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“The year 2022 presents us with special challenges. We will therefore focus on consistently implementing the package of measures we have launched to increase our corporate resilience and profitability,” said Rob Smith, CEO of KION Group AG: These measures have already shown positive results. Our agility and crisis resistance have improved compared to last year. Our innovative product planning line is fully backed up and investment in production bases around the world is not reduced. In addition, digitalization, automation and alternative energy systems Global growth drivers such as the KION Group's business areas remain unchanged. Therefore, we are confident in the development of this year."
Despite a marked weakening in demand, the KION Group still achieved an order value of 11.708 billion euros, a decrease of 6.2% compared to the previous year's record 12.482 billion euros, of which exchange rate factors contributed 391.2 million euros.

The group's consolidated income was 8.2% higher than the previous year (10.294 billion euros), reaching 11.136 billion euros. Both business segments contributed to this, thanks on the one hand to the high order book accumulated in the previous year and on the other hand to the good development of the services business. Positive exchange rate effects contributed EUR 406.3 million to this.

The adjusted EBIT of the KION Group achieved EUR 292.4 million in the current period, which was significantly lower than the year-on-year value (EUR 841.8 million) in 2021 due to the impact of sudden cost increases and unsmooth supply chains. The adjusted EBIT margin was only was 2.6% (previous year: 8.2%).

Free cash flow for the period was EUR -715.6 million (previous year: EUR 543.8 million). In addition to the decline in profits, a significant year-over-year increase in net working capital also negatively impacted the value.
Mixed outlook for material handling market amid global economic pressure

The ongoing crisis in the Ukraine region, global inflation and consequent hikes in benchmark interest rates, and the rapid spread of the coronavirus in China are all putting pressure on the world economy in 2022. Global demand for material handling equipment has gradually declined over the past year due to the general economic downturn. The number of orders ordered in the first quarter of last year was still above the level of the same period of the previous year, but the development since then has been significantly lower. The number of orders ordered in the global market during the 2022 reporting period is likely to be lower than in the previous year, especially in the Europe, Middle East and Africa region.

According to the results provided by Interact Analysis, an evaluation and research organization of the KION Group, although there are many uncertainties in the macro economy, the global supply chain solutions market will still grow again in 2022 year-on-year. The investment willingness of customers in the e-commerce field has declined significantly, but the investment volume of other customer groups has increased, making up for this part of the loss. There was growth in all markets (EMEA, Americas, Asia Pacific).
Generally speaking, KION Group has full confidence in its future development by taking a series of measures to enhance its anti-crisis ability. For the 2023 fiscal year, the KION Group expects higher revenues, significantly higher adjusted EBIT and return on capital employed (ROCE). On this basis, free cash flow is also expected to increase significantly. Nevertheless, the market and geopolitical risks described above make the business development of the KION Group and its two business segments uncertain.

The KION Group has already taken firm steps in both business segments in the 2022 fiscal year with the aim of strengthening the resilience of its business model in the long term. Price adjustments and risk control considerations in contract design, as well as improved procurement, production and project management processes, are expected to have an impact on gross margins in FY2023.

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