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Vossloh AG
Investor Presentation • Nov 4, 2024
478_10-q_2024-11-04_596a0ab4-602c-489e-9460-574d3f890f29.pdf
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wussloh
enabling green mobility
QUARTERLY STATEMENT AS OF SEPTEMBER 30, 2024
WERDOHL, OCTOBER 31, 2024
DISCLAIMER
NOTE
This presentation contains statements concerning the future business performance of the Vossloh Group that are based on assumptions and estimations from the Company management. If the assumptions that the projections are based on fail to occur, the actual results of the projected statements may differ substantially. Uncertainties include changes in the political, commercial, and economic climate, the actions of competitors, natural catastrophes, epidemics, legislative reforms, the effects of future case law, and fluctuations in exchange rates and interest rates. Vossloh and its Group companies, consultants, and representatives assume no responsibility for possible losses associated with the use of this presentation or its content. Vossloh assumes no obligation to update the forecast statements in this presentation.
The information contained in this presentation does not constitute an offer or an invitation to sell or buy Vossloh shares or the shares of other companies.
VOSSLOH GROUP
VERY STRONG PROFITABILITY TREND CONTINUES IN Q3/2024, SUPPORTED BY A VERY GOOD FREE CASH FLOW
/ Orders received in Q3/2024 stable at the previous year's level at $€ 256.2$ million; cumulative orders received after nine months at $€ 1,025.7$ million, 8.5 percent higher than in the previous year; book-to-bill after nine months at 1.19 (previous year: 1.02)
/ Continued high demand in Germany from the end customer Deutsche Bahn, especially for LS, including rail replacement Cologne - Rhine/Main, various services for general refurbishment of the Riedbahn and rail milling
BUSINESS DEVELOPMENT
/ Sales revenues of $€ 298.7$ million in Q3/2024 (Q3/2023: $€ 325.3$ million) and $€ 859.6$ million after nine months (9M/2023: $€ 925.9$ million), as expected, significantly lower in particular in China and Mexico; sales gap compared to previous year to be largely closed in Q4/2024
/ Noticeably improved profitability in Q3/2024 with an EBIT margin of 9.2 percent (Q3/2023: 8.5 percent); all divisions with double-digit EBIT margins after nine months
/ Order backlog at the end of Q3/2024 at $€ 852.3$ million, up by 9.0 percent on the previous year
/ Framework agreements signed in September 2024 with DB for rail milling and high-speed grinding of well over $€ 100$ million not included in orders received
/ Earnings per share after nine months at $€ 2.70$ (previous year: $€ 1.68$ )
/ Strong free cash flow (FCF) of $€ 38.9$ million in Q3/2024 (Q3/2023: $€ 10.5$ million); $€ 34.2$ million in the first nine months of 2024 (previous year: $€ 48.0$ million)
/ Sales revenues and EBIT outlook for the full year 2024 confirmed
VOSSLOH GROUP
VOSSLOH UNDERLINES ITS TECHNOLOGICAL LEADERSHIP AT INNOTRANS AND PRESENTS ITS FINANCIAL AMBITIONS FOR 2030
INNOTRANS
/ Motto "Shaping the Future of Rail Infrastructure": Innovative products and digital solutions that underline the technological leadership position in rail infrastructure
/ Focus on sustainable products: Rail fastening systems with $\mathrm{CO}_{2}$ footprint reduced by up to 65 percent, environmentally friendly under sleeper pads, the world's first crossing made of recycled manganese steel or the self-developed
composite sleeper EPS as an environmentally friendly alternative to wooden sleepers
/ Extremely positive response to broad portfolio of digital solutions around the Vossloh connect platform
/ Unique positioning with customized solutions for the specific needs of rail operators, impressively demonstrated
/ Vossloh with significant sales and EBIT growth since the 2020 strategy update, sales revenues up by around 40 percent and operating EBIT improvement of over 70 percent
/ Sales revenues are expected to exceed $€ 2$ billion in 2030, based on organic growth and the completion of the planned acquisition of Sateba as well as further M\&A transactions
/ Long-term profitability target of a double-digit EBIT margin in the Group to be achieved by 2030 at the latest, EBIT amounts of over $€ 200$ million would be the result
