Earnings Release • Nov 16, 2012
Earnings Release
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Group key data 1-9/2012 1-9/2011 Change in % Revenue Mio Euro 430.2 368.5 +17% EBIT Mio Euro 20.5 23.3 (12%) EBT Mio Euro 20.4 24.2 (16%) Net profit for the period Mio Euro 15.9 19.0 (16%) Cash flow from operation activities Mio Euro (87.9) (48.5) - Total assets Mio Euro 475.9 379.9 +25% Equity in % of total assets 31.8% 36.4% - Investments Mio Euro 11.3 7.0 +61% Earnings per share Euro 2.1 2.3 (9%) Employees as at September 30 2,353 2,112 +11% Order intake Mio Euro 400.6 456.1 (12%) Order backlog as at September 30 Mio Euro 676.0 478.0 +41%
The Rosenbauer Group boosted its year-on-year shipment volumes in the first three quarters of 2012, lifting its revenues by 17% to 430.2 Mio Euro (1-9/2011: 368.5 Mio Euro). This revenue growth is largely attributable to the international shipments made by Rosenbauer International AG, where capacity utilization continued to be very strong due to the high volume of orders on hand. The Group's firms in the USA and Switzerland also achieved higher revenues.
Year-on-year quarterly comparison also shows that revenues in the 3rd quarter considerably exceeded the previous year's figure, with a 21% jump in Group revenues from 131.8 Mio Euro to 159.5 Mio Euro. The stepped-up shipments scheduled for the fourth quarter are set to take annual revenues to the targeted figure of over 600 Mio Euro.
At 20.5 Mio Euro, EBIT was still 2.8 Mio Euro down on the previous year (1-9/2011: 23.3 Mio Euro), corresponding to an EBIT margin of 4.8% (1-9/2011: 6.3%). The narrowing of the EBIT margin, compared to the year before, is mainly attributable to the higher start-up costs being incurred in connection with the roll-out of the new US chassis Commander. Moreover, the adverse budgetary situation of the public sector is also making it impossible for the cost-increases at the production locations to be fully passed on in the form of higher prices.
The Leonding site experienced considerable overutilization of production capacity, a situation that only eased when an additional - leased - production building was put into service. Vehicle superstructures for international sale are being manufactured in this 4500 m² facility, currently for Saudi Arabia.
Despite this generally difficult backdrop, the Rosenbauer Group is well positioned: sufficient project activity can continue to be expected in its international business, and its large reserve of unfilled orders will keep its production capacity fully utilized in the next twelve months. After a year of consolidation in 2011, the growth trajectory is set to continue in Financial 2012, with revenues expected to come in at over 600 Mio Euro. Despite the difficult market environment, marked by intense price competition in developed markets, and the temporary additional expense caused by product start-ups and the high volumes being dealt with in the company's production operations, Management is aiming for a result above 40 Mio Euro. Overall, then, from today's perspective the outlook for Financial 2012 is for a slightly narrower EBIT margin than the year before, of between 6% and 7% (EBIT margin in 2011: 7.7%).
Further inquiry note: Rosenbauer International AG Mag. Gerda Königstorfer
Tel.: 0732/6794-568 [email protected]
issuer: Rosenbauer International AG Paschingerstrasse 90 A-4060 Leonding phone: +43(0)732 6794 568 FAX: +43(0)732 6794 89 mail: [email protected] 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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