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Source: Knorr-Bremse announcement
MUNICH — Knorr-Bremse AG, a global market leader for braking systems and a leading supplier of other rail and commercial vehicle systems, achieved very good results in the first nine months of 2021 and reported a strong balance sheet for the third quarter.
Dr. Jan Mrosik, Chairman of the Executive Board of Knorr-Bremse AG, said: “Knorr-Bremse showed a very good performance in the first nine months of 2021 in a demanding environment. Despite the challenges in the supply chain and postponements of projects in the rail market, we are well above the prior-year level on the whole. Demand remains robust and intact in our markets.
“We are strategically expanding our activities in the fields of digitalization and software and took an important step in our strategy for driver assistance systems and automated driving with our recent acquisition of a stake in the Israeli artificial intelligence (AI) start-up AutoBrains.”
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Frank Markus Weber, Chief Financial Officer of Knorr-Bremse AG, added: “At around €5 billion, the Group’s order book is up more than 12 percent on the prior-year period and will provide a solid basis for revenue development in the upcoming quarters. Thanks to our revenue growth and stringent cost management, we increased our operating EBIT margin (Ros) by 130 basis points year-on-year to over 14 percent. We also achieved a very good free cash flow result with a cash conversion rate of 126 percent in the third quarter of 2021.”
Order intake up 15.7 percent, revenue increased by 9.1 percent
In the first nine months of 2021, Knorr-Bremse markedly increased order intake in the Group by 15.7 percent above the previous year’s level to €5,038.1 million (previous year: €4,355.0 million). This was based on strong demand in the global commercial vehicle market and led to the order book reaching €5,006.9 million as of September 30, 2021 (previous year: €4,457.7 million).
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The dynamic development of the commercial vehicle market was also reflected in the Group’s revenues in the first nine months of the reporting year with a 9.1 percent rise to €5,008.1 million (previous year: €4,589.3 million).
Significant year-on-year growth was recorded, primarily in the Europe and North American markets.
To view the entire announcement, click HERE.
