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    KRN   DE0006335003

KRONES AG

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87.3 EUR   -0.17%
09/23KRONES AG : Gets a Buy rating from Baader Bank
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09/17KRONES AG : UBS maintains a Buy rating
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Krones : Corporate news release – Krones raises full-year guidance for 2021 and publishes preliminary half-year figures

07/23/2021 | 04:18am EDT

Following a successful start to the 2021 financial year, Krones' business continued to develop dynamically through the second quarter of 2021. Based on preliminary figures, order intake in the first six months of 2021 was around €2,045 million, some 40% higher than a year earlier. From April to June 2021, the contract value of orders went up compared with the second quarter of 2020 by almost 60% to around €975 million. It should be noted with regard to the revenue performance that revenue in the first quarter of 2020 was hardly affected by the pandemic. As a result, revenue in the first half of 2021 was up only slightly year on year, gaining about 1% to €1,720 million. In the second quarter of 2021, on the other hand, revenue showed strong year-on-year growth to some €845 million, marking an increase of around 12% on the prior-year quarter. Despite rising costs, notably of materials and freight, Krones' profitability improved significantly in the period January to June 2021. This was due most of all to structural measures that the company has launched and already implemented. Earnings before interest, taxes, depreciation and amortisation reached approximately €138 million in the first half of the year (previous year: €118.5 million). The EBITDA margin increased to 8.0% (previous year: 7.0%). The second-quarter EBITDA of €61 million (previous year: €29.0 million) includes a Covid-19 bonus for employees totalling around €5 million.

Krones raises full-year guidance for 2021

Overall, Krones' markets have so far recovered faster than expected from the pandemic-related downturn. For the second half of the year, the company expects demand to stay strong and production capacity utilisation to remain stable. Based on the preliminary figures for the first half year and the good outlook for the third and fourth quarters of 2021, Krones is raising its full-year guidance for 2021. For the Krones Group, the Executive Board expects full-year revenue growth of 7% to 9% in 2021 (previously 2.5% to 3.5%). Krones anticipates an EBITDA margin of 7% to 8% (previously 6.5% to 7.5%). For the third performance target, working capital to revenue, the guidance remains unchanged at 26% to 27%.

The guidance for 2021 is subject to the assumption that there will be no severe impacts from the Covid-19 pandemic, problems in supply chains or other general economic impacts.

Krones will publish its Interim Report as of 30 June 2021 as planned on 3 August 2021.

Krones implements price increases

Since the start of the global Covid crisis, sales prices on Krones' markets have declined and remain on a relatively low level. Krones is aiming to restore pre-crisis price levels. In addition, the company also has to compensate for the significant increased material costs. For this reason, Krones will increase prices for all bottling and packaging equipment and for process technology by 6% effective August 1, 2021. This measure will enable Krones to continue to provide its customers worldwide with innovative products and services meeting the highest quality standards. At the same time, Krones will further intensify the measures launched in 2019 and 2020, making the Krones solutions more competitive yet. Krones intends to benefit from the currently growing demand in order to strengthen its leading market position in the beverage and food industries.

Disclaimer

Krones AG published this content on 23 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2021 08:17:04 UTC.


ę Publicnow 2021
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Financials
Sales 2021 3 566 M 4 186 M 4 186 M
Net income 2021 105 M 123 M 123 M
Net cash 2021 132 M 155 M 155 M
P/E ratio 2021 26,3x
Yield 2021 1,14%
Capitalization 2 763 M 3 242 M 3 244 M
EV / Sales 2021 0,74x
EV / Sales 2022 0,65x
Nbr of Employees 16 232
Free-Float 42,7%
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Number of Analysts 8
Last Close Price 87,45 €
Average target price 98,75 €
Spread / Average Target 12,9%
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Managers and Directors
Christoph Klenk Chairman-Executive Board & Chief Executive Officer
Norbert Broger Chief Financial Officer
Volker Kronseder Chairman-Supervisory Board
Klaus Gerlach Member-Supervisory Board & Head-Operations
Hans-JŘrgen Thaus Member-Supervisory Board
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