/ Working capital intensity of less than 15 percent as new target for 2030; Cash4Growth program will make a significant contribution to achieving this target and to significantly higher free cash flow generation
VOSSLOH GROUP
CURRENT DEVELOPMENTS IN THE SATEBA TRANSACTION, SUCCESSSES IN THE AREA OF SUSTAINABILITY
SUSTAINABILITY
German Sustainability Award (DNP)
/ DNP: Europe's highest award for ecological and social commitment
/ Vossloh once again honored as a pioneer in its industry with participation in the final
/ Winners will be announced at the beginning of November 2024
EcoVadis
/ EcoVadis: one of the world's most renowned providers of sustainability assessments
/ Vossloh awarded gold for the first time
/ Vossloh is among the top 4 percent of all companies rated by EcoVadis
VOSSLOH GROUP
VERY POSITIVE EARNINGS AND MARGIN DEVELOPMENT CONTINUES IN THE 3RD QUARTER
| KEY GROUP INDICATORS | 1-9/2023 | 1-9/2024 | |
|---|---|---|---|
| Sales revenues | € mill. | 925.9 | 859.6 |
| EBITDA / EBITDA margin | € mill. / \% | 122.2 / | 13.2 116.5 / 13.6 |
| EBIT / EBIT margin | € mill. / \% | 76.9 / 8.3 | 77.1 / 9.0 |
| Net income | € mill. | 43.9 | 56.6 |
| Earnings per share | € | 1.68 | 2.70 |
| Free cash flow | € mill. | 48.0 | 34.2 |
| Capital expenditure | € mill. | 38.9 | 42.5 |
| Value added | € mill. | 17.2 | 8.1 |
| ROCE | \% | 10.9 | 10.6 |
NOTES
Sales revenues down by 7.2 percent compared to the previous year, with a sharp decline in Core Components as expected, Customized Modules still slightly down on the previous year, Lifecycle Solutions continues to grow strongly
EBIT at the previous year's level despite lower sales revenues and transaction costs incurred for the acquisition of Sateba; EBIT margin increased accordingly compared to the previous year
Net income increased significantly, mainly due to lower tax and interest expenses, tax rate favored by capitalization of tax loss carryforwards in the domestic tax group; Earnings per share by $€ 1.02$ above previous year
Free cash flow still below previous year, but with strong development in Q3/2024 of $€ 38.9$ million (Q3/2023: $€ 10.5$ million); clearly positive free cash flow also expected in Q4/2024
Capital expenditure above previous year's level as expected, increase mainly due to investments in new production sites and machines at Customized Modules
Value added below previous year, mainly due to higher weighted average cost of capital ( 9.5 percent vs. 8.5 percent in previous year); ROCE negatively influenced by higher average capital employed, but still roughly at previous year's level
VOSSLOH GROUP
POSITIVE FREE CASH FLOW DEVELOPMENT IN Q3 LEADS TO LOWER DEBT COMPARED TO THE PREVIOUS YEAR
| KEY GROUP INDICATORS | $\begin{gathered} 1-9 / 2023 \ 9 / 30 / 23 \end{gathered}$ | $\begin{gathered} 2023 \ 12 / 31 / 23 \end{gathered}$ | $\begin{gathered} 1-9 / 2024 \ 9 / 30 / 24 \end{gathered}$ | |
|---|---|---|---|---|
| Equity | € mill. | 636.3 | 638.5 | 665.2 |
| Equity ratio | \% | 45.0 | 45.8 | 46.3 |
| Average working capital | € mill. | 211.5 | 209.4 | 219.6 |
| Average working capital intensity | \% | 17.1 | 17.2 | 19.2 |
| Closing working capital | € mill. | 213.5 | 193.1 | 217.2 |
| Average capital employed | € mill. | 936.3 | 937.2 | 968.8 |
| Closing capital employed | € mill. | 940.4 | 939.2 | 978.1 |
| Net financial debt (excl. lease liabilities) | € mill. | 202.8 | 182.9 | 191.0 |
| Net financial debt | € mill. | 239.0 | 219.5 | 228.4 |
NOTES
Equity increased noticeably compared to the previous year due to the high net income; Equity ratio remains at a high level
Closing working capital roughly at the previous year's level as at 9/30;
Average working capital intensity increased compared to the previous year due to lower sales revenues, but still below the previous target of less than 20 percent
Closing capital employed increased compared to year-end 2023 due to higher fixed assets and higher working capital
Net financial debt including lease liabilities down by $€ 10.6$ million compared to the end of Q3/2023 due to the positive free cash flow during the last 12 months
VOSSLOH GROUP
ORDER SITUATION REMAINS VERY SATISFACTORY
ORDERS RECEIVED (in $€$ mill.)
