DGAP-News: Roth&Rau AG announces results for first quarter of 2011
(firmenpresse) - DGAP-News: Roth&Rau AG / Key word(s): Quarter Results
Roth&Rau AG announces results for first quarter of 2011
13.05.2011 / 09:04
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Roth&Rau AG announces results for first quarter of 2011
- Sales of EUR 59,734k and adjusted EBIT of EUR -3,329k in line with
expectations
- Positive outlook backed up by orders on hand of EUR 265,212k
- Forecast for 2011 confirmed
Hohenstein-Ernstthal, 13 May 2011 - Roth&Rau AG boosted its consolidated
sales by 69.1 % from EUR 35,326k to EUR 59,734k in the first quarter of
2011. The gross performance showed even more marked growth, rising by 100.6
% from EUR 41,164k to EUR 82,570k. These figures reflect the implications
already announced of the conversion of the accounting treatment for SiNA 2
systems. Unlike with the percentage of completion method previously
applied, recognition at cost does not allow sales and prorated earnings to
be recognised in line with the respective percentage of completion.
Instead, earnings are only recognised upon the data of final acceptance of
the system. As a result, the Group witnessed an above-average increase in
inventories of EUR 19,802k in the first quarter, a development reflected in
the increase in the gross performance. The great majority of SiNA 2 systems
within orders on hand will therefore only be recognised as sales in the
second half of the year.
This conversion in the accounting treatment also impacted on the Group's
operating earnings for the first quarter, which therefore do not reflect
the actual order processing status. This factor impacted negatively on
earnings with an amount of around EUR 5,000k. Furthermore, key earnings
figures were also negatively affected by one-off costs of around EUR 1,085k
incurred within the CRiSP structure optimisation programme. This figure
includes advisory expenses, compensation paid and the recognition of
provisions for compensation payments to employees. A further one-off factor
affecting earnings involved expenses of EUR 2,892k for the planned business
combination with Meyer Burger Technology AG. These one-off items totalled
EUR 3,977k in the first quarter. Overall, earnings before interest and
taxes (EBIT) amounted to EUR -7,306k (2010: EUR -784k). Adjusted EBIT
before special items amounted to
EUR -3,329k.
Forecast sales covered by current orders on hand
The robust development in new orders continued at the beginning of the new
financial year. The Group received new orders worth EUR 82,862k in total in
the first quarter. Net new orders after cancellations were negative at EUR
-11,538k. As explained in the events after the balance sheet date section
of the Annual Report, due to the strategic decision to adapt the turnkey
business to the change in market conditions, one major turnkey order worth
EUR 94,400k was cancelled on the basis of mutual agreement with the
customer. The new order figures for the first quarter have been adjusted
accordingly. Orders on hand totalled EUR 265,212k as of 31 March 2011
(2010: EUR 225,306k). Together with the sales already recognised, order
volumes therefore more or less correspond to the volume of annual sales
budgeted for 2011.
Against this backdrop, the CEO of Roth&Rau AG, Dr. Dietmar Roth, can
confirm the sales and earnings forecast for the current 2011 financial
year. 'Although we expect our order performance, currently very strong, to
lose some of its momentum in the second half of the year, we continue to
expect sales for the 2011 financial year as a whole to increase to between
EUR 300 million and EUR 325 million, with an EBIT margin in a range of 4 %
to 7 %.' The largest contributions to sales and earnings are expected in
the second half of the year, as the second quarter will still be influenced
by the amended accounting practice for SiNA 2 systems.
Progress with strategic realignment and process optimisation
The process optimisation and strategic realignment measures presented
several weeks ago have been consistently implemented at the Group since the
beginning of the year. One core element involved adapting the former
turnkey business to the change in market conditions. Roth&Rau will no
longer be assuming the responsibility and resultant risks of a general
contractor for major projects, but will rather offer modular solutions
consisting of equipment and services packages. This innovation has been
very well received on the market. In March, Roth&Rau won its first order
based on this model. The restructuring of this business is now also
reflected in the Group's internal and external communications. With
immediate effect, this division will now be referred to as 'System
solutions'.
The restructuring of the former turnkey segment and further adjustments to
the product portfolio also involved staff cuts, in the first stage
affecting 55 employees at the Hohenstein-Ernstthal location. The Group's
medium-term plans provide for a personnel capacity of around 1,100
employees. As of 31 March 2011, the Roth&Rau Group had a total workforce
of 1,198 employees. Furthermore, the process of restructuring the
photovoltaics and service divisions into business units began in April.
Dr. Roth: 'Our preliminary conclusion is that we are on the right course.
We are confident that this will also be reflected in our key figures from
the second half of 2011.'
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
Dr. Silvia Roth
Tel.: +49 (0) 3723/6685-333
E-mail: investor(at)roth-rau.de
Haubrok Investor Relations GmbH&Co. KG
Simone Cujai
Tel.: +49 (0) 211/171835-37
E-mail: s.cujai(at)haubrok.de
End of Corporate News
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Language: EnglishCompany: 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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124502 13.05.2011
Datum: 13.05.2011 - 09:04 Uhr
Sprache: Deutsch
News-ID 34098
Anzahl Zeichen: 0
contact information:
Kategorie:
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