H1/22 Interim Report

KUKA Aktiengesellschaft| Interim Report H1/22

Key figures

Key figures

H1/21

H1/22

Change

in € millions

in %

Orders received

1,888.2

2,545.4

34.8

Order backlog (June 30)

2,408.2

3,234.0

34,3

Sales revenues

1,529.7

1,735.7

13.5

Gross earnings from sales

337.3

359.8

6.7

in % of sales revenues

22.0

20.7

-

Earnings before interest and taxes (EBIT)

33.8

48.6

43.8

in % of sales revenues

2.2

2.8

-

Earnings before interest, taxes, depreciation and amortization (EBITDA)

95.2

110.0

15.6

in % of sales revenues

6.2

6.3

-

Earnings after taxes

26.9

40.0

48.7

Diluted / undiluted earnings per share in €

0.38

0.89

>100

Capital expenditure

33.1

52.8

59.5

Equity ratio in % (June 30)

37.4

37.0

-

Net liquidity/debt (June30)

82.8

71.7

-13.4

Employees (June 30)

13,747

14,377

4.6

Q2/21

Q2/22

Change

in € millions

in %

Orders received

997.7

1,280.7

28.4

Order backlog (June 30)

2,408.2

3,234.0

34.3

Sales revenues

808.2

882.3

9.2

Gross earnings from sales

180.6

186.1

3.0

in % of sales revenues

22.3

21.1

-

Earnings before interest and taxes (EBIT)

25.6

29.6

15.6

in % of sales revenues

3.2

3.4

-

Earnings before interest, taxes, depreciation and amortization (EBITDA)

56.8

60.9

7.2

in % of sales revenues

7.0

6.9

-

Earnings after taxes

20.3

21.9

7.9

Diluted / undiluted earnings per share in €

0.21

0.43

>100

Capital expenditure

19.6

30.5

55.6

2

KUKA Aktiengesellschaft| Interim Report H1/22

Contents

Contents

Foreword

4

KUKA and the capital market

5

Management report

6

Interim financial statements

12

Notes on the consolidated financial statements

17

Responsibility statement

22

Financial calendar 2022

23

Contact and imprint

23

3

KUKA Aktiengesellschaft| Interim Report H1/22

Foreword

Foreword

Ladies and Gentlemen,

When we look at the world around us at the midpoint of the year, many things are shaping up in a way that we would certainly never have expected just a few months ago. Russia's war of aggression against Ukraine, which is a breach of international law, continues to put a strain on stability and peace in Europe.

In connection with this, and as a result of the coronavirus pandemic, entire supply chains have been thrown out of kilter. Some raw materials can only be procured after long delays - and often at high prices. Further problems include overloaded seaports and high cancellation rates in rail and air traffic. Many components of the infrastructure, the functioning of which has been taken for granted in our economy over many years, are now at or beyond their capacity limits. These are all signs of a system undergoing a long-term stress test. High inflation and the resulting tangible increase in the cost of living for many people make it difficult to remain calm and maintain a positive outlook. There are too many uncertainties.

And yet all these developments are only one side of the coin. Despite all the difficult underlying conditions, we are experiencing an ongoing economic upturn. Especially in our core industry, robot- based automation, there is virtually no decline in demand. We are receiving inquiries and orders from Europe, America, and particularly Asia, where we are recording almost doubled growth in China alone compared to the same period last year. Orders are being placed by ever more customers, including from entirely new areas of application. As expected, the pandemic has continued to act as an accelerator for digitalization and automation.

That is why in this interim report we are once again presenting the highest ever level of orders received in the first half of a year. At over €2.5 billion after only six months, the figure is just below that for the full year 2020, even if this certainly includes pull-forward effects from customers.

Our current challenges are to be found on the supply side - unlike during other difficult phases in the past, when the problem has almost always been faltering demand. Instead, in a competitive market, success is now only achieved by those who can turn their orders into revenues, thereby generating profits. This has become more difficult, as there are many parts that we are unable to get hold of, or only after a delay. Semiconductors are just one of many possible examples here. And also, because our procurement is being hit by sharp price increases that far outstrip the inflation rates being published monthly.

