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Schaltbau Holding AG with stable business performance in the first 9 months - revenue forecast specified at upper end of range

·13-min read

DGAP-News: Schaltbau Holding AG / Key word(s): Interim Report/9 Month figures
29.10.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

Schaltbau Holding AG with stable business performance in the first 9 months - revenue forecast specified at upper end of range

- Group revenues increase by 4.6% to EUR 370.8 million (January - September 2019 like-for-like: EUR 354.6 million)

- EBIT margin increases to 5.0% (January - September 2019 like-for-like: 4.4%)

- COVID-19-related decline in order intake to Euro 399.1 million (January - September 2019 like-for-like: Euro 413.4 million)

- Revenue forecast for 2020 of EUR 500 million at the upper end of the range (EUR 460 to 500 million) with a Group EBIT margin of around 4%

Munich, 29 October 2020 - The Executive Board of Schaltbau Holding AG [ISIN DE000A2NBTL2] today published its figures for the first nine months of 2020 and specified its revenue forecast at the upper end of the previous range (EUR 460 to 500 million) with an EBIT margin of around 4%.

Accordingly, business development in the four segments continued to be uneven and, as expected, influenced by the COVID-19 pandemic. Order intake fell by EUR 14.4 million to EUR 399.1 million (January - September 2019 like-for-like: EUR 413.4 million). Nevertheless, the book-to-bill ratio remained high at 1.1 (January - September 2019: 1.2). At the same time, the order backlog rose by 4.3% to EUR 509.9 million at the end of the third quarter (31 December 2019: EUR 488.9 million).

"Given the prevailing conditions, we are very satisfied with our performance in the third quarter," said Dr Albrecht Köhler, CEO of Schaltbau Holding AG. "Despite the overall difficult economic situation in the Schaltbau and Bode segments, our countermeasures are showing visibly good results. With the Pintsch and SBRS segments continuing to perform well, we are therefore very confident about the further course of business."

With a 9.0% decline in order intake to EUR 209.9 million, the Bode segment was mainly responsible for this development (January - September 2019: EUR 230.7 million). On a like-for-like basis, order intake went down by 3.5% (January - September 2019: EUR 217.6 million), mainly attributable to the Bus and Automotive product groups in the wake of the COVID-19 pandemic and caused by lower order volumes from major bus and car manufacturers due to temporary plant closures as well as negative market developments in the commercial vehicle and passenger bus sectors. However, the high level of order intake in the Rail business unit remained stable. Segment revenue was 4.7% down at EUR 191.6 million (January - September 2019: EUR 201.0 million). On a like-for-like basis, revenue for the segment went up by 6.9% (January - September 2019: EUR 179.3 million), mainly reflecting strong growth in Rail business, which more than compensated for sharp drops in the Bus and Automotive lines of business. Moreover, in the same period one year earlier, revenue had been strongly impacted by production interruptions at the Group's Kassel plant due to flooding. Segment EBIT decreased to EUR 2.1 million (January - September 2019: EUR 1.3 million; like-for-like: EUR 2.2 million), equivalent to an EBIT margin of 1.1% (January - September 2019: 0.6%; like-for-like: 1.2%). The deterioration in earnings was mainly due to a significantly less favourable product mix as well as lower productivity caused by the adverse impact of COVID-19.

Order intake for the Schaltbau segment was also down, falling by 16.7% to EUR 104.4 million (January - September 2019: EUR 125.4 million). The considerable year-on-year contraction was primarily attributable to the far lower volume of orders placed by customers operating within those markets affected by the COVID-19 pandemic. In addition to lower business volumes with OEMs and railway market operators, industrial customers were especially impacted by lockdowns and travel restrictions affecting the installation and commissioning of their products. This fact was exacerbated by delays in call-offs of existing orders at Schaltbau GmbH during the period under report. At EUR 104.6 million, segment revenue was 10.8% down for the nine-month period (January - September 2019: EUR 117.2 million), also partially due to plant closures. In line with the decline in revenue, segment EBIT fell by EUR 2.1 million to EUR 19.0 million (January - September 2019: EUR 21.1 million), resulting in an EBIT margin of 18.0% (January - September 2019: 17.9%).

