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Significant growth for Krones in 2011

Significant growth for Krones in 2011
Sales at Krones, the world’s market leader for beverage filling and packaging technology were up by 14.1 % in the 2011 business year compared to 2010, rising from 2,173.3 to 2,480.3 million euros. Krones has thus overachieved its growth target.

At 2,514.0 million euros, the company’s order bookings were 14.6 % up on the preceding year’s figure.

Earnings before taxes rose during 2011 in comparison to the preceding year from 70.8 million euros to 74.6 million euros. This result is affected by a provision in the financial statements for 2011 relating to potential settlement arising from the Le-Nature’s litigation. As previously reported (see also ad-hoc release dated 26 January 2012), Krones is currently engaged in mediation with US-plaintiffs with respect to the Le-Nature’s case.

Krones was able as planned, despite the challenging macro-economic environment and the adjustment for one-off expenditures, to strengthen its 2011 operative profitability.

Earnings after taxes fell in 2011 by comparison with the preceding year from 50.9 million euros to 43.7 million euros. Due to the above-mentioned one-off effect and the expenses entailed by a tax audit, the company’s tax rate rose significantly in comparison to the preceding year.

Based on the company’s positive operative development in the 2011 business year, the Supervisory and Executive Boards will be proposing the AGM a dividend of 0.60 euros per share (preceding year: 0.40 euros per share). On the balance sheet day as of December 31, 2011, Krones had no debts with banks and net cash totalled more than 125 million euros.

The equity ratio was 38.5 %. This sustainably sound financial and capital structure constitutes a solid foundation for ensuring that the company will achieve its future targets.

Despite a volatile global economy, Krones expects a positive development for the 2012 business year, and is anticipating a significant strengthening of its profitability. Krones will be publishing a more specific perspective for the 2012 business year and the complete financial statements for 2011 on the date of its balance sheet press conference, scheduled for 25 April 2012. All the figures given here are provisional, and may change during the course of the audit.