NOTES
Orders received exceed the $€ 1$ billion mark for the first time after nine months of 2024 and are 8.5 percent higher than the already high prior-year figure; in the first nine months of 2024, Vossloh achieved higher orders received in Algeria (CM, VFS), Sweden (LS, CM), the Middle East, Canada and Italy (CM in each case) and the USA (VTT) in particular
Order backlog up by 9.0 percent on the previous year, reflecting continued high market demand; Customized Modules up significantly on the previous year despite the disposal of Signalling Systems; Core Components also up noticeably on the previous year due to a high order backlog in China; Lifecycle Solutions down on the previous year, particularly in Germany (DB framework agreements signed in September 2024 for well over $€ 100$ million are not included in the order backlog until they are called up)
CORE COMPONENTS DIVISION
PROFITABILITY REMAINS AT A VERY HIGH LEVEL; SALES REVENUES, AS EXPECTED, WELL BELOW THE PREVIOUS YEAR'S HIGH FIGURE
SALES REVENUES
(in € mill.)
EBITDA
(in € mill.)
EBITDA MARGIN
(in \%)
EBIT
(in $€$ mill.)
(in $\%$ )
EBIT MARGIN
(in \%)
1-9/2023
1-9/2024
1-9/2023
1-9/2024
Sales revenues significantly below previous year's level; decline mainly due to Vossloh Fastening Systems
EBIT margin up on the previous year's high figure despite temporarily weaker business in China; increase results in particular from significantly improved profitability in the Tie Technologies business unit; EBIT and EBIT margin also benefited from the release of some provisions
ROCE remains at a high level (>20 percent); Value added cannot reach the previous year's high level, which is due to the increase in WACC to 9.5 percent as well as lower EBIT
ROCE
(in \%)
1-9/2023
1-9/2024
20.6
VALUE ADDED
(in $€$ mill.)
1-9/2023
36.0
1-9/2024
26.9
FASTENING SYSTEMS BUSINESS UNIT
SALES REVENUES AND VALUE ADDED SIGNIFICANTLY BELOW PREVIOUS YEAR, BOOK-TO-BILL AT 1.42
SALES REVENUES (in $€$ mill.)
Orders received remain at a very high level (book-to-bill at 1.42); previous year's figure cannot be reached due to lower orders received in Mexico; order backlog has increased significantly, mainly due to orders from China
Significant decline in sales is mainly attributable to China, but also lower sales revenues particularly in Mexico following the expiry of a new construction project are also contributing to the expected decline
Value added down year-on-year, in particular due to lower high-margin sales revenues in China and a higher weighted average cost of capital
Value added down year-on-year, in particular due to lower high-margin sales revenues in China and a higher weighted average cost of capital
VALUE ADDED (in $€$ mill.)
| ORDERS RECEIVED (in $€$ mill.) |
$1-9 / 2023$ | 304.0 |
|---|---|---|
| $1-9 / 2024$ | 291.8 | |
| ORDER BACKLOG (in $€$ mill.) |
$9 / 30 / 2023$ | 202.3 |
| $9 / 30 / 2024$ | 270.8 |
TIE TECHNOLOGIES BUSINESS UNIT
CONSIDERABLY HIGHER VALUE ADDED REFLECTS THE OVERALL SIGNIFICANT IMPROVEMENT IN MARKET DEMAND IN THE USA
SALES REVENUES (in € mill.)
Orders received in the first nine months of 2024 significantly below the previous year; decline mainly due to lower orders received in Mexico, also below the previous year in Australia; in contrast, significantly higher orders received in the USA and Canada
Sales noticeably below the previous year's high level; significant decline in sales in Australia and Mexico partially offset by higher sales in the USA
Value added after nine months of 2024 significantly improved despite higher costs of capital; increase mainly due to higher earnings in the USA as a result of higher capacity utilization
VALUE ADDED (in € mill.)
| ORDERS | $1-9 / 2023$ | 167.6 |
|---|---|---|
| RECEIVED (in $€$ mill.) |
$1-9 / 2024$ | 138.3 |
| ORDER | $9 / 30 / 2023$ | 99.3 |
| BACKLOG (in $€$ mill.) |
$9 / 30 / 2024$ | 52.6 |
CUSTOMIZED MODULES DIVISION
CONTINUED POSITIVE MARKET ENVIRONMENT, DOUBLE-DIGIT EBIT MARGIN
SALES REVENUES
(in € mill.)
EBITDA
(in € mill.)
EBITDA MARGIN
(in \%)
EBIT
(in $€$ mill.)
