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In this Research Note, we examine Kieback&Peter, one of the long-established German manufacturers and systems integrators of building automation solutions and services. This analysis is based on their December 2023 filing of their 2022 company accounts and more recent announcements.
Kieback&Peter GmbH & Co. KG was founded in 1927 in Berlin, Germany. This family-owned medium-sized company now reports 50 locations worldwide and 1,600 employees. The Group’s most important market is in Germany which accounted for 84% of revenues in 2022.
Kieback&Peter Product Portfolio
The company’s portfolio ranges from software such as Qanteon, an integrated building and energy management system available as an on-premise or cloud solution to hardware manufactured in Germany such as controllers, actuators and sensors.
They also offer a CO₂ Reduction Roadmap, which is a package of solutions for reducing CO₂ emissions in buildings within three months, based on up to nine standardized modules. The latest component of the CO₂ Reduction Roadmap launched in February 2024 is en:predict, a self-learning algorithm for automatically controlling attributes such as the heating and cooling behavior of the building, the footfall at different times or regularly changing opening times.
2022 Financials
Recent Accounts report Kieback&Peter’s 2022 financial results and 2023 expectations.
Revenue for the financial year was EUR 226.6 million compared to EUR 211.8 million in 2021, an increase of 7% but below the forecast of EUR 234.8 million. The reasons for the deviation lie in the delayed completion of construction projects.
The operating result (EBIT before extraordinary items) increased compared to the previous year by EUR 0.1 million to EUR 5.2 million and was therefore EUR 2.4 million above the forecast value.
2023 Outlook
As of 30th June 2023, Kieback&Peter reported that the 2022 financial year was heavily influenced by unforeseeable global economic influences, extraordinary effects, and changes in the shareholder structure.
The group continues to find itself in a market environment that is difficult to predict due to the tense delivery situation and the current interest and inflation environment, which is further exacerbated by the ongoing war in Ukraine. Building construction in the relevant core market of Germany, for example, is expected to see a decline in order intake of around -1.5% in 2022.
Nevertheless, the Group continues to expect moderate growth in the 10% range for the coming financial year compared to 2022. For the 2023 financial year, they expect unconsolidated order intake of EUR 286 million and sales of EUR 250 million. Among other factors, the basis for the growth is the order backlog of the important German part of the group, which amounted to approximately EUR 144 million at the end of 2022 (2021: EUR 120 million).
The measures pursued in the 2022 financial year, i.e. strengthening risk management, cost savings and optimized use of resources for future investments, will most likely result in the medium term in an improvement in the economic and financial situation.
The Group assumes that the operating result (EBIT before extraordinary effects) will be at a similar level to that in 2022. (EUR 5.2 million) Overall, a positive annual result in the low single-digit million range is expected again (EUR 2.6 million).
Kieback & Peter has maintained its position as a key player in the German building automation sector for many years, competing with Siemens, Bosch and Sauter.
This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.
