EANS-News: Rosenbauer International AG
Consolidated revenues and order backlog
stable
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The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- Quarterly Report Leonding - * Consolidated revenues and order backlog stable * Increased deliveries in Europe offsets decreased demand due to low oil price and political unrest * EBIT for Q3/2017 has increased by 42% to EUR 12.1 million - turnaround has been initiated ______________________________________________________________________________ |GROUP_KEY_FIGURES__|_________________|___________1-9/2016|____________1-9/2017| |Revenues___________|___EUR_million___|______________602.9|_______________604.5| |EBIT_______________|___EUR_million___|_______________27.3|________________14.8| |Net profit for the | EUR million | 19.6| 11.1| |period_____________|_________________|___________________|____________________| |Cash flow operating| EUR million | (24.7)| (50.7)| |act._______________|_________________|___________________|____________________| |Equity (% of total | | 32.1%| 34.0%| |assets)____________|_________________|___________________|____________________| |Earnings_per_share_|_______EUR_______|________________1.8|_________________0.5| |Employees (Sept. | | 3,320| 3,374| |30)________________|_________________|___________________|____________________| |Order backlog | EUR million | 803.5| 803.4| |(Sept._30)_________|_________________|___________________|____________________| A similar development to the previous year is expected on the global firefighting markets in 2017. Above all, demand is currently being driven by countries with continuous procurement or elevated security requirements following natural or terrorist disasters. Revenue and earnings development The Rosenbauer Group generated revenues of EUR 604.5 million in the first three quarters of 2017 (1-9/2016: EUR 602.9 million). While decreases in deliveries were observed in some Middle Eastern countries, deliveries were on the rise in parts of Europe, such as the Netherlands. EBIT was down on the previous year at EUR 14.8 million in the first nine months of the year (1-9/2016: EUR 27.3 million).The results for the quarter were reduced by the low coverage of fixed costs at the plants in Leonding on account of weak capacity utilization, combined with the higher start-up costs of the platform manufacturer Rosenbauer Rovereto. In addition, results were also influenced by one-time costs for the reorganization of the staff structure in Austria, amortization on intangible assets, and exchange rate effects. The quarterly observation shows that the result in the third quarter far outperformed the comparable figure from the previous year. The measures to decrease costs and increase efficiency that were carried out showed the first signs of a turnaround. For instance, EBIT for the months of July to September increased by 42% from EUR 8.5 million to EUR12.1 million. Consolidated EBT for the reporting period amounted to EUR 13.9 million (1-9/ 2016: EUR 25.3 million). Orders The Rosenbauer Group enjoyed satisfactory order development in the first nine months of the year, with incoming orders of EUR 654.4 million (1-9/2016: EUR 588.8 million). While incoming orders decreased significantly in countries that are dependent on oil and commodity prices or that had to restructure their budgets due to conflicts, incoming orders were up in some parts of Europe. The order backlog as of September 30, 2017 was on par with the previous year's level at EUR 803.4 million (September 30, 2016: EUR 803.5 million). Financial and net assets position For reasons specific to the industry, the structure of the statements of financial position during the year is characterized by high working capital. This is due to the turnaround times of several months for vehicles in production. Total assets are therefore relatively high during the year at EUR 689.7 million (September 30, 2016: EUR 708.9 million). As a result of the delivery volume in the second half of the year, inventories were up in the reporting period at EUR 208.4 million (September 30, 2016: EUR 708.9 million), while construction contracts were down slightly on the previous year at EUR 102.8 million (September 30, 2016: EUR 109.0 million). Current receivables were reduced due to a change of customer structure to EUR 181.5 million (September 30, 2016: EUR 194.2 million). The Group's net debt (the net amount of interest-bearing liabilities less cash and cash equivalents and securities) decreased year-on-year to EUR 254.0 million (September 30, 2016: EUR 266.5 million). Owing to the high level of working capital, especially in inventories, the intra-year cash flow from operating activities is still negative compared to the end of 2016 at EUR -50.7 million (1-9/2016: EUR -24.7 million). An improvement in the cash flow from operating activities is expected by the end of the year. Outlook Political tension and the low price of oil could affect growth on certain markets in 2017 as well. Overall, however, stable development in global demand for firefighting technology is assumed. The Group will continue to focus on efficiency enhancement and cost reduction to ensure that the intended growth can be implemented on a solid financial basis. In addition, far-reaching changes have been made in Rosenbauer's management and organizational structure that led to non-recurring expenses. Owing to project-related lower capacity utilization at the Leonding plants, the change in the production program and the one-time effects, the Executive Board is forecasting an EBIT margin after extraordinary effects of around 3% with consolidated revenues at a consistent level. Further inquiry note: Rosenbauer International AG Gerda Königstorfer, Company Spokesperson / Investor Relations Phone: +43 732 67 94-568 gerda.koenigstorfer@rosenbauer.com end of announcement euro adhoc -------------------------------------------------------------------------------- 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 ISIN: AT0000922554 indexes: WBI stockmarkets: Stuttgart, Wien, Berlin language: English
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