EBIT MARGIN
(in \%)
1-9/2023
1-9/2024
1-9/2023
1-9/2024
Orders received after nine months up by 27.6 percent compared to the previous year; increase mainly in Southern Europe, but also in North America, Asia and Africa; book-tobill at 1.19
Sales revenues still slightly down on the previous year, particularly in Mexico, the UK and Serbia; in contrast, growth specifically in France, Germany and the Middle East
EBIT significantly above previous year's level despite lower sales revenues, in particular due to significantly higher earnings contributions from the locations in France and Luxembourg; EBIT and EBIT margin in Q3/2024 also benefited from retroactive price adjustments; EBIT margin in the double-digit range after nine months of 2024
ROCE
(in \%)
1-9/2024
13.2
1-9/2023
4.1
1-9/2024
11.4
LIFECYCLE SOLUTIONS DIVISION
SALES REVENUES
(in € mill.)
EBITDA
(in € mill.)
EBITDA MARGIN
(in \%)
EBITDA MARGIN
(in \%)
EBIT
(in € mill.)
Orders received increased by 8.3 percent compared to the previous year, particularly in Sweden following the STG acquisition completed at the beginning of July; framework agreements from Deutsche Bahn of over $€ 100$ million communicated in September not reported as orders received
Sales increase of 22.3 percent in particular due to Track Supply and the Maintenance subsegments (including HSG); in contrast, lower sales contributions from the Dutch company; initial sales revenues from newly acquired units (STG and FAS) included
EBIT and EBIT margin increased significantly compared to the previous year, mainly due to higher contribution from Track Supply; double-digit EBIT margin achieved after nine months
ROCE
(in \%)
1-9/2023
4.5
1-9/2024
8.9
1-9/2023
1-9/2024
VOSSLOH GROUP
CONTINUED POSITIVE SALES DEVELOPMENT IN THE CORE MARKET EUROPE
VOSSLOH GROUP: OUTLOOK
VOSSLOH EXPECTS NOTICEABLE INCREASE IN EARNINGS IN 2024
Sales revenues
2023: €1.21 billion
Outlook 2024: €1.16 billion to €1.26 billion
/ Despite the completion of some major new construction projects, mainly in Mexico and Serbia, which contributed to exceptionally strong sales growth in 2023, Vossloh expects sales in 2024 - based on the mid-point of the sales guidance - to be roughly on a par with the previous year based on overall positive market demand.
Value added
2023: $€ 18.9$ million Outlook 2024: $€ 7.5$ million to $€ 22.5$ million
/ The weighted average cost of capital before taxes (WACC) relevant for internal management raised to 9.5 percent in the 2024 financial year (2023: 8.5 percent) as a result of the general interest rate trend.
EBIT
2023: $€ 98.5$ million
Outlook 2024: $€ 100$ million to $€ 115$ million
/ A further year-on-year increase in EBIT to over $€ 100$ million is forecast for the 2024 financial year (despite transaction costs of around $€ 10$ million in connection with the planned acquisition of Sateba). Based on the mid-point of the sales guidance, the forecast corridor for the EBIT margin is between 8.3 percent and 9.5 percent (2023: 8.1 percent).
