SUMMARY OF THE PERFORMANCE IN THE FINANCIAL YEAR

The forecasts made in the previous year’s report were largely realised due to the circumstances outlined.

We participated in the stronger investment activities of our customers in industry and water and waste water management. Our customers also made previously deferred investments in mining, which had a positive impact on order intake, meaning that the significant improvements in order intake pre­dicted in the previous year materialised. As expected, the growth of the Pumps and Valves segments exceeded the increase in the Service segment.

We slightly exceeded the stable sales revenue predicted in the previous year, although the forecast on the sales revenue development was not realised in all segments. For instance, sales revenue in the Pumps segments rose slightly (forecast in the previous year: significant decline). In the Valves segment, contrary to our expectations of a slight rise, there was a tangible fall. In the Service segment, however, our forecast of stable sales revenue proved correct.

The significant improvement in EBIT predicted in the previous year materialised as expected. In this context, the increase in the Pumps segment exceeded our forecast of significant growth; the substantial improvement predicted for the Service segment was confirmed. In the Valves segment, however, our expectation of a substantial rise did not materialise. Instead, EBIT fell strongly due to the write-down of goodwill of our company KSB Seil Co., Ltd., South Korea. Like the substantial improvement in EBIT outlined above, the earnings before ­income taxes (EBT) and the return on sales increased as expected. The earnings before income taxes (EBT) continue to be impacted by one-off costs in the amount of € 50 million, as expected. The net financial position, at € 288.0 million compared with € 259.5 million in the previous year, developed more favourably than predicted twelve months earlier.

Overall, therefore, order intake and sales revenue developed somewhat better than expected in the reporting year. Our ­expectations for the earnings figures of the Group were met in full overall. This also applies to the return on sales.

KSB continues to have a healthy financial basis for the future.

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