'Dynamic and aspirational' year brings record sales at Knorr-Bremse
GERMANY: Knorr-Bremse’s Rail Vehicle Systems and Commercial Vehicle Systems divisions contributed equally to record group sales in 2017, the company announced on February 7.
‘For us, the past financial year was particularly dynamic and aspirational, so we are all the more delighted at our strong growth’, said executive board Chairman Klaus Deller. ‘The steps we have taken to set the stage for sustainable and profitable growth are proving effective.’
Group revenues were up 13·7% to €6·24bn,while incoming orders rose 16·4% to €6·66bn. EBITDA of €1·06bn was up from €1·01bn the previous year despite ‘substantial extraordinary expenses’ owing to foreign exchange effects, the abandoned attempt to acquire Haldex and the transition to IFRS reporting.
Rail Vehicle Systems sales were the highest ever recorded, up 11% at €3·33bn. The company said this ‘sharp rise’ reflected buoyant market demand in Europe, including the contributions of the newly acquired Kiepe Electric Group. There were positive developments in North America and the Asia/Australia region, including a major contract to provide braking systems for the Prima electric locomotives which Alstom is supplying to India.
Knorr-Bremse is ‘anticipating a demanding market environment’ in 2018, and expects group revenue to grow to between €6·4bn and €6·6bn, with an EBITDA margin between 17% and 19%.