DGAP-News: Schaltbau Group posts record profit for fiscal year 2011 - First quarter 2012 as expected - forecast for full year affirmed
(firmenpresse) - DGAP-News: Schaltbau Holding AG / Key word(s): Final Results/Quarter
Results
Schaltbau Group posts record profit for fiscal year 2011 - First
quarter 2012 as expected - forecast for full year affirmed
24.04.2012 / 09:45
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Schaltbau Group posts record profit for fiscal year 2011
First quarter 2012 as expected - forecast for full year affirmed
Munich, 24 April 2012 - The Schaltbau Group continued to perform with great
success throughout fiscal year 2011. With order intake up by 19% on the
previous year to EUR 343 million, sales rose by 14% to EUR 318 million and
each of the Group's segments contributed towards the prosperous growth,
stated Dr Jürgen Cammann, Executive Board Spokesman of Schaltbau Holding
AG, at the annual accounts press conference in Munich. Performance
indicators for the Schaltbau Group improved even more strongly than sales
figures. Despite acquisition costs and one-time effects from first-time
consolidation, the Schaltbau Group registered profit from operating
activities (EBIT) of EUR 27.5 million (2010: EUR 23.8 million), a new Group
record. The EBIT margin stood at 8.6% (2010: 8.5%).
Group net profit for the full year 2011 improved at an above-average rate
compared to sales and EBIT rose to EUR 21.7 million (2010: EUR 14.8
million). As explained by Dr Cammann, the result also benefited from
exceptional gains of EUR 2.8 million arising in conjunction with the
first-time full consolidation of Schaltbau North America Inc. and the
first-time inclusion of RAWAG using the equity method. The profit
attributable to shareholders of Schaltbau Holding AG amounted to EUR 18.7
million (2010: EUR 12.1 million). At EUR 9.38, earnings per share surpassed
the previous year's figure of EUR 6.50 significantly, making it possible to
raise the dividend by EUR 0.70 to EUR 1.80.
The gratifying earnings performance, combined with the positive impact
caused by the conversion of the convertible bond and the improved
conditions negotiated for the existing Syndicated Credit Agreement in the
middle of the year, contributed to an additional fundamental strengthening
of the Schaltbau Group's financial basis. The improved position is
additionally reflected in the Group equity ratio, which rose from 17.5% to
27.9%. Working capital grew from EUR 66.8 million to EUR 71.8 million.
Capital employed increased by EUR 15.0 million to EUR 145.8 million. Return
on capital employed (ROCE) therefore stands at 18.9% (2010: 18.2%). At the
same time, net bank liabilities were reduced by EUR 4.1 million to EUR 27.4
million.
Dr Cammann went on to explain that the Group decisively stepped up its
international growth strategy in 2011. He also named the extending of the
joint venture agreement for Xi'an Schaltbau up to 2024 as a point of
strategic relevance. Furthermore, the Schaltbau Group additionally expanded
its presence in China by establishing a company for manufacturing platform
screen door systems and by concentrating Group activities in Shenyang in a
new building. Since 2011 the Schaltbau Group has also been present on the
South Korean market with a newly formed company. Moreover, the Group
bolstered its position in North America and Eastern Europe by increasing
its stake in various entities. The Group's investment in the UK-based Rail
Door SolutionsLtd. was another key step in entering the service market. In
view of the growing pressure on public spending, Dr Cammann described the
market for refurbishment as one that will grow strongly in the future.
Looking at the current fiscal year, Dr Cammann emphasised the takeover
completed at the beginning of 2012 of Tiefenbach GmbH, the internationally
operating shunting and signals specialist, as a key milestone for the
Schaltbau Group. In addition to improving its existing market position, the
acquistion will enable PINTSCH BAMAG to enter new markets. 'Particularly in
the field of rail infrastructure we continue to see quite considerable
growth potential for our Group,' continued Cammann. In mid-February
Tiefenbach GmbH changed its name Pintsch Tiefenbach GmbH, thereby
documenting its membership in the Pintsch Group.
In the first quarter 2012 the Schaltbau Group recorded over 4% growth in
order intake to register EUR 105.5 million. Although the Stationary
Transportation Technology segment continued to show great dynamism, the
Components segment was significantly held back by the slackening pace of
business in China. In addition, the Pintsch Tiefenbach Group contributed
for the first time with incoming orders of EUR 6.8 million. Owing to the
current high volume of orders, Group sales rose to EUR 84.7 million during
the quarter under report (2011: EUR 74.1 million), of which EUR 2.8 million
were attributable to the Pintsch Tiefenbach Group. The operating profit
(EBIT) amounted to EUR 6.6 million (2011: EUR 7.2 million) and includes a
net loss for the Pintsch Tiefenbach Group of EUR 0.4 million as well as
reduced earnings from components business in China. Group net profit for
the period totalled EUR 4.5 million compared with EUR 7.1 million last
year, which had been positively impacted by one-time effects of
approximately EUR 2.1 million. The first-quarter profit attributable to
shareholders of Schaltbau Holding AG amounted to EUR 3.7 million, (2011:
EUR 6.0 million) and earnings per share stood at EUR 1.80 (2011: EUR 3.21).
The equity ratio fell slightly to 26.1% due to the effect on the balance
sheet structure of the first-time consolidation of the Pintsch Tiefenbach
Group (31 December 2011: 27.9%).
Including the Pintsch Tiefenbach Group, for the full year 2012 Dr Cammann
expects sales figures to rise to around EUR 350 million. Due to integration
costs and other one-time expenses, the acquisition is only likely to make a
minor contribution to earnings during the first year. Moreover,
considerable upfront expenditure was necessary for staff recruitment to
sustainably follow up on the numerous steps already taken to maintain the
Group's declared growth strategy. Dr Cammann abides by the forecast made in
November 2011, predicting EBIT of EUR 28.9 million, Group net profit of EUR
20.8 million and earnings per share of EUR 8.83 for 2012. The Schaltbau
Group intends to continue playing an active role in the consolidation
process expected to take place in the international railway industry.
End of Corporate News
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24.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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,
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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165785 24.04.2012
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Datum: 24.04.2012 - 09:45 Uhr
Sprache: Deutsch
News-ID 138262
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