KUKA : Quarterly Earnings

Q1/22

Quarterly Statement

Key figures

in € millions

Orders received

Order backlog (March 31) Sales revenues

Gross earnings from sales in % of sales revenues

Earnings before interest and taxes (EBIT)

in % of sales revenues

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

in % of sales revenues

Earnings after taxes

Diluted/undiluted earnings per share in € Capital expenditure

Equity ratio in % (March 31) Net liquidity (March 31) Employees (March 31)

Quarterly Statement

Business performance

 Group

The Ukraine war has triggered a severe humanitarian crisis. The OECD (Organization for Economic Cooperation and Development) also expects serious economic repercussions for the global economy. In December 2021, the OECD was still forecasting an economic recovery and raised its growth outlook to 4.5%. Instead, the war in Ukraine could reduce growth by more than one percentage point and further fuel inflation. In addition to this, material and supply bottlenecks continued to pose a challenge in the first quarter.

Despite these challenges, orders received by  Group roseafter €11.5 million in Q1/21, resulting in an EBIT margin of 6.1% Swisslog Healthcare

(Q1/21: 5.1%). The main positive factors here were the higher vol-

ume, increased capacity utilization in North America and improved project management.

Robotics

With orders received amounting to €399.8 million, Robotics achieved its highest quarterly figure to date. Demand picked up in both Auto- motive and Non-Automotive, as well as Service, leading to an increase of 31.8% compared with the prior-year quarter (Q1/21: €303.4 mil- lion). At €213.5 million, sales revenues were down on the previous year (Q1/21: €227.3 million). The decline was due to material and sup- ply bottlenecks, which meant that Robotics was able to fulfill fewerTotaling €57.6 million, orders received at Swisslog Healthcare in Q1/22 were slightly below the prior-year level (Q1/21: €58.7 million). Due to the good order situation in the previous quarters and the high order backlog, sales revenues increased by 13.8% to €54.5 million (Q1/21: €47.9 million). The book-to-bill ratio stood at 1.06 in Q1/22 after 1.23 in Q1/21. The order backlog increased to €233.3 million at the end of the first quarter of 2022 (March 31, 2021: €195.9 million). EBIT rose from €0.5 million in Q1/21 to €2.2 million in Q1/22, resulting in an EBIT margin of 4.0% in Q1/22 compared to 1.0% in Q1/21. This improvement is attributable to the optimizations in cost manage- ment as well as in process and project management.

strongly in the first quarter of 2022. The value of orders received orders than planned. The book-to-bill ratio rose to 1.87 after 1.33 in the China

increased by 42.0% to €1,264.7 million (Q1/21: €890.5 million).  Group also achieved significant growth in sales revenues, which increased by 18.3% to €853.4 million in the first quarter of 2022 (Q1/21: €721.6 million). The book-to-bill ratio, namely the ratio of orders received to sales revenues, rose to 1.48 in the first quarter of 2022 (Q1/21: 1.23). The order backlog increased to €2,760.6 million as at March 31, 2022, up 23.9% on the previous year (March 31, 2021:

previous year. The order backlog grew by 46.9% from €345.7 million in Q1/21 to €508.0 million due to the increase in orders received. EBIT fell to -€1.7 million after €5.0 million in the prior-year period on account of the lower revenue volume. This resulted in an EBIT margin of −0.8% compared to 2.2% in the first quarter of 2021.

€2,227.9 million).  Group's earnings before interest and taxes Swisslog

(EBIT) improved to €19.0 million after €8.2 million in Q1/21. This

resulted in an EBIT margin of 2.2% (Q1/21: 1.1%). The increase is mainly due to the reversal of impairment losses on trade receivables.

Systems

Orders received in the Systems segment increased significantly, rising by 39.6% to €388.8 million in the first quarter of 2022 (Q1/21: €278.6 million). Demand picked up on both the US and European markets. The good order situation had a positive effect on sales. Sales revenues increased by 21.3% to €274.0 million (Q1/21: €225.9 mil- lion). The book-to-bill ratio rose from 1.23 in Q1/21 to 1.42 in Q1/22. The order backlog grew by 10.0% from €658.9 million to €725.1 mil-lion as at March 31, 2022. EBIT increased to €16.8 million in Q1/22

