Rosenbauer International AG

Earnings Release • May 15, 2014

EANS-Adhoc: Rosenbauer International AG / Successful production start-up in new Plant II Leonding / First quarter revenues slightly lower, as expected / EBIT up by around 27% to EUR 4.7 million

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Financial Figures/Balance Sheet/quarterly report

o Successful production start-up in new Plant II Leonding

o 1st quarter revenues slightly lower, as expected

o EBIT up by around 27% to EUR 4.7 million

o Order intake of EUR 139.1 million still at a high level, even in the absence of a major order

____________
			___ 1-3/2014___ ___1-3/2013____ ___Change%__ _
	Mio EUR
Revenues			_ EUR__ ___147.9 _154.8 _ (4%)
	Mio EUR
EBIT___ __ __4.7 __3.7 _ +27%
	Mio EUR
EBT__ ___ ___5.0 __3.4 _ +47%
	Mio EUR
Net profit of the
period			_ ___ ___4.1 __1.2 ______ +242%
Cash flow from
operating activities Mio EUR _ _(75.7) ___(31.3) __
	Mio EUR
Total assets_ __ __499.6 __462.3 ____ +8%
Equity in %
of total assets__ ___ __ 38.2% __ _35.7% _______
	Mio EUR
Investments _ _ __6.2 __5.2 _ +19%
Earnings per share EUR__ __0.4 ___0.1 __ +300%
Dividend per share			EUR _ __1.2 _ 1.2 ___0%
Employees as at
March 31_ _ ___ _2,692 _2,456 ______ +10%
	Mio EUR
Order intake			__ ___ _139.1 _274.8 ______ (49%)
Order backlog	Mio EUR
as at March 31 _ __607.5 _707.0 ________ (14%)

Dividend: Proposal to the AGM

The markets for the fire equipment industry will once again be characterized by widely differing challenges in 2014. Overall, 2014 is not expected to bring any marked improvement, although indications of an upturn are starting to make themselves felt in certain markets. Just how fire equipment markets will develop in detail often depends upon the availability of public-sector funding. An exact forecast is difficult to make here.

The Rosenbauer Group posted slightly lower consolidated revenues of EUR 147.9 million in the first quarter of 2014 (1-3/2013: EUR 154.8 million). The keynote event of the first three months was the relocation of the production operations for the PANTHER and AT models, which lowered overall revenues in the Austrian segment.

The proportionately lower volume of shipments in the first quarter, as compared to overall annual volumes, is typical of the fire equipment business. 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.

At EUR 4.7 million, EBIT came in higher than last year (1-3/2013: EUR 3.7 million). This increase is due not only to capitalized development costs but also to substantially better earnings in the US segment and the improved result of the German segment. Due to the lower fixed-cost coverage resulting from the seasonal pattern of product shipments, the EBIT margin of 3.2% in the 1st quarter (1-3/2013: 2.4%) was still below the average level of the preceding financial years. The "Finance cost" of EUR -0.3 million was improved year-onyear (1-3/2013: EUR -1.2 million), while the result of joint ventures fell to EUR 0.6 million (1 3/2013: EUR 0.9 million) due to reduced earnings from the joint venture in Russia. EBT for the first quarter came to EUR 5.0 million (1-3/ 2013: EUR 3.4 million).

Due to a major order, the EUR 274.8 million in new orders that the Group took during the same reporting period of last year was considerably above the average level of recent years. At EUR 139.1 million, the Group's order intake in the first quarter of 2014 was a satisfactory figure that does not yet take account of the major order, received in April 2014, to supply response equipment worth EUR 150 million to the Saudi Arabian civil defense sector. Despite the high volume of shipments at the year-end, the EUR 607.5 million reserve of unfilled orders at March 31, 2014 (March 31, 2013: EUR 707.0 million) was still at a high level. This gives the Rosenbauer Group assured capacity utilization at its manufacturing facilities, and a fairly clear view of the likely course of revenues for the rest of this year.

Based on the overall economic outlook and the prospects for the fire-equipment sector, and on the particular growth prospects for the markets in which Rosenbauer is active, it should be possible for Rosenbauer to sustain the trend of previous years. Given the healthy state of the company's order books, the favorable outlook for project business and the enlarged production capacity, Management's expectation for the current financial year is for revenues at the same high level as last year's.

However, the substantial investments being made in the future, the costs of installing the two new production lines at Plant II Leonding, and the still fierce price competition on the market, will all weigh on earnings. The additions to production space, and an optimization program launched in the main production zones in 2012, will counter this margin trend. Management is aiming for an improvement upon the EBIT margin of 5.7% attained in 2013.

Further inquiry note: Rosenbauer International AG

Mag. Gerda Königstorfer

Tel.: 0732/6794-568

	gerda.koenigstorfer@rosenbauer.com
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

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