EANS-Adhoc: Von Roll Holding AG Positive half-year result in a challenging
market environment
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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6-month report
22.08.2012
- Decline in sales to CHF 268.1 million, a fall of 2.1% at constant exchange
rates
- Lower order intake at CHF 276.7 million, down 10% at constant exchange rates
- Positive EBIT of CHF 7.0 million
Au / Wädenswil, 22 August 2012 - In the first half of 2012, Von Roll Holding
AG's operating business remained heavily influenced by the difficult general
economic conditions. The Group posted sales of CHF 268.1 million (previous year:
CHF 281.1 million), a slight decline of 2.1% at constant exchange rates. Order
intake amounted to CHF 276.7 million (previous year: CHF 316.0 million). At
constant exchange rates, this represents a fall of 10%.
Von Roll generated EBIT of CHF 7.0 million as against CHF 9.7 million in the
previous year. "Two main factors influenced our EBIT in the first half of 2012,"
said Matthias Oppermann, CEO of Von Roll Holding AG. "Firstly, the performance
of our transformer business had an adverse effect on our overall result.
Secondly, the continued strength of the Swiss franc and the economic turmoil in
Europe had a major impact on our activities."
Net income stood at CHF 1.8 million in the period under review as against CHF
4.3 million in the same period of the previous year. The financial result
amounted to CHF -1.8 million compared to CHF -4.0 million in the same period
last year. Cash flow from operating activities, which came to CHF -12.7 million
as against CHF -17.9 million in the same period of the previous year, was still
impeded by the funds tied up in the transformer business. The equity ratio fell
from 63% in 2011 to 59%.
Uneven performance by the business lines
In the wake of the euro crisis, Von Roll's core business suffered a slight
decline in the first half of 2012. The Von Roll Insulation business line posted
sales of CHF 165.5 million as against CHF 173.7 million in the same period last
year, a fall of 2.3% year-on-year at constant exchange rates. Order intake came
to CHF 160.0 million, down 11% on the previous year at constant exchange rates.
Von Roll Insulation generated EBIT of CHF 10.7 million compared with CHF 12.1
million in the previous year. The performance of this traditional segment was
particularly affected by customers' reluctance to invest in large-scale projects
such as power plants. The strategic initiative to extract mica in the growth
region of Brazil and thus extend the value added chain is on track. Mica is a
key raw material used in insulating tapes.
The Von Roll Composites business line posted sales of CHF 72.1 million as
against CHF 79.0 million in the same period of the previous year, representing a
fall of 7.3% at constant exchange rates. Order intake amounted to CHF 74.3
million, 6.4% down on the previous year at constant exchange rates. Von Roll
Composites achieved EBIT of CHF 3.5 million compared with the previous year's
CHF 4.2 million. Weak demand from Europe had a noticeable impact on the
composites business in the first half of 2012.
The Von Roll Technologies business line, which incorporates the Von Roll
Transformers, Von Roll Water and Von Roll Solar business segments, reported
sales of CHF 30.5 million in the first six months of the year, up by 13.2% at
constant exchange rates. Sales were boosted by the Von Roll Water business
segment in particular, whose performance has been highly promising thanks to the
successful completion of a number of sizeable projects. In contrast, order
intake at Von Roll Technologies fell by 13.6% at constant exchange rates to CHF
42.4 million. EBIT amounted to CHF -5.0 million compared with CHF -4.5 million
in the same period last year. In the main, the result was weighed down by the
transformer business, which was affected by delays in supplying technically
complex large-scale projects as well as sluggish demand for large high-voltage
power transformers. However, the new branch of the business focusing on special
transformers for the wind power industry is developing well. The Von Roll Solar
segment, part of Von Roll Technologies, discontinued its activities at the end
of the first half-year.
Successful drive to implement strategic initiatives
In the first half of 2012, Von Roll focused on pressing ahead with its strategic
initiatives, concentrating on optimising its global production network and on
expanding its product portfolio. In this context, Von Roll is currently involved
in a number of outsourcing projects in North America and Asia, allowing the
company to assume responsibility for additional manufacturing steps on behalf of
its customers.
Matthias Oppermann added: "With question marks remaining over how the economy
will develop, we would rather not make any forecasts for the second half of
2012. Over the past few months of this year, we have done our homework and are
working flat out to implement our 'ONE Von Roll' strategy to enable us to meet
our targets for 2015."
A conference call in German with webcast will be held for journalists and
analysts at 9.00 am CET on 22 August when the 2012 half-year results will be
presented.
Dial-in number: +41 (0)565 800 007
Confirmation number: 10778480
Simultaneous webcast of the presentation at:
http://view-w.tv/p/805-1042-11537/de
More detailed information can be found in the Semi-Annual Report 2012. This is
available in digital form at http://www.vonroll.ch/en/financial-reports.html.
About Von Roll Holding AG:
Von Roll is an international, medium-sized industrial company specialising in
products and services for electrical insulation, electrical technology and power
transmission and distribution as well as water treatment. Based in Switzerland,
Von Roll has around 3,000 employees and is represented at over 30 production and
distribution sites across the world.
end of ad-hoc-announcement
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This press release is based on information currently available. Unforeseeable
risks and influences may lead to discrepancies with statements portrayed here.
Furthermore, rounding differences may lead to discrepancies in the reported
figures. The release is originally prepared in German and then translated into
English. In the event of any discrepancy, the German version prevails. For more
detailed information on the company and business development, please see the
Semi-Annual Report of Von Roll Holding AG. This is available in digital form at
www.vonroll.com.
Further inquiry note:
Susanne Nelsen
Corporate Communications
T: +41 44 204 3034, F: +41 44 204 3039, E: press@vonroll.com
end of announcement euro adhoc
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issuer: Von Roll Holding AG
Steinacherstrasse 101
CH-8804 Au / Wädenswil
phone: +41 (0)44 204 30 34
FAX: +41 (0)44 204 30 39
mail: press@vonroll.com
WWW: http://www.vonroll.ch
sector: Misc. Industrials
ISIN: CH0003245351
indexes: SPI, Midcap Market Index
stockmarkets: Main Standard: SIX Swiss Exchange
language: English