EANS-Adhoc: Rosenbauer International AG Successful production start-up in new
Plant II Leonding First quarter revenues slightly lower, as expected EBIT up
by around 27% to EUR 4.7 million
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announcement.
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Financial Figures/Balance Sheet/quarterly report
15.05.2014
o Successful production start-up in new Plant II Leonding
o 1st quarter revenues slightly lower, as expected
o EBIT up by around 27% to EUR 4.7 million
o Order intake of EUR 139.1 million still at a high level, even in the absence
of a major order
______________________________________________________________________________
| |_____________|___1-3/2014___|___1-3/2013____|___Change_%__ _|
| | Mio EUR | | | |
|Revenues _____|_____EUR_____|_________147.9|__________154.8|__________ (4%)|
| | Mio EUR | | | |
|EBIT_____________|_____________|___________4.7|____________3.7|_________ +27%|
| | Mio EUR | | | |
|EBT______________|_____________|___________5.0|____________3.4|_________ +47%|
| | Mio EUR | | | |
|Net profit of the
period _|_____________|___________4.1|____________1.2|________ +242%|
|Cash flow from
operating activities Mio EUR _|________(75.7)|_________(31.3)|_______________|
| | Mio EUR | | | |
|Total assets_____|_____________|_________499.6|__________462.3|__________ +8%|
|Equity in % | | | | |
|of total assets__|_____________|________ 38.2%|________ _35.7%|_______________|
| | Mio EUR | | | |
|Investments ____|_____________|___________6.2|____________5.2|_________ +19%|
|Earnings per share ___EUR_____|___________0.4|____________0.1|________ +300%|
|Dividend per share EUR___|____ ______1.2|____________ 1.2|____________0%|
|Employees as at | | | |
|March 31_ _______|_____________|_________2,692|__________2,456|_________ +10%|
| | Mio EUR | | | |
|Order intake __|_____________|_________139.1|__________274.8|_________ (49%)|
|Order backlog | Mio EUR | | | |
|as at March 31___|_____________|_________607.5|__________707.0|________ _(14%)|
Dividend: Proposal to the AGM
The markets for the fire equipment industry will once again be characterized by
widely differing challenges in 2014. Overall, 2014 is not expected to bring any
marked improvement, although indications of an upturn are starting to make
themselves felt in certain markets. Just how fire equipment markets will develop
in detail often depends upon the availability of public-sector funding. An exact
forecast is difficult to make here.
The Rosenbauer Group posted slightly lower consolidated revenues of EUR 147.9
million in the first quarter of 2014 (1-3/2013: EUR 154.8 million). The keynote
event of the first three months was the relocation of the production operations
for the PANTHER and AT models, which lowered overall revenues in the Austrian
segment.
The proportionately lower volume of shipments in the first quarter, as compared
to overall annual volumes, is typical of the fire equipment business. This is
due to the fact that the majority of shipments tend to be in the second half of
the year. However, this seasonal dependency during the fiscal year is often
smoothed to some extent by centrally directed procurement that does not fall
under public-sector revenue and expenditure budgets.
At EUR 4.7 million, EBIT came in higher than last year (1-3/2013: EUR 3.7
million). This increase is due not only to capitalized development costs but
also to substantially better earnings in the US segment and the improved result
of the German segment. Due to the lower fixed-cost coverage resulting from the
seasonal pattern of product shipments, the EBIT margin of 3.2% in the 1st
quarter (1-3/2013: 2.4%) was still below the average level of the preceding
financial years. The "Finance cost" of EUR -0.3 million was improved year-on-
year (1-3/2013: EUR -1.2 million), while the result of joint ventures fell to
EUR 0.6 million (1 3/2013: EUR 0.9 million) due to reduced earnings from the
joint venture in Russia. EBT for the first quarter came to EUR 5.0 million (1-3/
2013: EUR 3.4 million).
Due to a major order, the EUR 274.8 million in new orders that the Group took
during the same reporting period of last year was considerably above the average
level of recent years. At EUR 139.1 million, the Group's order intake in the
first quarter of 2014 was a satisfactory figure that does not yet take account
of the major order, received in April 2014, to supply response equipment worth
EUR 150 million to the Saudi Arabian civil defense sector. Despite the high
volume of shipments at the year-end, the EUR 607.5 million reserve of unfilled
orders at March 31, 2014 (March 31, 2013: EUR 707.0 million) was still at a high
level. This gives the Rosenbauer Group assured capacity utilization at its
manufacturing facilities, and a fairly clear view of the likely course of
revenues for the rest of this year.
Based on the overall economic outlook and the prospects for the fire-equipment
sector, and on the particular growth prospects for the markets in which
Rosenbauer is active, it should be possible for Rosenbauer to sustain the trend
of previous years. Given the healthy state of the company's order books, the
favorable outlook for project business and the enlarged production capacity,
Management's expectation for the current financial year is for revenues at the
same high level as last year's.
However, the substantial investments being made in the future, the costs of
installing the two new production lines at Plant II Leonding, and the still
fierce price competition on the market, will all weigh on earnings. The
additions to production space, and an optimization program launched in the main
production zones in 2012, will counter this margin trend. Management is aiming
for an improvement upon the EBIT margin of 5.7% attained in 2013.
Further inquiry note:
Rosenbauer International AG
Mag. Gerda Königstorfer
Tel.: 0732/6794-568
gerda.koenigstorfer@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
sector: Machine Manufacturing
ISIN: AT0000922554
indexes: WBI, ATX Prime
stockmarkets: free trade: Berlin, Stuttgart, official market: Wien
language: English