Source: Knorr-Bremse announcement
MUNICH — Knorr-Bremse AG, the global market leader for braking systems and a leading supplier of other safety-critical rail and commercial vehicle systems, has published its results for the first half and second quarter of 2022.
Frank Markus Weber, Executive Board Spokesman and Chief Financial Officer of Knorr-Bremse AG commented, “Knorr-Bremse can handle crises. We have demonstrated this on multiple occasions over the years. Knorr-Bremse continued to generate solid financial results in the second quarter of 2022 despite the difficult economic situation globally and a persistently volatile market environment. In difficult conditions in particular, our business model shows its high resilience and strength in both divisions.
“Nonetheless, 2022 is an especially hard and challenging year for our suppliers, customers, and ourselves. We will fully offset the enormous impacts of the strong increase in inflation with our own measures, including for example price increases and savings.
‘We established a profit optimization program back at the start of the year for this purpose. However, our withdrawal from Russia-based business in connection with international sanctions and the difficult market conditions in China have made a noticeable impact on our business.”
Order book reaches record level again, revenue remains stable
At € 4,038 million in the first half of 2022 (H1 2021: € 3,603 million), order intake increased by 12.1 percent and was thus clearly above the previous year’s result. The high demand in rail vehicles in particular ensured a boost in growth. The order book as of June 30, 2022, was worth approximately € 6.7 billion (June 30, 2021: € 5.2 billion), another record.
Knorr-Bremse’s revenue in the first six months of the year was € 3,406 million and was therefore just under the previous year’s level of € 3,419 million. Whereas OE revenues dropped slightly, aftermarket revenue rose by 6.3 percent. Overall, this led to aftermarket having a significantly larger share in total revenue, growing from 34.2 percent to 36.4 percent. The highest revenue growth was achieved in South America (32.5 percent), North America (18.7 percent), and Europe/Africa (3.7 percent). In Asia, on the other hand, revenue dropped by 21.2 percent primarily as a result of the developments in China.
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