DGAP-News

Krones AG: Krones reports good first quarter 2021

DGAP-News: Krones AG / Key word(s): Quarter Results Krones AG: Krones reports good first quarter 2021 07.05.2021 / 08:00 The issuer is solely responsible for the content of this announcement. Corporate News Release 7 May 2021

Krones reports good first quarter 2021

- Upward trend in order intake continues. Order value increased in first three months of 2021 by 27.1% to €1,068.8 million.

- First quarter revenue of €874.6 million down 7.2% on prior-year figure, which was only partially affected by corona.

- Despite lower revenue, Krones was able to limit the decline in earnings before interest, taxes, depreciation and amortisation (EBITDA) from €89.5 million to €76.5 million. The EBITDA margin was 8.7% in the reporting period, down on the high prior-year figure of 9.5%.

- Based on the positive first-quarter trend, Krones is confident of meeting the forecast for 2021. For the full year, the company expects revenue growth of 2.5% to 3.5% and an EBITDA margin of 6.5% to 7.5%.

Krones, the world's leading manufacturer of filling and packaging technology, saw business further stabilise in the first quarter of 2021. Revenue showed a year-on-year decrease of 7.2%, from €942.0 million to €874.6 million. It should be noted, however, that the Corona crisis had only a minor impact on revenue in the first quarter of 2020, so that the previous year's revenue figure was still relatively high. The revenue shortfall in the reporting period also reflects the weaker order intake in the second and third quarters of 2020.

Order intake has since recovered significantly. Following a strong fourth quarter in 2020, order intake continued to grow dynamically from January to March 2021. The contract value of orders increased by 27.1% year on year to €1,068.8 million. At €1,405.5 million as of the end of March 2021, Krones' order backlog was up 9.4% on the previous year.

Krones generates 8.7% EBITDA margin in first quarter

Krones has significantly enhanced its flexibility with extensive structural measures. This positively impacted profitability in the first quarter of 2021. Despite the lower revenue, Krones was able to limit the decline in earnings before interest, taxes, depreciation and amortisation (EBITDA) from €89.5 million to €76.5 million. The EBITDA margin was 8.7% in the reporting period, down on the high prior-year figure of 9.5%.