Schaltbau Holding AG

  • WKN: A2NBTL
  • ISIN: DE000A2NBTL2
  • Land: Deutschland

Nachricht vom 31.03.2020 | 07:30

Schaltbau Holding AG confirms preliminary results and achievement of targets for 2019 - COVID-19 pandemic impacts outlook for 2020

DGAP-News: Schaltbau Holding AG / Key word(s): Annual Results
31.03.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

Schaltbau Holding AG confirms preliminary results and achievement of targets for 2019 - COVID-19 pandemic impacts outlook for 2020

 

- Adjusted Group revenue on like-for-like basis grows by 9.5% to EUR 495.9 million (forecast: EUR 480 to 500 million)

- Adjusted EBIT margin on like-for-like basis at 5.9% (2018: 4.7%) also at upper end of forecast range of 5 to 6%

- Outlook for 2020 impacted by COVID-19 pandemic: Group revenue between EUR 460 and EUR 500 million, Group EBIT margin around 4%

Munich, 31 March 2020 - Today, the Executive Board of Schaltbau Holding AG [ISIN: DE000A2NBTL2] confirmed its preliminary figures for the fiscal year 2019 and published its outlook for 2020. Accordingly, Group revenue totalled EUR 513.7 million (2018: EUR 518.3 million). Excluding the divested entities Alte, the Sepsa Group and Pintsch Bubenzer, on a like-for-like basis organic growth was particularly strong, with adjusted Group revenue up by 9.5% to EUR 495.9 million (2018: EUR 452.9 million). On the same basis, the adjusted EBIT margin came in at 5.9% and was therefore at the upper end of the forecast range of 5 to 6%.

"We have entered a new phase of growth in our eventful 90-year corporate history," said Dr Albrecht Köhler, CEO of Schaltbau Holding AG. "After concluding our extensive restructuring and optimisation measures, we now have the required stability to successfully tackle the current challenges posed by COVID-19. In the medium term, we see ourselves as firmly back on track for growth."

All of the Group's segments contributed towards growth in 2019. On a like-for-like basis, adjusted order intake increased by EUR 7.4 million to EUR 532.7 million (2018: EUR 525.3 million). Accordingly, the book-to-bill ratio remained at a high level of 1.1 (2018: 1.2). On a like-for-like basis, around half of the total adjusted revenue growth of EUR 43.0 million was generated by the Bode Group in the Mobile Transportation Technology segment, attributable in particular to the dynamic performance of Europe's rolling stock market as well as to project start-ups in North America. Apart from the additional revenue generated by the sale of platform screen doors in the first quarter 2019, Pintsch GmbH was able to contribute to growth in the Stationary Transportation Technology segment on the back of unbroken international demand for axle counting systems. The Schaltbau GmbH Group, which represents the Components segment, saw its organic growth as partially based on the strong expansion of its business with contactors in the "New Energy" sector as well as on increased sales of its driver's desk components.

Overall, 37.0% of revenue (2018: 36.3%) was generated with customers based in Germany. A further 45.0% (2018: 46.6%) was attributable to customers in other European countries and 18% (2018: 17.1%) to the rest of the world.

On a like-for-like basis, adjusted order intake for the Mobile Transportation Technology segment edged up slightly to EUR 301.1 million (2018: EUR 297.5 million). Adjusted segment revenue with third parties grew by 8.9% to EUR 269.0 million (2018: EUR 247.0 million), primarily driven by Bode in Germany, RAWAG in Poland, and Bode North America. The Germany-based Bode company managed to grow its revenue by 4.4% to EUR 193.7 million (2018: EUR 185.5 million), despite considerable interruption to production caused by flood damage in May. Consequently, the book-to-bill ratio remained at a high level of 1.1 (2018: 1.2). Adjusted for exceptional items, segment EBIT on a like-for-like basis improved to EUR 12.7 million (2018: EUR 4.6 million), due in particular to higher revenue, a more favourable project mix, various renegotiations of customer projects and savings in the cost of materials. The adjusted EBIT margin came in 4.7% (2018: 1.9%).

