EANS-Adhoc: Von Roll Holding AG
Result for 2012 heavily impacted by one-off
effects (with document)
Un document
-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Annual Reports/annual report 18.03.2013 » 9.7% order intake decline to CHF 505.1 million » 8.5% sales decline to CHF 497.1 million » CHF -50.1 million EBIT mainly as a result of impairments Au / Wädenswil, March 18, 2013 - Von Roll Holding Ltd. today published its results for the 2012 financial year. 2012 was a disappointing year for Von Roll. Order intake declined to CHF 505.1 million in 2012 (2011: CHF 559.6 million). Von Roll Group sales for the financial year 2012 totaled CHF 497.1 million (2011: CHF 543.3 million). Insulations segment sales declined by 7.6 % and Composites segment sales by 7.1 %. Serious delivery delays impacted Transformer business line sales by 26 %, although the underlying production bottleneck problems were resolved in the last quarter. Regional sales development was affected by economic market environments. Americas region sales declined by CHF 14.2 million to CHF 126.9 million (2011: CHF 141.1 million). In Europe, the persistent market weakness resulted in a 7.6 % sales decline to CHF 259.2 million (2011: CHF 280.6 million). Sales in the Asia Region declined to CHF 111.0 million (2011: CHF 121.6 million), in particular due to the wind power business situation in India. The negative EBIT of CHF 50.1 million is mainly attributable to a combination of operating losses and impairments in the Transformer business. Extensive impairments were necessary for Transformer business in Israel, and also for the Shenzhen Insulations business in China due to nonattainment of the high margins assumed at the time of acquisition. Although positive after adjustment for one-off effects, the combined EBIT of the Insulations and Composites segments were disappointingly below the prior year result. Overall, the negative net income of 64.5 million is attributable to numerous nonrecurring effects. Operating cash flow is now positive after an encouraging rise of CHF 21 million compared with prior year. The Insulations and Composites segments order intake remained weak at the beginning of 2013. Also overall, recessionary effects are still predominant in Europe. Generally seen a short-term order intake trend as well as a limited business visibility can be observed. Despite the unfavorable business environment at the present time, Von Roll still adheres to the principle of the Group strategy announced last year. Since conditions in general have worsened, not least due to the difficult economic situation, the strategy implementation timeframe must be adapted realistically. A number of investment projects were nevertheless launched last year. One of the largest, for example, involves comprehensively renewing most of the production and logistics systems at the main location in Breitenbach, Switzerland. Furthermore, several projects for new product developments and quality improvements are already in the pipeline. For further details please refer to the Annual Report 2012, which can be downloaded at http://www.vonroll.com/en/financial-reports.html end of ad-hoc-announcement ================================================================================ About Von Roll Holding Ltd: As one of Switzerland's longest established industrial companies, Von Roll focuses on products and systems for power generation, transmission and distribution. Von Roll employs about 2 800 people at more than 30 locations in 19 countries, and is global market leader for insulation products, systems and services. This press release contains information that is based on the current state of knowledge. Unforeseeable risks and events could potentially result in circumstances that deviate from the statements made. Minor deviations from the stated figures may arise due to rounding differences. For more detailed information on the company and business developments, please refer to the Von Roll Holding Ltd. Annual Report. Attachments with Announcement: ---------------------------------------------- http://resources.euroadhoc.com/us/ru8v0hhd Further inquiry note: Julia Dunkake Corporate Communications T: +41 44 204 3032, F: +41 44 204 3039, E: press@vonroll.com end of announcement euro adhoc -------------------------------------------------------------------------------- Attachments with Announcement: ---------------------------------------------- http://resources.euroadhoc.com/us/ru8v0hhd 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