Krones Ag · XETR:KRN
Krones — FY2021 Earnings Presentation
24 slides from Krones's earnings presentation, Feb 24, 2022
Slide 1: Krones Preliminary Figures 2021
Krones Preliminary Figures 2021 Conference Call 24 February 2022 Christoph Klenk, CEO Norbert Broger, CFO
Slide 2: Guidance for 2021 fully achieved – further strong market growth
2 ｜KRONES Conference Call February 24, 2022 Guidance for 2021 fully achieved – further strong market growth Preliminary Figures 2021 Customers’ demand remain Revenue in 2021 of Strong increase in EBITDA Based on the current very high and results in €3,634 million up by 9.4% to margin of 8.6% vs. pri
Slide 3: Krones highlights Q1 – Q4 2021
3 ｜KRONES Conference Call February 24, 2022 Krones highlights Q1 – Q4 2021 Order intake Revenue EBITDA margin Free cash flow +30.5% +9.4% 8.6% +€203 million €4.32 billion €3.6 billion (PY 4.0%) (PY €221 million)
Slide 4: Order intake and orders on hand (€ million)
4 ｜KRONES Conference Call February 24, 2022 Order intake and orders on hand (€ million) Strong growth 2021 reflects Order intake market recovery after Covid-19 Orders on hand 4,316 4,084 +30.5% ▪ Compared to 2020, +3.2% 1,124 order intake 2021 increased 1,126 3,307 significantly by 30.5%. Highest Q4
Slide 5: Revenue development by quarter (€ million)
5 ｜KRONES Conference Call February 24, 2022 Revenue development by quarter (€ million) 3,959 Revenue growth at Krones +2.7% 3,634 fully in line with expectations 1,069 3,323 +9.4% ▪ Revenue was increased in 2021 -16.1% Q4 991 by 9.4% compared to prior year 874 ▪ The Covid-19 effect of 2020 could not
Slide 6: Revenue split reflects the world-wide business activity of Krones
6 ｜KRONES Conference Call February 24, 2022 Revenue split reflects the world-wide business activity of Krones with a regain strength in industrial countries Share of sales (Q1 – Q4 2021) Eastern Europe/ Russia/Central Asia 2019 2020 2021 North and Europe 8.1% 6.5% 6.6% Central America 2019 2020 2021
Slide 7: EBITDA and EBITDA margin by quarter (€ million and %)
7 ｜KRONES Conference Call February 24, 2022 EBITDA and EBITDA margin by quarter (€ million and %) 312.6 +134.7% EBITDA margin at 8.6% EBITDA (€ million) EBITDA margin in % ▪ Significantly improved EBITDA. 100.0 Profitability impacted by 227.3 Q4 structural measures and market recovery -25.7% 63.0 ▪
Slide 8: EBT and EBT margin by quarter (€ million and %)
8 ｜KRONES Conference Call February 24, 2022 EBT and EBT margin by quarter (€ million and %) 177.3 EBT margin in 2021 at 4.9% EBT (€ million) EBT margin in % 58.9 ▪ EBT margin at 4.9%, excluding Q4 one-offs at 4.4% in 2021. Strong increase vs. prior year (1.3% excluding one-offs) reflects 42.7 struct
Slide 9: Personnel and material expenses Q1 – Q4 (€ million and %)
9 ｜KRONES Conference Call February 24, 2022 Personnel and material expenses Q1 – Q4 (€ million and %) ▪ Personnel cost ratio with 32.2% Personnel cost Q1 – Q4 (€ million) Material cost Q1 – Q4 (€ million) clearly better than last year. Positive effects from structural 1,276 measures show stronger im
Slide 10: Krones employees worldwide – capacity adjustment program successfully completed
10 ｜KRONES Conference Call February 24, 2022 Krones employees worldwide – capacity adjustment program successfully completed Total Germany RoW 17,353 16,736 16,303 10,733 10,364 9,821 6,620 6,372 6,482 31.12.2019 31.12.2020 31.12.2021
Slide 11: Working Capital Q1 – Q4 (in %)
