Knorr Bremse : Annual Report 2020 (PDF) PDF 3.8 MB

Annual Report 2020

Profile

P R O F I L

For over 115 years, Knorr-Bremse has been shaping the future of mobility as

Knorr­ -Bremse ist Weltmarktführer für Brems- und weitere Sys-

a major innovator of sustainable system solutions. We are the global market teme für die Schienen- und Nutzfahrzeugbranche. Wir treiben

leader in braking and other systems for rail and commercial vehicles, and play

Innovationen für nachhaltige Systemlösungen in der Mobilität

a major role in improving safety, efficiency and reliability on road and rail. voran. Jeden Tag und weltweit leisten wir einen wesentlichen

Beitrag zu mehr Sicherheit, Effizienz und Zuverlässigkeit auf Divisions

Schiene und Straße.

As global market leader in braking and other systems for rail and commercial

vehicles, Knorr-Bremse is a supportive partner to vehicle manufacturers and

G E S C H Ä F T S B E R E I C H E

operators. The Company also holds leading positions in the markets for other

Knorr­ -Bremse hält im Bereich Bremssysteme für Schienenfahrzeu- systems, including entrance and HVAC systems for rail vehicles, and driver ge weltweit einen Marktanteil von rund 50 % und bei pneumati- assistance systems for commercial vehicles.

schen Bremssystemen für Nutzfahrzeuge 42 %. Auch bei anderen

Systemen wie Tür- oder Klimasysteme für Schienenfahrzeuge

oder Fahrerassistenzsysteme für Nutzfahrzeuge nimmt das Unter- Knorr-Bremse Worldwide

nehmen führende Marktpositionen ein.

29,500

29.000employees

M I TA R B E I T E R

100

100at over one hundred locations

30A N Ü B E R H U N D E R T S TA N D O R T E N in more than thirty countries

30

I N M E H R A L S D R E I S S I G L Ä N D E R N

Key performance indicators

					2020		2019	+ / -
Revenues		In € million		6,156.7		6,936.5	-11.2%
EBITDA		In € million		1,106.9		1,328.7	-16.7%
EBITDA margin	%			18.0		19.2
EBIT		In € million		814.0		1,062.9	-23.4%
EBIT margin	%			13.2		15.3
EBT		In € million		750.6		907.1	-17.3%
EBT margin	%			12.2		13.1
Net income		In € million		532.2		632.0	-15.8%
Return on sales after tax	%			8.6		9.1
Earnings per share		€		3.07		3.65	-15.8%
Incoming orders		In € million		6,441.8		7,065.9	-8.8%
Order book (31.12.)		In € million		4,977.0		4,692.0	+6.1%
Free Cash Flow		In € million		687.3		860.6	-20.1%
Operating Cash flow		In € million		1,036.0		985.8	+5.1%
Capital expenditure		In € million		341.7		331.8	+3.0%
Capital expenditure in % of sales	%			5.6		4.8
R&D costs		In € million		396.4		396.9	-0.1%
R&D costs in % of sales	%			6.4		5.7
Total assets		In € million		7,390.0		6,846.8	+7.9%
Equity		In € million		1,921.7		1,901.5	+1.1%
Equity ratio	%			26.0		27.8
ROCE	%			25.6		34.1
Net Working Capital		days' sales		43.6		42.0	+1.6
Knorr-Bremse share
Number of shares					161,200,000		161,200,000
Dividend per share		€		1.52		1.80	-15.6%
Employees					29,714			28,905		+2.8%

	Rail
	vehicle systems
							2020		2019	+ / -
Revenues		In € million		3,336.8		3,656.1	-8.7%
EBITDA		In € million		764.2		814.9	-6.2%
EBITDA margin	%				22.9		22.3
Capital expenditure		In € million		109.0		120.9	-9.8%
R&D costs		In € million		202.6		210.0	-3.5%
R&D costs in % of sales	%				6.1		5.7
Employees						16,074		16,094	-0.1%
	Commercial
	vehicle systems
					2020		2019	+ / -
Revenues		In € million		2,819.4		3,280.2	-14.0%
EBITDA		In € million		381.2		503.7	-24.3%
EBITDA margin	%				13.5		15.4
Capital expenditure		In € million		210.1		179.2	+17.2%
R&D costs		In € million		194.0		187.0	+3.7%
R&D costs in % of sales	%				6.9		5.7
Employees						12,871		12,084	+6.5%

ContentsIN H A LT

01 To Our Shareholders

1. Letter from the CEO

1. The Executive Board
2. Report of the Supervisory Board

1. The Supervisory Board

1. Knorr-Bremseon the Capital Market

1. The Knorr-Bremse Group

1. Our Strategy

1. Our Innovations

1. Sustainability

02 Combined Management Report

46 About the Group

1. Further Details of Corporate Governance

1. Compensation Report

1. Business Report

1. Supplementary Report

1. Report on Risks, Opportunities and Expected Developments

1. Knorr-BremseAG (HGB)

03 Consolidated Financial Statements

1. Consolidated Statement of Income
2. Consolidated Statement of Comprehensive Income
3. Consolidated Balance Sheet

106 Consolidated Cash Flow Statement

1. Consolidated Statement of Changes in Equity

1. Notes to the Consolidated Financial Statements

1. Notes to the Consolidated Statement of Income

1. Notes to the Consolidated Balance Sheet

1. Notes to the Cash Flow Statement

1. Other Information

1. Information on Business Segments

1. Declaration of Compliance with the German Corporate Governance Code

1. Responsibility Statement
2. Independent Auditor's Report

04 Miscellaneous

201 Glossary

204 Corporate Governance Statement including Corporate Governance Report

1. Index of Charts and Tables

1. Imprint

DRIVING INNOVATION

The ability to innovate is one of the most important engines behind ­Knorr-Bremse's achievements. Innovations constantly create new

opportunities­for the Company as customer requirements change or disruptive technology is introduced. ­Knorr-Bremse's success in harnessing this capacity to innovate is reflected by the 11,000 or so individual patents currently held or applied for, and by the fact that the Company has produced so many industry-defining innovations in the rail vehicle and commercial vehicle sectors.

Even in Covid-ridden 2020, it was important to keep thinking of the future­. And by maintaining our high level of investment, this is precisely what we did, reinvesting more that six percent of our annual revenues in research and development. This is vital for maintaining the Company's future viability and resilience. In effect, every innovation that is successfully launched on the market has some kind of economic impact on the future, just as disruptive technologies open up excellent opportunities for new business models. We are ideally equipped to take advantage of such disruptions thanks to our highly qualified workforce, our efficient processes, our agile working practices

• and our focus on the megatrends of our time: urbanization, sustainability, digitalization and mobility. These are precisely the areas that are experiencing above-average growth, and where our development work is paying off.

This approach also helps to explain why the Group's business performance was exceptionally solid in 2020, the year of the pandemic. As we face the future, we continue to keep a tight grip on the key to this success: the ability to influence society-defining trends while swiftly adapting to changing circumstances.