Knorr-Bremse AG: Knorr-Bremse delivers growth of more than 500 million euros
(firmenpresse) - Knorr-Bremse AG / Key word(s): Enterprise/
Knorr-Bremse AG: Knorr-Bremse delivers growth of more than 500 million
euros
DGAP-Media / 27.03.2012 / 13:35
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Press release
Munich, March 27, 2012
Knorr-Bremse delivers growth of more than 500 million euros
- Sales: 4.24 bn. EUR (previous year: 3.71 bn. EUR)
- Incoming orders: 4.07 bn. EUR (previous year: 4.04 bn. EUR)
- Net income: 329 mn. EUR (previous year: 239 mn. EUR)
- All regions above 1 bn. EUR in revenues for first time
Knorr-Bremse Group
The Knorr-Bremse Group increased sales during the 2011 fiscal year by more
than one-half billion euros (14%) to 4.24 bn. EUR (previous year: 3.71 bn.
EUR). The group again benefited in 2011 from its strong global position in
the rail vehicle systems and commercial vehicles sectors. At 2.19 bn. EUR
in sales, the Rail Vehicle Systems division contributed 51% of the group's
overall revenues; the Commercial Vehicles division produced the remaining
49% at 2.07 bn. EUR.
In the Rail Vehicles division the improved sales figures can be attributed
to growth in North America, reflecting recovery on the freight market, and
to the Europe market. Alongside targeted acquisitions and joint ventures,
2011 also saw a focus on regional growth as part of a strategy to expand
its market presence. One important milestone in expanding the Russian
business came in late October with approval of KAB60 control valves
designed especially for Russian freight traffic. As part of the ongoing
strategic development of the worldwide network, 2011 will also see
expansions of the Chinese engineering and production sites in Suzhou
(braking systems), Quingdao (door systems) and Shanghai (air conditioning
systems). The acquisition of Canada's Technologies Lanka company has lead
to improved technology in the door systems area. The doors business was
also reinforced through the acquisition of Kalmar Tagkompetens, a Swedish
service provider. The acquisition of Comet Fans in Italy extended
Knorr-Bremse's product portfolio for fans for rail vehicle applications.
The Commercial Vehicles division benefited in particular from the sustained
rejuvenation of the commercial vehicles market in Europe and North America.
The founding of a joint venture for the manufacture of components for
commercial braking systems and the power train in partnership with China's
CAFF Automotive Braking&Steering Systems helped pave the way for a
significant expansion of China-based activities in the commercial vehicles
area. Knorr-Bremse's North American subsidiary Bendix added object
recognition and data management for assist systems to its competencies
through the acquisition of the Iteris company. The launch of serial
delivery of anti-lock braking systems for agricultural vehicles during this
reporting year also helped Knorr-Bremse make its entry into a new business
area. In 2011, the Commercial Vehicle Systems division was voted 'Best
Brand in the Commercial Vehicle Sector' in the brakes category for the
sixth time running. The division was also singled out for a VDA Logistik
Award based on its efficient production and logistics processes.
Incoming orders within the group rose slightly from the prior year based on
rising demand in both divisions in the North American region, to 4.07 bn.
EUR from 4.04 bn. EUR a year ago. Net profits totaled 329 mn. EUR (previous
year: 239 mn. EUR), corresponding to a ROI of 7.8% (PY: 6.4%). The growth
reflects both improved economy of scale and in particular improved
efficiency in workflow and process optimization. The consistent pursuit of
the Knorr-Bremse philosophy of development and on-site production of
product families for its customers, including in the emergent BRIC states,
played a decisive factor in the group's success. It also means that a large
share of the workforce is located in low-wage countries, across all
departments.
