DGAP-News: Roth&Rau AG publishes 2010 Annual Report
(firmenpresse) - DGAP-News: Roth&Rau AG / Key word(s): Final Results
Roth&Rau AG publishes 2010 Annual Report
08.04.2011 / 11:38
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Roth&Rau AG publishes 2010 Annual Report
- Sales of EUR 285,357k in line with target
- EBIT of EUR -27,290k after special items
- Sales growth and return to profitability planned for 2011
Hohenstein-Ernstthal/Frankfurt, 8 April 2011 - The Roth&Rau Group boosted
its sales by 44.2 % to EUR 285,357k in the 2010 financial year (2009: EUR
197,903k), thus meeting its sales target. The export quota rose further to
90.1 % in the past year (2009: 82.8 %). Here, Asia was once again the main
focus, accounting for 77.3 % of sales (2009: 51.3 %). At EUR 417,072k, the
volume of new orders received in the past financial year set a new record
in the company's history (2009: EUR 195,687k).
'Looking at our sales and order performance, last year was a good financial
year. We were also successful in terms of our products. With the second
generation of our SiNA antireflective coating system we have launched an
extremely competitive product onto the market, a factor reflected in our
current orders on hand', explained Dr. Dietmar Roth, CEO of Roth&Rau AG
at the annual results press conference held today in Frankfurt am Main. 'It
goes without saying, however, that we are not satisfied with our overall
performance. Earnings were significantly affected by the high volume of
one-off impairments, mostly involving the turnkey business. These could not
be offset by our operating performance.'
The one-off items already reported in detail upon publication of the
Group's preliminary figures amounted to EUR -52,983k in total (of which EUR
44,170k charged to EBIT and EUR 8,273k to the net financial result). These
figures include write-downs of old turnkey projects, extraordinary
provisions for legal and tax risks in connection with major projects still
underway as well as one-off items due to the conversion of the accounting
treatment of SiNA-2 systems and the streamlining of the product portfolio.
In view of these factors, earnings before interest and taxes (EBIT)
amounted to EUR -27,290k. EBIT before one-off items amounted to EUR 17,420k
(2009: EUR 16,100k). Consolidated net income amounted to EUR -25,809k
(2009: EUR 12,929k).
CRiSP cost and structure optimisation programme shows initial success
To safeguard its competitiveness on a sustainable basis, in the third
quarter of 2010 Roth&Rau introduced a cost and structure optimisation
programme called CRiSP to boost the company's profitability.
Specifically, this programme involves measures to streamline the product
portfolio. Products no longer capable of profitable implementation on the
market are being removed from the portfolio and associated development
projects are being discontinued. The turnkey business is being adapted to
the change in market requirements and continued in modified form. The
extensive expertise available at the Roth&Rau Group, from project
planning through to production ramp-up, is to be offered in future as
separate advisory and technology transfer services. In future, therefore,
this should minimise those risks that resulted in the past from the company
acting as general contractor for turnkey projects. The company won an
initial order worth around EUR 6 million based on the new turnkey model in
March 2011 already.A further focus involves reducing the complexity of the Group's structure.
By reducing the number of group companies, the aim is to cut structural
costs and exploit synergies by integrating the remaining group companies
more closely.
The first significant measures were introduced in the first quarter of
2011. Cost-cutting measures are planned in the production and
administration departments. These will also involve staff cuts. Moreover,
the company has set itself the goal of improving its working capital by
reducing production and procurement cycles. The future concentration of
research and development activities at the main Hohenstein-Ernstthal
location should also help reduce costs due to the more efficient networking
and integration of the group departments involved.
Outlook
'By streamlining our product portfolio and launching our extensive cost and
structure optimisation programme we have taken the right measures to secure
Roth&Rau's leading market position and boost its earnings strength on a
long-term basis. In view of this, we are positive in our assessment of the
Group's future operating and financial performance potential.'
The Management Board expects sales to rise to between EUR 300 million and
EUR 325 million in 2011. The Group's first-half sales and earnings
performance will still be negatively affected by the conversion of
accounting treatment for SiNA-2 systems. This will initially lead
inventories to rise, a development that will be reflected in an increase in
the Group's gross performance. The majority of sales and earnings will then
be recognised in the second half of 2011. This situation will normalise in
2012, as a result of which gross performance and sales are then expected to
show stable developments. Key earnings figures are to be improved
substantially. The Management Board sees an EBIT margin of between 4 % and
7 % as realistic for 2011. Given the greater impact of the cost enhancement
measures taken, the company expects to achieve a double-digit positive
figure in 2012.
This positive outlook is also backed up by the development in orders in the
first quarter of 2011. The Group received new orders worth around EUR 83.1
million in total between January and March. Current orders on hand are
therefore already sufficient to cover around 75 % of the sales forecast for
the overall 2011 financial year.
About Roth&Rau AG:
Roth&Rau AG, based in Hohenstein-Ernstthal, has been one of the world's
leading suppliers of production equipment and innovative production
technologies for the photovoltaics industry for more than 10 years now. In
its photovoltaics segment, Roth&Rau focuses on providing antireflective
coating systems and a variety of advisory and technology transfer services
for the installation of complete production lines for use in the
manufacture of crystalline silicon solar cells. Further products include
thermal processing systems also used in the manufacture of crystalline
silicon solar cells, as well as coating systems and technological support
for the manufacture of thin film solar modules. Roth&Rau MicroSystems, a
subsidiary located in the Wüstenbrand district, develops and produces
process systems for plasma and ion beam enhanced thin film and surface
processing methods tailored to customers' specific needs. The customers
served by this division particularly include companies in the semiconductor
industry, R&D departments in various other industrial sectors, research
institutes and universities. The portfolio of the Roth&Rau Group is
supplemented by software products in the field of systems management,
production monitoring and maintenance and service offerings.
Contact:
Roth&Rau AG
Prof. Dr. Silvia Roth
Tel.: +49 (0) 3723/6685-333
E-Mail: investor(at)roth-rau.de
Haubrok Investor Relations GmbH
Simone Cujai
Tel.: +49 (0) 211/17183537
E-Mail: s.cujai(at)haubrok.de
End of Corporate News
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Language: English
Company: Roth&Rau AG
An der Baumschule 6-8
09337 Hohenstein-Ernstthal
Deutschland
Phone: 03723 6685-0
Fax: 03723 6685-100
E-mail: info(at)roth-rau.de
Internet: www.roth-rau.de
ISIN: DE000A0JCZ51
WKN: A0JCZ5
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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118846 08.04.2011
Datum: 08.04.2011 - 11:38 Uhr
Sprache: Deutsch
News-ID 33737
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Kategorie:
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