Rosenbauer International AG

EANS-News: Rosenbauer International AG/Consolidated revenues down at EUR 602.9 million due to deliveries/Increase in deliveries in North America and parts of Europe/EBIT on similar scale to previous year at EUR 27.3 million

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9-month report/Quarterly results

- Consolidated revenues down at EUR 602.9 million due to deliveries
- Increase in deliveries in North America and parts of Europe
- EBIT on similar scale to previous year at EUR 27.3 million
- 2016:  Revenues and EBIT expected to be on similar scale to previous year

 ___________________________________________________________________________
|KEY CORPORATE |               |               |               |           |

|FIGURES_______|_______________|_______1-9/2015|_______1-9/2016|___Change_%|
|Revenues _____|in EUR_million_|__________627.5|__________602.9|_____(4%)__|
|EBIT__________|in_EUR_million_|___________27.6|___________27.3|_____(1%)__|

|Net profit for|               |               |               |           |
|the_period____|in_EUR_million_|___________21.1|___________19.6|_____(7%)__|
|Cash flow from|               |               |               |           |
|operating     |               |               |               |           |
|activities____|in_EUR_million_|_________(67.0)|_________(24.7)|__________-|
|Equity in % of|               |               |               |           |
|total_assets__|_______________|__________32.7%|__________32.1%|_____(2%)__|
|Investments___|in_EUR_million_|___________17.0|___________17.3|_________2%|
|Earnings per  |               |               |               |           |
|share_________|______EUR______|____________1.5|____________1.8|_________6%|
|Employees as  |               |               |               |           |
|of September  |               |               |               |           |
|30____________|_______________|__________3,067|__________3,320|_________8%|
|Order backlog |               |               |               |           |
|as of         |               |               |               |           |
|September_30__|in_EUR_million_|__________846.1|__________803.5|_____(5%)__|
|Order_intake__|in_EUR_million_|__________698.6|__________588.8|______(16%)|

The firefighting industry is facing a range of different challenges in 2016 as
well. Trends in demand should remain stable on the North American market. In
Europe, the industry is recording a slight upturn. Demand from Asia and the
Middle East can be expected to decline in 2016 due to the deteriorating general
economic situation there and the low oil price.

Revenues
The Rosenbauer Group generated revenues of EUR 602.9 million in the first three
quarters of 2016 (1-9/2015: EUR 627.5 million). Although revenues climbed by 4%
to EUR 219.5 million in the third quarter of the current year, this did not yet
compensate for the decline in revenue in the first half of the year. While
decreases in deliveries were observed in some Middle Eastern countries,
deliveries were on the rise in North America and parts of Europe.

The revenues of G&S Brandschutztechnik of EUR 12.2 million were included in the
consolidated financial statements for the first time in the reporting period.

In July 2016, Rosenbauer International AG founded a joint venture for business
with hydraulic firefighting and rescue platforms together with the Italian
manufacturer CTE SpA, based in Rovereto. The revenues of Rosenbauer Rovereto of
EUR 0.4 million were included in the consolidated financial statements for the
first time in the reporting period.

Result of operations
In the first three quarters, EBIT was on a similar scale to the previous year at
EUR 27.3 million (1-9/2015: EUR 27.6 million). Owing to delays in deliveries due
to the political situation in the Gulf States and the resulting lower coverage
of fixed costs, combined with lower gross margins on orders delivered, the EBIT
margin was still at the previous year's level after the third quarter at 4.5%
(1-9/2015: 4.4%). Owing to the remeasurement of forward transactions, net
finance costs deteriorated year-on-year to EUR -2.3 million (1-9/2015: EUR -1.7
million).

Consolidated EBT for the reporting period amounted to EUR 25.3 million
(1-9/2015: EUR 26.4 million). 

Orders
The Rosenbauer Group recorded a modest order development in the first three
quarters of the year, with incoming orders amounting to EUR 588.8 million
(1-9/2015: EUR 698.6 million). The order backlog as of September 30, 2016 was
down on the previous year's figure at EUR 803.5 million (September 30, 2015: EUR
846.1 million). This order backlog gives the Rosenbauer Group a satisfactory
level of capacity utilization at its production facilities and good visibility
for the next ten months.

Financial and net assets position
For reasons specific to the industry, the structure of the statements of
financial position during the year is characterized by high working capital.
This is due to the turnaround times, lasting several months, for vehicles in
production. In addition, the high intra-year level of total assets of EUR 708.9
million (September 30, 2015: EUR 647.0 million) is attributable to the increase
in property, plant and equipment financed by equity.

As a result of the upcoming delivery volume in the current year, inventories
rose to EUR 197.9 million in the reporting period (September 30, 2015: EUR 189.6
million), while construction contracts remained at a high level of EUR 109.0
million (September 30, 2015: EUR 102.9 million). As a result of increased
deliveries before the reporting date, receivables from customers were up
year-on-year at EUR 194.2 million (September 30, 2015: EUR 176.1 million). The
Group's net debt (the net amount of interest-bearing liabilities less cash and
cash equivalents and securities) is therefore still at a high level of EUR 266.5
million (September 30, 2015: EUR 253.9 million).

Owing to the high level of working capital - particularly due to high customer
receivables - the cash flow from operating activities was still negative at EUR
-24.7 million (1-9/2015: EUR -67.0 million). An improvement in the cash flow
from operating activities is expected by the end of the year.

Outlook
There was a decline in demand for fire service equipment in some Asian countries
in the first few months of 2016. As a result of the political unrest and the low
oil price, there is no discernible trend indicating that it will be possible to
compensate for this weak demand by the end of the year. Furthermore, the
political situation in the Gulf States is also leading to delays in deliveries
in the current year.

The resulting weaker development of revenues means that - despite positive
effects from the measures to enhance efficiency and reduce costs - the
originally forecast improvement in earnings for the 2016 financial year cannot
be achieved and earnings are instead expected to be on a similar scale to the
previous year.

Further inquiry note:
Rosenbauer International AG
Mag. Gerda Königstorfer
Tel.: 0732/6794-568
gerda.koenigstorfer@rosenbauer.com

end of announcement                               euro adhoc 
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company:     Rosenbauer International AG
             Paschingerstrasse 90
             A-4060 Leonding
phone:       +43(0)732 6794 568
FAX:         +43(0)732 6794 89
mail:     ir@rosenbauer.com
WWW:      www.rosenbauer.com
sector:      Machine Manufacturing
ISIN:        AT0000922554
indexes:     WBI, ATX Prime
stockmarkets: free trade: Berlin, Stuttgart, official market: Wien 
language:   English
 

 


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