The Group workforce grew by 11.1% for the reporting year, to 20,050
employees from 18,053 (12/31/2010). The growth reflected the strong
business results, especially in North America and Asia, as well as the
first-time consolidation of new businesses. At the close of 2011, 52% of
employees across the group were employed in Europe, a further 23% in
America and another 25% in Asia/Australia. The 2011 year-end head count
showed 3,848 employees at Knorr-Bremse's five German facilities in Munich,
Aldersbach, Berlin, Dresden and Schwieberdingen, 19% of the overall group
workforce (PY: 3,431). An additional 3,184 employees, or 16% of the total
group workforce, were engaged in R&D and project planning during 2011.
The three major regions where the Knorr-Bremse Group operates - Europe, the
Americas and Asia/Australia - contributed to the sales trend as follows:
Europe region
In the Europe region, sales increased to 2.58 billion EUR (2009: 1.84
billion EUR). In an improving market environment for local public transport
and in light of stabilization of the freight market, the Rail Vehicle
Systems division produced positive 2011 sales figures reflecting 3% growth.
The significant growth in Europe comes thanks in particular to the
Commercial Vehicle Systems division, which increased sales by 25%
year-over-year. It profited from the ongoing recovery of the commercial
vehicle industry and from its own improved market position.
Americas region
The Group rose above the 1 billion euro sales mark in 2011, on sales of
1,065 million EUR for the Americas region (2010: EUR 891 million). The Rail
Vehicle Systems division posted a 20% rise on the back of an improved
domestic market for freight cars and locomotives. In the Commercial
Vehicles division, the North American business climate was also improved
over the previous year. Knorr-Bremse sales in the Commercial Vehicle
division rose a healthy +21% year-on-year. The two corporate divisions rose
markedly in South America as well, by 16% for the Rail Vehicle division and
13% for the Commercial Vehicles division.
Asia/Australia region
Sales for the subsidiaries in the Asia-Pacific region grew slightly in 2011
by 4% to 1.08 bn EUR (PY: 1.04 bn. EUR). The Rail Vehicle division
solidified its strong sales growth from recent years, not only maintaining
those high levels but improving them by a moderate 2%. On the heels of the
large-scale projects in China in recent years, Knorr-Bremse strengthened
its market position in Asia by expanding its business with air conditioning
systems, as well as orders to equip local public transit trains and the
expansion of its service network. The Asian Commercial Vehicle division
also saw positive development, raising revenues by 14%.
Outlook for 2012
The Group is forecasting moderate growth for 2012. In Europe the Group is
anticipating unchanged market volume year-on-year for rail vehicles for
passenger, freight and commercial hauling. A slight drop is expected on the
European commercial vehicle market. In North America the Group is counting
on further moderate recovery of the rail-based freight market and growth in
commercial vehicle production. Mixed trends are anticipated for South
America. The market for rail freight vehicles seems poised to improve
slightly, while a drop in passenger rail traffic is expected. Due to the
introduction of the Euro V emission standards, a drop in commercial vehicle
production is anticipated. In Asia the Group is expecting growth in the
Rail Vehicle division based primarily on strength from India. Commercial
vehicleproduction will likely remain stable. Based on the trends on the
regional markets and incoming orders from 2011, Knorr-Bremse is forecasting
slightly improved earnings at the group level for 2012.
The Knorr-Bremse Group is the world's leading manufacturer of braking
systems for rail and commercial vehicles. For more than 100 years now the
company has pioneered the development, production, marketing and servicing
of state-of-the-art braking systems. In the rail vehicle systems sector,
the product portfolio also includes intelligent door systems, control
components, air conditioning systems, windscreen wiper systems and platform
doors systems. Knorr-Bremse also offers virtual driving simulators and
e-learning systems for optimal training of rail personnel. In the
commercial vehicle systems sector, the portfolio ranges from complete
braking systems with driver assistance systems, torsional vibration dampers
and power train-related solutions to transmission control systems for
greater efficiency and lower fuel consumption.
Contact:
Christoph Günter
Vice President Corporate Communications
Phone: +49 (0)89 3547 1402
Fax: +49 (0)89 3547 1403
Email: christoph.guenter(at)knorr-bremse.com
Knorr-Bremse AG
Moosacher Straße 80
80809 Munich
Germany
www.knorr-bremse.com
End of Media Release
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