Knorr-Bremse AG, the global market leader for braking systems and a leading supplier of safety-critical rail and commercial vehicle systems, today published its first nine-month results as a listed company.
Klaus Deller, Knorr-Bremse AG’s CEO, said: „Our company is performing exactly as we had expected. At the leading trade fares in September we demonstrated that we are driving the industry as innovation leader, and that Knorr-Bremse continues to be viewed as the benchmark in our industry. Our above-average R&D costs of 6.8% of revenues pay dividends and we intend to generate above-average growth, based on sector megatrends, also in the medium term.” Ralph Heuwing, CFO, adds: „Our nine-month figures deliver on our promise and confirm the positive development of the full year. We are confident that Knorr-Bremse will be able to present strong results for the year of its debut on the stock exchange 2018.”
Strong organic growth
During the first nine months of fiscal year 2018, revenues increased by 9.5%, or 432 mEUR, to 4.994bn EUR. Currency adjusted the revenues would have increased by an additional ca. 2%.
In the Rail Vehicle Systems (RVS) segment, the rise is primarily due to growth in the European brakes business, as well as positive developments in Asia/Australia. In China, a moderate decrease in the high-speed business was overcompensated by increases in Mass Transit, Regional/Commuter, Locomotives, and the Aftermarket business. Moreover, revenues in the Indian passenger as well as the North American freight businesses continue to show positive momentum.
Growth in the Commercial Vehicle Systems (CVS) segment was the result of a higher truck production rate and resulting revenue increases in the OE business, first and foremost in North America. That said, all other markets also showed revenue growth.
EBITDA and EBIT margins improved further
During the first nine months of the year 2018, the group generated an EBITDA of 876 mEUR, an increase of 98 mEUR or 12.6% on the same period last year. As a result, EBITDA margin rose by 40 basis points to 17.5%, from 17.1%.
Based on this increase and lower disposal-related write-downs, the group was able to lift its EBIT by 101 mEUR, or 16.5%, to 718 mEUR.
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SOURCE: Knorr-Bremse