FINANCIAL CALENDAR AND CONTACT INFORMATION
Financial calendar 2025
| / March 2025 | Annual report 2024 |
|---|---|
| / April 2025 | Quarterly statement as of March 31, 2025 |
| / May 2025 | Annual General Meeting |
Contact details for investors:
Dr. Daniel Gavranovic
E-mail: [email protected]
Phone: +49 (0) 2392 / 52-609
Fax: +49 (0) 2392 / 52-219
NOTES
VOSSLOH GROUP
INCOME STATEMENT
| \& mill. | 1-9/2023 | 1-9/2024 |
|---|---|---|
| Sales revenues | 925.9 | 859.6 |
| Cost of sales | (693.3) | (622.8) |
| General administrative and selling expenses | (151.3) | (158.6) |
| Allowances and write-ups on financial assets | (1.2) | 1.5 |
| Research and development costs | (7.5) | (10.4) |
| Other operating income | 12.7 | 11.5 |
| Other operating expenses | (8.3) | (8.4) |
| Operating result | 77.0 | 72.4 |
| Income from investments in companies accounted for using the equity method | 5.6 | 4.7 |
| Other financial income | 0.6 | 0.0 |
| Other financial expenses | (6.3) | 0.0 |
| Earnings before interest and taxes (EBIT) | 76.9 | 77.1 |
| Interest income | 1.7 | 3.0 |
| Interest and similar expenses | (14.9) | (11.9) |
| Earnings before taxes (EBT) | 63.7 | 68.2 |
| Income taxes | (20.8) | (11.6) |
| Result from continuing operations | 42.9 | 56.6 |
| Result from discontinued operations | 1.0 | - |
| Net income | 43.9 | 56.6 |
| thereof attributable to shareholders of Vossloh AG | 29.4 | 47.4 |
| thereof attributable to hybrid capital investors | 4.5 | 4.5 |
| thereof attributable to noncontrolling interests | 10.0 | 4.7 |
| Earnings per share | ||
| Basic/diluted earnings per share (in €) | 1.68 | 2.70 |
| thereof attributable to continuing operations | 1.62 | 2.70 |
| thereof attributable to discontinued operations | 0.06 | - |
VOSSLOH GROUP
BALANCE SHEET
| Assets in € mill. | 9/30/2023 | 12/31/2023 | 9/30/2024 |
|---|---|---|---|
| Intangible assets | 345.1 | 347.5 | 352.4 |
| Property, plant and equipment | 324.3 | 339.8 | 346.2 |
| Investment properties | 1.0 | 1.0 | 1.3 |
| Investments in companies accounted for using the equity method | 49.1 | 51.1 | 50.1 |
| Other noncurrent financial instruments | 12.0 | 8.6 | 12.9 |
| Other noncurrent assets | 1.5 | 1.7 | 2.3 |
| Deferred tax assets | 17.3 | 12.4 | 23.9 |
| Noncurrent assets | 750.3 | 762.1 | 789.1 |
| Inventories | 258.2 | 262.9 | 271.1 |
| Trade receivables | 248.5 | 201.0 | 215.2 |
| Contract assets | 4.3 | 0.5 | 7.8 |
| Income tax assets | 12.1 | 8.2 | 11.6 |
| Other current financial instruments | 13.7 | 11.1 | 17.0 |
| Other current assets | 41.3 | 31.8 | 40.3 |
| Short-term securities | 1.1 | 1.1 | 1.6 |
| Cash and cash equivalents | 66.7 | 99.4 | 81.6 |
| Current assets | 645.9 | 616.0 | 646.2 |
| Assets held for sale | 16.4 | 14.6 | - |
| Assets | 1,412.6 | 1,392.7 | 1,435.3 |
| Equity and liabilities in € mill. | 9/30/2023 | 12/31/2023 | 9/30/2024 |
|---|---|---|---|
| Capital stock | 49.9 | 49.9 | 49.9 |
| Additional paid-in capital | 190.5 | 190.4 | 190.4 |
| Retained earnings and Net income | 219.5 | 228.4 | 256.0 |
| Hybrid capital | 148.3 | 148.3 | 148.3 |
| Accumulated other comprehensive income | $(0.1)$ | $(6.6)$ | $(9.4)$ |
| Equity excluding Noncontrolling interests | 608.1 | 610.4 | 635.2 |
| Noncontrolling interests | 28.2 | 28.1 | 30.0 |
| Equity | 636.3 | 638.5 | 665.2 |
| Pension provisions/provisions for other post-employment benefits | 22.5 | 22.9 | 23.2 |
| Other noncurrent provisions | 23.8 | 21.3 | 16.3 |
| Noncurrent financial liabilities | 166.3 | 121.6 | 173.2 |
| Noncurrent trade payables | - | 0.5 | - |
| Other noncurrent liabilities | 4.6 | 5.9 | 3.9 |
