Rosenbauer International AG

EANS-News: Rosenbauer International AG
Revenues up slightly at EUR 181.9 million thanks to increases in Europe and USA
Lower capacity utilization negatively impacts EBIT in first quarter of 2017
Management expects revenues and earnings similar ...

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quarterly report


______________________________________________________________________________
|GROUP_KEY_FIGURES__|_________________|_____________1/2016|______________1/2017|
|Revenues___________|___EUR million___|______________172.0|_______________181.9|
|EBIT_______________|___EUR million___|________________3.4|_______________(3.1)|

|Net profit for the |   EUR million   |                   |                    |
|period_____________|_________________|________________2.8|_______________(2.6)|
|Cash flow from     |                 |                   |                    |
|operating          |   EUR million   |                   |                    |
|activities_________|_________________|_____________(53.6)|______________(49.7)|
|Equity in % of     |                 |                   |                    |
|total_assets_______|_________________|______________33.7%|_______________35.1%|
|Earnings_per_share_|_______EUR_______|________________0.0|_______________(0.7)|
|Employees as of    |                 |                   |                    |
|March_31___________|_________________|______________3,241|_______________3,360|
|Order backlog as of|   EUR million   |                   |                    |
|March_31___________|_________________|______________861.7|_______________790.6|

A similar development to 2016 is expected on the global firefighting markets in
2017. Above all demand is currently being driven by countries with continuous
procurement or elevated security requirements following natural or terrorist
disasters. 

Development of revenues and earnings
The Rosenbauer Group generated revenues of EUR 181.9 million in the first
quarter of 2017 (1-3/2016: EUR 172.0 million). While decreases in deliveries
were observed in some Middle Eastern countries, deliveries were on the rise in
North America and parts of Europe.

The first three months of the current year once again showed that the first
quarter is always significantly weaker in terms of revenues and income. This is
partly because the majority of deliveries are usually made in the second half of
the year. These seasonal fluctuations over the course of the year are partially
leveled out by centrally managed procurement that is not based on government
budgets. 

In the first quarter, EBIT was down on the previous year at EUR -3.1 million
(1-3/2016: EUR 3.4 million). The difference in comparison to the first quarter
of the previous year was mainly attributable to low capacity utilization due to
the political situation in the Gulf States and the resulting lower coverage of
fixed costs at the plants in Leonding, combined with the lack of any highly
profitable deliveries and the start-up costs for the platform manufacturer
Rosenbauer Rovereto. Consolidated EBT for the reporting period amounted to EUR
-2.8 million (1-3/2016: EUR 3.6 million).

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 678.5
million (March 31, 2016: EUR 687.9 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 211.1 million in the reporting period (March 31, 2016: EUR 204.2
million), while construction contracts were down year-on-year at EUR 73.8
million (March 31, 2016: EUR 101.2 million) due to changes in capacity
utilization. Current receivables were kept at the previous year's level at EUR
183.7 million (March 31, 2016: EUR 179.1 million). The Group's net debt (the net
amount of interest-bearing liabilities less cash and cash equivalents and
securities) decreased yearon- year to EUR 227.4 million (March 31, 2016: EUR
262.0 million).

Owing to the high level of working capital - due to high customer receivables -
the intra-year cash flow from operating activities was still negative at EUR
-49.7 million (1-3/2016: EUR -53.6 million). An improvement in the cash flow
from operating activities is expected by the end of the year.

Outlook
The uncertainty regarding the development of the firefighting markets has
increased tangibly in recent months. Geopolitical tension and the low price of
oil could affect growth on certain markets in 2017 as well. Overall, however,
stable development in global demand for firefighting technology is assumed.

With a strong market presence, geographically balanced business, its broad
portfolio, technology leadership and financial strength, Rosenbauer is well
placed to take advantage of these opportunities for profitable, long-term
growth. It will continue to focus on efficiency enhancement and cost reduction
so as to ensure that the intended growth can be implemented on a solid financial
basis. Despite the lower capacity utilization at the beginning of the year due
to project effects and the sustained margin pressure in the developed markets in
addition to the above factors, management is aiming to keep revenues and
earnings at the previous year's level.

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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