KSB’s sales revenue exceeds two billion euros for the first time
In 2011, KSB achieved consolidated earnings before taxes (EBT) of € 120.5 million, based on sales revenue of € 2,091 million. The company proposes to pay shareholders of KSB AG a dividend at prior-year level.
At the KSB AG Financial Press Conference on 30 March in Frankenthal, the Chairman of the Board of Management Dr. Wolfgang Schmitt described 2011 as having overall been a successful year, but with diverse trends. Strong demand in the general business with standard pumps and valves had resulted in a strong order intake; in project business, in contrast, there had been a palpable reluctance by many investors to invest in major projects.
Order intake in 2011 therefore only increased by a moderate 2.8 % to € 2,132.3 million. At the same time, consolidated sales revenue increased by 7.8 % percent to € 2,091 million, exceeding the two billion euro mark for the first time. Ten companies consolidated for the first time contributed € 64.7 million to the growth in sales revenue.
KSB AG’s order intake in the past financial year grew by 4.5 % to € 818.9 million, while sales revenue rose by 4.2 % to € 811.3 million.
With a return on sales of 5.8 % in 2011, the Group succeeded in generating earnings before taxes of € 120.5 million (previous year: € 135.8 million). Reasons for the lower earnings were the high pressure on prices in project business and increased materials cost.
KSB AG achieved earnings before taxes (in accordance with the German Commercial Code [HGB]) of € 36.5 million (previous year: € 39.8 million). However, the company recorded a slightly higher net profit for the year of € 29.4 million compared with 2010 (previous year: € 27.9 million). The Board of Management and the Supervisory Board will once again propose to the Annual General Meeting the distribution of a dividend of € 12.00 per ordinary share and € 12.26 per preference share out of this profit.
Due to the larger business volume the Group’s balance sheet total rose by 6.1 % to € 1,974.1 million. The net financial position decreased in 2011 due to the financing of this increased business volume and an acquisition in South Korea, but still remains solidly positive.
The number of employees in the Group as at 31 December 2011 increased by 977 year on year to 15,674. This increase (+ 6.6 %) is largely attributable to the addition of the staff of the companies consolidated for the first time.
In the first two months of 2012, the KSB Group enjoyed strong growth in order intake (+ 18.3 %) and sales revenue (+ 9.8 %). The company expects its general business in particular to continue growing strongly, while project business is not expected to recover until 2013. In 2012, KSB believes both order intake and sales revenue will grow further overall; consolidated earnings should once again reach the level of 2010.
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