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Interim results for the first half of fiscal 2013

7 August 2013

Sales up 7 percent as KUKA confirms guidance

  • Strong orders received of EUR 1.01 billion in H1/13
    - Q2/13: up 3.8 percent to EUR 525.4 million, including EUR 40 million from Utica
  • Sales revenues grow 7.0 percent in H1/13 to EUR 873.5 million
  • Group's consolidated EBIT margin rises to 6.6 percent in H1/13, up from 6.2 percent in H1/12
    - Q2/13: Systems' EBIT margin rises sharply to 5.8 percent
  • Earnings after taxes reach EUR 27.0 million and free cash flow EUR 34.0 million in H1/13
  • Successful increase of convertible bond volume in July 2013 secures attractive interest rate
  • Guidance confirmed



KUKA can look back on a successful first half for fiscal 2013. By the end of the period, the company had posted consolidated orders received of EUR 1,008.1 million. Just like last year, the EUR 1 billion threshold was exceeded after only six months. Orders received in H1/12 were reported at EUR 1,108.8 million. Total orders received in the second quarter of 2013 were reported at EUR 525.4 million, with EUR 40 million coming from the first-time consolidation of Utica. The year-over-year increase in the second quarter of 2013 was 3.8 percent. Adjusted for the first-time consolidation of Utica, orders received were the same as the EUR 482.7 million posted for Q1/13. The Robotics division's total orders received in the second quarter of 2013 came in at EUR 186.9 million. Including Utica, the Systems division received orders totaling EUR 345.0 million, beating the prior year's number by 13.1 percent. The growth was driven especially by demand from automotive customers.

Sales revenues in the first six months climbed 7.0 percent to EUR 873.5 million, of which EUR 437.5 million were generated in the second quarter of the fiscal period. Both divisions contributed to these results. Robotics was able to generate orders received of EUR 184.3 million for the quarter just ended. Systems' sales revenues of EUR 260.3 million were the second-highest in the company's history. The book-to-bill ratio continued to be very satisfactory, coming in at 1.15 for the first half of fiscal 2013, and 1.20 for the second quarter of 2013.

This drove KUKA Group's order backlog even higher, from EUR 947.2 million at the end of the first quarter of 2013 to EUR 1,022.4 million at the end of the second quarter of 2013. Notionally, work on hand was thus down slightly, falling 2.3 percent from EUR 1,046.8 million on June 30, 2012. The Robotics division's order backlog at the end of the second quarter of 2013 was EUR 274.1 million compared to EUR 308.1 million on June 30, 2012 and the Systems division reported orders on hand of EUR 757.4 million, up from EUR 749.1 million on June 30, 2012.

rnings before interest and taxes (EBIT) continued to climb in the first half of the fiscal year and reached EUR 57.4 million, up from EUR 50.5 million in H1/12. EBIT margin for the period was 6.6percent, compared to 6.2 percent in H1/12. The 6.6 percent number in the second quarter is the best EBIT margin reported in a single quarter since 2004. As budgeted, Robotics' EBIT margin was 10.1 percent. Systems was able to increase its EBIT margin from 4.1 percent in Q2/12 to 5.8 percent in the second quarter thanks to strong demand and improved internal processes.

"KUKA was able to both improve EBIT margin and grow sales in the first half of fiscal 2013," reports Dr. Till Reuter, CEO of KUKA AG. "We expect demand from Asia and North and South America to strengthen as the year progresses. We are very confident we will achieve the targets we set for this year. “

Earnings after taxes were also higher as a result of the improved EBIT margin, rising to EUR 27.0 million in the first half of this fiscal year from EUR 25.6 million in Q2/12. Free cash flow was reported at EUR 34.0 million, which compares to EUR -12.1 million in the first six months of fiscal 2012.


KUKA expects world economic growth in 2013 to vary between regions, with an overall positive trend. There will continue to be strong to slightly rising demand from the key automotive and general industry markets. However, growth rates will be significantly lower following the high capital spending seen between 2010 and 2012. From a regional perspective, demand from Asia and North and South America will be stronger, with Europe remaining volatile and damping the overall trend.
Based on these forecasts, KUKA Group's overall sales revenues in fiscal 2013 should be slightly higher and reach EUR 1.8 billion. Based on this sales forecast, we expect to generate an EBIT margin of about 6.5 percent. KUKA thus confirms its guidance.

KUKA group, key figures

The KUKA key figures in table