Von Roll Holding AG

EQS-Adhoc: Von Roll Holding AG: Annual result for 2014

EQS Group-Ad-hoc: Von Roll Holding AG / Key word(s): Final Results
Von Roll Holding AG: Annual result for 2014

18.03.2015 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

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Von Roll: Annual result for 2014

  - Sales of CHF 418.8 million stabilised at previous year's level

  - Loss-making transformers business sold during the reporting year

  - EBIT of minus CHF 32.5 million affected by comprehensive, substantial
    modernisation and restructuring measures

Au / Wädenswil, 18 March 2015 - Von Roll Holding AG today published its
results for the financial year 2014, which was a year of significant
planned change for the Von Roll Group. As announced, Von Roll turned their
focus fully to its core business, Insulation and Composites. After several
years of declining sales, the company was able to stabilise its figures at
the previous year's level despite the difficult economic situation. The
transformers business, which has made losses for a number of years, was
sold at the end of 2014. This sale resulted in a "last time" significant
negative impact on Von Roll's result in 2014. The negative EBIT of minus
CHF 32.5 million was affected particularly by necessary restructuring
measures in the core business and the associated start-up costs.

At CHF 418.8 million, Group sales increased by 0.2%, up slightly on 2013.
It was pleasing that EMEA, Von Roll's largest market, managed to recover,
with sales here increasing by 4.5% to CHF 229.0 million. While business
expanded in North America, the South American declined, leading to an
almost unchanged sales figure of CHF 95.6 million in the Americas region.
Sales in Asia fell by 8.4% to CHF 94.2 million.

Order intake declined by 4.5% compared with the previous year to CHF 416.4
million. While the Insulation division's order intake was stable, the
Composites division and Von Roll Water saw theirs drop.

The consolidation of the company's global plant network is continuing
apace. The Düren site in Germany will be shut down by the end of 2015. With
the exception of the product group "moulded parts", all products will
continue to be manufactured at various Von Roll Group plants. This
discontinued product group is not part of the core business. The facility
in Dunstable, England, was closed in December 2014. In the meanwhile, Von
Roll has optimised its production setup in India, concentrating all
manufacturing output at a modern plant in Nelamangala, near Bangalore,
working at full capacity. The other two sites will be cleared and sold. In
the USA, the Monmouth Junction plant will be fully incorporated into the
Schenectady site by April 2015.

These measures will improve capacity utilisation and efficiency,
significantly reducing their share of fixed costs. The initiatives
introduced and the implementation of the company's strategy will also
continue in 2015 in line with plans and will already begin to have an
impact in the current financial year, 2015. At the same time, investments
are being made in new state-of-the art, high-performance machinery and
equipment.

Adjusted for the one-off effects totalling CHF 31.4 million, the negative
EBIT of CHF 32.5 million would only have been slightly negative. These
non-recurring effects include restructuring costs incurred due to closing
the above-mentioned plants.

Despite these effects, the gross margin increased in Insulation and
Composites, both core areas of business. This is a key indicator of future
business.

Apart from plant optimisation, the focus is on market development. In the
core business, investments have been made in research and development, new
applications and the launch of new products.

The outlook for 2015 remains modest. There are three main reasons for this:
firstly, the full effect of the transformation programme will not yet be
felt and, secondly, the market trend is expected to be subdued. Weak demand
is an issue, particularly in traditional power generation sectors, such as
hydropower and thermal power stations. The third reason is the strength of
the Swiss franc in relation to other major currencies, which will impact
the result in 2015 and will pose an additional challenge, especially to
products with high local costs at the Swiss site. The countermeasures which
have already been taken will only have an effect in the medium term.

For further details, please refer to the Annual Report 2014, which can be
downloaded from http://www.vonroll.com/en/financial-reports.html.



Key figures
in CHF 1,000                               2014                      Change
                                                          2013
                                                    (restated)

Order intake                            416.382        436.162        -4.5%
Net sales                               418.844        417.805        +0.2%
thereof Insulations                     279.046        273.667        +2.0%
thereof Composites                      125.304        133.086        -5.8%
thereof Other activities                 14.494         11.052       +31.1%
EBIT                                    -32.495         -6.113     <
-100.0%
One-off effects                         -31.438         -9.633     <
-100.0%
Recurring EBIT                           -1.057          3.520         n.a.
Net income for the period               -90.204        -36.323     <
-100.0%
Cash flow from operating activities       3.032         14.508       -79.1%
Equity ratio                                26%            40%     -14 ppt.
Number of employees (FTE)                 2.268          2.551       -11.1%






About Von Roll Holding AG:
As a Swiss industrial company, Von Roll Holding AG focuses on products and
systems for power generation, transmission and industrial applications. Von
Roll is a global market leader for electrical insulation products, systems
and services and has a worldwide presence at over 30 sites with about 2,268
employees.

Contact:
Claudia Guentert, Corporate Communications
T: +41 44 204 3529, F: +41 44 204 3007, E: press@vonroll.com

This press release is based on information currently available.
Unforeseeable risks and influences may lead to discrepancies with the
statements portrayed here. Furthermore, rounding differences may lead to
discrepancies in the reported figures. For more detailed information on the
company and business development, please see the Annual and Semi-annual
Report of Von Roll Holding AG. They are available in digital form at
www.vonroll.com.

End of ad hoc announcement

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18.03.2015 News transmitted by EQS Schweiz AG. www.eqs.com - news
archive: http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.

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Language:    English
Company:     Von Roll Holding AG
             Steinacherstr. 101
             8804 Au
             Switzerland
Phone:       +41 44 204 3500
Fax:         +41 44 204 3007
E-mail:   reception@vonroll.com
Internet: www.vonroll.com
ISIN:        CH0003245351
Listed:      Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
             Stuttgart; Open Market in Frankfurt ; SIX


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