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Von Roll Holding AG

EANS-Adhoc: Von Roll Holding AG
High order intake continues positive trend in the first half of 2011

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6-month report

24.08.2011

- Increase in order intake of 35.2% to CHF 353.7 million, at constant exchange
rates; at current exchange rates, increase of 20.8% to CHF 316.0 million
- Growth in sales of 10.2% to CHF 315.3 million, at constant exchange rates; at
current exchange rates, however, decrease in sales of 1.7% to CHF 281.1 million
- EBIT of CHF 8.8 million

Au / Wädenswil, 24 August 2011 - In the first half of 2011, Von Roll Holding
AG´s operating business showed a clear upward trend. Compared to the same period
in the previous year orders received by the Swiss industrial group increased
sharply, by 35.2% to CHF 353.7 million (previous year: CHF 261.6 million), if
the effect of changes in exchange rates is excluded. At current exchange rates,
orders received rose by 20.8% to CHF 316.0 million. 

Von Roll was able to increase sales by 10.2% to CHF 315.3 million (previous
year: CHF 286.1 million), at constant exchange rates; at current exchange rates,
on the other hand, sales recorded a slight drop of 1.7% to CHF 281.1 million.
"Von Roll generates around three quarters of its sales in the euro and US dollar
areas. The strong Swiss franc has, therefore, impacted significantly on our
Group sales", says Matthias Oppermann, CEO of Von Roll Holding AG, "If our
operating business is viewed at constant exchange rates, it shows a clear upward
trend."

The gross profit margin fell from 20.7% to 18.9%. EBIT amounted to CHF 10.3
million, at constant exchange rates, compared to CHF 11.9 million in the same
period in the previous year. At current exchange rates, EBIT fell to CHF 8.8
million. The varying performances of the different business segments as well as
the effects of changes in exchange rates are reflected in the EBIT: Von Roll
Insulation and Von Roll Composites developed positively and were able to achieve
a significant increase in EBIT despite the negative impact of the exchange rate.
The main driver was the low-voltage products business in particular. In
contrast, EBIT of the Von Roll Transformers business segment, which is
characterised by large-scale projects, fell due to the low order intake in the
previous year and burdened EBIT with some CHF 3.7 million in the first half of
2011.

The financial result amounted to CHF -4.0 million compared to CHF 0.1 million in
the same period in the previous year. This decrease was essentially due to
foreign currency losses. Affected by the financial result, net income fell from
CHF 9.4 million in the same period of the previous year to CHF 3.4 million.
Operating cash flow amounted to CHF -17.9 million as against CHF -12.1 million
in the previous year due to increased operating activities and the resulting
increase in net working capital. The equity ratio stood at 63,1% compared to
66,2% in the previous year.

Positive performance by Von Roll Insulation and Von Roll Composites business
segments
The volume-related growth in the traditional business segments Von Roll
Insulation and Von Roll Composites is not fully reflected in the figures due to
the effect of changes in exchange rates. Von Roll Insulation increased sales, at
constant exchange rates, by 20.0% to CHF 218.0 million (previous year: CHF 181.6
million); at current exchange rates, sales rose by 6.8% to CHF 194.1 million. If
the effect of changes in exchange rates is excluded orders received rose
significantly, by 20,9% to CHF 225.8 million (previous year: CHF186.7 million)
and by 8.2% to CHF 201.9 million at current exchange rates. Von Roll Insulation
recorded EBIT of CHF 13.5 million (previous year: CHF 11.4 million), which
equates to an increase of 18.5%. The low-voltage business, above all,
contributed to the positive trend.
The Von Roll Composites business segment saw growth in sales of 18.2%, to CHF
65.4 million (previous year: CHF 55.4 million), if the effect of changes in
exchange rates is excluded. At current exchange rates, sales rose by 5.9% to CHF
58.6 million. The increase in orders received stood at 20.0%, at constant
exchange rates, amounting to CHF 70.0 million (previous year: CHF 58.3 million).
At current exchange rates, orders received rose by 7.5% to CHF 62.7 million.
EBIT increased sharply from CHF -0.4 million to CHF 2.8 million. An increase in
growth came in particular from the small generator and large electric motor
business.

Von Roll Transformers with promising order intake and new special transformers
for the wind energy segment
In the first half of 2011, sales of the Von Roll Transformers business segment
were characterised by a low order intake and the product mix in 2010. If the
effect of changes in exchange rates is excluded, sales decreased by 37.7% to CHF
30.0 million (previous year: CHF 48.2 million). At current exchange rates, sales
fell by 44.4% to CHF 26.8 million. Thanks to large orders from Europe and the
USA, orders received increased significantly from CHF 15.7 million in the same
period in the previous year to CHF 56.4 million at constant exchange rates, and
to CHF 50.1 million at current exchange rates. EBIT fell from CHF 4.4 million to
CHF -3.7 million due to higher material and transport costs compared to the
previous year. Positive EBIT can be expected for the second half of 2011 given
the current orders in hand coupled with full capacity utilisation and increasing
demand for newly developed special transformers in the wind energy segment.

Positive outlook for 2011 as a whole
The management of Von Roll is currently reworking the corporate strategy.
Matthias Oppermann: "From the information currently available and provided that
general economic conditions remain stable, we expect 2011 as a whole to end with
a positive net income. The energy industry is currently undergoing profound
change. New forms of energy bring with them a high demand for new transmission
capacity. I am convinced that Von Roll can benefit from this development in the
long term."

A conference call in German with webcast will be held for journalists and
analysts at 9.00 am CET on 24 August when the 2011 half-year results will be
presented.
Dial-in number: +41 (0)43 456 9228
Confirmation number: 5745967
Simultaneous webcast of the presentation at:
http://www.media-server.com/m/go/vonroll_110824

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.


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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