However, as in any crisis situation, there is an opportunity to demonstrate the ability to pull together as a team and make a difference. And that is exactly what more than 14,000 KUKA employees around the globe are doing. I am proud of the flexibility and drive with which we are navigating through the tense supply chain situation with sales units, procurement, production and development all working together. It is precisely this special team spirit - the "KUKA Spirit" - that I have often emphasized and that I have so greatly appreciated at KUKA for a decade now. This month I have the pleasure of celebrating a personal milestone - ten years with the company.

The anniversary comes at a time that is eventful for KUKA in every respect. As an automation manufacturer and solution provider, how- ever, we are part of the solution and at home in areas of growth. If we manage to continue participating strongly in the prospering automation market, I have no worries for KUKA's success in the future. Of course, we also need to adapt our own approach in view of new competitors and challenges that differ from those of the past. This is noticeable in many different areas of the company, in all business segments and on all continents. We are on a good course here.

And that is precisely why my outlook for the second half of the year is a rather confident one, despite the global economic risks. We are focusing on the right topics, have the right people on board, and the spirit to make the best of things even in tense situations.

Sincerely

Peter Mohnen

4

KUKA Aktiengesellschaft| Interim Report H1/22

KUKA and the capital market

KUKA and the capital market

KUKA share

Since the beginning of the year, the global economic outlook has deteriorated further. Russia's war against Ukraine, harsh coronavirus lockdowns in China, and shortages of raw materials and intermediate products are putting severe strain on supply and transportation chains. The stock market environment remained difficult due to economic fears and concerns about an energy crisis. The gloomier economic outlook caused significant price movements on the stock markets. While capital market and money market interest rates rose in the eurozone, prices on the stock markets fell. EURIBOR rates rose sharply in June 2022.

The general conditions for the German economy remained challeng- ing. Due to the high level of uncertainty regarding the continuation of the Ukraine conflict, investments are expected to remain cautious. The ifo Business Climate Index is regarded as an important early indicator of the economic development in Germany. It declined to

92.3 points in June 2022 after recording 93.0 points in May. Compa- nies were slightly less satisfied with the current business situation. Expectations were considerably more pessimistic. The threat of a gas shortage is a major source of concern for the German economy.

The MDAX comprises 50 stocks and reflects the price performance of shares in mid-sized companies (mid caps) ranking behind those listed in the DAX in terms of market capitalization and stock exchange turnover. The MDAX has fallen by 26.5% since the start of the year, closing at 25,823 points on June 30, 2022. The CDAX, which tracks the performance of all German stocks in the Prime Standard and General Standard, closed at 1,157 points on June 30, 2022. The CDAX

thus fell by 21.8%. Despite the difficult conditions, the KUKA share price remained stable. The strong demand for automation and the speculation during the squeeze-out process led to positive performance of KUKA shares. The share is listed in the Prime Standard on the Frankfurt Stock Exchange and rose by 13.0% to €82.5 in the first half of 2022. The average trading volume of KUKA shares on Xetra was around 4,700 shares per day.

Midea Group Co., Ltd. holds over 95% of shares in KUKA AG through its subsidiaries Guangdong Midea Electric Co., Ltd. as well as Midea Electric Netherlands (I) B.V. and Midea Electric Netherlands (II) B.V. As the majority shareholder, Guangdong Midea Electric Co., Ltd. (Midea) informed KUKA AG on November 23, 2021 of its intention to initiate

  1. so-calledsqueeze-out process and delist KUKA AG. The Annual General Meeting on May 17, 2022 resolved to transfer the shares of the remaining shareholders of KUKA Aktiengesellschaft to Guangdong

Midea Electric Co., Ltd. in return for cash compensation of €80.77 per share. In addition, the shareholders resolved at the Annual General Meeting to distribute a dividend of €0.11 per no-par value share with dividend entitlement for fiscal 2021.

KUKA's share price performance

January 1 - June 30, 2022

120

110

100

90

80

70

Jan

Feb

Mar

Apr

May

Jun

KUKA

SDAX

CDAX

1 December 30, 2021 = 100, share price performance indexed, prices: Xetra

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

KUKA AG published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 05:36:03 UTC.