photo: Knorr-Bremse AG/Knorr-Bremse presents figures for 2020 as “Excellent results in an exceptional year”
Management led by new CEO, Dr. Jan Mrosik, is satisfied and optimistic for 2021: “Guidance 2020 fully met: Group performance on target, stronger growth than the market, resilient profitability and aim to continue the positive development in 2021.“
Knorr-Bremse AG, the global market leader for braking and other systems for rail and commercial vehicles, presented its preliminary results for the fiscal year 2020 at the annual press conference. Dr. Jan Mrosik, CEO reflects last year: “As for all companies, 2020 was heavily influenced by the Corona pandemic. It was a challenging year for the Company, but above all for the employees, which they were nevertheless able to end with a strong fourth quarter. Once again we demonstrated Knorr-Bremse's resilient business model.”
Frank Markus Weber, CFO of Knorr-Bremse AG: „Despite the significant impact of the Corona pandemic in 2020, we succeeded in achieving very good profitability with an EBITDA margin of 18.0% and also generated a strong free cash flow of 729 million euros. In the past fiscal year, we were able to ensure good liquidity at all times and have an excellent balance sheet overall.“
Here are selected figures at a glance:
- Order book at a new record level of EUR 4,977.0 million as of December 31, 2020 (previous year: EUR 4,692.0 million)
- Good sales development despite Covid-19 pandemic: Group sales of EUR 6,156.7 million -11.2% below the previous year (previous year: EUR 6,936.5 million)
- Solid earnings level: EBITDA down -16.7% at EUR 1,106.9 million (previous year: EUR 1,328.7 million), EBITDA margin down to 18.0% compared to 19.2% in previous year.
- Very strong free cash flow: EUR 729 million
Regarding rail-related business done by the Rail Vehicle Systems division (RVS), the management is very positive. Knorr-Bremse won numerous major orders last year, among others it is the largest contract ever for London underground entrance system, 1.300 passenger cars for Egypt with TMH International, strategic partnership for a high-speed train in Russia, or brakes, doors and HVACs for 600+ Stadler Metro cars in Berlin. They seem to be right when they view the past year as "an extension of leadership in our core business."
Please mention that the above figures are preliminary and unaudited. The complete annual financial statements and annual report will be published on the website www.knorr-bremse.com on March 31, 2021.