2018 a new record year for Jenoptik

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  • Revenue rose by 11.6 percent to 834.6 million euros, order intake by 8.8 percent to 873.7 million euros
  • EBITDA up 19.3 percent to 127.5 million euros; EBIT grew a significant 21.6 percent to 94.9 million euros
  • Order backlog up 15.0 percent to 521.5 million euros
  • Dividend is to increase to 0.35 euros
  • Jenoptik is expecting further growth in revenue and earnings in 2019

2018 was a year of new record figures for Jenoptik. Group revenue rose by 11.6 percent to 834.6 million euros (prior year: 747.9 million euros). The fourth quarter was the strongest in 2018, with 241.2 million euros (prior year: 221.1 million euros). This highly encouraging performance was mainly driven by strong demand from the semiconductor equipment industry and the delivery of toll monitoring systems in the traffic safety business. The Group also successfully completed its acquisitions of the Canadian company Prodomax in July and the Jena-based OTTO Group in August of 2018. Both companies were integrated in the Light & Production division. These acquisitions already made a substantial contribution to revenue of 37.0 million euros in the past fiscal year.

On a regional level, revenue generated both in Germany and abroad contributed to growth. Outside Germany, Europe remained the region with the highest revenue, followed by the Americas.

EBITDA increased at a faster rate than revenue, to 127.5 million euros (prior year: 106.9 million euros), equating to an EBITDA margin of 15.3 percent (prior year: 14.3 percent). Included in the EBITDA are impacts of minus 7.0 million euros arising from the purchase price allocation (PPA) and acquisition costs of 1.9 million euros. EBIT saw an even sharper rise, of 21.6 percent to 94.9 million euros (prior year: 78.0 million euros). The earnings contribution of the acquired companies came to minus 0.5 million euros. EBIT included PPA effects of minus 10.5 million euros. Nevertheless, the margin improved to 11.4 percent (prior year: 10.4 percent).

“2018 was a very successful year for Jenoptik. We started to implement our new strategy and considerably exceeded our financial targets for revenue, profit, order intake, and free cash flow. We saw good momentum on our major markets in the past year and, with Prodomax in Canada and the OTTO Group in Jena, successfully acquired two interesting companies. Their product ranges, markets and customers ideally complement Jenoptik’s activities,” says Jenoptik President & CEO Stefan Traeger.

Record order figures and strong cash flow are a solid basis for further growth

Jenoptik also saw a strong fourth quarter in terms of order intake. In 2018 as a whole, the Group received orders worth 873.7 million euros, an increase of 8.8 percent (prior year: 802.9 million euros). The order intake also includes the orders received by Prodomax and the OTTO Group since the acquisition date, in total worth around 24 million euros. Thus, the order intake was above revenue, resulting in a book-to-bill ratio of 1.05 (prior year: 1.07). At 15.0 percent, the order backlog also grew sharply, its value of 521.5 million euros (prior year: 453.5 million euros) forming a stable basis for 2019. There were also frame contracts (framework agreements with customers) worth 62.5 million euros (prior year: 87.6 million euros).

Although capital expenditure increased significantly, the free cash flow markedly improved to 108.3 million euros (prior year: 72.2 million euros). Despite the internally financed acquisitions, a higher dividend payment of 17.2 million euros (prior year: 14.3 million euros), and increased capital expenditure, Jenoptik was again free of net debt at the end of the fiscal year due to the good cash flow. As of December 31, 2018, net debt came to minus 27.2 million euros (31/12/2017: minus 69.0 million euros).

Higher dividend proposed

On the basis of the Group’s solid earnings and good financial position, the Executive and Supervisory Boards of JENOPTIK AG will propose, as in the prior years, an increased dividend of 0.35 euros per share for the 2018 fiscal year (prior year: 0.30 euros) to the Annual General Meeting on June 12, 2019. Subject to shareholder approval, the total amount to be paid out will be 20.0 million euros (prior year: 17.2 million euros).

The Jenoptik Executive and Supervisory Boards attach great importance to a steady and long-term development of the dividend that is comprehensible for shareholders. This year Jenoptik managed to improve the earnings per share from 1.27 euros to 1.53 euros. Alongside the effects of good business performance, these also include deferred tax income, which is not cash-effective. With this year’s proposed dividend of 0.35 euros, the company aims to pay out around 17 percent more to its shareholders than in the prior year.

”With this proposal we can, on the one hand, let our shareholders participate in Jenoptik’s good development. On the other hand, we are financially well equipped also in 2019 to look for opportunities to strengthen Jenoptik through further acquisitions and thus support our growth strategy in the best possible way,” says Hans-Dieter Schumacher, CFO of JENOPTIK AG.

Employee numbers continue to grow particularly abroad

The number of Jenoptik employees (incl. trainees) rose by 9.9 percent (363 employees) to 4,043 as of December 31, 2018 (31/12/2017: 3,680 employees). As a consequence of the internationalization strategy, the number of people employed abroad increased, by 22.3 percent to 981 employees (31/12/2017: 802), bringing the total workforce abroad up to 24.3 percent (prior year: 21.8 percent).

Development of the segments

The Optics & Life Science segment achieved a new revenue and earnings record in the 2018 fiscal year. Revenue rose 11.8 percent to 290.0 million euros (prior year: 259.4 million euros), with the segment particularly benefiting from good business with solutions for the semiconductor equipment industry and a positive development in the healthcare and industry business. With an EBIT of 62.3 million euros (prior year: 50.5 million euros), the segment achieved a 23.4 percent improvement in its operating results. The EBIT margin increased to 21.5 percent (prior year: 19.5 percent). EBITDA also saw a strong increase of 19.1 percent to 69.9 million euros (prior year: 58.7 million euros); the EBITDA margin grew to 24.1 percent (prior year: 22.6 percent). In the 2018 fiscal year, the order intake significantly exceeded the prior-year level by 18.7 percent, particularly following a strong fourth quarter, and was worth 350.8 million euros (prior year: 295.5 million euros). This increase was particularly facilitated by stronger demand for optical systems. The book-to-bill ratio grew to 1.21 (prior year: 1.14). The order backlog climbed accordingly by 55.9 percent to 165.0 million euros at the end of 2018 (31/12/2017: 109.1 million euros), thus providing a good basis for the current fiscal year.