11 ｜KRONES Conference Call February 24, 2022 Working Capital Q1 – Q4 (in %) Strong decrease in Working Working Capital of revenue Part of Working Capital in % Capital in % of sales with 24.8% (%, average over four quarters) of revenue (last 12 months) vs. prior year and 2019 28.3 Receivables 26.9 24
Slide 12: ROCE
12 ｜KRONES Conference Call February 24, 2022 ROCE ▪ After a stable development ROCE 2019 – 2021* in % of return on capital employed (ROCE) before 2019, a decreasing 9.0 development in 2019 and 2020 follows, which based on lower earnings ▪ Strong increase in earnings and a 5.8 reduction in working ca
Slide 13: Revenue and EBITDA per segment
13 ｜KRONES Conference Call February 24, 2022 Revenue and EBITDA per segment Revenue development Q1 – Q4 Segment EBITDA (€ million) and Product filling and decoration (€ million) EBITDA margin (%) Q1 – Q4 ▪ Increase in revenue on group 3,265 283.2 Product 3,045 level (+9%) filling and 2,797 218.5 ▪ P
Slide 14: Revenue and EBITDA per segment II
14 ｜KRONES Conference Call February 24, 2022 Revenue and EBITDA per segment II Process technology Revenue development Q1 – Q4 Segment EBITDA (€ million) and (€ million) EBITDA margin (%) Q1 – Q4 ▪ A small decline in revenues vs. Process 317 prior year (-6%) 297 technology ▪ Positive EBITDA margin in
Slide 15: Krones financially very strong
15 ｜KRONES Conference Call February 24, 2022 Krones financially very strong Net cash, free credit lines and high equity ratio in 2021 Liquidity reserves Q1 – Q4 2021 > €1.3 billion Equity (€ million) and equity ratio (in %) Used credit lines €5 million 1,392 1,370 Cash €383 million Total €1,366 mill
Slide 16: Free cash flow Q1 – Q4
16 ｜KRONES Conference Call February 24, 2022 Free cash flow Q1 – Q4 Free cash flow with €203 million on (€ million) 2021 2020 similar high level as prior year Earnings before taxes (EBT) 177.3 -36.6 (€ 221 million) +/– Other non-cash changes +153.7 +186.7 ▪ Operating activities with €306 million +/–
Slide 17: Cashflow and cash conversion rate
17 ｜KRONES Conference Call February 24, 2022 Cashflow and cash conversion rate Free cashflow again on a high level Free cashflow (without M&A) Cash conversion rate in € million (FCF/net income* in %) and cash conversion rate significantly 221 improving 203 ▪ Stronger internal focus on free cashflow
Slide 18: Outlook 2022
Outlook 2022
Slide 19: Krones Outlook 2022
19 ｜KRONES Conference Call February 24, 2022 Krones Outlook 2022 Global supply chain shortages and interruptions, strong inflation in many Kernaussage countries, political risks in Europe and other parts of the world as well as remaining pandemic uncertainties create a challenging business environme
Slide 20: Key take aways
20 ｜KRONES Conference Call February 24, 2022 Key take aways 1. Record order intake and order backlog – good base for 2022 and 2023 2. Revenues recovering and capacity utilization improving 3. Strong improvement in profitability, due to efficiency improvement measures and strong service business in a
Slide 21: Questions and Answers
Questions and Answers 2
Slide 22: Thank you for your attention!
Thank you for your attention!
Slide 23: Financial calendar 2022
23 ｜KRONES Conference Call February 24, 2022 Financial calendar 2022 May 6, 2022 Conference Call Group Quarterly statement for the period from 1 January to March 31, 2022 May 31, 2022 Annual General Meeting August 2, 2022 Conference Call Group Olaf Scholz Head of Investor Relations Quarterly stateme
Slide 24: Disclaimer
24 ｜KRONES Conference Call February 24, 2022 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