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EANS-Adhoc: Von Roll Holding AG
first steps towards a transformation in
financial year 2011
-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- annual report 20.03.2012 - Order intake of CHF 559.6 million, up 15.8% at constant exchange rates - Sales at CHF 543.3 million, growth of 9.7% at constant exchange rates - EBIT of CHF 6.6 million, influenced by one-off effects - Company strategy developed and implemented Au / Wädenswil, 20 March 2012 - Von Roll Holding AG today published its results for the financial year 2011. Although Von Roll's business performance during the reporting year was influenced by the uncertainties affecting the global economy, the company still managed to hold its own in this environment and grow in operational terms. Order intake amounted to CHF 559.6 million, an increase of 15.8% at constant exchange rates. The company generated sales of CHF 543.3 million, up 9.7% at constant exchange rates. At CHF 6.6 million (2010: CHF 10.8 million), EBIT was negatively affected by three main factors. Firstly, the negative result from the transformer business reduced EBIT by CHF 11.5 million in comparison with the previous year. Secondly, foreign exchange effects due to the continued strength of the Swiss franc took a further CHF 1.9 million off the EBIT figure. Thirdly, Von Roll also recorded a complete valuation allowance in the financial year 2011 in the amount of CHF 3.1 million on capitalised development costs for the solar research and development project due to the fact that an external partner will be needed to implement the financing for development up to series production readiness and for the expansion of production capacities. These factors resulted in a net income of CHF 0.1 million as against CHF -7.5 million in the previous year. The equity ratio is 60%. Cash flow from operating activities amounted to CHF -19.7 million in the reporting year compared to CHF 14.3 million in 2010. The fall in cash flow is due primarily to a significant increase in inventories of materials and goods in order to work off the increased backlog of orders in the current year. The Board of Directors will propose to this year's Annual General Meeting that no dividend be paid for the financial year 2011. Uneven performance by the business units Whereas an unstable economic environment in 2011 curbed growth in the low-voltage industry, which is sensitive to the state of the economy, the long-cycle high-voltage business once again experienced a slight upturn. Von Roll Insulation and Von Roll Composites performed well in 2011, with Von Roll Insulation increasing sales by 1.1% to CHF 361.2 million. At constant exchange rates, sales growth was as high as 13.3%. Order intake improved by 2.1% to CHF 373.4 million, with operating EBIT amounting to CHF 17.9 million. Von Roll Composites increased sales to CHF 111.4 million, growth of 0.6% or 11.4% at constant exchange rates. Order intake fell slightly in the reporting year by 1.8% to CHF 113.9 million. Von Roll Composites significantly improved its operating EBIT from CHF 1.4 million to CHF 2.7 million. In contrast, the performance of Von Roll Transformers was still affected by the order backlog from 2009 and 2010 and thus had an adverse effect on Group EBIT. Von Roll Transformers recorded an 18.7% fall in sales to CHF 66.9 million. This corresponds to a decline of 8.3% at constant exchange rates. However, order intake recovered, improving by 18.4% to CHF 63.3 million. Von Roll Transformers posted operating EBIT of CHF -4.5 million in 2011 as against CHF 7.0 million in the previous year. Development and implementation of corporate strategy In 2011, Von Roll put every effort into developing its company strategy and has already launched its first initiatives. One focal point was the organisational restructuring of the Group. A global matrix-based organisation was introduced and an Operations Council set up, an international management team responsible for implementing Von Roll's forthcoming strategy in operational terms. Von Roll also initiated measures to better interlink the sites with one another, including investing in a large-scale global IT project. Initial progress was made with a new quality and product strategy, with measures including the creation of a global responsibility structure for quality issues and introducing business lines. Various projects were also launched as part of the new market and product strategy as well as to optimise structures and processes. The key priority here is to scrutinise and consolidate our sites alongside harmonising the various processes involved. Von Roll has also begun to expand its value added chain in certain areas. One such example is the development of a specialist mica centre in Brazil that is currently under way. Mica is one of the most important raw materials for Von Roll and is used to make mica tapes (insulating tapes), among other products. In the future, Von Roll will take charge of more further processing stages in the production process for the raw material. In terms of product development, Von Roll is focusing increasingly on growth markets such as wind power, a market in which the company already offers a range of products. Research and development have been stepped up and are concentrating mainly on the markets of the future such as plastics for civil defence and for the automotive industry. Matthias Oppermann, CEO of Von Roll Holding AG, said: "In 2011, we put Von Roll on the right course towards future success. We are focusing on the energy markets of today and tomorrow - in other words, our core business. Integrating and interlinking our sites across the world is a key component of our successful transformation." Outlook for 2012 In view of the uncertain economic situation, Von Roll is not making any general forecasts for the current year. The company is expecting the quality and sales initiatives it has launched to start delivering results in 2012. Matthias Oppermann: "Our overriding aim is and will remain sustained, profitable sales growth. We are working hard to achieve this goal." Further information can be found in the 2011 Annual Report. This is available online at http://www.vonroll.com/investor-relations/reports-and-publications/financial-reports. About Von Roll Holding AG: As one of Switzerland´s longest established industrial companies, Von Roll Holding AG focuses on products and systems for power generation, transmission and distribution. Von Roll is the global market leader in insulation products, systems and services and is represented in 19 countries with around 3,000 employees at over 30 sites. end of ad-hoc-announcement ================================================================================ This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with statements portrayed here. Furthermore, rounding differences may lead to discrepancies in the reported figures. The release is originally prepared in German and then translated into English. In the event of any discrepancy, the German version prevails. For more detailed information about the company and its business performance, please refer to the 2011 Annual Report of Von Roll Holding AG. Further inquiry note: Susanne Berger Corporate Communications T: +41 44 204 3034, F: +41 44 204 3039, E: email@example.com end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: Von Roll Holding AG Steinacherstrasse 101 CH-8804 Au / Wädenswil phone: +41 (0)44 204 30 34 FAX: +41 (0)44 204 30 39 mail: firstname.lastname@example.org WWW: http://www.vonroll.ch sector: Misc. Industrials ISIN: CH0003245351 indexes: SPI, Midcap Market Index stockmarkets: Main Standard: SIX Swiss Exchange language: English