DGAP-Adhoc: Von Roll Holding AG: Annual result for 2013
18.03.2014 – 07:04
Von Roll Holding AG / Key word(s): Final Results 18.03.2014 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Von Roll: Annual result for 2013 - Net sales of CHF 472.5 million - Order intake of CHF 475.8 million - EBIT of CHF - 27.0 million Au/Wädenswil, 18 March 2014 - Von Roll Holding AG today published its results for the 2013 financial year, an eventful and turbulent one for the Group. The economic environment continued to be plagued by uncertainty and volatility in 2013. In particular, the framework conditions and thus demand too were persistently weak in Europe and India. While in Europe it was primarily the debt reduction programmes that curbed demand for infrastructure projects, the main factors in India were the upcoming elections and a weak currency. Order intake for the financial year 2013 totalled CHF 475.8 million compared to CHF 505.1 million in the previous year. At CHF 472.5 million, the Group's net sales fell by 4.9% compared with 2012. However, the operating loss reduced by CHF 26.6 million to CHF 27.0 million (2012: CHF 53.6 million). EBIT stood at CHF - 27.0 million, mainly due to the CHF - 22.3 million result posted by the transformer business. The sales trend in the regions was influenced by the economic environment to varying degrees. In the Americas region, sales fell slightly by 2.5% or CHF 3.1 million to CHF 123.7 million. Persistently weak markets in Europe pushed sales lower by 5.1% to CHF 245.9 million. In Asia, sales fell by CHF 8.1 million to CHF 102.9 million, due above all to the situation in India. The electrical power generation sector is not seeing any major signs of a recovery. The only market to recover in 2013 was wind power, which led to more orders and sales in this segment. Von Roll was also able to increase sales and order intake significantly in a few niche areas such as fire-resistant insulation tapes for building technology. Performance in the Technologies division was very uneven: whilst market demand for water technology and construction of wastewater treatment plants rose markedly, the transformer business is suffering from surplus capacity worldwide. The Insulation division put in a pleasing performance. Despite a fall in sales of 8.4% and non-recurring expenses, EBIT was positive at CHF 3.2 million. These are the first few tangible results of the restructuring programme that has been introduced. The positive trend in cash flow from operating activities continued, with this figure up by CHF 12.9 million on 2012. This was offset to some extent by increased investment in machinery and by the cash outflow for the "Albesiano Sisa Vernici S.r.l." acquisition. Acquired half-way through last year, the Italian company has been fully integrated into the Von Roll Group and its development has been very positive. This has enabled Von Roll to expand its market position to become the second most important player in the global liquids industry. The resins and varnishes that it manufactures are used most notably in innovative low-voltage applications such as sensors. These are attractive markets of the future and key to our growth. Despite the difficult environment, Von Roll is pressing ahead with the process of transformation initiated in 2013 in order to deliver the turnaround in 2014. This transformation process mainly involves concentrating on its core business, organic growth, boosting efficiency and restructuring the Group. With its core segments Insulation and Composites, Von Roll is focusing on attractive markets with potential for growth. Von Roll is expecting a clearly positive result for 2014 in its core operating business. For further details, please refer to the Annual Report 2013, which can be downloaded from http://www.vonroll.com/en/financial-reports.html Key figures in CHF 1,000 2013 2012* Change Order intake 475,784 505,133 - 5.8% Net sales 472,470 497,064 - 4.9% thereof Insulation 273,667 298,828 - 8.4% thereof Composites 133,086 138,571 - 4.0% thereof Technologies 65,717 59,665 + 10.1% EBIT - 27,018 - 53,637 - 49.6% One-off effects - 19,698 - 49,559 - 60.3% Recurring EBIT - 7,320 - 4,078 + 79.5% Net income - 36,323 - 67,300 - 46.0% Cash flow from operating activities 14,508 1,589 +> 100.0% Equity ratio 40% 45% - 5 ppt. Number of employees (FTE) 2,551 2,727 - 6.5% * 2012 restated About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission and distribution. Von Roll is a global market leader for insulation products, systems and services and has a presence in 20 countries with about 2,550 employees at over 30 sites. 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. +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=EGNBRIMMIV Document title: Annual result for 2013 18.03.2014 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Von Roll Holding AG Steinacherstr. 101 8804 Au Switzerland Phone: +41 44 204 3500 Fax: +41 44 204 3000 E-mail: reception@vonroll.com Internet: www.vonroll.com ISIN: CH0003245351 Valor: Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart; Frankfurt in Open Market ; SIX End of Announcement EQS Group News-Service ---------------------------------------------------------------------------