Order intake for the Stationary Transportation Technology segment on a like-for-like basis declined slightly to EUR 75.6 million (2018: EUR 77.1 million), largely as a consequence of a major contract awarded one year earlier for a train formation system and incoming orders from the PSD (platform screen doors) project in Brazil. At EUR 72.5 million, adjusted revenue for the Stationary Transportation Technology segment was 19.1% up on the previous year's figure (2018: EUR 60.9 million). Apart from the additional revenue generated with platform screen doors, the good result was mainly driven by high international demand for axle counting systems, which more than compensated for project delays relating to level crossing systems. As a result, the book-to-bill ratio decreased to 1.0 (2018: 1.3). Adjusted EBIT of EUR 4.2 million on a like-for-like basis (2018: negative EUR 1.1 million) in this segment was positively impacted by revenue from the sale of materials in conjunction with the PSD (platform screen doors) project. Furthermore, in the first quarter 2019, follow-up orders were billed for two major projects for which the majority of the corresponding expenses had already been incurred in previous periods. On a like-for-like basis, the adjusted EBIT margin therefore improved sharply to 5.8% (2018: negative 1.8%).

Order intake in the Components segment grew markedly to EUR 159.9 million (2018: EUR 150.4 million). Segment revenue grew at a similar pace of 6.3% to EUR 154.4 million (2018: EUR 145.2 million), leaving the book-to-bill ratio unchanged at 1.0. The adjusted EBIT for the segment amounting to EUR 27.7 million was 10.4% up on the previous year's figure (2018: EUR 25.1 million), giving an adjusted EBIT margin of 17.9% (2018: 17.3%). The adjustment made to reported EBIT relates primarily to structural measures designed to ensure future growth in new target markets.

"The current proliferation of the COVID-19 pandemic will clearly have a negative impact on our business operations worldwide, even though we are not yet able to adequately quantify the negative effects on our net assets, financial position and results of operations in the current fiscal year," said Thomas Dippold, CFO of Schaltbau Holding AG. "We have taken the expected impact for the current year into account in our forecast."

Prior to the onset of the COVID-19 pandemic, the Schaltbau Group was originally targeting revenue in the range of EUR 520 to 540 million and, based on the improved order situation, a higher EBIT margin of between 6 and 7%.

However, the escalating COVID-19 crisis gives rise to risks for the Group's original revenue targets, most notably due to potential production site closures and material procurement bottlenecks within existing supply chains. The possible absence of employees could also lead to additional restrictions in terms of production activity. Equally, the COVID-19 pandemic could have an indirect impact caused by deteriorating demand in a contracting economy.

From today's perspective, the Executive Board expects these risks to be of a temporary nature and that some of the resulting delivery delays can be compensated for by the end of the year. In the field of door and boarding systems for buses and commercial vehicles, the Executive Board currently anticipates lengthy plant closures on the part of customers. Based on currently available in-house capacities, it will not be possible to make up for this temporary volume decline by the end of the year.

The above-mentioned risks emanating from the COVID-19 crisis make it necessary to adjust the Group's original revenue and earnings forecast. Therefore, based on an unchanged segment and product mix, the Executive Board currently predicts Group revenue of between EUR 460 million and EUR 500 million and a Group EBIT margin in the region of 4% for the fiscal year 2020.

The complete, audited, consolidated financial statements and the Annual Report of Schaltbau Holding AG are available to download from the company's website at: https://ir.schaltbaugroup.com.

About the Schaltbau Group
Schaltbau Holding AG (ISIN: DE000A2NBTL2) is listed in the Prime Standard segment of the regulated market of Deutsche Börse AG in Frankfurt am Main. With annual Group revenue in the region of EUR 500 million and around 3,000 employees, Schaltbau is an internationally leading supplier of systems and components in the field of transportation technology and the capital goods industry. With Schaltbau, Bode, Pintsch and SBRS as their core brands, Schaltbau Group companies develop a wide range of high-quality technologies and customer-specific technological solutions for rolling stock, rail infrastructure, road vehicles and commercial vehicles. As one of the few specialists for smart DC energy concepts, the Schaltbau Group is also a driver of innovation for the fast-growing markets of tomorrow such as new mobility, new energy and new industry. To find out more about the Schaltbau Group, go to: https://schaltbaugroup.com/de/

Contact:

Dr. Kai Holtmann
Head of Investor Relations & Corporate Communications
Schaltbau Holding AG
Hollerithstrasse 5
81829 Munich
Germany
P +49 89 93005-209
investor@schaltbau.de


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