DGAP-News: Schaltbau with record earnings in 2011 and good start to fiscal year 2012
(firmenpresse) - DGAP-News: Schaltbau Holding AG / Key word(s): Final Results
Schaltbau with record earnings in 2011 and good start to fiscal year
2012
14.03.2012 / 09:02
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Schaltbau with record earnings in 2011 and good start to fiscal year 2012
Munich, 14 March 2012 - The fiscal year 2011 again proved to be highly
successful for the Schaltbau Group. Both sales and Group net profit were
significantly up on the previous year's figures and surpassed all of our
expectations. Sales increased by 13.6% to a record total of EUR 318.4
million. Undiluted earnings per share rose sharply to EUR 9.38 (2010: EUR
6.50) and every segment of the Schaltbau Group played an active part in
achieving this positive sales performance. The Mobile Transportation
Technology segment continued to grow throughout 2011. In this area sales
grew by 4.0% to EUR 122.5 million and both the standardised BIDS systems as
well as the sliding steps units were again in high demand with customers.
The Fittings for Sliding Vehicle Doors product group grew at an
above-average rate, principally due to the 'linear sliding door' special
order. The Stationary Transportation Technology segment reported 21.4%
growth in sales, recording EUR 105.4 million for the 12-month period under
report. Sales volumes also grew considerably in the Rail Infrastructure
business field. Demand increased particularly for railway crossing systems
and points heating equipment. The upward sales trend seen in the Brake
Systems business field since the third quarter 2010 continued at an even
greater pace throughout fiscal year 2011. Driven by a highly favourable
business environment in key industrial fields and an overall consistent
level of demand in the rail industry coupled with the first-time full
consolidation of Schaltbau North America Inc. with sales of EUR 3.0 million
(after deducting inter-company sales), the Components segment increased its
sales by 19.6% to record EUR 90.4 million in 2011. All of the product
groups recorded considerable growth in sales. Control devices and
connectors in particular were in high demand and sold at an above-average
rate.
Incoming orders for the Schaltbau Group rose by 18.7 per cent to EUR 342.8
million in 2011, growing at a very brisk rate during the first nine months
of the fiscal year. The pace of growth slowed somewhat in the fourth
quarter by comparison. At EUR 197.4 million, the Schaltbau Group's order
book grew by 15.1% in 2011 compared with one year earlier.
The earnings situation of the Schaltbau Group again improved during the
year under report. Group EBIT rose to EUR 27.5 million (2010: EUR 23.8
million), partly attributable to the greatly improved sales figures and the
resulting economy of scale. It also reflects the impact of one-off effects
from the first-time consolidation as well as acquisition costs. Overall,
the EBIT margin again improved from 8.5% to 8.6% of sales during the year
under report.
Preliminary Group net profit rose significantly from EUR 14.8 million to
EUR 21.7 million. The figure takes one-off effects into account connected
with increased investments in other entities. The profit attributable to
shareholders of Schaltbau Holding AG totalled EUR 18.7 million and was
again significantly higher than the previous year's figure of EUR 12.1
million.
Due to the good Group earnings for the year and the positive influence on
equity caused by the 98% conversion of the convertible bond, the equity
ratio as at 31 December 2011 rose by 10.4 percentage points on the previous
year's figure to reach 27.9%. Net bank liabilities were further reduced to
EUR 27.4 million (2010: EUR 31.5 million). Cash flow from operating
activities of EUR 21.7 million was EUR 10.6 million higher than in the
previous year.
In view of the renewed positive earnings performance achieved in fiscal
year 2011 and the continued favourable prospects for the further business
developments of the Schaltbau Group, the Executive Board will put forward a
proposal to the Supervisory Board regarding the appropriation of profit to
pay a dividend of EUR 1.80 (2010: EUR 1.10).
The Schaltbau Group has started well into the year 2012. Including the
share of sales generated by the recently acquired Tiefenbach GmbH, the
Schaltbau Group expects sales figures for fiscal year 2012 to rise to
around EUR 350 million. Due to integration costs and other one-time
expenses, the acquisition will only make a minor positive contribution to
earnings during the first year. Moreover, results in fiscal year 2012 will
be slightly burdened by upfront expenditure for additional personnel needed
to successfully continue taking the steps previously initiated in the
Group's ongoing growth strategy. The Executive Board abides by the forecast
made in November 2011. On this basis, earnings from operating activities
(EBIT) of EUR 28.9 million can be expected for 2012. Group net profit for
2012 is thus predicted at EUR 20.8 million and earnings per share at EUR
8.83.
Group key financial figures
for the fiscal years 2010 and 2011:
ChangeAbout Schaltbau:
in Change
2011 2010 EUR m. in %
EUR 342 288
Order intake m. .8 .7 54.1 18.7
EUR 197 171
Order book m. .4 .5 25.9 15.1
EUR 318 280
Sales m. .4 .4 38.0 13.6
EUR
EBIT m. 27.5 23.8 3.7 15.5
EUR
Group net profit m. 21.7 14.8 6.9 46.6
Profit attributable to EUR
shareholders of AG m. 18.7 12.1 6.6 54.5
Earnings per share
(undiluted) EUR 9.38 6.50 2.88 44.3
1.8
Dividend EUR 0* 1.10 0.70 63.6
EUR
Group equity m. 59.5 33.1 26.4 79.8
Equity ratio 27.9 17.5
EUR
Net bank liabilities m. 27.4 31.5 -4.1 -13.0
Cash flow from operating EUR
activities m. 21.7 11.1 10.6 95.5
*Proposal to AGM
Including the takeover of Tiefenbach GmbH, the Schaltbau Group expects
annual sales of around EUR 350 million. The Group now employs a workforce
of some 1,800 employees and is a leading supplier of components and systems
in the field of transportation technology. The enterprise supplies complete
level crossing systems, shunting and signals technology, door systems for
buses and trains, industrial braking systems for container cranes and also
power supply units as well as high- and low-voltage components for railway
vehicles. Its innovative and future-oriented products make Schaltbau a key
business partner in the fields of transportation technology and industry.
End of Corporate News
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Language: English
Company: Schaltbau Holding AG
Hollerithstraße 5
81829 München
Germany
Phone: 089 - 93005 - 209
Fax: 089 - 93005 - 318
E-mail: bloch(at)schaltbau.de
Internet: www.schaltbau.de
ISIN: DE0007170300, DE000A0D66Z2,
WKN: 717030, A0D66Z2,
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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160299 14.03.2012
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