Von Roll Holding AG

EANS-Adhoc: Von Roll Holding AG
first steps towards a transformation in financial year 2011

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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
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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: press@vonroll.com

end of announcement                               euro adhoc 
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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:     press@vonroll.com
WWW:      http://www.vonroll.ch
sector:      Misc. Industrials
ISIN:        CH0003245351
indexes:     SPI, Midcap Market Index
stockmarkets: Main Standard: SIX Swiss Exchange 
language:   English
 



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