EANS-Adhoc: Von Roll Holding AG
Slight upward trend in financial year 2010
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annual report
22.03.2011
- Order intake up 13.8% to CHF 540 million - 0.9% growth in sales to CHF 554 million - Sales growth at constant exchange rates of 4.3% to CHF 573 million - Operating EBIT of CHF 10 million
Au / Wädenswil, 22 March 2011 - Von Roll Holding AG published its figures for the past financial year today. In 2010, the company benefited from increasing economic growth in the short-cycle low-voltage segment. In contrast, the development of sales in the late-cycle product segments remained muted. Order intake was up 13.8% to CHF 540.5 million in 2010. Von Roll increased its sales by 0.9% to CHF 554.2 million. Adjusted for exchange rate effects, sales rose by 4.3% to CHF 572.9 million. Operating EBIT was up from CHF 0.6 million to CHF 10.2 million, and EBIT increased from CHF -8.5 million to CHF 10.8 million. Net income after taxes amounted to CHF -7.5 million as against CHF -11.3 million in the previous year. The difference between operating EBIT and net income after taxes is due to exchange rate effects and tax effects. The equity ratio was 66% and the operating cash flow amounted to CHF 14.3 million compared with CHF 29.5 million in the same period in the previous year. The decrease was caused by greater utilisation of working capital as a result of the slight increase in business. The Board of Directors will propose a suspension of the dividend for 2010 to this year´s General Meeting.
Increase in early-cycle business bolsters traditional segments Von Roll Insulation and Von Roll Composites The segments Von Roll Insulation and Von Roll Composites posted sales growth following a marked increase in demand in the low-voltage segment of the economy-dependent sectors. The rise in demand for low-voltage products in Asia in particular had a positive impact on order intake. In contrast, business in high-income high-voltage products for the long-cycle industry developed slowly. The decline was due to the ongoing postponement of major power station projects, particularly by European energy providers. Von Roll Insulation increased its sales by 0.5% to CHF 357.1 million, and order intake was up 22.6% to CHF 365.8 million. In this business unit, operating EBIT increased by more than 100% from CHF 8.8 million to CHF 18.0 million. Sales of Von Roll Composites rose by 8.4% to CHF 110.6 million and order intake increased by 17.6% to CHF 116.0 million. Von Roll Composites posted operating EBIT of CHF 1.4 million compared with CHF -3.5 million in the previous year.
Muted development of long-cycle transformer business In 2010, Von Roll Transformers saw its sales fall by 10.5% to CHF 82.4 million, with order intake dropping by 31.3% to CHF 53.4 million. This development was caused by the business unit´s dependence on long-cycle project business in the energy supply sector. Operating EBIT totalled CHF 7.0 million.
Outlook for 2011 A change to the Executive Management took place at Von Roll at the end of 2010. "In 2011, we will chiefly focus on strengthening our core business, with the aim of improving earning power", says Matthias Oppermann, CEO of Von Roll Holding AG. Von Roll is also working to further develop the activities of the Von Roll Water business unit established at the beginning of 2010, and is pressing on with its research and development work in the solar business. Order intake in core business developed positively in the first two months of financial year 2011. Von Roll is expecting demand for short-cycle product lines of the low-voltage segment of the traditional segments Von Roll Insulation and Von Roll Composites to continue to rise as a result of sustained economic growth. Von Roll does not expect the high-income but late-cycle high-voltage segment to start to recover until the end of 2011 due to the slow increase in large-scale investment in the energy sector.
About Von Roll Holding AG: As one of Switzerland´s longest established industrial companies, Von Roll focuses on products and systems for power generation, transmission and distribution. Von Roll is the global market leader in insulation products, systems and services and is represented in 19 countries with around 3,000 employees at 30 sites.
end of ad-hoc-announcement ========================================== ====================================== 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 and the consolidated financial statements are originally prepared in German and then translated into English. In the event of any discrepancy, the German version prevails. For more detailed information about the company and its business performance, please refer to the Annual Report of Von Roll Holding AG available online at www.vonroll.com.
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Contact:
Susanne Berger
Corporate Communications
T: +41 44 204 3034, F: +41 44 204 3039, E: press@vonroll.com
Branche: Misc. Industrials
ISIN: CH0003245351
WKN: 324535
Index: SPI, Midcap Market Index
Börsen: SIX Swiss Exchange / Main Standard