In the Pintsch segment, order intake rose by 9.9% to EUR 57.6 million (January - September 2019: EUR 52.4 million), with growth generated mainly by the segment's level crossing, axle counting and signalling technology product groups. Segment revenue also rose at an above-average rate of 17.0% to EUR 53.9 million (January - September 2019: EUR 46.0 million), primarily due to the increased sale of level crossing and axle counting systems to customers in China. Segment EBIT improved by EUR 1.1 million to EUR 3.8 million (January - September 2019: EUR 2.7 million). In the first half of 2019, segment EBIT was positively impacted by the billing of completed railway stations relating to the Platform Screen Doors project in Brazil as well as for other completed projects and subsequent deliveries for level crossing systems. The EBIT margin for the nine-month period therefore came in at 7.1% (January - September 2019: 5.8%).

With growth of 51.4% to EUR 27.3 million, order intake for the SBRS segment was by far the most dynamic (January - September 2019: EUR 18.0 million), largely driven by the E-Mobility line of business. During the period under report, segment revenue rose at an above-average rate of 72.5% to EUR 20.8 million (January - September 2019: EUR 12.1 million), also primarily due to growth in E-Mobility business. Segment EBIT went up by EUR 1.3 million to EUR 2.2 million (January - September 2019: EUR 0.9 million), giving an EBIT margin of 10.3% (January - September 2019: 7.3%).

Group revenue decreased by 1.5% to EUR 370.8 million during the reporting period, largely due to the deconsolidation of Alte and the Sepsa Group in the first half of 2019 (January - September 2019: EUR 376.4 million; like-for-like: EUR 354.6 million). Total output also dropped accordingly to EUR 383.3 million (January - September 2019: EUR 386.8 million; like-for-like: EUR 365.4 million). With other operating income significantly lower at EUR 9.2 million, partially in connection with the reversal of provisions (January - September 2019: EUR 14.2 million; like-for-like: EUR 12.6 million) and a slight increase in the cost of materials to EUR 203.5 million (January - September 2019: EUR 200.3 million; like-for-like: EUR 189.3 million), gross profit fell by 5.8% to EUR 189.0 million (January - September 2019: EUR 200.7 million; like-for-like: EUR 188.7 million). Personnel expense decreased by 2.2% to EUR 126.0 million (January - September 2019: EUR 128.9 million; like-for-like: EUR 120.3 million). Adjusted for Sepsa and Alte, which were both deconsolidated in 2019, personnel expense went up by 4.7% or EUR 5.7 million. Due to cost savings made in light of the COVID-19 pandemic and restructuring expenses recognised in the previous year, other operating expenses decreased by 29.0% to EUR 31.8 million (January - September 2019: EUR 44.8 million; like-for-like: EUR 40.6 million). Taking into account the 2.7% rise in depreciation and amortisation to EUR 11.7 million (January - September 2019: EUR 11.4 million; like-for-like: EUR 11.3 million), profit before financial result and taxes (EBIT) amounted to EUR 18.7 million (January - September 2019: EUR 14.9 million; like-for-like: EUR 15.7 million). With an improved financial result of negative EUR 5.0 million (January - September 2019: negative EUR 5.4 million; like-for-like: EUR 4.8 million) and an income tax expense of EUR 5.0 million (January - September 2019: EUR 2.2 million; like-for-like: EUR 2.0 million), the Schaltbau Group generated a net profit of EUR 9.5 million (January - September 2019: EUR 8.1 million; like-for-like: EUR 9.8 million) for the nine-month period. Of this amount, EUR 2.5 million was attributable to minority shareholders (January - September 2019: EUR 2.9 million; like-for-like: EUR 2.9 million) and EUR 7.0 million to the shareholders of Schaltbau Holding AG (January - September 2019: EUR 5.3 million; like-for-like: EUR 7.0 million). Based on these figures, both diluted and undiluted earnings per share amounted to EUR 0.79 (January - September 2019: EUR 0.60; like-for-like: EUR 0.79).

