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Krones AG: Krones expecting increased revenue and profitability in 2021

DGAP-News: Krones AG / Key word(s): Annual Results Krones AG: Krones expecting increased revenue and profitability in 2021 25.03.2021 / 08:00 The issuer is solely responsible for the content of this announcement.

Corporate News Release

25 March 2021

Krones expecting increased revenue and profitability in 2021

- Krones today published its 2020 Annual Report and confirmed its preliminary figures.

- Due to the negative consolidated net income, KRONES will pay out only the statutory minimum dividend for 2020, with shareholders receiving €0.06 per share.

- Executive Board expects EBITDA margin to improve in 2021 to between 6.5% and 7.5%, with revenue growth of 2.5% to 3.5%.

- Supervisory Board renews appointment of Executive Board members.

Krones, the world's leading manufacturer of filling and packaging technology, today published its 2020 Annual Report. Titled "Focus on strengths", the report highlights Krones' medium and long-term growth opportunities.

Financial year 2020 was heavily affected by the Covid-19 pandemic. Revenue fell 16.1% year-on-year, from €3,958.9 million to €3,322.7 million. Order intake was down 19.0%, from €4,083.5 million in the previous year to €3,307.0 million. On a positive note, after a weak first half year in 2020, the contract value of orders picked up significantly in the third and especially the fourth quarter.

Profitability in both segments affected by corona and one-off effects

Earnings before interest, taxes, depreciation and amortisation (EBITDA) went down from €227.3 million in the previous year to €133.2 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 €72 million in expenses for personnel-related measures. Excluding these expenses for capacity adjustment, the EBITDA margin was 6.2% (previous year: 6.6%).