DGAP-News: Krones AG / Key word(s): Preliminary Results 
Krones AG: Krones publishes preliminary figures for 2020 
2021-02-25 / 08:00 
The issuer is solely responsible for the content of this announcement. 
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Corporate News Release 
25 February 2021 
Krones publishes preliminary figures for 2020 
- Krones' consolidated revenue fell in 2020 as a result of the Covid-19 pandemic by 16.1% to EUR3.32 billion. 
- Order intake was also significantly affected by corona and, at EUR3.31 billion, was 19.0% lower than in 2019. However, 
the fourth quarter showed first positive signs of improvement. 
- Krones' profitability was impacted by one-time expenses of EUR72 million for capacity adjustments. EBITDA decreased 
from EUR227.3 million to EUR133.2 million. The EBITDA margin was 4.0% (previous year: 5.7%). Excluding these one-off 
effects, the EBITDA margin was 6.2% (previous year: 6.6%). 
- Krones generated free cash flow of EUR221.3 million in 2020 (previous year: -EUR94.4 million). 
- This year, based on the current situation, Krones expects business to pick up slightly and forecasts revenue growth 
of 2.5% to 3.5% and an improvement in the EBITDA margin to between 6.5% and 7.5% in 2021. 
Krones, the leading manufacturer of filling and packaging technology, slightly exceeded its most recently outlook 
according to the preliminary figures for 2020. 
Due to the Covid-19 pandemic, revenue fell 16.1% year-on-year, from EUR3,958.9 million to EUR3,322.7 million. This is a 
slightly smaller revenue shortfall than the 17% decrease forecast in early November 2020. 
The uncertain general economic situation in 2020 burdened investment confidence among Krones' customers. This affected 
the company's order intake, primarily in the first half of the year. The contract value of orders increased 
significantly in the third and especially in the fourth quarter. Over the full year 2020, order intake was down 19.0% 
year-on-year, from EUR4,083.5 million to EUR3,307.1 million. At the end of 2020, Krones had an order backlog of EUR1.21 
billion (previous year: EUR1.39 billion). 
Profitability affected by corona and one-off effects 
The lower order intake meant that Krones could not make optimum use of its production capacity. This impacted 
profitability in 2020. Savings resulting from the structural measures adopted by the company in the second half of 2019 
had a positive effect on earnings. In total, earnings before interest, taxes, depreciation and amortisation (EBITDA) 
went down from EUR227.3 million in the previous year to EUR133.2 million in 2020. The EBITDA margin was 4.0% (previous 
year: 5.7%). It should be noted that EBITDA was impacted in 2020 by around EUR72 million in expenses for 
personnel-related measures. Excluding these expenses for capacity adjustment, the EBITDA margin was 6.2% in 2020 
(previous year: 6.6%). This slightly exceeded the Executive Board's outlook of 5.5% to 6.0%. 
Earnings before taxes (EBT) fell from EUR41.7 million in the previous year to -EUR36.6 million in 2020. In addition to the 
expenses for capacity adjustment, EBT was additionally reduced by goodwill impairments and value adjustments in the 
amount of approximately EUR8 million. Excluding the one-off effects totalling around EUR80 million, the EBT margin was 
1.3%. Krones' consolidated net income came to -EUR79.7 million in 2020 (previous year: EUR9.2 million). This corresponds to 
earnings per share of -EUR2.52 (previous year: EUR0.30). 
Free cash flow of EUR221.3 million significantly higher than in previous year 
Free cash flow developed positively in 2020. Krones improved free cash flow by EUR315.7 million year-on-year to EUR221.3 
million. In addition to reduced capital expenditure, this also reflected lower working capital. However, due to the 
significant revenue shortfall, the working capital to revenue ratio increased to 28.3% (previous year: 26.9%). The 
equity ratio was 39.4% (previous year: 41.3%). Overall, Krones continues to possess a very robust financial and capital 
structure. 
All stated figures are preliminary and are subject to change in the course of auditing by the independent auditors. 
Krones publishes its Annual Report for 2020 on 25 March 2021. 
 
Krones provides outlook for the 2021 financial year 
For the 2021 financial year, due to ongoing uncertainty about the path of the Covid-19 pandemic, Krones is forecasting 
low revenue growth of 2.5% to 3.5%. Based on the slight recovery in revenue and the savings from the structural 
measures, the Executive Board expects profitability to be better than in 2020. Krones anticipates an EBITDA margin of 
6.5% to 7.5% in 2021. The third key figure of the outlook, the working capital to revenue ratio, is expected to improve 
to between 26% and 27%. 
The outlook for 2021 is subject to the assumption that there will be no severe impacts from the Covid-19 pandemic such 
as harmful virus mutations or vaccination difficulties. This would hit the economy and hence also Krones harder than 
currently expected and could lead to negative revenue and earnings effects. 
Contact: 
Olaf Scholz 
Head of Investor Relations, Krones AG 
Tel.: +49 9401 70-1169 
E-mail: olaf.scholz@krones.com 
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2021-02-25 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
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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:       investor-relations@krones.com 
Internet:     www.krones.com 
ISIN:         DE0006335003 
WKN:          633500 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, 
              Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange 
EQS News ID:  1170965 
 
End of News   DGAP News Service 
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1170965 2021-02-25

(END) Dow Jones Newswires

February 25, 2021 02:02 ET (07:02 GMT)