In the period under review, orders received at Swisslog were up 18.3% on the previous year's level at €180.1 million (Q1/21: €152.3 mil-lion). The trend towards automated logistics solutions, which led to increased demand in the e-commerce sector in particular, had a positive impact. This development also had a positive effect on sales revenues, which grew to €168.2 million in the first quarter of 2022 (Q1/21: €143.3 million). The book-to-bill ratio rose from 1.06 in Q1/21 to 1.07 in Q1/22. The order backlog improved by 12.3% to €857.4 mil- lion as at March 31, 2022 (Q1/21: €763.8 million). Swisslog achieved a significant increase in EBIT to €8.2 million (Q1/21: €2.4 million). The increase was due, among other things, to the positive volume effect and improved cost management. The EBIT margin rose to 4.9% from 1.6% in the same period of the previous year.

The China segment achieved a strong increase in orders received. In the first quarter of 2022, the value of orders received grew to €308.1 million (Q1/21: €156.0 million). Demand increased for both robotics and systems integration. The improvement was also reflected in sales revenues. At €177.8 million, sales were up by 61.2% on the prior-year level of €110.3 million. The order backlog grew by 59.4% to €521.5 million (Q1/21: €327.2 million). The book-to-bill ratio rose from 1.41 in Q1/21 to 1.73 in Q1/22. The higher revenue volume had a positive impact on earnings. The EBIT of €4.3 million was an improve- ment on the previous year's figure of −€1.8 million. As a result, the EBIT margin of 2.4% in Q1/22 was also clearly better than a year earlier (Q1/21: −1.7%).

Financial position and performance

Earnings

In the first quarter of fiscal year 2022,  Group achieved sales revenues amounting to €853.4 million - a significant increase of 18.3% over the previous year's figure (Q1/21: €721.6 million). Orders received also rose sharply, increasing by 42.0% from €890.5 million in the first quarter of fiscal year 2021 to €1,264.7 million in the first quarter of fiscal year 2022.

The order backlog as at March 31, 2022 amounted to €2,760.6 million, which was higher than both the prior-year figure and the value at year-end 2021 (December 31, 2021: €2,311.9 million; March 31, 2021: €2,227.9 million). The high order backlog also promises good capac- ity utilization in subsequent periods. Gross earnings increased by 10.9% compared with the first quarter of fiscal year 2021 (Q1/21: €156.7 million) to €173.8 million. Due to the slightly greater increase in the cost of sales compared to sales revenues, this resulted in a gross margin for the Group of 20.4% (Q1/21: 21.7%). The costs of sales, research & development and administration rose by 5.9% to 158.3 million in the first quarter of fiscal year 2022 (Q1/21: €149.5 mil- lion). As a result of the improved cost structure, the ratio of structural costs to sales decreased from 20.7% to 18.6%.

In the first three months of 2022,  Group capitalized costs for new developments totaling €6.6 million (Q1/21: €6.6 million). This corresponded to a capitalization ratio of 14.6% (Q1/21: 15.2%). The capitalized costs will be amortized on a scheduled basis and recog- nized as an expense in subsequent periods. These expenses amounted to €4.8 million in the period under review (Q1/21: €4.9 million). For further details about current development projects, please refer to the  Group publications.

At €19.0 million, earnings before interest and taxes (EBIT) increased significantly year on year (Q1/21: €8.2 million). The EBIT margin improved from 1.1% in the first quarter of 2021 to 2.2% in the first quarter of 2022. The higher revenue volume and positive one-time effects such as the reversal of allowances for expected losses on receivables increased the margin.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose from €38.3 million to €49.1 million in the first quarter of 2022. As in the prior-year period, depreciation and amortization in the period under review amounted to €30.1 million (Q1/21: €30.1 mil- lion), of which €8.2 million (Q1/21: €8.1 million) was attributable to lease transactions in accordance with IFRS 16.

in € millions

Earnings before interest and taxes (EBIT)

in % of sales revenues

Earnings before interest, taxes, deprecia-tion and amortization (EBITDA)

in % of sales revenues

Segment reporting

For explanatory comments on the individual segments, please refer to the section on business performance.

in € millions

Orders received

Order backlog (March 31)

Group external sales revenues

in % of Group sales revenues

Intra-Group sales revenues

Sales revenues

Gross earnings from sales

in % of sales revenues of the segment

EBIT

in % of sales revenues of the segment

EBITDA

in % of sales revenues of the segment

Employees (March 31)

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