under a diverse range of sustainabilit
Slide 20: Questions and answers
Questions and answers 20 | Krones AG | Conference Call 07 May 2021
Slide 21: Thank you for your attention!
Thank you for your attention! 21 | Krones AG | Conference Call 07 May 2021
Slide 22: Financial calendar 2021
Financial calendar 2021 17 May 2021 Annual General Meeting 3 August 2021 Conference Call Group Interim report for the period from 1 January to 30 June 2021 Olaf Scholz 5 November 2021 Conference Call Group Head of Investor Relations, Treasury and M&A Quarterly statement for the period Krones AG Böhm
Slide 23: 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