Revenue in the Mobility segment grew 21.4 percent to 327.8 million euros in 2018 (prior year: 270.1 million euros), with the acquired companies contributing 37.0 million euros to this figure. Both solutions for the automotive industry and traffic safety technology systems saw increased demand, the latter primarily due to the delivery of truck toll monitoring systems for the German federal roads project. Based on this good overall revenue growth, the segment EBIT grew to a figure of 27.7 million euros (prior year: 18.5 million euros), as expected reflecting a significantly improved quality of earnings compared to the prior year. The EBIT margin improved to 8.4 percent (prior year: 6.9 percent). EBITDA rose 45.4 percent to 40.5 million euros (prior year: 27.9 million euros). The EBITDA margin grew to 12.4 percent, compared to 10.3 percent in the prior year. Both earnings figures increased in spite of substantial PPA effects and acquisition costs. In 2018, the segment order intake increased by 5.2 percent to 319.3 million euros (prior year: 303.7 million euros). This growth was generated in the automotive business, while in the traffic safety business the major order to supply toll monitoring systems included in the order intake for the prior year could not be fully compensated in 2018. The book-to-bill ratio in 2018 reached a figure of 0.97 (prior year: 1.12). The value of the order backlog increased by 25.8 percent, to 182.0 million euros at the end of 2018 (31/12/2017: 144.7 million euros).

As expected, revenue in the Defense & Civil Systems segment of 218.6 million euros was largely unchanged on the prior year (prior year: 219.3 million euros). At 20.1 million euros, the segment EBIT was slightly up on the prior-year figure (prior year: 19.2 million euros). A changed product mix, lower currency losses, and cost savings in sales resulted in the EBIT margin increasing to 9.2 percent (prior year: 8.7 percent). EBITDA also rose marginally, to 24.4 million euros (prior year: 23.8 million euros). The EBITDA margin improved to 11.2 percent (prior year: 10.9 percent). As expected, the segment increased its order intake in the fourth quarter, posting new orders worth some 60 million euros. For the full year, however, the order intake, worth 203.5 million euros, was still slightly down on the prior year, which had included several major projects (prior year: 206.2 million euros). Particularly in the first quarter of 2017, Jenoptik had received various major orders for energy and sensor systems. The book-to-bill ratio came to 0.93 in 2018 (prior year: 0.94), while the order backlog grew to 175.4 million euros as of December 31, 2018 (31/12/2017: 202.6 million euros).

Growth set to continue in 2019

“The past fiscal year was again the best in the company’s history. As part of the gradual implementation of our ‘Strategy 2022’, we have achieved key milestones with the introduction of our new corporate structure in early January 2019, the launch of the new, independent VINCORION brand for our mechatronics business in September 2018, and the reorganization of our activities in Asia. We are convinced that we are on the right track with the realignment of our structures, a stronger focus on photonic markets and the initiatives launched to promote innovation within the Group,” says Stefan Traeger, Jenoptik’s President & CEO.

Based on a very good order backlog, the Executive Board looks to 2019 with confidence. In the current fiscal year, it anticipates further growth and higher earnings. Revenue is to grow in the mid single-digit percentage range (before major portfolio changes). EBITDA growth is also expected, resulting in an EBITDA margin of between 15.5 and 16.0 percent.

“We are expecting momentum to accelerate in the course of the new fiscal year, resulting in a stronger second half of the year. In addition, deliveries of the toll monitoring systems in the traffic safety business had made a significant contribution to our revenue in the first half-year of 2018. Therefore, we are presently expecting a somewhat weaker business development in the first half-year, but anticipate further growth in the full year 2019,” says Stefan Traeger.

The Annual Report is available in the “Investors/Reports and Presentations” section of the website. The “Jenoptik app” can be used to view the Interim Report on mobile devices running iOS or Android. Images for downloading can be found in the Jenoptik image database in the “Current Events/Financial Reports” gallery.

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All for One Steeb AG: Hauptversammlung beschließt Umfirmierung in All for One Group AG. Umsetzung Strategieoffensive 2022 auf gutem Weg

Mit großer Mehrheit ist die ordentliche Hauptversammlung der All for One Steeb AG, führendes IT- und Beratungshaus und gefragter Digitalisierungspartner im Mittelstand, allen Vorschlägen der Verwaltung gefolgt. Rund 81% (81,46%) des Grundkapitals der Gesellschaft waren an der Aktionärsversammlung am 13. März 2019 vertreten.

Viel Beifall gab es für den strategischen Kurs. »Unsere Strategieoffensive 2022 ist planmäßig gestartet und auf gutem Weg. Die entscheidenden Weichenstellungen erfolgen im laufenden Geschäftsjahr 2018/19. Dabei haben wir unsere Mittelfristziele stets fest im Visier. Bereits für 2022/23 rechnen wir mit Umsätzen im Bereich von 550 Mio. bis 600 Mio. EUR und einer EBIT-Marge von über 7%«, bekräftigt All for One Steeb CEO und Vorstandssprecher Lars Landwehrkamp. Besonders deutlich fiel die Zustimmung der Hauptversammlung zur Umfirmierung der Gesellschaft von All for One Steeb AG in All for One Group AG aus. Knapp 100% (99,99%) hatten für die Umfirmierung votiert. »Unser neuer Marktauftritt als All for One Group AG mit der Eins als neuer Bildmarke und unserem neuen Claim – one idea ahead – bringt unseren Anspruch perfekt auf den Punkt: wir wollen unsere Kunden zur Nummer Eins machen«, so Landwehrkamp weiter.

Zur erfolgreichen Umsetzung der Strategieoffensive 2022 hatte der Aufsichtsrat der Gesellschaft zudem die Verträge mit beiden Vorständen bereits im November 2018 vorzeitig bis 2023 verlängert.

