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Preliminary report on financial year 2014
Marked growth in orders at KSB
Economic environment
According to preliminary data from the German Engineering Federation (VDMA), in
2014, global mechanical engineering sales revenue grew by 5 %, outpacing the
growth in the world economy as a whole (+ 3.3 %). In contrast, growth within the
pump and valve industry was significantly more subdued. In Germany, the sales
revenue volumes of liquid pump and industrial valve manufacturers were lower than
in the previous year.
In some Regions there was positive business momentum from a revival in project
activity in the energy industry and in the water and waste water sector. The
equipment needs of the liquefied gas industry and of the tankers needed for transport
resulted in an increased demand for special valves.
Key Group figures as per 31 December 2014 (provisional figures)
KSB Group
Order intake
€ million
+ 3.6 %
Sales revenue
€ million
- 2.8 %
- 1.4 %
Employees (31 Dec.)
Order intake in the Group increases by 3.6 %
Group order intake rose by € 81.4 million to € 2,322.6 million, representing a growth
rate of 3.6 %. Without negative currency exchange effects, this increase would have
been around € 53 million higher. The Pumps and Valves product groups recorded
significant increases, helped by several large contracts. Order intake for Service
business fell short of the prior-year level. The main reason for this was the continued
decline in demand from European energy suppliers, especially in Germany.
Overall, the European Group companies succeeded in noticeably increasing their
order intake. At KSB AG, the value of orders received rose by 5.6 % to € 850.9
million. The order situation of the companies in Asia and the Americas remained
virtually unchanged, while growth in the Region Middle East / Africa was weaker than
in the previous year.
Sales revenue once again negatively impacted by exchange rates
In 2014, consolidated sales revenue was 2.8 % down on the previous year and
reached a volume of € 2,184.8 million. The decrease of € 62.5 million was mainly due
to negative currency exchange effects (- € 53 million); in addition, sales revenue
performance was affected by the sluggish order intake in the project business over
the last two years.
The Pumps and Service product groups saw downturns in sales revenue while
Valves sales revenue rose slightly due to positive growth in the demand for cryogenic
valves for shutting off liquefied gas flows.
In 2014, sales revenue fell in the Regions Asia and Americas / Oceania, as well as in
Europe. Here, primarily KSB AG and KSB’s Russian subsidiary posted declines in
sales revenue. At € 814.9 million, KSB AG’s sales revenue was 4.8 % lower year on
year. In the Region Middle East / Africa, however, the Group companies succeeded
in continuing to grow their sales revenue despite negative currency exchange effects.
Consolidated earnings considerably lower
The decline in sales revenue and the continued poor profit quality in the power plant
business weighed heavily on 2014 consolidated earnings before taxes (EBT). Costs
incurred for restructuring measures added to the burden. Already at mid-year,
therefore, the earnings forecast was corrected to between € 60 and € 85 million.
Consolidated earnings before taxes (EBT) are expected to be in the middle of this
Employee numbers fell slightly
At the end of the reporting year, 16,322 people were employed in the KSB Group,
224 fewer than in 2013. KSB AG and KSB Service GmbH (Frankenthal) recorded
significant decreases, with the total workforce reduced by 177 employees at year
end. These personnel cuts are part of the measures implemented by KSB to adapt to
new market conditions and increase its competitiveness.
In 2015, the KSB Group expects order intake and sales revenue to grow. A revival in
project business involving power plant orders from China and India is expected to
contribute to this growth. In addition, the new sales structure will strengthen the
general business with standard products and the business with spare parts and
Further growth areas will arise from the current strategy review.
KSB also considers the improvement of its cost structure to be a primary task, and
restructuring measures introduced in 2014 will contribute to this. They are expected
to have a positive impact already on this year’s earnings. Consolidated earnings
before taxes (EBT) are expected to increase significantly again in 2015.
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