Kuka AG - Robotics
Forecast for 2018 revised downwards once again
In connection with the preparation of the annual financial statements, the Kuka Board of Management decided to revise the forecast communicated in October 2018 for the end of 2018 (sales of around EUR 3.3 billion / EBIT margin of around 4.5%). An immediate action package was also adopted.
The investor agreement with Midea guarantees Kuka's independence until 2023.
© KukaKuka now expects sales of around 3.2 billion euros and an EBIT margin before purchase price allocations, growth investments and reorganization expenses of around 3% for 2018. In view of this development, the Executive Board no longer considers it realistic to achieve the 2020 targets formulated in 2015. These envisaged sales of between EUR 4 and 4.5 billion and a target EBIT margin of more than 7.5%. The Augsburg-based company will publish its 2018 annual financial statements, including the forecast for 2019, at the annual press conference on March 28, 2019.
Peter Mohnen, new CEO of Kuka AG: "We have no control over the economy, but we can make important internal adjustments."
© KukaThis development was mainly due to the following factors: The increasingly noticeable general economic slowdown since the fourth quarter of 2018, which has had an impact on two important business areas: the electronics industry and the automotive sector, with which Kuka generates half of its sales. Added to this is the slowdown in growth in China, one of the most important robotics markets. Growth rates there are currently lower than they have been since the financial crisis. There were also unforeseeable negative influences in the project business.
In order to make the company fit for the future in the long term and lead it on a sustainably profitable growth path, the Kuka Executive Board has adopted a comprehensive immediate package with four key areas: an efficiency program with a focus on indirect areas such as administration, purchasing, sales and project management, a German-Chinese task force as a driver for the Chinese joint ventures and the development of specific products for the Asian market, a focus on investments in research & development (R&D) with shorter development cycles and a more customer-focused and less centralized organizational structure. The agreed efficiency program is expected to generate total savings of over EUR 300 million by 2021 and will also include personnel measures.
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