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Annual Report for 2020

Wago Masters Corona Year with Stable Revenue

15. April 2021, 16:34 Uhr   |  Ralf Higgelke

Wago Masters Corona Year with Stable Revenue
© Wago

Axel Börner, Wago's Chief Financial Officer, is pleased to report stable sales in the Corona year 2020.

Wago Group has reported revenues of 950 million euros in 2020, only 0.4% below the previous year. Therefore, the employees can enjoy an additional Corona bonus.

The Wago Group closed the year 2020 with annual revenues of 950 million euros, just 0.4% below the previous year's level of 954 million euros. "This result exceeded our expectations. Starting in the fourth quarter, we saw a clearly positive trend regardless of the Corona pandemic," said Chief Financial Officer Axel Börner.

At national level, Germany and France, but also the USA and Japan, remained very stable in terms of revenue. Only in a few markets, such as India or Scandinavia, decreases had been noticed. "If we also consider the currency effects, we can be very pleased with our result and feel that the growth trend is clearly continuing in the first quarter," explains Axel Börner.

The distribution of revenue by national markets remained unchanged for the supplier of electrical connection and automation technology compared to the previous year. While Germany traditionally represents the most important market for Wago with a revenue share of 27%, the rest of Europe reaches 44%; ROW (Rest of World) is just under 30%. The number of employees also remained constant at around 8,500; of these, approximately 4,000 are employed in Germany.

70 Million Euros Invested - Predominantly in Germany

Despite the fact that the Wago Group is operating worldwide and produces at nine international locations, the focus of investment remains clearly in Germany. Around 70 % of the 70 million euros invested in 2020 went into the headquarters in Minden, Westphalia, and the production and logistics center in Sondershausen, Thuringia.

Wago
© Pape Architekten

Wago's largest project for 2021 is the new training center, which will be completed this year.

The largest project in 2021: the new training center at Hansastrasse, which will be completed this year. The conversion of the previous assembly of vending machines, including a new combined heat and power plant, will take around 5 million euros. "Promoting young talent remains a high priority for us. With the new building, our students and the technical and commercial apprentices will have shared, modernly designed learning and recreation rooms," says Axel Börner. As of December 31, 2020, 249 apprentices and dual students were employed in Minden and 41 in Sondershausen.

Another major investment project has already started operations. Around 15 million euros went into the new production site in Vadodara, India, whose capacity provides the necessary growth reserves.

Corona Bonus Honors Commitment of the Employees

"Our comprehensive measures to contain the pandemic, with a strict hygiene concept and remote working in the administrative areas, have had an effect, so that we have managed this situation very well so far," emphasizes Axel Börner. "We owe this not least to the cautious behavior of our employees and the great commitment of the emergency response team. In addition, our colleagues in production and logistics in particular have done a great job with the continuing high order intake."

In recognition and thanks, he said, the company had decided to pay out another voluntary Corona bonus of 500 euros to all employees in May on top of the anticipated bonus regulated by the 2021 collective agreement. In October last year, the special commitment of the employees during the crisis was already rewarded with a special bonus. In total, the company's above-tariff benefits thus add up to over 5 million euros.

Wago is keeping an eye on the overall economic effects of the pandemic, particularly with regard to the material and supply situation. "Despite shortages of raw materials and supply routes, however, we have not yet felt any critical effects thanks to careful planning," says Axel Börner.

Dr._Heiner_Lang, Wago CEO
© Wago

Dr. Heiner Lang became Chief Executive Officer at Wago on January 1, 2021.

Outlook of the new CEO Dr. Heiner Lang

Dr. Heiner Lang has succeeded Sven Hohorst as Chief Executive Officer as of 01.01.2021, who has moved to the Supervisory Board of the Wago Group. "Wago stands for pioneering performance and innovative strength, for long-term and sustainable growth, for strong relationships, technologically but also interpersonally. And I am very pleased to now help shape the path of this company, to break new ground, but also to preserve the values of the family-owned company," explains the new Chairman of the Executive Board.

In view of the current year, he added, protecting the health of the employees remains a top priority. "If the current very positive order intake continues, we can expect good results in 2021, but the overall economic situation remains uncertain," said Dr. Heiner Lang.

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