Earnings Release • May 27, 2008
Earnings Release
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| KEY FIGURES | 1-3/2008 | 1-3/2007 | |
|---|---|---|---|
| Revenue | in m€ | 94.0 | 76.0 |
| EBIT | in m€ | 5.4 | 1.7 |
| EBIT margin | in % | 5.7% | 2.3% |
| EBT | in m€ | 3.9 | 0.5 |
| Consolidated profit 1) | in m€ | 3.1 | 0.4 |
| Cash flow from operating activities | in m€ | (17.2) | (25.7) |
| Investments | in m€ | 2.4 | 1.9 |
| Earnings per share 2) | € | 0.3 | (0.3) |
| Employees as at Mar 31 | 1,664 | 1,545 | |
| Order intake | in m€ | 104.7 | 126,3 |
| Order backlog as at Mar 31 | in m€ | 383.0 | 397,6 |
1) Bofore profits/losses on minority interest.
2) Previous year figures have been calculated on the basis of the 4-for-1 split.
Overall, developments on the world fire-equipment market were fairly stable in the first quarter of 2008, although certain regions experienced more pronounced fluctuations. The critical factors affecting the health of the world economy – the US dollar, the oil price and the property crunch in the USA – are having only a minor impact on the fire-equipment sector; nevertheless, a careful watch will need to be kept on further developments.
The Rosenbauer Group is an active player on the global market with its products and services in the fields of fire protection and civil defense. Its comprehensive product and service portfolio means that all in all, the Rosenbauer Group is only affected by these cyclical developments to a small degree. Moreover, potential cyclical risks in the established markets are mitigated by the trend towards increased infrastructure investment in emerging markets. Indeed, it is this very trend which is driving the Rosenbauer Group's growth ambitions in these markets.
The Rosenbauer Group continued to expand in the first quarter of 2008, achieving significant increases in both revenues and result. Revenues were lifted 24% to 94.0 m€ (1-3/2007: 76.0 m€). At 5.4 m€ (1-3/2007: 1.7 m€), first quarter EBIT more than tripled over the figure for the same period last year.
The increase in the EBIT margin from 2.3% to 5.7% is mainly attributable to the positive effects of the present high level of capacity utilization, and to the fixed-cost degression which this entails.
Once more, it was the export business of Rosenbauer International AG, the Group's US business and stepped-up shipments of aerials from the German subsidiary Metz Aerials that were responsible for the organic growth achieved in the first three months of 2008.
Owing to the nature of the Group's client structure, in this financial year – as in previous years – the lion's share of all shipments will be effected towards the year-end. Accordingly, a disproportionately large share of both revenues and result will be realized only in the last few months of the financial year.
Due to the increased financing requirements for fulfilling the high volume of orders, the finance cost increased slightly to -1.3 m€ (1-3/2007: -1.2 m€). The pro-rata result from the joint venture in China came to -0.2 m€ (1-3/2007: -0.1 m€). EBT for the first quarter of this year nevertheless rose to 3.9 m€ (1-3/2007: 0.5 m€).
Although Group order intake, at 104.7 m€ (1-3/2007: 126.3 m€) was below the record level of this period last year, it still reached a very satisfactory figure. Thanks to the very substantial volume of new orders taken during the last quarter of 2007, the reserve of unfilled orders at March 31, 2008 remained at a high level, namely 383.0 m€ (March 31, 2007: 397.6 m€). This gives the Rosenbauer Group a fairly clear view of the likely course of revenues in the months ahead.
Investment outlays in the first quarter came to 2.4 m€ (1-3/2007: 1.9 m€). As a result of the capacity enlargement projects at the Austrian and American facilities, year-2008 capital investments are set to rise to around 12.0 m€ (1-12/2007: 7.1 m€).
Overall, the situation on the world fire-equipment market is expected to remain stable through 2008, although certain regions will be prone to greater fluctuations. For 2008, Rosenbauer Group Management expects that market volume will remain at a high level. In view of the high volume of orders on hand, and the resulting high degree of capacity utilization at the production companies, it is reasonable to suppose that the current year will bring a continuation of both top and bottom-line growth.
The Rosenbauer Group is one of the world's leading manufacturer of fire fighting vehicles. With its wide range of municipal fire fighting vehicles and aerials built to both European and US Standards (NFPA), its extensive series of air crash tenders and industrial fire fighting vehicles, advanced fire fighting components and fire & safety equipment, Rosenbauer is the industry's "full-liner". Rosenbauer has a permanent presence in more than 100 countries. With a workforce of around 1,650, the Group generated revenues of more than 425 m€ in 2007.
Gerda Königstorfer, Investor Relations, Company Spokesperson Tel: +43 732 6794-568 Mobile: +43 664 4547636 e-mail: [email protected]
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