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Krones Continues To Expect Growth In FY21; To Pay Statutory Minimum Dividend

Beverage filling and packaging company Krones AG (KRNTY.PK,KRNNF.PK) Thursday said it continues to expect fiscal 2021 profitability to be better than in 2020 based on the slight recovery in revenue and the savings from the structural measures.

As announced in late February, Krones forecasts revenue growth of 2.5 percent to 3.5 percent amid the ongoing uncertainty about the path of the Covid-19 pandemic, and an EBITDA margin of 6.5 percent to 7.5 percent in 2021.

In the year 2020, reported EBITDA margin was 4.0 percent and adjusted EBITDA margin was 6.2 percent, on revenues of 3.32 billion euros.

Further, the company said it will pay the statutory minimum dividend for 2020 due to the negative consolidated net income, and distribute 0.06 euro per share.

Further, the Supervisory Board renewed appointment of Executive Board members. The Board at its Wednesday's meeting extended the appointment of Christoph Klenk as Executive Board member and CEO of Krones by five years until December 31, 2026.

The Boardalso extended the Executive Board appointments of Markus Tischer and Ralf Goldbrunner to December 31, 2026.

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