Trotz erwartet hoher Einmalkosten der Strategieoffensive 2022 im Geschäftsjahr 2018/19 hatte die Verwaltung der Hauptversammlung die Ausschüttung einer Dividende von unverändert 1,20 EUR je Aktie vorgeschlagen. Die gleichfalls mit großer Mehrheit von knapp 100% (99,99%) beschlossene Ausschüttung für die insgesamt 4.982.000 dividendenberechtigten Aktien liegt demnach bei rund 6,0 Mio. EUR. Die Ausschüttungsquote bezogen auf das Konzernergebnis nach Steuern 2017/18 in Höhe von 13,7 Mio. EUR (2016/17: 13,1 Mio. EUR) beträgt 44% (2016/17: 46%).

»Das Votum unserer Aktionäre ist eindeutig. Unsere Strategieoffensive 2022 erfährt damit zusätzlichen Rückenwind. An unserer Prognose für das Übergangsjahr 2018/19, ein Umsatz zwischen 345 Mio. und 355 Mio. EUR sowie ein EBIT zwischen 21 Mio. und 22 Mio. EUR vor Einmalkosten der Strategieoffensive in Höhe eines mittleren einstelligen Millionenbetrags halten wir unverändert fest. Ab 2020 rechnen wir auf Quartalsebene wieder mit einem Anstieg der EBIT-Marge«, unterstreicht All for One Steeb CFO Stefan Land.

Der Launch des neuen Marktauftritts als All for One Group AG erfolgt – abhängig von der Eintragung der Beschlüsse im Handelsregister – voraussichtlich im Verlaufe des Aprils 2019. Bereits Anfang April wird die Gesellschaft ihr neues Headquarter am Standort Filderstadt bei Stuttgart beziehen.

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DEUTZ AG: DEUTZ with record growth in 2018

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– Revenue target comfortably exceeded, sharp increase in profitability
– Strong order book ensures good capacity utilization
– Further growth and further increase in profitability expected in 2019 

"2018 was a very successful year for DEUTZ," says Dr Frank Hiller, Chairman of the Board of Management of DEUTZ AG. "We comfortably exceeded our revenue target and registered a sharp increase in profitability. Our E-DEUTZ strategy is already bearing fruit and is an important step on our path to becoming a leading global manufacturer of innovative drive systems. And our new three-pillar growth strategy for China means that we are now also strengthening our position in the world’s biggest engine market. For 2019, we expect a further increase in revenue and a further improvement in profitability towards our medium-term target of an EBIT margin before exceptional items of 7 to 8 per cent."

Double-digit growth in new orders and revenue

In 2018, the DEUTZ Group received orders worth EUR1,952.6 million, which was an improvement of 25.4 per cent compared with the prior-year figure of EUR1,556.5 million. All off-highway application segments as well as the service business registered increases. Orders on hand totalled EUR438.9 million as at 31 December 2018, a rise of 62.0 per cent compared with the figure of EUR270.9 million at the end of 2017. DEUTZ generated revenue of EUR1,778.8 million in 2018, which was 20.3 per cent higher than the figure of EUR1,479.1 million achieved in 2017. DEUTZ therefore comfortably exceeded the forecast, published in its 2017 annual report and reiterated in July 2018, of a marked rise in revenue to more than EUR1.6 billion.

Substantial increase in operating profit

Operating profit (EBIT before exceptional items) more than doubled in 2018, going up by EUR42.3 million to reach EUR82.0 million (2017: EUR39.7 million). This was mainly because of the higher volume of business and the resulting economies of scale as well as positive effects from the efficiency program. It was achieved in spite of several weeks of strike action at a supplier. Most of the negative effects resulting from this disruption, which occurred in the third quarter of 2018, were compensated for by reconfiguring production plans and initiating catch-up measures. DEUTZ also withdrew from the DEUTZ Dalian joint venture last year. The negative impact on earnings attributable to the joint venture in the first half of 2018 was slightly outweighed, as had been anticipated, by the proceeds generated from the sale of the shares in the fourth quarter of 2018. The EBIT margin before exceptional items improved from 2.7 per cent in 2017 to 4.6 per cent last year. At the start of the year, DEUTZ had expected a moderate increase in the EBIT margin before exceptional items. The improvement of 1.9 percentage points in the EBIT margin more than exceeded this initial forecast as well as the more specific forecast made in July 2018 of an EBIT margin of at least 4.5 per cent.

Prior-year result inflated by positive effects from exceptional items

Net income fell by EUR48.6 million to EUR69.9 million in 2018. This resulted in earnings per share of EUR0.58 (2017: EUR0.98). When adjusted for exceptional items recorded in the prior year, which mainly related to the sale of property and totalled EUR85.5 million after taxes, net income rose by EUR36.9 million. Adjusted earnings per share thus improved from EUR0.27 in the prior year to EUR0.58 last year.

Segment: DEUTZ Compact Engines

– Significant increase in new orders 
– Double-digit revenue growth in the main application segments: Material Handling up by 41.9 per cent, Construction Equipment up by 25.8 per cent, Agricultural Machinery up by 12.9 per cent 
– Substantial improvement in the EBIT margin before exceptional items to 4.3 per cent (up by 270 basis points) due to economies of scale and efficiency gains

DEUTZ Customised Solutions segment

– Very good performance in Q4 2018 due to the high level of orders on hand
– Service revenue advances by 10.1 per cent in 2018
– EBIT margin before exceptional items rises to 12.1 per cent (up by 220 basis points) on the back of an improved product mix and efficiency gains

Consistent dividend 

As in the prior year, the Board of Management and Supervisory Board of DEUTZ AG propose using EUR18.1 million of the accumulated income to pay a dividend of EUR0.15 per share. The dividend per share is therefore at the same level as in 2017. However, it has been funded exclusively from the operational business, whereas last year the intention of the dividend was to allow the shareholders to benefit from the completed property transactions. DEUTZ is aiming to maintain a dividend ratio of around 30 per cent of net income over a number of years.

Positive outlook for 2019

This year, DEUTZ’s engine business will benefit from persistently strong demand from customers. The start of 2019 has been characterised by a high level of orders on hand, which bodes very well for business in the first half of the year in particular.

For 2019 as a whole, DEUTZ expects revenue to increase to more than EUR1.8 billion. The EBIT margin (before exceptional items) is also forecast to improve to at least 5.0 per cent. This increase is likely to result mainly from the anticipated growth in revenue, but also from the various initiatives aimed at continuously increasing efficiency. The ongoing expansion of the service business will also help to improve overall profitability relative to 2018. DEUTZ is therefore expecting to take a further step towards its medium-term target (for 2022) of an EBIT margin before exceptional items of 7 to 8 per cent. The payment of the final instalment of the purchase consideration from the disposal of the Cologne-Deutz site could result in an exceptional item that would increase earnings by around EUR50 million in 2019.

