Germany-based
Voith Group — a manufacturer of machines for the pulp and paper industry, technical equipment for hydropower plants, and drive and braking systems —says it performed satisfactorily in the 2021/22 fiscal year (ending on 30 September) and is in a ‘robust condition’ regarding its operations and finances.
Toralf Haag, Voith’s president and CEO, said: “The Group’s orders received have further increased in comparison to the already high level of the previous year. Sales rose perceptibly and both the operating result and the net income grew appreciably.
“The broad sectoral and geographical diversification and the solid market position of the Group’s three divisions contributed to this development, as did regional supply chains. Voith is furthermore profiting from a sound financial strength that enables it to make substantial investments in the development of innovative technologies and in acquisitions to exploit strategic growth areas, even in a difficult economic environment.”
At 5.16 billion euros, orders received exceeded expectations, having risen by 3% in comparison to the previous year’s very high level; and at 7.03 billion euros, orders on hand broke through the 7-billion-euro threshold for the first time. With a rise of 15% to 4.88 billion euros, Group sales were also higher than expected. In the past fiscal year, Voith again invested substantially in its ‘future business performance’, with expenditure on R&D increasing by 11% to 213 million euros.
Moreover, the Group says it is in a good financial position to keep its future R&D expenditure at a high level. Dr Haag added: “Even after the substantial acquisitions made recently, we still have the financial leeway required to invest for growth in the expansion of the core business and entering new markets, with a focus on sustainable technologies that will see Voith a pioneer in the post-carbon age — itself being net climate-neutral at all locations worldwide since the beginning of 2022.
“An important objective for Voith is to use its expertise in the areas of hydropower, paper making, mobility, and industrial applications beyond the current product portfolio. In this respect, Voith has identified hydrogen technology, electrical drive systems, cargo rail, and energy storage as growth areas.”