Total assets rose by EUR 7.1 million to stand at EUR 408.3 million at 30 September 2020 (31 December 2019: EUR 401.2 million). Non-current assets fell slightly to EUR 160.3 million (31 December 2019: EUR 164.2 million), primarily due to reductions in intangible assets to EUR 47.7 million, financial assets to EUR 2.1 million (31 December 2019: EUR 3.6 million) and deferred tax assets to EUR 12.3 million (31 December 2019: EUR 13.4 million). At EUR 248.0 million, current assets were EUR 11.0 million higher than at the end of the previous fiscal year (31 December 2019: EUR 237.0 million). Whereas inventories increased to EUR 126.1 million (31 December 2019: EUR 109.7 million), trade accounts receivable decreased to EUR 80.9 million (31 December 2019: EUR 83.6 million). Furthermore, cash and cash equivalents dropped to EUR 16.9 million (31 December 2019: EUR 25.2 million).

Group equity totalled EUR 96.4 million at the end of the reporting period (31 December 2019: EUR 97.4 million). Non-current liabilities increased to EUR 163.4 million (31 December 2019: EUR 146.5 million), primarily due to the rise in financial liabilities to EUR 110.0 million (31 December 2019: EUR 92.7 million), reflecting higher cash requirements for ongoing operations. Non-current personnel-related provisions, which, for the first time, are reported together with pension provisions, totalled EUR 44.8 million (31 December 2019: personnel provisions plus pension provisions totalled EUR 44.5 million). Other non-current provisions decreased to EUR 1.4 million (31 December 2019: EUR 2.2 million). Current liabilities fell by EUR 8.8 million to EUR 148.5 million (31 December 2019: EUR 157.3 million). This development was primarily attributable to a reduction in other liabilities to EUR 22.9 million (31 December 2019: EUR 26.1 million) as well as trade accounts payable to EUR 47.5 million (31 December 2019: EUR 50.4 million) and current financial liabilities to EUR 12.8 million (31 December 2019: EUR 14.7 million), whereas current income tax liabilities increased to EUR 3.7 million (31 December 2019: EUR 3.1 million).

Cash flows from operating activities totalled a negative amount of EUR 4.3 million in the reporting period (January - September 2019: positive amount of EUR 13.8 million). While the higher profit before financial result and taxes of EUR 18.7 million (January - September 2019: EUR 14.9 million) and the lower increase in current assets amounting to a negative EUR 22.2 million (January - September 2019: negative EUR 35.5 million) had a positive impact, changes in provisions of negative EUR 4.5 million (January - September 2019: EUR 11.4 million) and changes in current liabilities of negative EUR 4.4 million (January - September 2019: EUR 13.4 million) in particular contributed to the overall decrease in cash flows from operating activities.

Cash flows from investing activities went down slightly to a negative amount of EUR 10.1 million (January - September 2019: negative EUR 11.0 million). Higher payments for investments in intangible assets and property, plant and equipment were offset by lower proceeds from the disposal of companies.

Free cash flow for the nine-month period to 30 September 2020 was a negative amount of EUR 14.4 million (30 September 2019: positive amount of EUR 2.8 million).

The change in cash flows from financing activities from negative EUR 16.7 million one year earlier to positive EUR 6.0 million in the first nine months of 2020 was mainly attributable to the net effect of cash outflows for the repayment of promissory notes on the one hand and cash inflows from the utilisation of the existing overdraft facility under the terms of the Syndicated Credit Agreement on the other.

"After the first 9 months of 2020, the original assessment of the COVID-19 impact on our business activities turns out to be very robust," said Prof. Dr Thorsten Grenz, CFO of Schaltbau Holding AG. "We are therefore specifying our sales forecast at the upper end of the previous range."

Accordingly, the Executive Board expects Group revenues of around EUR 500 million (previously between EUR 460 and EUR 500 million) with a Group EBIT margin of around 4% against the background of a changed segment and product mix.

Therefore, in view of the ongoing COVID-19 pandemic, the Executive Board continues to predict 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 against the background of a changed segment and product mix.

The Executive Board expects order intake to be in the range of EUR 520 to 540 million.

The unaudited condensed interim consolidated financial statements for the first 9 months 2020 of the company are available to download from the 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

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


29.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Schaltbau Holding AG

Hollerithstraße 5

81829 Munich

Germany

Phone:

+49 89 - 93005 - 209

Fax:

+49 89 - 93005 - 398

E-mail:

investor@schaltbau.de

Internet:

www.schaltbaugroup.de

ISIN:

DE000A2NBTL2

WKN:

A2NBTL

Indices:

Prime Standard

Listed:

Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange

EQS News ID:

1143743


 

End of News

DGAP News Service

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