Forward-looking statements

This release may contain forward-looking statements based on current assumptions and forecasts made by DEUTZ management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation or development of the company and the estimates given here. These factors include those discussed in DEUTZ’s public reports which are available at www.deutz.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

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Elmos veröffentlicht Geschäftsbericht: „Das Geschäftsjahr 2018: überzeugend wie unsere Produkte!“

Der Geschäftsbericht für das Jahr 2018 der Elmos Semiconductor AG (FSE: ELG) ist heute erschienen. Die vorläufigen Finanzzahlen und die Prognose werden bestätigt. Das Dokument steht unter www.elmos.com (hier) zur Verfügung.

Aufsichtsrat und Vorstand sehen vor, der Hauptversammlung am 15. Mai 2019 eine Anhebung der Dividende auf 0,52 Euro je Aktie vorzuschlagen (Vorjahr: 0,40 Euro je Aktie).

Entsprechend der aktuellen Konjunkturlage rechnet Elmos gegenüber dem Vorjahr mit einem Umsatzwachstum von 6% bis 10%. Die EBIT-Marge soll zwischen 13% und 17% liegen. Die Investitionen sollen weniger als 15% des Umsatzes betragen. Elmos geht davon aus, in 2019 einen positiven bereinigten Free Cashflow zu erreichen. Der Prognose liegt ein Wechselkursverhältnis von 1,15 US-Dollar/Euro zu Grunde.

Definitionen ausgewählter Finanzkennzahlen
– Bereinigter Free Cashflow: Cashflow aus der betrieblichen Tätigkeit, abzüglich Investitionen in/zuzüglich Abgänge von immaterielle/n Vermögenswerte/n und Sachanlagen
– Investitionen: Investitionen in immaterielle Vermögenswerte und Sachanlagen abzgl. aktivierten Entwicklungsleistungen
– Weitere Erläuterungen zu den verwendeten Kennzahlen finden Sie im Geschäftsbericht 2018 der Elmos Semiconductor AG unter www.elmos.com

Hinweis
Diese Mitteilung enthält in die Zukunft gerichtete Aussagen, die auf Annahmen und Schätzungen der Unternehmensleitung von Elmos beruhen. Obwohl wir annehmen, dass die Erwartungen dieser vorausschauenden Aussagen realistisch sind, können wir nicht dafür garantieren, dass die Erwartungen sich auch als richtig erweisen. Die Annahmen können Risiken und Unsicherheiten bergen, die dazu führen können, dass die tatsächlichen Ergebnisse wesentlich von den vorausschauenden Aussagen abweichen. Zu den Faktoren, die solche Abweichungen verursachen können, gehören u.a. Veränderungen im wirtschaftlichen und geschäftlichen Umfeld, Wechselkurs- und Zinsschwankungen, Einführungen von Konkurrenzprodukten, mangelnde Akzeptanz neuer Produkte und Änderungen der Geschäftsstrategie. Eine Aktualisierung der vorausschauenden Aussagen durch Elmos ist weder geplant noch übernimmt Elmos die Verpflichtung dazu.


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Rheinmetall benefiting from continued growth at Defence – Group anticipates further sales and operating result growth for 2019

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Outlook 2019

•Consolidated sales (before currency effects) forecast to rise between 4% and 6%
•Operating margin at Group level of approximately 8% anticipated
•Automotive expects a stable level of sales and an operating margin of approximately 8%
•Defence anticipates sales to rise (before currency effects) by between 9% and 11% with the operating margin improving to 8.0% to 8.5%.

Fiscal 2018

•Consolidated sales up 4.3% at €6,148 million
•Consolidated operating result up 23% at €492 million
•Earnings after taxes rise by €102 million to €354 million (+ 40%)
•Order backlog at Defence reaches new record of €8,577 million
•Dividend to be raised by 24% from €1.70 to €2.10

Rheinmetall AG is forecasting further growth in organic sales at Group level and a corresponding increase in operating result for fiscal 2019. Primarily driven by continued dynamic development in the Defence sector, the technology corporation’s annual sales are set to grow organically by 4% to 6% in the current fiscal year. For the Automotive sector, Rheinmetall expects a stable level of sales, despite significant market uncertainties.

At the same time, the operating margin forecast for the Group will remain stable at 8% on a par with the previous year (fiscal 2018).

Armin Papperger, Chief Executive Officer of Rheinmetall AG: “Rheinmetall remains on track for profitable growth. We want to increase our overall sales even further and anticipate another increase in earnings. At Defence, the trend toward stepping up the modernization of armed forces linked to the rising budgets is already evident in our order books. Our broad technological positioning means that we are in an ideal position to play a leading role in the modernization of armed forces in Germany and other partner countries.

At Automotive, we cannot entirely avoid the partly declining development on the global markets, but we will continue to benefit from rising demand for environmentally friendly mobility with our products for reducing consumption and emissions. At the same time, we are selectively expanding our e-mobility activities, so that we can play an increasingly important role here, too.”

Strong growth in operating result – proposed dividend of €2.10 per share

The Rheinmetall Group generated sales of €6,148 million in fiscal 2018, an increase of 4.3% compared with the previous year’s figure of €5,896 million. When adjusted for currency effects, the growth is 6.1%. Sales growth was driven by both corporate sectors.

At 72%, the international share of consolidated sales in fiscal 2018 was down slightly on the previous year (76%).

Operating result (EBIT before special items) climbed by 23% to €492 million after €400 million in the previous year. The Group’s operating margin rose to 8.0% (previous year: 6.8%).

The Defence sector achieved an operating result of €254 million, 46% above the previous year’s figure of €174 million. Rheinmetall Automotive also increased its operating result.

At €262 million, the figure was up 5.2% compared with the previous year’s figure of €249 million.

