EANS-News: Rosenbauer International AG Decline in revenues, dynamic growth of
order intake
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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
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Quarterly Report
Leonding - * Dynamic growth of order intake* Decline in revenues of EUR 162.4
million in the first quarter of 2018; fewer deliveries in Central and Eastern
Europe and Asia
* Significant improvement in EBIT thanks to stronger production output compared
to the previous year
* Dynamic growth of order intake, management estimates revenues and earnings to
be up on the previous year for 2018
______________________________________________________________________________
|GROUP_KEY_FIGURES__|_________________|_____________1/2017|______________1/2018|
|Revenues___________|___EUR_million___|______________181.9|_______________162.4|
|EBIT_______________|___EUR_million___|_______________-3.1|_________________1.1|
|Net profit for the | EUR million | -2.6| 0.8|
|period_____________|_________________|___________________|____________________|
|Cash flow from | | | |
|operating | EUR million | -49.7| -19.9|
|activities_________|_________________|___________________|____________________|
|Equity in % of | | 35.1%| 33.5%|
|total_assets_______|_________________|___________________|____________________|
|Earnings_per_share_|_______EUR_______|_______________-0.7|________________-0.3|
|Number of employees| | 3,360| 3,490|
|as_of_March_31_____|_________________|___________________|____________________|
|Order backlog as of| EUR million | 790.6| 933.8|
|March_31___________|_________________|___________________|____________________|
As expected, the global economy has carried its momentum into the new year.
Correspondingly, the global firefighting industry has also shown steady
development in the first three months of 2018. Above all, demand is being driven
by countries with continuous procurement or elevated security requirements
following natural or terrorist disasters.
Revenues and result of operations
The Rosenbauer Group generated revenues of EUR 162.4 million in the first
quarter of 2018 (1-3/2017: EUR 181.9 million). While deliveries have declined in
some Central and Eastern European and Asian countries, higher volumes were
observed particularly in Western Europe and the Middle East. The geographic
allocation of revenues to sales areas reads as follows: 28% CEEU area, 12% NISA
area, 11% MENA area, 15% APAC area, 31% NOMA area and 3% segment Stationary Fire
Protection.
The first three months of the current year once again showed that the first
quarter is always significantly weaker in terms of revenues and income. This is
partly because the majority of deliveries are usually made in the second half of
the year.
Compared to the decreasing consolidated revenues, EBIT was significantly up on
the previous year at EUR 1.1 million (1-3/2017: EUR -3.1 million) in the first
quarter. Increased production output with a higher inventory of finished goods
and works in progress and a subsequently better coverage of fixed costs made the
main contributions to this. In addition, other expenses fell considerably year-
on-year. Consolidated EBT for the reporting period amounted to EUR 0.9 million
(1-3/2017: EUR -2.8 million).
However, the order intake has grown dynamically over the first three months,
amounting to EUR 236.2 million (1-3 2017: EUR 207.9 million). Whilst the order
intake from countries, which are widely depending on oil and commodity prices
and had to shift budget due to persistent conflicts respectively, was declining,
other sales areas partly improved significantly.
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. The high intra-year level of total assets of EUR 673.0 million
(March 31, 2017: EUR 678.5 million) can be attributed in particular to the
higher current assets compared to those on balance sheet date December 31, 2017.
Current assets were at EUR 486.5 million (March 31, 2017: EUR 489.0 million).
Current receivables were down on the previous year's level at EUR 173.9 million
(March 31, 2017: EUR 183.7 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 211.3 million (March 31, 2017: EUR 227.4 million).
Owing to the high level of working capital - due to high customer receivables -
the intra-year cash flow from operating activities was still negative at EUR -
19.9 million (1-3/ 2017: EUR -49.7 million).
Outlook
The IMF has recently confirmed its growth forecast for the global economy in
2018 and 2019 with an increase of 3.9%. The greatest uncertainties are growing
protectionism and the simmering trade dispute between the USA and China, which
could shake market confidence. At the same time, the most stimulating effect for
the global economy is the US tax reform.
As shown from past experience, the firefighting industry follows the general
economy at a delay of several months and should continue to develop at a stable
rate. Rosenbauer closely monitors developments on the different fire equipment
markets in order to exploit sales opportunities early on. Sales activities are
then stepped up depending on the countries or regions in which greater
procurement volumes have been identified. It will continue to focus on
efficiency enhancement and cost reduction so that the intended business
development has a solid financial basis. Despite the traditionally low capacity
utilization at the beginning of the year and the sustained margin pressure in
the developed markets, management is aiming to achieve revenues and earnings
above the previous year's level.
Further inquiry note:
Rosenbauer International AG
Tiemon Kiesenhofer
Tel.: +43 732 6794-568
e-mail: tiemon.kiesenhofer@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, Berlin, Stuttgart
language: English