In the Commercial Vehicles division, the company generated sales of 1,374.0 million euros, an increase of 17.8% compared to the previous year (1,166.2 million euros). Krone also achieved further growth in the Agricultural Equipment segment; thanks to an increase in turnover of 11.1%, turnover amounted to EUR 813.5 million (previous year: EUR 731.9 million). Consolidated earnings before taxes for the 2020/2021 financial year rose from 42.0 million euros to 95.9 million euros. The Group return on sales before taxes was 4.4% (previous year: 2.2%).

Financial position/financing

In the 2020/2021 financial year, total assets amounted to EUR 1,476.8 million (previous year: EUR 1,333.6 million). The total investment volume of EUR 45.4 million (previous year: EUR 60.2 million) was offset by depreciation and amortization of EUR 38.9 million. Cash and cash equivalents increased by 132.1 million euros to 337.0 million euros.

Equity increased from EUR 588.7 million to EUR 645.3 million, mainly due to the consolidated net profit of EUR 68.9 million as at the balance sheet date. The equity ratio remained stable at 43.7% (previous year: 44.1%). Medium and long-term debt capital increased from EUR 426.4 million to EUR 500.5 million. The Group has medium and long-term capital of EUR 1,146.2 million (previous year: EUR 1,015.5 million) at its disposal. This covers not only fixed assets, but also all inventories and trade receivables.

Employees

In the past financial year, the Krone Group employed a total of 5,438 people (previous year: 5,375) in over 15 countries; this figure includes an average of 266 trainees (previous year: 293). The Commercial Vehicles Division employed 2,924 people worldwide (previous year: 2,948), the Agricultural Equipment Division 2,195 (previous year: 2,163) and the holding company 319 (previous year: 264).

Research and development

In the past financial year, Krone once again invested considerable amounts in research and development and made additions to the portfolio in both business areas. In the agricultural machinery segment, for example, the new GX all-round transport wagon was presented, as well as the EasyWrapT trailed bale wrapper and new single-rotor rakes. In the commercial vehicle segment, Krone presented the modular Swap Liner for transporting two swap bodies, new container chassis, the optimized Cool Liner, the new generation of swap bodies 4.0 and the first prototype of an electrified Krone eTrailer.

Krone also expanded its range of machinery and trailer services to include additional digital services that customers can access as required. In the agricultural machinery segment, for example, this includes the continuous expansion of the mykrone.green customer portal; in the commercial vehicle segment, Krone focused in particular on the service area and presented its own spare parts brand 'Krone Trusted' as well as the new 'Krone 360°Trailer Service'.

Bernard Krone is delighted with the company's successful development. "Especially against the backdrop of the pandemic and the associated uncertainties, the turnover of 2.2 billion euros achieved is remarkable. In particular, I would like to thank the Krone teams at all locations, who have always acted flexibly and with discipline, even in times of coronavirus, and have shown us that they are extraordinarily loyal to the Krone company. As a result, we were once again able to position ourselves as an innovative manufacturer and consolidate our market share in both business areas. One of the building blocks of our success is undoubtedly our customer proximity, which we have also pursued during the pandemic - albeit in new ways and channels. We will continue to consistently pursue this strategy in the current financial year, which is why I am optimistic that we will be able to further increase our sales. After all, corona has shown us very clearly that the agricultural and transportation sectors are simply indispensable for a functioning society."