Special items resulted from restructuring costs at two Defence locations (€-7 million) and from real estate transactions (€+33 million) at the Berlin site and in connection with a former production facility in Hamburg. Including these special items and after deduction of €24 million in holding costs for Rheinmetall AG, reported EBIT for the Group amounts to €518 million.

At Group level, earnings after taxes amounted to €354 million in the past fiscal year after €252 million in 2017. This represents growth of approximately 40%. Including the earnings attributable to non-controlling interests, earnings per share for 2018 amount to €7.10 (2017: €5.24).

The Executive Board and Supervisory Board will be proposing a dividend of €2.10 per share at the Annual General Meeting on May 28, 2019. This corresponds to a payout ratio of approximately 30%. A dividend of €1.70 per share was paid in the previous year.

Automotive at a new earnings high – operating margin increased to 8.9%

Rheinmetall Automotive again enhanced its business volume in an increasingly challenging market environment in 2018, generating sales of €2,930 million, an increase of €69 million or 2.4% compared with the previous year. When adjusted for currency effects, the growth is 4.2%. By comparison, the global production of light vehicles declined by 1.1% in 2018.

All three divisions once again recorded year-on-year sales growth. Declining demand for diesel products for the light vehicles market was offset, among other things, by new product launches and growth in business with other product groups (including commercial diesel systems, large-bore pistons and gasoline drives). Sales of the Mechatronics division rose by 2.7% to €1,664 million in 2018, owing to a further increase in demand from automotive manufacturers for solutions to reduce fuel consumption and emissions and dynamic growth in business with commercial vehicles. The Hardparts division expanded its sales by 2.2% to €989 million, largely owing to the positive development of business with large-bore pistons and pistons for trucks and off-road vehicles. The Aftermarket division expanded its worldwide replacement parts business by 2.2% to €367 million.

The regional distribution of sales for fiscal 2018 remained virtually unchanged year-on-year. The share of sales generated with customers abroad totaled 80% (previous year: 81%).

The joint ventures operated with a Chinese partner in China and Germany are accounted for using the equity method and are therefore not included in the sales of Rheinmetall Automotive. Sales of these companies totaled €1,193 million in fiscal 2018, which corresponds to a year-on-year growth of 2.6%, or 4.4% after adjustment for currency effects.

Operating result of Rheinmetall Automotive (EBIT before special items) came to €262 million for the last fiscal year, a new record in the company’s history. This is growth of €13 million or 5% compared with the previous year’s figure of €249 million.

The sector’s operating margin rose to 8.9% (previous year: 8.7%), which also represents a new record.

Defence significantly increases result – major orders bring record order backlog

Defence increased its sales by €185 million or 6.1% to €3,221 million in the reporting period after €3,036 million in the previous year. When adjusted for currency effects, the growth was 7.9%. Among other factors, sales growth was due to increased deliveries of trucks for the major project Land 121 in Australia and to the fact that series production was being utilized to full capacity for the Puma infantry fighting vehicle for the German armed forces. In addition, the start-up of the major project Future Soldier System – also with the German armed forces – contributed to a significant increase in sales in the Electronic Solutions division. The Weapon and Ammunition division, in contrast, suffered a year-on-year drop in sales of approximately 10% or €119 million in 2018, owing to the loss of trading sales.

In 2018, the sector’s order intake reached nearly twice the previous year’s figure. In fiscal 2018, Defence posted orders worth €5,565 million, after €2,963 million in the previous year. This is growth of €2,602 million or 88%, which resulted primarily from two high-volume orders for the Australian armed forces. The order for 211 Boxer vehicles for the Australian armed forces stands out here in particular, as it marks the largest single order in the company’s history, with a total value of approximately €2.1 billion.

The book-to-bill ratio was 1.7 in 2018 (previous year: 1). The individual divisions of the Defence sector likewise demonstrated their future growth potential with a respective book-to-bill ratio of over 1.

The order backlog increased significantly to a new record of €8,577 million, which equates to growth of 34% after €6,416 million in fiscal 2017.

The Defence sector also significantly increased its earnings. Operating result (EBIT before special items) amounted to €254 million in the past fiscal year, soaring by €80 million or 46% compared with the previous year. Special items of €-7 million – resulting from restructuring expenses in the Electronic Solutions division – led to reported EBIT of €247 million for the fiscal year.

This significant improvement in results was achieved thanks to the positive performance of the Electronic Solutions and Vehicle Systems divisions in particular. Both divisions increased their operating results by more than 100% year-on-year, which was due above all to improved utilization of capacity and organic growth in both areas.

Rheinmetall Defence’s operating margin rose to 7.9% in fiscal 2018, significantly exceeding the previous year’s figure of 5.7%.

Outlook 2019

Rheinmetall continues on its growth trajectory

Rheinmetall expects another organic growth phase for the Group in the current fiscal 2019. Rheinmetall AG’s annual sales are expected to grow organically and before currency effects by 4% to 6% in the current fiscal year, based on €6.1 billion in fiscal 2018. This sales growth is driven by dynamic development in the Defence sector. By contrast, due to the general market development, perceptible growth contributions from the Automotive sector are not to be expected in fiscal 2019.

Sales performance in the Automotive sector is strongly influenced by the economic development in the automotive markets of Europe, North and South America and Asia, as well as by an anticipated, perceptible market recovery in the second half of the year. In the context of a currently cautious market expectation for the Automotive sector, for the year as a whole Rheinmetall anticipates for the Automotive sector a generally stagnating to slightly positive sales performance before currency effects.

Rheinmetall anticipates sales will climb by between 9% and 11% for the Defence sector in fiscal 2019, which is already assured based on relatively high coverage through the existing order backlog.

Further absolute improvement in earnings expected in fiscal 2019

Rheinmetall expects an operating margin of approximately 8% for the Automotive sector in fiscal 2019, based on the anticipated market development and the sales forecast derived from this. Rheinmetall anticipates a further improvement in operating result in the Defence sector in 2019 and expects an operating margin of between 8.0% and 8.5%.

Taking into account holding costs, the Rheinmetall Group’s operating margin comes to approximately 8%.

Statements and forecasts referring to the future

This release contains statements referring to the future. These statements are based on the current estimates and forecasts of Rheinmetall AG and the information currently available to it. The statements referring to the future are not to be understood as guarantees of the future developments and results that they describe. These instead depend on a number of factors. They involve various risks and uncertainties, and are based on assumptions that may prove to be inaccurate. Rheinmetall does not undertake a commitment to update statements referring to the future made in this release.

