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Rosenbauer International AG / Half-year financial results 2017

Published: August 11, 2017; 08:00 · (FriedlNews)

Revenue and earnings development The Rosenbauer Group generated revenues of EUR 393.6 million in the first half of 2017 (1-6/2016: EUR 383.4 million). While decreases in deliveries were observed in some Middle Eastern countries, deliveries were on the rise in parts of Europe, such as the Netherlands.

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Mid Year Results

Leonding -

* Consolidated revenues up slightly at EUR 393.6 million as a result of
deliveries
* EBIT negatively impacted by lower capacity utilization and one-time effects
* EBIT margin of around 3% anticipated for 2017 with consolidated revenues
remaining unchanged *
______________________________________________________________________________
|___________________|_________________|___________________|____________________|
|GROUP_KEY_FIGURES__|_________________|___________1-6/2016|____________1-6/2017|
|Revenues___________|___EUR_million___|______________383.4|_______________393.6|
|EBIT_______________|___EUR_million___|_______________18.8|_________________2.7|
|Net profit for the | EUR million | 13.4| 3.4|
|period_____________|_________________|___________________|____________________|
|Cash flow from | | | |
|operating | EUR million | (31.2)| (51.7)|
|activities_________|_________________|___________________|____________________|
|Equity in % of | | 32.1%| 33.6%|
|total_assets_______|_________________|___________________|____________________|
|Earnings_per_share_|_______EUR_______|________________1.2|_______________(0.3)|
|Employees as of | | 3,261| 3,315|
|June_30____________|_________________|___________________|____________________|
|Order backlog as of| EUR million | 812.9| 812.0|
|June_30____________|_________________|___________________|____________________|

Revenue and earnings development The Rosenbauer Group generated revenues of EUR
393.6 million in the first half of 2017 (1-6/2016: EUR 383.4 million). While
decreases in deliveries were observed in some Middle Eastern countries,
deliveries were on the rise in parts of Europe, such as the Netherlands.

EBIT was down on the previous year at EUR 2.7 million in the first half of the
year (1-6/2016: EUR 18.8 million). The results for the first half of the year
were reduced by weak capacity utilization on account of the political situation
in the Gulf States and the resulting lower coverage of fixed costs at the
plants in Leonding, combined with the significantly higher start-up costs of
the platform manufacturer Rosenbauer Rovereto. In addition, one-time costs for
the reorganization of the staff structure in Austria, impairment losses on
intangible assets and exchange rate effects also led to an unplanned deviation
in results for the first half of the year.

Consolidated EBT for the reporting period amounted to EUR 3.7 million
(1-6/2016: EUR 17.1 million).

Orders The Rosenbauer Group enjoyed satisfactory order development in the first
six months of the year, with incoming orders of EUR 458.3 million (1-6/2016:
EUR 376.5 million). While incoming orders decreased significantly in countries
that are dependent on oil and commodity prices or that had to restructure their
budgets due to conflicts, incoming orders were up in North America and in some
parts of Europe. The order backlog as of June 30, 2017 was on par with the
previous year's level at EUR 812.0 million (June 30, 2016: EUR 812.9 million).

Financial and net assets position For reasons specific to the industry, the
structure of the statements of financial position during the year is
characterized by high working capital. This is due to the turnaround times of
several months for vehicles in production. Total assets are therefore
relatively high during the year at EUR 685.4 million (June 30, 2016: EUR 695.0
million). As a result of the delivery volume in the second half of the year,
inventories were up in the reporting period at EUR 224.7 million (June 30,
2016: EUR 208.4 million), while construction contracts were down slightly on
the previous year on account of deliveries at EUR 98.5 million (June 30, 2016:
EUR 101.8 million). Current receivables were reduced to EUR 165.2 million (June
30, 2016: EUR 181.3 million). The Group's net debt (the net amount of
interest-bearing liabilities less cash and cash equivalents and securities)
decreased year-on-year to EUR 247.9 million (June 30, 2016: EUR 261.6 million).

Owing to the high level of working capital, especially in inventories, the
intra-year cash flow from operating activities is still negative compared to
the end of 2016 at EUR -51.7 million (1-6/2016: EUR -31.2 million). An
improvement in the cash flow from operating activities is expected by the end
of the year.

Outlook A similar development to the previous year is expected on the global
firefighting markets in 2017. The uncertainty regarding the development of the
firefighting markets has increased tangibly in recent months. Political tension
and the low price of oil could affect growth on certain markets in 2017 as
well. Overall, however, stable development in global demand for firefighting
technology is assumed.

The Group will continue to focus on efficiency enhancement and cost reduction
to ensure that the intended growth can be implemented on a solid financial
basis. In addition, far-reaching changes have been made in Rosenbauer's
management and organizational structure that led to non-recurring expenses.

Owing to project-related lower capacity utilization and the change in the
production program, the one-time effects described above and the limited
visibility with regard to currency developments, the Executive Board has
revised its outlook for 2017 and is now forecasting an EBIT margin after
extraordinary effects of around 3% with consolidated revenues at a consistent
level.

Further inquiry note:
Rosenbauer International AG

Gerda Königstorfer, Company Spokesperson / Investor Relations

Phone: +43 732 67 94-568 E-Mail: ir@rosenbauer.com

end of announcement euro adhoc
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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
ISIN: AT0000922554
indexes: WBI
stockmarkets: Wien, Stuttgart, Berlin
language: English

Digital press kit: http://www.ots.at/pressemappe/2916/aom

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