Schaltbau Holding AG (delisted) — Earnings Release 2011

Mar 14, 2012

News Details

Corporate | 14 March 2012 09:02

Schaltbau with record earnings in 2011 and good start to fiscal year 2012

Schaltbau Holding AG / Key word(s): Final Results

14.03.2012 / 09:02

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Schaltbau with record earnings in 2011 and good start to fiscal year 2012

Munich, 14 March 2012 – The fiscal year 2011 again proved to be highly successful for the Schaltbau Group. Both sales and Group net profit were significantly up on the previous year's figures and surpassed all of our expectations. Sales increased by 13.6% to a record total of EUR 318.4 million. Undiluted earnings per share rose sharply to EUR 9.38 (2010: EUR 6.50) and every segment of the Schaltbau Group played an active part in achieving this positive sales performance. The Mobile Transportation Technology segment continued to grow throughout 2011. In this area sales grew by 4.0% to EUR 122.5 million and both the standardised BIDS systems as well as the sliding steps units were again in high demand with customers. The Fittings for Sliding Vehicle Doors product group grew at an above-average rate, principally due to the 'linear sliding door' special order. The Stationary Transportation Technology segment reported 21.4% growth in sales, recording EUR 105.4 million for the 12-month period under report. Sales volumes also grew considerably in the Rail Infrastructure business field. Demand increased particularly for railway crossing systems and points heating equipment. The upward sales trend seen in the Brake Systems business field since the third quarter 2010 continued at an even greater pace throughout fiscal year 2011. Driven by a highly favourable business environment in key industrial fields and an overall consistent level of demand in the rail industry coupled with the first-time full consolidation of Schaltbau North America Inc. with sales of EUR 3.0 million (after deducting inter-company sales), the Components segment increased its sales by 19.6% to record EUR 90.4 million in 2011. All of the product groups recorded considerable growth in sales. Control devices and connectors in particular were in high demand and sold at an above-average rate.

Incoming orders for the Schaltbau Group rose by 18.7 per cent to EUR 342.8 million in 2011, growing at a very brisk rate during the first nine months of the fiscal year. The pace of growth slowed somewhat in the fourth quarter by comparison. At EUR 197.4 million, the Schaltbau Group's order book grew by 15.1% in 2011 compared with one year earlier.

The earnings situation of the Schaltbau Group again improved during the year under report. Group EBIT rose to EUR 27.5 million (2010: EUR 23.8 million), partly attributable to the greatly improved sales figures and the resulting economy of scale. It also reflects the impact of one-off effects from the first-time consolidation as well as acquisition costs. Overall, the EBIT margin again improved from 8.5% to 8.6% of sales during the year under report.

Preliminary Group net profit rose significantly from EUR 14.8 million to EUR 21.7 million. The figure takes one-off effects into account connected with increased investments in other entities. The profit attributable to shareholders of Schaltbau Holding AG totalled EUR 18.7 million and was again significantly higher than the previous year's figure of EUR 12.1 million.

Due to the good Group earnings for the year and the positive influence on equity caused by the 98% conversion of the convertible bond, the equity ratio as at 31 December 2011 rose by 10.4 percentage points on the previous year's figure to reach 27.9%. Net bank liabilities were further reduced to EUR 27.4 million (2010: EUR 31.5 million). Cash flow from operating activities of EUR 21.7 million was EUR 10.6 million higher than in the previous year.

In view of the renewed positive earnings performance achieved in fiscal year 2011 and the continued favourable prospects for the further business developments of the Schaltbau Group, the Executive Board will put forward a proposal to the Supervisory Board regarding the appropriation of profit to pay a dividend of EUR 1.80 (2010: EUR 1.10).

The Schaltbau Group has started well into the year 2012. Including the share of sales generated by the recently acquired Tiefenbach GmbH, the Schaltbau Group expects sales figures for fiscal year 2012 to rise to around EUR 350 million. Due to integration costs and other one-time expenses, the acquisition will only make a minor positive contribution to earnings during the first year. Moreover, results in fiscal year 2012 will be slightly burdened by upfront expenditure for additional personnel needed to successfully continue taking the steps previously initiated in the Group's ongoing growth strategy. The Executive Board abides by the forecast made in November 2011. On this basis, earnings from operating activities (EBIT) of EUR 28.9 million can be expected for 2012. Group net profit for 2012 is thus predicted at EUR 20.8 million and earnings per share at EUR 8.83.

Group key financial figures

for the fiscal years 2010 and 2011:

		2011	2010	Change in EUR m.	Change in %
Order intake	EUR m.	342.8	288.7	54.1	18.7
Order book	EUR m.	197.4	171.5	25.9	15.1
Sales	EUR m.	318.4	280.4	38.0	13.6
EBIT	EUR m.	27.5	23.8	3.7	15.5
Group net profit	EUR m.	21.7	14.8	6.9	46.6
Profit attributable to shareholders of AG	EUR m.	18.7	12.1	6.6	54.5
Earnings per share (undiluted)	EUR	9.38	6.50	2.88	44.3
Dividend	EUR	1.80*	1.10	0.70	63.6
Group equity	EUR m.	59.5	33.1	26.4	79.8
Equity ratio		27.9	17.5
Net bank liabilities	EUR m.	27.4	31.5	-4.1	-13.0
Cash flow from operating activities	EUR m.	21.7	11.1	10.6	95.5
*Proposal to AGM

About Schaltbau:

Including the takeover of Tiefenbach GmbH, the Schaltbau Group expects annual sales of around EUR 350 million. The Group now employs a workforce of some 1,800 employees and is a leading supplier of components and systems in the field of transportation technology. The enterprise supplies complete level crossing systems, shunting and signals technology, door systems for buses and trains, industrial braking systems for container cranes and also power supply units as well as high- and low-voltage components for railway vehicles. Its innovative and future-oriented products make Schaltbau a key business partner in the fields of transportation technology and industry.

End of Corporate News

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Language:	English
Company:	Schaltbau Holding AG
	Hollerithstraße 5
	81829 München
	Germany
Phone:	089 – 93005 – 209
Fax:	089 – 93005 – 318
E-mail:	bloch@schaltbau.de
Internet:	www.schaltbau.de
ISIN:	DE0007170300, DE000A0D66Z2,
WKN:	717030, A0D66Z2,
Listed:	Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Stuttgart

End of News	DGAP News-Service

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