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Voltabox vor weiterem Wachstumssprung auf 105 bis 115 Mio. Euro

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Zuletzt angehobene Umsatzziele auch ohne geplante Akquisition von US-Wettbewerber erreicht
Vorläufiger Konzernumsatz steigt um rund 145 Prozent auf 66,9 Mio. Euro (Vorjahr: 27,3 Mio. Euro)
EBIT-Marge mit rund 8,8 Prozent trotz Belastung aus neuem Vertrag mit Intralogistik-Partner deutlich über der Prognose

Ausblick 2019

– Umsatzsprung auf 105 bis 115 Mio. Euro bei EBIT-Marge zwischen 8 und 9 Prozent geplant-
– Erstmals auch signifikante Umsätze mit Batteriepacks für Pedelecs und E-Bikes
Deutliche Verbesserung des Free Cash Flow erwartet

Die Voltabox AG (ISIN DE000A2E4LE9) erwartet für das laufende Geschäftsjahr ein weiteres Umsatzwachstum in der Größenordnung von rund 60 bis 70 Prozent, was einem Umsatz zwischen 105 und 115 Mio. Euro entspricht. Dabei strebt der Vorstand eine EBIT-Marge von rund 8 bis 9 Prozent an. Basis der Prognose ist die sehr gute Auftragssituation. Im Geschäftsjahr 2018 hat Voltabox die prognostizierten Umsatzziele nach vorläufigen, ungeprüften Geschäftszahlen erreicht und dabei die Ergebniserwartungen deutlich übertroffen.

Nach vorläufigen, ungeprüften Zahlen erwirtschaftete Voltabox im Geschäftsjahr 2018 einen Konzernumsatz von 66,9 Mio. Euro (Vorjahr: 27,3 Mio. Euro). Maßgeblich für den Wachstumssprung um rund 145 Prozent war die zunehmende automatisierte Massenproduktion von Batteriemodulen für den Einsatz in Gabelstaplern und fahrerlosen Transportfahrzeugen. Das Konzern-EBIT beträgt 5,9 Mio. Euro. Mit einer entsprechenden EBIT-Marge von 8,8 Prozent wurde das zuletzt prognostizierte Ergebnisziel von 7 Prozent trotz der Ergebnisbelastung von 2 Mio. Euro infolge der neuen Vertragsgestaltung mit einem Kooperationspartner für das Marktsegment Intralogistik deutlich übertroffen.

Die aufgrund der erwarteten Übernahme eines US-Wettbewerbers angehobene Umsatzprognose konnte trotz Absage dieser Transaktion durch den sehr positiven Geschäftsverlauf im zweiten Halbjahr realisiert werden. Neben den Batteriesystemen für Trolleybusse trug erstmals auch das in die Serienproduktion überführte Batteriesystem für ein Minenfahrzeug spürbar zum Umsatz bei. Weiterhin wurden Umsätze im neuen Marktsegment Land- und Bauwirtschaft erzielt.

„Wir haben Voltabox im vergangenen Jahr strategisch und operativ deutlich weiterentwickelt", sagt Jürgen Pampel, Vorstandsvorsitzender der Voltabox AG. „Mit den Übernahmen von Concurrent Design und ACCURATE konnten wir unsere Ressourcen und unser Produktportfolio stärken. Durch die Neustrukturierung des Vertriebs in dem für uns so wichtigen Marktsegment Intralogistik haben wir die Bedingungen geschaffen, um unsere Marktposition in der EU und Nordamerika via Direktvertrieb schnell auszubauen. Im laufenden Geschäftsjahr werden wir auch erstmals mit Batteriepacks für Pedelecs und E-Bikes signifikante Umsätze generieren."

Voltabox baut derzeit ein eigenes Vertriebsnetz für den US-Intralogistik-Markt auf. Bis Mitte 2019 wird das bestehende Portfolio um Produkte für den amerikanischen Markt erweitert, die auf bestehenden automatisierten Anlagen gefertigt werden können. Die damit verbundenen Kosten betragen ca. 1 Mio. Dollar. Voltabox adressiert mit den neuen Batteriesystemen US-Gabelstapler-Hersteller, nationale Batteriehändler sowie Großkunden mit entsprechender Logistik-Infrastruktur. Weiterhin sollen in 2019 in den USA Umsätze mit Energiespeichern für den stationären Einsatz sowie mit Batteriesystemen für Elektrolokomotiven erzielt werden. Zudem steht die Beschleunigung des Fahrplans zur Elektrifizierung von Bergbaufahrzeugen im Fokus der amerikanischen Tochtergesellschaft Voltabox of Texas, Inc.

In Europa wird auch das wachsende Geschäft mit dem Kunden KUKA zur Umsatzsteigerung beitragen. Darüber hinaus erwartet Voltabox infolge der Aufnahme des Direktvertriebs in der Intralogistik stark zunehmende Umsätze mit Herstellern und großen Flottenbetreibern wie Logistikunternehmen oder Großkunden aus Industrie und Handel. Insgesamt werden bereits im Geschäftsjahr 2019 voraussichtlich rund zwei Drittel der Intralogistik-Umsätze in Europa direkt von Voltabox realisiert; entsprechend sinkt der Umsatzanteil mit dem bestehenden Vertriebspartner plangemäß auf ein Drittel. Weiterhin erwartet Voltabox eine positive Entwicklung auf dem Gebiet der Trolley- und EV-Busse. Voltabox prüft zudem den Markteintritt in den Automotive-Markt und führt hierzu erfolgversprechende Gespräche mit mehreren Automobilherstellern.

„ir rechnen in den bisher von uns besetzten Teilmärkten mit einem globalen Marktwachstum von rund 12 Prozent", sagt Jörg Dorbandt, COO der Voltabox AG. „Voltabox wird damit abermals weit stärker als der Markt wachsen. Angesichts der guten Auftragssituation sind wir sehr zuversichtlich, unseren dynamischen Wachstumskurs weiter profitabel fortsetzen zu können. Wir führen unsere Entwicklungen zunehmend in die Serienfertigung über, was auch an den in 2018 reduzierten aktivierten Eigenleistungen ersichtlich wird."

