DGAP-News: Krones AG: Krones improves revenue and earnings in 2012 - Q1 2013 is right on target
(firmenpresse) - DGAP-News: Krones AG / Key word(s): Final Results/Quarter Results
Krones AG: Krones improves revenue and earnings in 2012 - Q1 2013 is
right on target
24.04.2013 / 08:01
---------------------------------------------------------------------
Krones improves revenue and earnings in 2012 - Q1 2013 is right on target
- Revenue up 7.4% from previous year
- Stronger earnings from operations
- Proposed dividend of EUR0.75 per share
- 2013 off to a good start
Neutraubling, Germany, 24 April 2013 - Krones, the world's market leader
for beverage filling and packaging technology, grew further in 2012 despite
the challenging macroeconomic environment.
Consolidated revenue rose 7.4% from EUR2,480 million to EUR2,664 million.
While the share of Krones' consolidated revenue coming from Europe
decreased, the share generated in Asia increased once again. Revenue
development in Krones' other sales regions was within the company's
expectations. In all, the company brought in 62% of its revenue on the
emerging markets last year. In 2011, that figure was 60%.
New orders at Krones improved 8.2% year-on-year from EUR2,514.0 million to
EUR2,721.1 million in 2012. The emerging markets contributed a significant
portion of the higher orders intake. New orders from China, Asia, Africa,
and Latin America were up year-on-year - in some places quite considerably.
At 31 December 2012, the company had orders on hand totalling EUR999.3
million (previous year: EUR942.4 million).
Krones improves earnings and proposes record dividend payout
The out-of-court settlement of the legal disputes in the US (Le-Nature's)
had a significant impact on Krones' earnings in 2012. It resulted in a
EUR37.8 million charge against earnings before taxes (EBT) for 2012. The
charge against earnings in the previous year was EUR36.7 million.
At EUR97.9 million, EBT was up 31.2% from the year-earlier figure of
EUR74.6 million. Adjusted to exclude the one-time expense, Krones generated
EUR135.7 million in earnings before taxes in 2012.
The resulting EBT margin - the ratio of EBT to sales revenue - was 5.1%
(previous year: 4.5%). Thus, Krones achieved its 2012 target of an
operating EBT margin of more than 5% in 2012.
Including the Le-Nature's charge, net income was up 53.3%, from EUR43.7
million in the previous year to EUR67.0 million. Thus, earnings per share
for the financial year 2012 amount to EUR2.22 (previous year: EUR1.45).
The increase in net income was far bigger than the increase in EBT because
the company's tax rate decreased from 41.5% in the previous year to 31.5%.
In 2011, Krones had to pay back taxes for previous years following a tax
audit.
Free cash flow also developed very well. Krones generated positive free
cash flow of EUR30.6 million after capital expenditure in 2012 (previous
year: -EUR7.4 million). It is important to note here that the EUR30.6
million figure already includes the Le-Nature's settlement payments
totalling around EUR70 million.
Krones still has an extremely robust financial and capital structure. The
company had no bank debt at the end of the reporting period. Cash and cash
equivalents were up from EUR125.5 million in the previous year to EUR132.9
million although the company paid out roughly EUR70 million to settle the
legal proceedings in the US in the fourth quarter of 2012. The company's
equity ratio was 40.4% at the end of 2012 (previous year: 38.5%).Krones' workforce grew further in the reporting period. At the end of 2012,
the company employed 11,963 people, up from 11,389 in the previous year. By
growing its team, Krones is making an ongoing investment within the
framework of the 'Value' strategy programme to secure the company's future
and lay the groundwork for future growth.
Given the positive operating trend in the financial year 2012, the
Supervisory Board and the Executive Board will propose to the annual
shareholders' meeting on 19 June 2013 a dividend of EUR0.75 per share
(previous year: EUR0.60 per share), which will make for a record dividend
payout of EUR22.6 million.
2013 off to a good start at Krones
Krones has got the financial year 2013 off to a good start, continuing its
growth trend. The macroeconomic situation remained difficult but had no
significant impact on business in the first quarter. The company benefitted
from its strong position on the emerging markets, which contributed a
significant part of its growth. In all, revenue was up 5.4% year-on-year
from EUR648.6 million to EUR683.4 million in the period from January to
March 2013.
New orders were up 3.9% in the first quarter of 2013, from EUR659.8 million
in the year-earlier period to EUR685.2 million.
In 2013, the focus of the 'Value' strategy programme is on profitable
growth. The results of the first quarter confirm that Krones is on the
right track. At EUR38.9 million, earnings before taxes (EBT) in the
reporting period were up 19.7% from the year-earlier period (EUR32.5
million). Krones' process technology and Kosme segments contributed an
important part of this improvement. Both segments posted only minimal
losses in the first quarter of 2013 and are therefore well on track to
break even in 2013.
The EBT margin - the ratio of earnings before taxes to sales - rose from
5.0% in the previous year to 5.7% in the first quarter of 2013. That margin
was within the target range in the period from January to March 2013.
Krones aims to achieve an EBT margin of more than 5.5% for the year 2013 as
a whole.
Net income was up 20.6%, from EUR22.3 million in the previous year to
EUR26.9 million in the first quarter of 2013. Excluding the approximately
1.4 million treasury shares, that corresponds to earnings per share of
EUR0.89 (previous year: EUR0.74).
Krones intends to grow profitably in 2013
Based on the development of Krones' markets and the continuing uncertain
economic outlook, the Executive Board expects revenue to grow by 4% in
2013. Krones does not expect any support from price levels.
Earnings performance will increase further. Krones plans to improve its EBT
margin to more than 5.5% in 2013. The company aims to increase its third
strategy target, ROCE, to 15% this year. Krones also intends to improve
free cash flow on higher earnings and lower working capital.
According to forecasts by leading economic research institutions, the
overall economic picture should improve in 2014. With this in mind and from
today's perspective, Krones expects its key performance indicators to
improve.
Contact:
Olaf Scholz
Senior Vice President of Investor Relations Krones AG
Phone +49 9401 70-1169
E-mail olaf.scholz(at)krones.com
End of Corporate News
---------------------------------------------------------------------
24.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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(at)krones.com
Internet: www.krones.com
ISIN: DE0006335003
WKN: 633500
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
208269 24.04.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 252212
Anzahl Zeichen: 9746
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 242 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Krones AG: Krones improves revenue and earnings in 2012 - Q1 2013 is right on target"
steht unter der journalistisch-redaktionellen Verantwortung von
Krones AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
