DGAP-News: Schaltbau Group reports significantly higher EBIT margin for 2010
(firmenpresse) - DGAP-News: Schaltbau Holding AG / Key word(s): Final Results/Quarter
Results
Schaltbau Group reports significantly higher EBIT margin for 2010
20.04.2011 / 12:11
---------------------------------------------------------------------
Schaltbau Group reports significantly higher EBIT margin for 2010
First quarter 2011 better than expected - international base
strengthened
Munich, 20 April 2011 - After a successful year in 2009, the Schaltbau
continued to perform well in the fiscal year 2010. With revenues up and
benefits of scale coming through in the form of lower costs, EBIT increased
by EUR 3.5 million to EUR 23.8 million. The EBIT margin improved
accordingly from 7.5% to 8.5%. As highlighted by Dr Jürgen Cammann,
Spokesman of the Executive Board of Schaltbau Holding AG, at the Accounts
Press Conference in Munich, group net profit for the year climbed by EUR
0.7 million to EUR 14.8 million.
The profit attributable to shareholders of Schaltbau Holding AG amounted to
EUR 12.1 million, only marginally down on the previous year's figure of EUR
12.3 million, despite the previous year's figure having included the gain
on the sale of the investment in Bode Beijing. Earnings per share of EUR
6.50 were well above management's own expectations for the fiscal year
2010. Based on this performance, the Executive Board and Supervisory Board
will propose to the shareholders at the Annual General Meeting that a
dividend of EUR 1.10 per share be paid, continued Dr Cammann. The figure is
EUR 0.40 up on the previous year, when Schaltbau, alongside the normal
dividend of EUR 0.50, additionally paid a special dividend of EUR 0.20 per
share related to the gain on the sale of Bode Beijing.
Parallel to these developments, balance sheet ratios for the Schaltbau
Group have continued to improve. The equity ratio improved from 12.2% to
17.5% at the balance sheet date 2010. Including participation rights
capital, which is similar in nature to equity, the group equity in economic
terms was 21.2% at the end of 2010. Net liabilities to banks decreased by
EUR 2.4 million to EUR 31.5 million, despite working capital having
increased from EUR 53.8 million to EUR 66.8 million.
Despite a modest start to the first quarter 2010, order-intake for the full
year rose by 14.7% to EUR 288.7 million, with all segments contributing to
the increase at double-digit growth rates. Revenues went up by 3.9% to EUR
280.4 million.
Looking ahead, Dr Cammann explained that, in spite of the global recovery,
some economic risks still persist on the main markets on which the
Schaltbau Group does business. In his opinion a major source of uncertainty
emanates from extremely high public sector debt levels in many countries.
It is therefore likely to have a negative impact on infrastructure capital
expenditure in various countries, regardless of the growing need for public
transportation in the light of increasing urbanisation and rising crude oil
prices. However, developments are predicted to differ significantly from
one region to the next. 'For this reason we see it as essential to
diversify and internationalise our regional business basis to an even
greater degree,' explained Dr Cammann. 'We will not make any rash
decisions, but move ahead in thoughtful, measured steps, as in the past.
In keeping with this strategy, the Schaltbau Group acquired a majority
interest in Bode Corp. at the beginning of 2010 witha view to purposefully
stepping up its activities on the highly promising rail and bus market in
North America. The remaining 50% of the shares of Schaltbau North America
Inc. were acquired at the beginning of 2011, further strengthening the
Group's position in the components business segment in North America.
Furthermore, the joint venture contract relating to Xi'an Schaltbau
Electric Corporation Ltd. has also been extended to 2024, earlier than the
foreseen date. 'The signing secures our long-term position in China,'
stated Dr Cammann. In another move, the Group's involvement in the bus and
train door business in Eastern Europe has been expanded by increasing the
investment in the Polish company Rawag to 30%.
Order-intake for the Schaltbau Group in the first quarter 2011 rose to a
record level of EUR 101.1 million, almost 30% ahead of the previous year's
figure of EUR 78.2 million. Revenues for the three-month period increased
from EUR 62.1 million to EUR 74.1 million, with all lines of business
making their contribution. The operating profit (EBIT) jumped to EUR 7.2
million (January - March 2010: EUR 4.2 million) on the back of the good
revenues performance. Group net profit for the period rose to EUR 7.1
million (January - March 2010: EUR 2.5 million), also benefitting from
exceptional gains arising on consolidation and from measurement gains in
the result from investments totalling approximately EUR 2 million. The
first-quarter profit attributable to shareholders of Schaltbau Holding AG
amounted to EUR 6.1 million, as compared with EUR 1.9 million in the
previous year, while earnings per share rose from EUR 1.01 to EUR 3.21.
Working capital went up from EUR 66.4 million to EUR 76.9 million as a
result of the increase in revenues and timing factors around the
period-end, pushing up the balance sheet total to EUR 200.8 million (31
December 2010: EUR 189.6 million). The equity ratio nevertheless improved
to 20.5% (31 December 2010: 17.5%) thanks to the net profit for the period
and the conversion of convertible bonds (EUR 2.1 million).
Based on the better-than-expected business performance and in view of the
continuing positive outlook for the coming months - assuming that
underlying business conditions remain unchanged - the Executive Board of
Schaltbau Holding AG has raised its forecast for the financial year 2011.
Group revenues are now expected to rise to approximately EUR 300 million in
2011 (previous forecast: EUR 290 million). EBIT is now predicted at EUR
26.0 million (previous forecast: EUR 23.5 million) and group net profit at
EUR 18.6 million (previous forecast: EUR 15.8 million), helped by the
exceptional first-quarter gains mentioned above. Earnings per share are
accordingly expected to amount to EUR 8.00 per share. The forecast is made
on the assumption that the convertible bond 2007/2012 will be fully
converted.
Contact:
Wolfdieter Bloch ( Schaltbau Holding AG ( Hollerithstr. 5 ( 81829 Munich,
Germany
Tel: +49 (0) 89 93005 209 ( Fax: +49 (0) 89 93005 318 ( E-mail:
bloch(at)schaltbau.de
End of Corporate News
---------------------------------------------------------------------
20.04.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.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, DE000A1H3440
WKN: 717030, A0D66Z2, A0TFWY1, A1H344
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
120795 20.04.2011
Datum: 20.04.2011 - 12:11 Uhr
Sprache: Deutsch
News-ID 33850
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 265 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Schaltbau Group reports significantly higher EBIT margin for 2010"
steht unter der journalistisch-redaktionellen Verantwortung von
Schaltbau Holding AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