Der im Berichtsjahr deutlich erhöhte Net Working Capital Bedarf geht auf temporär ausgeweitete Zahlungsziele im Rahmen der Vertragsneuverhandlung mit einem Vertriebspartner in der Intralogistik zurück. Seit dem 1. Januar 2019 gelten wieder die Zahlungsziele von in der Regel 30 Tagen. Diese Tatsache wird einen deutlich positiven Effekt auf den Free Cash Flow im laufenden Jahr haben. Da auch der im zweiten Halbjahr notwendige Lageraufbau bei Voltabox nicht weiter gesteigert werden soll, rechnet der Voltabox-Vorstand für 2019 mit einem ausgeglichenen Free Cash Flow.

Nach vorläufigen Zahlen liegt die Eigenkapitalquote bei nunmehr 86,1 Prozent (Vorjahr 90,8 Prozent). Mit flüssigen Mitteln in Höhe von 28,2 Mio. Euro per 31. Dezember 2018 ist Voltabox nach Ansicht des Vorstands weiterhin komfortabel finanziert. Dazu trug auch das pünktliche und z.T. auch vorfällige Zahlungsverhalten des Intralogistik-Vertriebspartners bei, dessen Umsatzanteil gegenüber dem Vorjahr in etwa gleich blieb.

Mit 105 bis 115 Mio. Euro strebt der Vorstand im laufenden Geschäftsjahr einen weiteren Wachstumssprung bei einer EBIT-Marge in der Größenordnung von 8 bis 9 Prozent an. Das geplante Investitionsvolumen (CAPEX) wird mit rund 14 Mio. Euro (2018: 13,4 Mio. Euro) beziffert. Die aktivierten Entwicklungskosten werden im Geschäftsjahr 2019 planmäßig rund Seite 4 von 4

57 Prozent der gesamten Investitionssumme betragen. Im laufenden Jahr sind gemäß der aktuellen Planung keine wesentlichen Akquisitionen vorgesehen.

Bis zum Bilanzstichtag hat sich die gute Entwicklung des kumulierten Auftragsbestands für die nächsten fünf Jahre, also bis zum 31. Dezember 2023, weiter fortgesetzt.

Der vollständige, testierte Konzernabschluss wird mit dem Geschäftsbericht der Gesellschaft voraussichtlich am 1. April 2019 veröffentlicht. Unter www.ir.voltabox.ag stehen weitere Informationen über die Voltabox AG bereit.

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Knorr-Bremse AG präsentiert starke vorläufige Zahlen für 2018 – Guidance voll erfüllt – weiteres profitables Wachstum für 2019 erwartet

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▪ Knorr-Bremse AG blickt auf ein erfolgreiches Jahr 2018 zurück: strategische und finanzielle Ziele erreicht – Guidance 2018 voll erfüllt
▪ Zuversichtlicher Ausblick 2019 trotz wachsender wirtschaftlicher und politischer Risiken
▪ Knorr-Bremse hat am 5. März 2019 die Aufnahme in den MDAX erlangt und wird am 18. März 2019 in den Index eintreten
▪ Starkes Umsatzwachstum: Umsatz wächst 2018 währungsbereinigt um 10,5%. Ausgewiesener Umsatz steigt um 7,5% gegenüber Vorjahr auf 6.616 Mio. EUR (Vorjahr: 6.154 Mio. EUR). Beide Segmente tragen zum Umsatzwachstum bei: RVS +6,2%, CVS +9,3%
▪ Weiterhin solide Profitabilität: EBITDA- und EBIT-Marge, bereinigt um Kostenerstattung für Börsengang, bei 18,0% (Vorjahr 18,1%) und 14,9% (Vorjahr 14,7%). Operative EBITDA- und EBIT-Marge ohne Effekte aus Desinvestitionen bei 18,4% und 15,6%
▪ Gute Auftragslage: Auftragsbestand wächst um 9,2% gegenüber Vorjahr auf 4.563 Mio. EUR (Vorjahr: 4.177 Mio. EUR) und unterstreicht die gute mittelfristige Perspektive
▪ Guidance für das Geschäftsjahr 2019: Umsatz 6.800 bis 7.000 Mio. EUR, EBITDAMargenkorridor 18,0% bis 19,0%, ein stabiles gesamtwirtschaftliches und politisches Umfeld vorausgesetzt
▪ Vorstand beabsichtigt, eine Dividende zwischen 40% und 50% des Nettogewinns entsprechend der Dividendenpolitik des Unternehmens vorzuschlagen

Die Knorr-Bremse AG, Weltmarktführer für Bremssysteme und führender Anbieter von Subsystemen für Schienen- und Nutzfahrzeuge, hat heute seine vorläufigen Zahlen für das Geschäftsjahr 2018 präsentiert.

„Knorr-Bremse blickt auf ein erfolgreiches Jahr 2018 zurück und wir freuen uns über die positive Entwicklung unserer beiden Geschäftsbereiche. Trotz eines unsicheren, volatilen Marktumfelds stieg die Nachfrage nach Knorr-Bremse Systemen für Schienen- und Nutzfahrzeuge auf ein neues Höchstniveau. Wir sind stolz darauf, allein im chinesischen Markt 26 Projekte im Bereich der Metrolinien gewonnen zu haben – ein Beweis für die hohe Wertschätzung, die unsere Systeme genießen“, so Klaus Deller, Vorsitzender des Vorstands der Knorr-Bremse AG. „Mit organischem Wachstum sowie strategischen Akquisitionen in beiden Segmenten haben wir die Weichen für unsere aktive Mitgestaltung der globalen Megatrends Urbanisierung, Eco-Effizienz, Digitalisierung und automatisiertes Fahren gestellt. Diese Positionierung wird auch durch die Kursentwicklung unserer Aktie honoriert.“

Mit der jüngsten Übernahme des Geschäftsbereichs Lenksysteme für Nutzfahrzeuge von Hitachi Automotive Systems durch das Segment CVS hat Knorr-Bremse einen wichtigen Schritt hin zum globalen Anbieter von Lösungen in den Bereichen Fahrerassistenz und hochautomatisiertes Fahren vollzogen.