| Deferred tax liabilities | 9.3 | 2.1 | 5.4 |
| Noncurrent liabilities | 226.5 | 174.3 | 222.0 |
| Other current provisions | 65.7 | 67.4 | 67.4 |
| Current financial liabilities | 140.5 | 198.4 | 138.3 |
| Current trade payables | 178.1 | 171.4 | 161.3 |
| Current liabilities from reverse factoring | - | - | 20.1 |
| Current income tax liabilities | 14.2 | 12.0 | 11.8 |
| Other current liabilities | 141.8 | 122.9 | 149.2 |
| Current liabilities | 540.3 | 572.1 | 540.1 |
| Liabilities related to assets held for sale | 9.5 | 7.8 | - |
| Equity and liabilities | 1,412.6 | 1,392.7 | 1,435.3 |
VOSSLOH GROUP
KEY PERFORMANCE INDICATORS
| Core Components | Fastering Systems | Tie Technologies | Customized Modules | Efficacyle Solutions | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1-9/2023 | 1-9/2024 | 1-9/2023 | 1-9/2024 | 1-9/2023 | 1-9/2024 | 1-9/2023 | 1-9/2024 | 1-9/2023 | 1-9/2024 | ||
| Sales revenues | € mill. | 418.6 | 325.2 | 283.8 | 205.4 | 155.3 | 134.0 | 411.2 | 399.5 | 121.3 | 148.4 |
| EBITDA | € mill. | 77.7 | 65.5 | 42.2 | 52.1 | 17.8 | 27.0 | ||||
| EBITDA margin | \% | 18.6 | 20.1 | 10.3 | 13.0 | 14.7 | 18.2 | ||||
| EBIT | € mill. | 57.3 | 49.8 | 28.1 | 40.5 | 7.4 | 15.4 | ||||
| EBIT margin | \% | 13.7 | 15.3 | 6.8 | 10.1 | 6.1 | 10.4 | ||||
| Average working capital | € mill. | 104.3 | 95.4 | 78.2 | 95.1 | 33.0 | 36.2 | ||||
| Average working capital intensity | \% | 18.7 | 22.0 | 14.3 | 17.9 | 20.4 | 18.3 | ||||
| Average capital employed | € mill. | 333.1 | 321.3 | 377.4 | 408.3 | 218.2 | 230.2 | ||||
| ROCE | \% | 22.9 | 20.6 | 9.9 | 13.2 | 4.5 | 8.9 | ||||
| Value added | € mill. | 36.0 | 26.9 | 38.2 | 19.5 | (1.5) | 7.1 | 4.1 | 11.4 | (6.5) | (1.0) |
| Orders received | € mill. | 448.3 | 414.0 | 304.0 | 291.8 | 167.6 | 138.3 | 373.5 | 476.4 | 146.0 | 158.2 |
| Order backlog (reporting date 9/30) | € mill. | 295.3 | 317.7 | 202.3 | 270.8 | 99.3 | 52.6 | 437.3 | 500.6 | 58.1 | 46.3 |
| Capital expenditure | € mill. | 13.9 | 12.7 | 9.9 | 5.1 | 4.0 | 7.6 | 10.6 | 16.8 | 10.7 | 10.3 |
| Depreciation/amortization | € mill. | (16.4) | (15.7) | (7.6) | (7.9) | (8.8) | (7.8) | (11.5) | (12.0) | (10.5) | (11.6) |
VOSSLOH GROUP
CASH FLOW STATEMENT
| € mill. | 1-9/2023 | 1-9/2024 |
|---|---|---|
| Earnings before interest and taxes (EBIT) | 76.9 | 77.1 |
| EBIT from discontinued operations | 1.0 | 0.0 |
| Amortization/depreciation/impairment loss/reversal of impairment losses of noncurrent assets | 45.6 | 39.8 |
| Change in noncurrent provisions | 7.0 | 2.3 |
| Gross cash flow | 130.5 | 119.2 |
| Income taxes paid | $(20.1)$ | $(23.8)$ |
| Change in working capital | $(22.0)$ | $(20.0)$ |
| Other changes | $(4.5)$ | $(11.8)$ |
| Cash flow from operating activities | 83.9 | 63.6 |
| Investments in intangible assets and property, plant and equipment | $(36.9)$ | $(34.7)$ |
| Proceeds from profit distributions from companies accounted for using the equity method | 1.0 | 5.3 |
| Free cash flow | 48.0 | 34.2 |
VOSSLOH GROUP
EMPLOYEES
| Reporting date | Average | |||||
|---|---|---|---|---|---|---|
| Employees | 9/30/2023 | 9/30/2024 | 1-9/2023 | 1-9/2024 | ||
| Core Components | 1,041 | 1,016 | 1,032 | 1,016 | ||
| Customized Modules | 2,289 | 2,308 | 2,281 | 2,317 | ||
| Lifecycle Solutions | 626 | 826 | 602 | 708 | ||
| Vossloh AG \& Vossloh RailWatch GmbH |
$79 *$ | 117 | $78 *$ | 110 | ||
| Group | 4,035 | 4,267 | 3,993 | 4,151 |
- Vossloh RailWatch GmbH was included for the first time in the consolidated financial statements as at December 31, 2023.
VOSSLOH GROUP
SHARE PRICE PERFORMANCE, INFORMATION ON THE SHARE AND SHAREHOLDER STRUCTURE
