DGAP-News: Tognum AG: Tognum specifies growth forecast
(firmenpresse) - DGAP-News: Tognum AG / Key word(s): Quarter Results/Interim Report
Tognum AG: Tognum specifies growth forecast
07.08.2012 / 07:51
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Tognum specifies growth forecast for 2012
* Solid order intake of EUR1,524.1 million in the first half-year
* Revenues increase to EUR1,415.4 million
* Adjusted return on sales of 9.6%
* Revenue forecast within forecast corridor
* Adjusted return on sales of around 10% predicted
Friedrichshafen, August 7, 2012. The specialist for propulsion and power
solutions Tognum has adjusted its forecast for the full year 2012 at the
end of the first half-year. The company now anticipates growth in revenues
in the lower single-digit percentage range and thus remains within the
current forecast corridor. The adjusted return on sales is expected to be
around ten per cent by the end of the year. Tognum had previously assumed
it would achieve an adjusted return on sales of over ten per cent.
'The macro-economic prospects for the financial year deteriorated
significantly in the course of the second quarter. We nevertheless expect
to generate higher revenues in the second half of the year than in the
first half,' says Joachim Coers, CEO of Tognum AG. 'Since uncertainty still
prevails on the raw materials and capital markets, we still expect to see
fluctuations in demand in the course of the year.
Order intake and revenues
Tognum reported a solid order intake in the first half of the year at
EUR1,524.1 million (H1 2011: EUR1,651.0 million). Revenues were up 5.7% to
EUR1,415.4 million compared with the previous year (H1 2011: EUR1,338.9
million).
Adjusted EBIT and adjusted return on sales
The adjusted EBIT in the reporting period was EUR135.4 million (H1 2011:
EUR158.2 million), with adjusted return on sales in the first half of the
year at 9.6% (H1 2011: 11.8%). The decrease resulted primarily from the
change in revenue mix, reduced capacity utilisation and a scheduled
increase in R&D expenditure.
Adjusted gross profit margin and adjusted net profit
An adjusted gross profit of EUR415.4 million (H1 2011: EUR420.5 million)
resulted in an adjusted gross profit margin in the reporting period of
29.3% (H1 2011: 31.4%). The adjusted net profit amounted to EUR89.2 million
(H1 2011: EUR108.4 million), resulting in adjusted earnings per share in
the first half of the year of EUR0.68 (H1 2011: EUR0.82).
Equity ratio, free cash flow and net financial debt
The overall equity ratio improved to 28.2% (December 31, 2011: 28.1%). Free
cash flow at the end of the first six months increased to EUR46.2 million
(H1 2011: EUR25.4 million). Net financial debt increased to EUR82.6 million
(December 31, 2011: EUR5.0 million) due in part to the dividend payment of
EUR98.5 million.
Segment reporting
Half-year revenues in the Engines segment amounted to EUR942.3 million and
were thus 1.9% above the level of the previous year (H1 2011: EUR924.4
million). A strong increase in revenues was reported in the
Oil&Gas application area, resulting from higher investing activities due
to past increases in prices for raw materials. Revenues were up in the
Defense business due to several projects coming to an end. After Sales
business remained stable at a high level. The decline in business in
government vessels in the Marine application was project related. Business
in rail engines in the Industrial application area, as expected, was
weaker, following a boom in 2011 relating to tougher emission regulations.
The adjusted segment EBIT at the end of the first six months of the year
amounted to EUR112.5 million (H1 2011: EUR133.2 million).
The Onsite Energy&Components segment generated revenues of EUR493.4
million in the first half of the year, up 14.6% on the previous year's
level (H1 2011: EUR430.5 million). In the OE Diesel Systems&Engines
application area, business in diesel systems performed positively, while
the supply business to OEM customers declined at the start of the year as a
result of their high stock levels. The growing demand for gas systems led
to an 80.1% increase in revenues in the first half of the year in the OE
Gas Power Systems application area amounting to EUR34.4 million compared
with the previous year (H1 2011: EUR19.1 million). Revenues in the After
Sales/Other application area remained stable. The adjusted segment EBIT
amounted to EUR41.0 million (H1 2011: EUR40.5 million).
The Distribution segment's revenue volume of EUR245.1 million remained at
last year's level (H1 2011: EUR241.0 million ). The adjusted segment EBIT
amounted to EUR11.7 million (H1 2011: EUR14.0 million).
The interim report valid for the first half of 2012 is available for
download at www.tognum.com under 'Investors'.?Key figures for the Tognum Group
In EUR million
(except*) H1 2011 H1 2012 Change Q2 2011 Q2 2012 Change
Order intake 1,651.0 1,524.1 -7.7% 833.1 752.6 -9.7%
Revenues 1,338.9 1,415.4 5.7% 677.5 730.1 7.8%
Gross profit
margin* (adj.) 31.4% 29.3% -2.1pp 32.9% 29.1% -3.8pp
EBIT (adj.) 158.2 135.4 -14.4% 86.3 67.7 -21.6%
Return on sales*
(adj.) 11.8% 9.6% -2.2pp 12.7% 9.3% -3.4pp
Net profit (adj.) 108.4 89.2 -17.7% 57.5 44.8 -22.1%
Earnings per share*
(adj.) in EUR 0.82 0.68 -17.1% 0.44 0.34 -22.7%
Equity ratio* 28.1% 28.2% 0.1pp 28.1% 28.2% 0.1pp
Free cash flow 25.4 46.2 81.9% -41.0 54.6 233.2%
Net financial debt 5.0 82.6 1,652.0% 5.0 82.6 1,652.0%
Employees* 9,450 10,313 9.1% 9,450 10,313 9.1%
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
more than 10,000 people. Tognum has a global manufacturing, distribution
and service structure with 24 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 majority holding 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 becorrect 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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180486 07.08.2012
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