"2018 went well for Endress+Hauser practically worldwide," explained CEO Matthias Altendorf at the annual media conference in Basel. The Group increased net sales by 9.5% to 2.455 billion euros, despite strong headwinds from exchange rates. In local currencies, sales growth amounted to 12.7%.

The USA has replaced Germany as Endress+Hauser's largest sales market, says Matthias Altendorf, CEO of the Endress+Hauser Group.

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Business was driven by a strong economy in process automation. The sustained high level of private consumption and the recovery in oil and commodity prices contributed to the positive development. After years of rather weak investment activity, major projects returned. According to Chief Financial Officer Dr. Luc Schultheiss, Endress+Hauser therefore performed "above the industry average".

In regional terms, Endress+Hauser performed very well in Europe and showed dynamic growth in Africa/Middle East and the Asia-Pacific region. Growth was strongest in America. "After 65 years, the USA has replaced Germany as our largest sales market," reported Matthias Altendorf. Business in China also saw double-digit growth. "If the trend continues, China could soon be our number one market," said the CEO.

The development of exchange rates not only slowed down sales growth, but also dampened the cost trend, despite significant inflation on the materials side. The operating result (EBIT) rose by 31.4% to 330.6 million euros. Although no non-recurring income was recorded in 2018 - unlike in the previous year - earnings before taxes (EBT) rose again by 14.6% to EUR 315.7 million. The return on sales (ROS) climbed by 0.6 points to 12.9%.

Earnings after tax increased by 11.2% to 232.5 million euros. This reflects an effective tax rate of 26.4%, which - influenced by the change in the composition of profit - was slightly higher than in the previous year. The equity ratio reached 71%, 0.8 percentage points higher than in 2017. The Group is virtually free of bank debt.

Expenditure on research and development climbed to 184.2 million euros, which corresponds to 7.5% of turnover. The positive development was also reflected in numerous new jobs: at the end of 2018, 13,928 people were working for the Group worldwide, 629 more than a year ago. New employees were hired primarily in production, production-related areas and service.

Forecast for the current year

Endress+Hauser has made a good start to the current financial year. The Group's incoming orders and sales are currently well above the previous year's figures. The company expects this trend to weaken in the second half of the year. "Nevertheless, we expect solid growth in the mid single-digit percentage range," said Luc Schultheiss. According to the CFO, investments of EUR 260 million are planned; if business goes well, 500 jobs will be created worldwide.