DGAP-News: Tognum AG: Tognum after Q1: full-year forecast confirmed
(firmenpresse) - DGAP-News: Tognum AG / Key word(s): Quarter Results/Interim Report
Tognum AG: Tognum after Q1: full-year forecast confirmed
10.05.2012 / 07:30
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Tognum after Q1: full-year forecast confirmed
- Solid order intake amounting to EUR771.5 million
- Revenues increase to EUR685.3 million
- Adjusted EBIT margin of 9.9%
- Forecast for full-year 2012 confirmed
- More than 10,000 employees following Aggetech takeover
Friedrichshafen, 10 May 2012. The specialist for propulsion and power
solutions Tognum, at the end of the first quarter, has confirmed its
forecast for the full-year 2012. The company continues to expect a
single-digit percentage growth in revenues and an adjusted return on sales
of over ten per cent.
'As a result of an order backlog that remains strong at over two billion
euros, we are confident that we will achieve our targets for the 2012
financial year,' said Joachim Coers, CEO of Tognum AG. 'But in view of the
considerable uncertainty that continues to prevail on the capital and
commodities markets, we will have to expect fluctuations in demand in the
course of the year.'
Order intake and revenues
The order intake in the first three months of 2012 was solid at EUR771.5
million (Q1 2011: EUR817.9 million). Revenues were up 3.6% compared with
the same quarter last year to EUR685.3 million (Q1 2011: EUR661.4 million).
Adjusted EBIT and adjusted EBIT margin
The adjusted EBIT was down 5.8% to EUR67.7 million (Q1 2011: EUR71.9
million). The decline results primarily from a scheduled increase in R&D
expenditure. The adjusted EBIT margin in the first quarter was 9.9% (Q1
2011: 10.9%).
Adjusted gross profit margin and adjusted group net profit
The adjusted gross profit in the first three months of the year amounted to
EUR203.0 million (Q1 2011: EUR197.5 million). This results in an adjusted
gross profit margin of 29.6% (Q1 2011: 29.9%). The adjusted group net
profit amounted to EUR44.3 million (Q1 2011: EUR50.8 million). The adjusted
earnings per share was subsequently reduced to EUR0.33 (Q1 2011: EUR0.39).
Equity ratio, free cash flow and net financial debt
The equity ratio improved to 30.0% (31 December 2011: 28.1%). Free cash
flow at the end of the first three months is EUR-8.5 million (Q1 2011:
EUR66.4 million). The decline is due primarily to the increase in
inventories and the reduction in trade payable. Net financial debt
increased marginally to EUR6.9 million (31 December 2011: EUR5.0 million).
Segment reporting
Revenues in the Engines segment amounted to EUR471.8 million in the
reporting period and was thus 3.8% above the level of the same period last
year (Q1 2011: EUR454.7 million). There was a strong increase in revenues
in the Oil&Gas application area. This resulted from higher investing
activities due to the rise in prices for raw materials in the past. Within
the Industrial application area, the business in rail engines in particular
performed positively. The adjusted segment EBIT amounted to EUR50.8 million
(Q1 2011: EUR58.3 million).
Revenues in the Onsite Energy&Components segment were up 10.0% in the
first quarter to EUR231.9 million (Q1 2011: EUR210.9 million). In the OE
Diesel Systems&Engines application area, business in diesel systems
performed positively. The supply business to OEM customers declined due to
high stock levels at the beginning of the year. The growing demand for gas
systems resulted in revenues increasing in the OE Gas Power Systems
application area by 83.3% to EUR18.7 million (Q1 2011: EUR10.2 million).
The adjusted segment EBIT amounted to EUR24.6 million (Q1 2011: EUR24.8
million).
Revenue volume in the Distribution segment at EUR108.0 million was at the
same level as last year (Q1 2011: EUR110.2 million). The adjusted segment
EBIT was EUR5.2 million (Q1 2011: EUR7.3 million).
Employees
Following the takeover of the Bavarian manufacturer of power generator sets
Aggretech in April 2012, Tognum now has a workforce of more than 10,000
employees worldwide. As at 31 March 2012, the company employed 9,990 people
(31 December 2011: 9,821).
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The interim report valid at 31 March 2012 is available for download at
www.tognum.com at 'Investors'.
Key figures for the Tognum Group
(EUR million as of 31 March
if not otherwise Q1 2011 Q1 2012 Change
indicated)
Order intake 817.9 771.5 -5.7%
Revenues 661.4 685.3 3.6%
EBIT (adjusted) 71.9 67.7 -5.8%
EBIT margin (adjusted) 10.9% 9.9% -1 pp
Net profit (adjusted) 50.8 44.3 -12.8%
Earnings per share (adjusted) EUR 0.39 EUR 0.33 -15.4%
Equity ratio 28.1% 30.0% 1.9 pp
Free cash flow 66.4 -8.5 -112.8%
Net financial debt 5.05 6.9 38.0%
Employees 9,260 9,990 7.9%
Tognum
With its two business units,
Engines and Onsite Energy, the Tognum Group is one of the world's leading
suppliers of engines and propulsion systems for off-highway applications and
of distributed power generation systems. These products are based on diesel
engines with up to 9,100 kilowatts (kW) power output, gas engines up to
2,150 kW and gas turbines up to 45,000 kW.
The product portfolio of the Engines business unit comprises MTU engines and
propulsion systems for ships, for heavy land, rail and defense vehicles and
for the oil and gas industry. The Onsite Energy business unit supplies
distributed power generation systems carrying the MTU Onsite Energy brand.
These comprise diesel engines for emergency power, prime power and
continuous power, as well as cogeneration power plants based on gas engines
and gas turbines that generate both power
and heat. Tognum's product portfolio also features fuel-injection systems
built by L'Orange.
In 2011, Tognum generated revenue of around EUR2.97
billion and employs approximately 10,000 people. Tognum has a global
manufacturing, distribution and service structure with 23 fully consolidated
companies, more than 140 sales partners and over 500 authorized dealerships
at approximately 1,200 locations. Since September 2011, Engine Holding
GmbH,a joint venture between Daimler AG and Rolls-Royce Group plc, has a
majorityholding in Tognum.
Disclaimer
Forward-looking statements
This release contains forward-looking statements based on assumptions,
forecasts and estimates made by Tognum's executive board of management.
Although we assume that the assumptions, forecasts and estimates forming
the basis for these forward-looking statements are realistic, we cannot
guarantee that they will prove to be correct in the future. Assumptions,
forecasts and estimates may entail risks and uncertainties which may cause
actual results to differ considerably from those included in
forward-looking statements. Factors which may result in such discrepancies
include, among other things, changes in the economic and business
environment, fluctuations in exchange and interest rates, the introduction
of competing products, lack of acceptance for new products or services and
changes in corporate strategy. Tognum undertakes no obligation to update
and/or to correct and/or to confirm forward-looking statements or to
release publicly any updates or corrections to any forward-looking
statements in order to reflect events or circumstances which occur after
the date of this release.
Contact:
Investors&Analysts contact:
IR Team
ir(at)tognum.com
+49 (0)7541-90 3318
Media contact:
PR Team
pr(at)tognum.com
+49 (0)7541-90 3989
End of Corporate News
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Language: English
Company: Tognum AG
Maybachplatz 1
88045 Friedrichshafen
Germany
Phone: +49 (0)7541 90 3318
Fax: +49 (0)7541 90 90 3318
E-mail: ir(at)tognum.com
Internet: http://www.tognum.de
ISIN: DE000A0N4P43
WKN: A0N4P4
Indices: CDAX, Classic All Share, Prime All Share
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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168924 10.05.2012
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