Krones Ag · XETR:KRN
Krones — FY2020 Earnings Presentation
19 slides from Krones's earnings presentation, Feb 25, 2021
Slide 1: Preliminary Figures 2020
Krones Financial Year 2020 Preliminary Figures 2020 Conference Call 25 February 2021
Slide 2: Krones summary 2020
Krones summary 2020 Krones’ consolidated revenue fell in 2020 as a result of the Covid-19 pandemic by 16.1% to €3.32 billion. Order intake in 2020 was also significantly affected with €3.31 billion or 19.0% below 2019 – however first positive signs of improvement in Q4. Krones’ profitability w
Slide 3: Krones highlights 2020
Krones highlights 2020 Order intake Revenue EBITDA margin Free cash flow – 19.0% – 16.1% 4.0% €221million €3.3 billion €3.3 billion (PY 5.7%) (PY € –94 million) 3 | Krones AG | Preliminary Figures 2020 | Conference Call 25 February 2021
Slide 4: Order intake by quarter and orders on hand (€ million)
Order intake by quarter and orders on hand (€ million) 4,084 +3.2% 3,957 Due to the Covid-19 pandemic, order intake decreased 19% in 2020 3,307 Q4 1,126 –19.0% ◼ Order intake in the 4th quarter 2020 was around €1 billion. Q4 1,006 Compared to the 3rd quarter, –10.7% Q3 919 order intake had a strong
Slide 5: Revenue development by quarter (€ million)
Revenue development by quarter (€ million) 3,959 3,854 +2.7% Krones reached „Covid-19 affected“ 3,323 revenue outlook in 2020 Q4 1,069 –16.1% ◼ Revenue was decreased in 2020 by 16%, which was within our 874 Q4 –18.2% outlook for 2020 (-17%) Q3 1,000 ◼ Revenue at 4th quarter was Q3 750 influenced by
Slide 6: Krones' revenue split remains well balanced, decrease in revenue caused by Covid-19
Krones’ revenue split remains well balanced, but except in Middle East/Africa, in all regions decrease in revenue caused by Covid-19 Russia/ Central Asia 2018 2019 2020 2.1% 1.9% 1.9% Europe North and 2018 2019 2020 Central America 38.8% 38.7% 35.4% China 2018 2019 2020 2018 2019 2020 13.8% 17.3% 19
Slide 7: EBITDA and EBITDA margin by quarter (€ million and %)
EBITDA and EBITDA margin by quarter (€ million and %) 305.9 In 2020 EBITDA margin without one-offs was at 6.2% 227.3 ◼ Cost savings in personnel and –25.7% material expenses compensate most 7.9 negative effects in the production Q4 63.0 133.2 capacity during the year 5.7 –41.4% Q3 47.4 ◼ Expenses fo
Slide 8: EBT and EBT margin by quarter (€ million and %)
EBT and EBT margin by quarter (€ million and %) 204.3 41.7 –79.6% In 2020 EBT margin without one-offs was at Q3 13.5 1.3% 5.3 ◼ Among expenses for capacity Q1 51.5 53.0 adjustments (around €72 million) 1.1 Q1 impairments and value adjustments –1.1 of €8 million influenced the EBT in Q2 –3.6 Q2 –21.2
Slide 9: Personnel and material expenses (€ million and %)
Personnel and material expenses (€ million and %) Personnel expenses (€ million) Material expenses (€ million) ◼ Short term measures reduce 1,276 2,032 2,042 personnel expenses as well as 1,137 1,175 further positive effects from 1,695 structural measures (- 600 or 3.5% less employees vs. 2019) ◼ Wi
Slide 10: Revenue and EBITDA per segment
Revenue and EBITDA per segment Product filling and decoration Revenue development (€ million) Segment EBITDA (€ million) and EBITDA margin (%) ◼ Decrease in revenue nearly on group level 3,265 (-14%) 3,178 +2.8% 2,797 313.5 Product filling ◼ EBITDA margin without one-offs for expenses –14.3% 9.9% an
Slide 11: Working capital and ROCE (in %)
Working capital and ROCE (in %) Working capital to revenue ROCE % (%, average over four quarters) Krones reached with an average of 28.3% 28.3 the working capital outlook (28%-29%) 27.3 26.9 for 2020 ◼ Increase in average working capital 12.8 due to the fact that the working capital adjustment was n
Slide 12: Krones employees worldwide
Krones employees worldwide 17,353 16,545 16,736 ◼ Decrease of employees worldwide by more than 600 ◼ Further programs to reduce employees in Germany initiated in 2020 with effects in 2021 ◼ Employees in emerging markets stabilized at 24% of group 10,887 10,733 10,364 workforce Employees in the emerg
Slide 13: Krones Liquidity, equity (€ million) and equity ratio (in %)
Krones Liquidity, equity (€ million) and equity ratio (in %) Liquidity reserves > €1 billion Equity (€ million) and equity ratio (in %) Used credit lines 1,433 1,370 €32 million 1,200 ◼ Liquidity reserves increased due to uncertainty in the markets Cash ◼ No government loans (KFW) €217 million ◼ Sti
Slide 14: Lower working capital caused significantly higher free cash flow
Lower working capital caused significantly higher free cash flow (€ million) 2020 2019 Earnings before taxes (EBT) –36.6 41.7 Free cash flow increased by approximately +/– Other non-cash changes +187.7 +309.4 €315 million in 2020 +/– Change in Working Capital +166.0 –202.3 ◼ Main reasons for the inc
Slide 15: Krones outlook 2021
Krones outlook 2021 Growth EBITDA margin Working capital 2.5%–3.5% 6.5%–7.5% 26%–27% (organic growth) (EBT margin 3%–4%) 15 | Krones AG | Preliminary Figures 2020 | Conference Call 25 February 2021
Slide 16: Questions and answers
Questions and answers 16 | Krones AG | Preliminary Figures 2020 | Conference Call 25 February 2021
Slide 17: Thank you for your attention!
Thank you for your attention! 17 | Krones AG | Preliminary Figures 2020 | Conference Call 25 February 2021
Slide 18: Financial calendar 2021
Financial calendar 2021 25 March 2021 Annual Report 2020 7 May 2021 Conference Call Group Quarterly statement for the period from 1January to 31March 2021 17 May 2021 Annual General Meeting Olaf Scholz 3 August 2021 Conference Call Group Head of Investor Relations Interim report for the period Krone
Slide 19: 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