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KNORR-BREMSE COMPANY INFORMATION.

On this site, you will find further financial and general company information.

Key figures


Group

   2017   2016   2015  
  Revenues [Euro mill.] 6,154   5,471   5,824  
  EBITDA [Euro mill.] 1,116   1,052   1,269  
    Margin [% of revenues] 18.1%   19.2%   21.8%  
  EBIT [Euro mill.] 904   886   1,099  
    Margin [% of revenues] 14.7%   16.2%   18.9%  
  EBT [Euro mill.] 852   841   1,048  
    Margin [% of revenues] 13.9%   15.4%   18.0%  
  Net income [Euro mill.] 587   567   711  
    Margin [% of revenues] 9.5%   10.4%   12.2%  
  Investments [Euro mill.] 235   249   239  
    Investments [% of revenues] 3.8%   4.6%   4.1%  
  NWC [Euro mill.] 782   719   710  
    Days Working Capital [days] 45.8   47.3   43.9  
  OCF [Euro mill.] 680   769   959  
  FCF [Euro mill.] 450   523   723  
    ROCE [%] 37.1%   38.5%   53.4%  
  Equity [Euro mill.] 1,996   1,966   1,838  
  Bilance sheet total [Euro mill.] 5,727   5,435   4,715  
    Equity-Ratio [%] 34.8%   36.2%   39.0%  
  Personnel* [Number as of 31.12.] 27,705   24,565   24,275  

*incl. personnel leasing

Rail Vehicle Systems

   2017   2016   2015  
  Revenues [Euro mill.] 3,260   2,979   3,331  
  EBITDA [Euro mill.] 639   624   797  
    Margin [% of revenues] 19.6%   20.9%   23.9%  
  EBIT [Euro mill.] 523   548   724  
    Margin [% of revenues] 16.1%   18.4%   21.7%  
  Personnel* [Number as of 31.12.] 16,051   14,440   14,502  

*incl. personnel leasing

Commercial Vehicle Systems

   2017   2016   2015  
  Revenues [Euro mill.] 2,891   2,493   2,492  
  EBITDA [Euro mill.] 504   426   468  
    Margin [% of revenues] 17.4%   17.1%   18.8%  
  EBIT [Euro mill.] 421   358   398  
    Margin [% of revenues] 14.6%   14.4%   16.0%  
  Personnel* [Number as of 31.12.] 11,082   9,674   9,320  

*incl. personnel leasing


Financial strategy and outlook


With its divisions – Rail Vehicle Systems (RVS) and Commercial Vehicle Systems (CVS) – Knorr-Bremse has a resilient business model, supported by counterbalanced end-markets, broad geographical and customer diversification as well as strong localization strategy. A high share of aftermarket sales (approx. 35 % of the total revenue in 2017 based on German GAAP) provides additional stability. Together, both segments represent a synergistic portfolio, in terms of technology development, intellectual property and application know-how.

By virtue of key global megatrends such as urbanization, eco-efficiency, digitization and automated driving, the markets for rail and commercial vehicle systems offer long-term sustainable growth prospects.

Knorr-Bremse has a strong financial track record of revenue growth, profitability and cash generation. Since 1989, Knorr-Bremse has consistently outgrown its markets, growing revenues by more than 10 % per year (CAGR, based on German GAAP).

Knorr-Bremse targets in the medium term (i.e. within a horizon of 3 to 4 years) annual organic growth rates of revenues at a CAGR in the range of approximately 4.5 % to 5.5 %. The strong balance sheet provides headroom for additional growth through value-enhancing acquisitions. In the medium term, Knorr-Bremse targets an EBITDA margin expansion by approximately 150 basis points compared to the reported EBITDA margin for the fiscal year 2017. Both segments are expected to gradually increase their respective EBITDA margin. We expect the margin in the rail vehicle systems segment to grow at a slightly stronger rate.

We aim to maintain our investment grade credit ratings from Standard & Poor’s (A) and Moody’s (A2), both with “Outlook stable”, supported by our policy to maintain a financial leverage of net debt to EBITDA of below one in the medium term. We expect to keep such leverage ratio in line with our policy at all times, including immediately post financing of any acquisitions.

In order to achieve our financial objectives, we are building on the following strategic pillars:

  • Setting industry standards by expanding our global technology leadership
  • Being the system partner of choice for our customers
  • Expanding our market share by continued international market penetration and global expansion
  • Further pursuing our dedicated aftermarket strategy
  • Further striving for cost and process excellence

General company information

Investor Relations