EANS-Interim Report: Rosenbauer International AG
Zwischenmitteilung
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Intermediate report of the management transmitted by euro adhoc. The issuer
is responsible for the content of this announcement.
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Revenues (236.7 Mio Euro) and EBIT (14.0 Mio Euro) low in 1st half-year, for
seasonal reasons;
Order intake of 281.5 Mio Euro at high level (+14%);
Outlook for 2011 revenues and EBIT come in at around the average of past two
years
GROUP KEY DATA | |1-6/2011 |1-6/2010 |? in % |
|Revenue |Mio |236.7 |274.5 |(14%) |
| |Euro | | | |
|EBIT |Mio |14.0 |20.6 |(32%) |
| |Euro | | | |
|EBT |Mio |14.3 |18.8 |(24%) |
| |Euro | | | |
|Net profit for the period |Mio |11.4 |14.6 |(22%) |
| |Euro | | | |
|Cash flow from operating activities |Mio |(21.0) |(19.9) |- |
| |Euro | | | |
|Total assets |Mio |344.5 |357.2 |(4%) |
| |Euro | | | |
|Equity in % of total assets | |39.1% |28.0% |+40% |
|Investments |Mio |3.9 |4.3 |(9%) |
| |Euro | | | |
|Earnings per share |Euro |1.3 |1.6 |(19%) |
|Employees as at June 30 | |2,062 |2,012 |+2% |
|Order intake |Mio |281.5 |246.8 |+14% |
| |Euro | | | |
|Order backlog as at June 30 |Mio |447.5 |473.8 |(6%) |
| |Euro | | | |
Leonding, August 26, 2011: After a certain time-lag, the financial and economic
crisis has now also left its mark on the fire-equipment sector. Certain markets,
prime among them the USA as the world´s largest single market, started reacting
to the economic crisis in 2009, with a noticeable reluctance to place orders. In
2010, the German market was also affected, shrinking by around 15%. The
increasing budgetary constraints upon local municipalities mean that the German
market is likely to decline by a further 10% in 2011.
The picture in emerging markets is a very varied one: While there are already
indications of market saturation in several countries, in regions such as the
Middle East there is still a great need for modernization. This is also
reflected in today´s large arena for project business.R
Revenue and results trends
In the fire-equipment sector, the first half of the year is generally typified
by lower revenues and margins. This is due to the fact that the majority of
shipments tend to be in the second half of the year. However, this seasonal
dependency during the fiscal year is often smoothed to some extent by centrally
directed procurement that does not fall under public-sector revenue and
expenditure budgets.
The Rosenbauer Group posted lower first half-year revenues, year-on-year, of
236.7 Mio Euro (1-6/2010: 274.5 Mio Euro). While markets softened still further
in parts of Europe and in the USA, the Group was able to build on the greatly
improved position that has been established in emerging markets in recent years.
Foreign currency translation of the shipments made by the US companies also
contributed to the drop in revenues. Initial `teething troubles´ at vendor firms
- which were unable to fulfill the required delivery volumes - contributed to
delayed shipments during series start-up of the new municipal vehicle AT, and
thus also to the reduced revenues posted in this reporting period.
The fall-back in Group revenues meant that EBIT for this reporting period also
came in lower year-on year, at 14.0 Mio Euro (1-6/2010: 20.6 Mio Euro),
corresponding to an EBIT margin of 5.9% (1-6/2010: 7.5%). Thanks to the Group´s
higher earnings from the joint venture in Russia, the finance cost improved by
around two million euros over the same period of last year, leading to a very
satisfactory EBT of 14.3 Mio Euro (1-6/2010: 18.8 Mio Euro).
Orders
Despite the weak market situation in Europe and the USA, the Group was able to
raise its first half-year order intake to 281.5 Mio Euro (1-6/2010: 246.8 Mio
Euro), by virtue of its successes on international export markets. This is the
second-highest volume of new orders ever taken during the first half of the year
in the Rosenbauer Group´s entire history, and is 14% above the figure for the
same period of last year. With order books totaling 447.5 Mio Euro as of June
30, 2011 (June 30, 2010: 473.8 Mio Euro) the Rosenbauer Group can look forward
to solid capacity utilization over the next twelve months.
Outlook
As is usually the case in the fire-equipment sector, the second half of 2011
will bring significantly higher revenues and thus a very intensive workload.
From today´s perspective, Management is confident that despite the delays to
shipments during the first half of the year, the bulk of the deliveries will be
effected on schedule towards the year-end.
Despite the weakness of the markets in Europe and the USA and after the record
year Rosenbauer enjoyed in 2010, factors such as the healthy state of order
books and the still-clear view ahead regarding production-capacity utilization
for the rest of 2011 lead Management to expect both the revenue and earnings
figures to come in at around the average level for the past two years. This
would correspond to revenues of around 570 Mio Euro and EBIT of substantially
above 40 Mio Euro.
end of announcement euro adhoc
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issuer: Rosenbauer International AG
Paschingerstrasse 90
A-4060 Leonding
phone: +43(0)732 6794 568
FAX: +43(0)732 6794 89
mail: ir@rosenbauer.com
WWW: www.rosenbauer.com
sector: Machine Manufacturing
ISIN: AT0000922554
indexes: WBI, ATX Prime
stockmarkets: free trade: Berlin, Stuttgart, official market: Wien
language: English
Original content of: Rosenbauer International AG, transmitted by news aktuell