DGAP-News: Tognum AG: Tognum reports strong first half-year
(firmenpresse) - DGAP-News: Tognum AG / Key word(s): Interim Report/Quarter Results
Tognum AG: Tognum reports strong first half-year
04.08.2011 / 07:30
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Tognum reports strong first half-year
*Order intake up 18.8% to EUR1,651.0 million
*Revenues increase 23.3% to EUR1,338.9 million
*Adjusted EBIT margin of 11.8% (H1 2010: 8.9%)
*Forecast for the full year confirmed
Friedrichshafen, 4 August 2011. The specialist for propulsion and power
solutions Tognum continues its positive performance in the first half-year:
the company achieved significant increases in order intake, revenues and
adjusted EBIT. At the end of this strong first half-year, Tognum confirmed
its forecast for the year that had been specified in May 2011. The company
continues to expect revenues of around EUR2.9 billion for the full year and
an adjusted EBIT of around EUR300 million.
'Tognum has again been able to benefit fully from the economic upswing in
the second quarter,' explained Volker Heuer, CEO of Tognum AG. 'As a
broadly diversified system provider, we will continue to enjoy
above-average benefit from the positive overall economic situation in a
large number of markets. For 2011, we are very confident that we will meet
our forecast for the year.'
Significant increase in order intake and revenues
The order intake was up 18.8% in the first six months of the year compared
with the same period last year to EUR1,651.0 million (H1 2010: EUR1,389.5
million). In the case of revenues, Tognum reported an increase of no less
than 23.3% to EUR1,338.9 million (H1 2010: EUR1,086.0 million). All three
reporting segments contributed to this growth.
Strong increase in the adjusted EBIT, high adjusted EBIT margin
The adjusted EBIT was up significantly in the reporting period, increasing
by 63.1% to EUR158.2 million (H1 2010: EUR97.0 million). This rise was due
primarily to the increase in revenues, the improved capacity utilisation,
increased efficiency levels, an improved revenue mix and a favourable
development in terms of prices compared with costs. The adjusted EBIT
margin rose to 11.8% in the first half-year (H1 2010: 8.9%).
Adjusted earnings per share more than doubled
An increase in adjusted gross profit of around 30% to EUR420.5 million in
the reporting period (H1 2010: EUR313.0 million) resulted in an improved
adjusted gross profit margin of 31.4% (H1 2010: 28.8%). The adjusted group
net income was up 105.3% to EUR108.4 million (H1 2010: EUR52.8 million). As
a result, the adjusted earnings per share more than doubled in the first
half-year and amounted to EUR0.82 (H1 2010: EUR0.40).
Increased equity ratio
The equity ratio increased slightly and at the end of the first half-year
amounted to 27.6% (31.12.2010: 26.8%). Free cash flow at the end of the
first six months is at EUR25.4 million (H1 2010: EUR85.6 million). Net
financial debt nevertheless increased slightly to EUR82.2 million
(31.12.2010: EUR57.2 million), since this had been offset by the dividend
payment in May of EUR65.7 million.
Improved performance in all segments
All three reporting segments - Engines, Onsite Energy&Components (OE&C)
and Distribution - improved their performance in the first six months of
the year.
Half-year revenues in the Engines segment amounted to EUR924.4 million and
were thus 17.8% above the level reported for the same period last year (H1
2010: EUR784.9 million). Oil&Gas business enjoyed a disproportionate
increase in revenues. This was mainly due to the increased investing
activities resulting from the increase in raw material prices. Marine
business, however, also contributed to this growth - primarily yacht
business - as did the Industrial business with strong sales in rail and
mining applications. Revenues in the Defence business were down, as a
result of several projects coming to an end on schedule and no new projects
of any significance currently ready for completion. After Sales continues
to remain at a high level. The adjusted segment EBIT improved significantly
in the course of the first six months by 32.4% compared with the same
period last year to EUR133.2 million (H1 2010: EUR100.6 million).
The OE&C segment with EUR430.5 million in the first half-year reported
32.9% higher revenues than in the same period last year (H1 2010: EUR324.0
million). A strong driver of revenues in the OE Gas Power Systems
application area was the gas systems business, where revenues more than
doubled. In the OE Diesel Systems&Engines application area, business in
both diesel systems and the supply business with OEM customers developed
positively. The After Sales/Other application area once again saw a high
level of increase. The adjusted segment EBIT was up 177.4% to EUR40.5
million (H1 2010: EUR14.6 million).
The revenue volume of the Distribution segment was up 89.3% in the
reporting period compared with the same period last year to EUR241.0
million (H1 2010: EUR127.3 million). The adjusted segment EBIT rose 72.8%
to EUR14.0 million (H1 2010: EUR8.1 million).
The interim report for the first half of 2011 is available for download at
www.tognum.com under 'Investors'.
Key figures for the Tognum Group
In EUR million (except*)H1 2010 H1 2011 Change Q2-2010 Q2-2011 Change
Order intake 1,389.5 1,651.0 18.8% 693.0 833.1 20.2%
Revenues 1,086.0 1,338.9 23.3% 576.6 677.5 17.5%
Gross profit margin
(adj.) 28.8% 31.4% 2.6pp 28.9% 32.9% 4.0pp
EBIT (adj.) 97.0 158.2 63.1% 54.2 86.3 59.2%
EBIT margin (adj.) 8.9% 11.8% 2.9pp 9.4% 12.7% 3.3pp
Net profit (adj.) 52.8 108.4 105.3% 30.5 57.5 88.5%
Earnings per share
(adj.) in EUR 0.40 0.82 105.0% 0.23 0.44 91.3%
Equity ratio 26.9% 27.6% 0.7pp 26.9% 27.6% 0.7pp
Free cash flow 85.6 25.4 -70.3% -38.3 -41.0 -7.0%
Net financial debt 57.2 82.2 43.7% 57.2 82.2 43.7%
Employees* 8,818 9,450 7.2% 8,818 9,450 7.2%
Tognum
With its two business units, Engines and Onsite Energy&Components, the
Tognum Group is one of the world's leading suppliers of engines and
propulsion systems for off-highway applications and of distributed energy
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 portfolio of the Onsite Energy&Components business unit includes distributed energy systems of the brand
MTU Onsite Energy and fuel-injection systems from L'Orange. The energy
systems comprise diesel engines for emergency standby 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.
In 2010, Tognum generated revenue of around EUR2.56 billion and employs
more than 9,000 people. Tognum has a global manufacturing, distribution and
service structure with 25 fully consolidated companies, more than 140 sales
partners and over 500 authorized dealerships at approximately 1,200
locations. The shares of Tognum AG (ISIN: DE000A0N4P43) have been
stock-exchange listed since 2007.
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 be correct 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
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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134290 04.08.2011
Datum: 04.08.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 41768
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