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KRONES AG — Earnings Release 2015
Apr 30, 2015
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Earnings Release
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Corporate | 30 April 2015 09:30
Krones AG: 2015 is off to a good start – Krones continues profitable growth trend
Krones AG / Key word(s): Quarter Results
2015-04-30 / 09:30
Corporate news release
30 April 2015
2015 is off to a good start – Krones continues profitable growth trend
– Revenue rose 5.1% to EUR738.9 million in the first quarter.
– New orders at Krones were up 6.5% to EUR787.0 million.
– Profitability improved further. EBT margin widened from 6.1% to 6.8%.
– KRONES is expecting 4% revenue growth and an EBT margin of 6.8% for 2015.
Krones, the world’s leading manufacturer of beverage filling and packaging technology, has got the financial year 2015 off to a good start. In the period from January to March, revenue rose 5.1% year-on-year to EUR738.9 million. At EUR787.0 million, new orders exceeded the already-high year-earlier figure of EUR738.8 million by 6.5%. Demand was brisk across much of Krones’ range of products and services. At EUR1,127.2 million, orders on hand at 31 March 2015 were up 4.5% over the end of 2014.
Krones also further increased its profitability in the first quarter of 2015, generating a very good margin for the period. Key here were the measures taken under the Value strategy programme, with which the company is progressively increasing efficiency. As expected, prices yielded no positive effects. Krones improved earnings before taxes (EBT) by 16.5% to EUR50.2 million. The EBT margin, the ratio of earnings before taxes to revenue, advanced from 6.1% to 6.8%.
In the company’s core segment, revenue was up 12.8% and the EBT margin widened from 7.2% to 7.4%. The segment for the low output range accomplished the turnaround and generated an EBT margin of 4.4%. In process technology, the first-quarter EBT margin was down slightly, from 1.7% to 1.6%, on lower revenue as a result of invoice timing.
Consolidated net income climbed 17.1% in the first quarter of 2015 to EUR35.0 million. That corresponds to earnings per share of EUR1.11 (previous year: EUR0.95). Krones improved its return on capital employed (ROCE) – the ratio of EBIT to average net tied-up capital – to 16.5% in the reporting period (previous year: 15.4%).
Outlook – Forecast for 2015 affirmed
Based on the current macroeconomic prospects and developments on the markets relevant to Krones, the company expects consolidated revenue to grow by 4% in 2015. Krones expects only little support from price levels.
The company’s profitability is set to improve yet again this year. Krones expects the EBT margin to rise to 6.8% in 2015. That puts Krones very close to the medium-term target of 7%, which the company had set itself when launching its Value programme. The company is aiming to increase its third strategy target, ROCE, to 17% this year.
Krones published the complete Interim Report for the first quarter of 2015 online today at http://www.krones.com/en/investor_relations/reports.php.
Key figures Q1 2015
| 1 Jan – 31 Mar 2015 |
1 Jan – 31 Mar 2014 |
Change | ||
| Revenue | EUR million | 738,9 | 703.0 | +5.1% |
| New orders | EUR million | 787,0 | 738.8 | +6.5% |
| Orders on hand at 31 March | EUR million | 1,127.2 | 1,028.2 | +9.6% |
| EBITDA | EUR million | 70.5 | 63.1 | +11.7% |
| EBIT | EUR million | 49.2 | 42.2 | +16.6% |
| EBT | EUR million | 50.2 | 43.1 | +16.6% |
| Net income | EUR million | 35.0 | 29.9 | +17.1% |
| Earnings per share | EUR | 1.11 | 0.95 | +16.8% |
| Capital expenditure for PP&E and intangible assets |
EUR million | 15.8 | 12.4 | + EUR3.4m |
| Free Cashflow | EUR million | -56.2 | - 40.2 | – EUR16.0m |
| Net cash and cash equivalents | EUR million | 280.2 | 199.8 | + EUR80.4m |
| ROCE (liabilities side) | % | 16.5 | 15.4 | – |
| ROCE (assets side) | % | 14.7 | 13.3 | – |
| Employees at 31 March | ||||
| Worldwide | 12,756 | 12,353 | +403 | |
| Germany | 9,414 | 9,100 | +314 | |
| Outside Germany | 3,342 | 3,253 | +89 |
Ansprechpartner:
Olaf Scholz
Senior Vice President of Investor Relations Krones AG
Phone: +49 9401 70-1169
E-mail: [email protected]
2015-04-30 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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| Language: | English |
| Company: | Krones AG |
| Böhmerwaldstraße 5 | |
| 93073 Neutraubling | |
| Germany | |
| 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: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart |
| End of News | DGAP News-Service |
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| 351073 2015-04-30 |