DGAP-News: Schaltbau Group again improves earnings in 2009 / Marked revival of demand in first quarter 2010 - international expansion
(firmenpresse) - Schaltbau Holding AG / Quarter Results
21.04.2010 13:21
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Schaltbau Group again improves earnings in 2009
Marked revival of demand in first quarter 2010 - international expansion
Munich, 21 April 2010 - In a very difficult general economic environment,
the Schaltbau Group continued its upward trend in the fiscal year 2009. The
Group was able to meet its revised sales targets. 'The real success,
however, was shown in Group earnings, which - excluding the exceptional
gain arising on the sale of Bode Beijing - almost matched those of the
previous year, despite the crisis,' said Dr. Jürgen Cammann, Executive
Board Spokesman of Schaltbau Holding AG at the annual accounts press
conference in Munich.
With an operating profit of EUR 20.3 million, the Schaltbau Group achieved
an EBIT margin of 7.5%, very close to the previous year's high level.
Partly thanks to the gain on the saleof the 49% stake in Beijing Bode
Transportation Equipment, Group net profit rose by EUR 1.0 million to EUR
14.1 million. The profit attributable to shareholders of Schaltbau Holding
AG amounted to EUR 12.3 million, surpassing the previous year's figure by
EUR 0.5 million.
Earnings per share rose by 27 cents to EUR 6.62, again making it possible
to pay shareholders a dividend of 50 cents per share for the fiscal year
2009. The Executive Board and the Supervisory Board will additionally
propose the payment of a special dividend of 20 cents per share at the
Annual General Meeting, arising on the sale of Bode Beijing.
The positive earnings performance additionally strengthened the Group's
base in balance sheet terms. At 12.2%, the equity ratio has more than
doubled in comparison to the 5.1% recorded the previous year. Including
participation rights capital, which is similar in nature to equity, the
equity ratio rose from 9.3% to 16.4% in economic terms.
Order-intake for the Schaltbau Group fell by 10.5% to EUR 251.7 million in
2009. Demand declined noticeably in the face of the economic crisis,
particularly for industrial applications. However, after two very weak
quarters the situation improved noticeably in the fourth quarter. At EUR
269.8 million, sales were 3.7% down on the previous year.
'First-quarter figures for 2010 confirm the upward trend seen during the
preceding three-month period,' said Dr. Cammann. The very good figures for
March are particularly noteworthy. The order-intake of EUR 78.2 million for
the first quarter was only EUR 1.1 million below the very good figure
recorded one year earlier, despite the fact that the Mobile Transportation
Technology segment was awarded two major orders at the beginning of 2009.
The two business fields Door Systems and Components in particular both
performed better than expected. The Rail Infrastructure business field
performed in line with expectations and was well up on last year's figures.
The Brake Systems business field profited for the first time on a
significant scale from orders in the wind power sector, although
order-intake as a whole was lower than in the previous year.
The EUR 10.5 million decrease in sales to EUR 62.1 million was mainly
attributable to the Rail Infrastructure business field. Outdoor work on
level crossings and point heating systems was severely hampered due to the
long winter period, leading to corresponding delays in processing orders.
Sales generated in the Brake Systems business field were also down
significantly due to the generally weak level of demand. In contrast, the
Mobile Transportation Technology and Components segments both improved on
the good figures recorded one year earlier.
The operating result (EBIT) decreased to EUR 4.2 million (first quarter
2009: EUR 6.1 million) as a result of the drop in sales. As pointed out by
Dr. Cammann, the result was nevertheless better than expected. The profit
attributable to shareholders of Schaltbau Holding AG amounted to EUR 1.9
million (first quarter 2009: EUR 3.7 million) and earnings per share were
EUR 1.01 (first quarter 2009: EUR 1.96).
In March 2010 we were able to restructure and reschedule the medium-term
financing arrangements for the companies in the cash pool on an unsecured
basis for the next three years. This fact is ample proof of the trust the
banks have placed in the Schaltbau Group and its prospects for the future.
The new arrangements have considerably increased the Group's financial
flexibility and simultaneously laid the foundations for additional growth
through acquisition. Market conditions are favourable for the Schaltbau
Group according to Dr. Cammann. Investments in public transportation
systems are predicted to increase or at least remain at a high level,
particularly in markets outside of Europe. For this reason the Group will
continue to pursue its strategy of international expansion.
Apart from Asia, Dr. Cammann sees the North American market as particularly
promising. The Executive Board Spokesman views the reacquisition of the
majority shareholding in Bode Corporation with effect from 1 January 2010
as a strategic investment. Bode Corporation will become the central hub for
all rail and bus activities in North America. 'Thus we have made a further
important step in our expansion strategy,' explained Dr Cammann.
Encouraged by business performance in the first quarter, the Executive
Board is sticking to the forecast for the current year made in November
2009.
Kontakt:
Wolfdieter Bloch
Schaltbau Holding AG
Hollerithstraße 5
81829 München
Tel. 089 - 93005 209
Fax 089 - 93005 318
bloch(at)schaltbau.de
21.04.2010 13:21 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Schaltbau Holding AG
Hollerithstraße 5
81829 München
Deutschland
Phone: 089 - 93005 - 209
Fax: 089 - 93005 - 318
E-mail: bloch(at)schaltbau.de
Internet: www.schaltbau.de
ISIN: DE0007170300, DE000A0D66Z2, DE000A0TFWY1
WKN: 717030, A0D66Z2, A0TFWY1
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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