Starkes organisches Wachstum

Währungsbereinigt stieg der Umsatz im Geschäftsjahr 2018 um 10,5%. Der ausgewiesene Umsatz für das Gesamtjahr erhöhte sich um 7,5% auf 6.616 Mio. EUR (2017: 6.154 Mio. EUR). Das Segment RVS verzeichnete ein dynamisches Wachstum von 6,2% gegenüber dem Vorjahr. Das Segment CVS ist mit 9,3% gegenüber dem Vorjahr besonders stark gewachsen. In beiden Segmenten konnte der Umsatz fast ausschließlich durch organisches Wachstum gesteigert werden. Alle Regionen haben hierzu beigetragen. Das starke OEGeschäft hat dieses Wachstum maßgeblich gestützt, was zusammen mit den getätigten Portfolioveräußerungen zu einem Rückgang des Nachmarktanteils am Gesamtumsatz auf 33,8% (2017: 35,3%) führte.

Anhaltend solide Profitabilität

Auf Konzernebene erwirtschaftete Knorr-Bremse im Geschäftsjahr 2018 ein EBITDA von 1.178 Mio. EUR, was eine Steigerung von 5,6% gegenüber 2017 (1.116 Mio. EUR) bedeutet. Das entspricht einer Marge von 17,8%, knapp unter Vorjahr und im vorgegebenen Margenkorridor. Bereinigt um die Erstattung der Kosten des Börsengangs durch den verkaufenden Gesellschafter wurde ein EBITDA von 1.193 Mio. EUR erzielt, was einer Marge von 18,0% entspricht. Der Betrag wurde IFRS-konform in der Bilanz und nicht in der Gewinnund Verlustrechnung ausgewiesen.

Das operative EBITDA – bereinigt um die Umsätze (68 Mio. EUR) und Verluste (-11 Mio. EUR) der im Jahr 2018 veräußerten Unternehmen in den Bereichen Zugwartung und Simulation – lag bei 1.204 Mio. EUR und erreichte somit eine EBITDA-Marge von 18,4%. Das hohe Niveau dieser Ergebnisgrößen konnte trotz des Rückgangs des Nachmarktanteils am Umsatz, höherer Materialkosten und Engpässen in der Lieferkette erreicht werden. Die F&E-Quote sank aufgrund des hohen Umsatzwachstums leicht auf 5,5% (2017: 5,8%), erreichte jedoch wiederum ein im Wettbewerbsvergleich hohes Niveau.

Das im Geschäftsjahr 2018 um 7,6% gesteigerte Konzern-EBIT von 972 Mio. EUR (2017: 904 Mio. EUR) führte zu einer gegenüber dem Vorjahr stabilen Marge von 14,7%. Die angepasste EBIT-Marge erreichte 14,9%, die operative EBIT-Marge 15,6%.

Auftragseingang und Auftragsbestand unterstreichen den mittelfristigen Ausblick

Mit 7.001 Mio. EUR und einer Book-to-Bill-Ratio von 1,06 lag der Auftragseingang von Knorr-Bremse erstmals in der Unternehmensgeschichte über der Marke von 7 Mrd. EUR. Der Auftragsbestand erreichte Ende 2018 mit 4.563 Mio. EUR ein erneut gestiegenes Niveau. Gegenüber dem Vorjahr (4.177 Mio. EUR) ergab sich ein Anstieg um 9,2%.

Segmente

Systeme für Schienenfahrzeuge (RVS)

Im Segment RVS lag der Umsatz mit 3.462 Mio. EUR um 6,2% über dem Vorjahr (2017: 3.260 Mio. EUR) und führte zu einer EBITDA-Marge von 20,0% (2017: 19,6%). Das Wachstum im Europa-Geschäft wurde vor allem in den Bereichen Lokomotiven, R&C und Metro erzielt. In Asien konnten insbesondere das OE-Geschäft in Indien und das Servicegeschäft in China starke Zuwächse erzielen. In Nordamerika wies das Frachtgeschäft eine positive Entwicklung aus. Überdies wurde die verbesserte ausgewiesene EBITDA Marge durch Volumenwachstum und striktes Kostenmanagement erzielt. Bereinigt um die Effekte aus Unternehmensveräußerungen stieg der Umsatz im Nachmarktgeschäft um 5,8%. Der Anteil des Nachmarktgeschäftes am Umsatz im Segment RVS betrug 40%.

Systeme für Nutzfahrzeuge (CVS)

Im Segment CVS stieg der Umsatz gegenüber dem Vorjahr um 9,3% auf 3.160 Mio. EUR (2017: 2.891 Mio. EUR). Dieser Zuwachs resultierte vor allem aus einem Anstieg der weltweiten Nutzfahrzeugproduktion um 6% und dem überdurchschnittlichen Wachstum bei den Ausstattungsumfängen, insbesondere bei pneumatischen Scheibenbremsen. Das Europa-Geschäft verzeichnete ein robustes, überdurchschnittliches Wachstum. Die Zuwächse im Nordamerika-Geschäft entwickelten sich besser als der ohnehin dynamische Markt in der Region. In China konnten trotz der rückläufigen Nutzfahrzeugproduktion Zuwächse erzielt werden. Gestiegene Materialkosten und Engpässe in der Lieferkette haben das Ergebnis jedoch belastet, was zu einer EBITDA-Marge von 16,4% führte (Vorjahr 17,4% mit einem ungewöhnlich starken vierten Quartal 2017). Der Anteil des Nachmarktgeschäftes am CVS Umsatz betrug im Berichtszeitraum 27%.

F&E-Ausgaben und Mitarbeiterzahl über Vorjahresniveau

Im Geschäftsjahr 2018 wurden 364 Mio. EUR (Vorjahr 359 Mio. EUR) für Forschungs- und Entwicklungsaktivitäten ausgegeben. Starkes Umsatzwachstum führte zu einer leicht geringeren F&E-Quote von 5,5% (Vorjahr: 5,8%). Damit liegt Knorr-Bremse weiterhin über dem Wettbewerb.

Die Gesamtzahl der Mitarbeiter zum Jahresende 2018 wuchs um 2,7% auf 28.452 und damit weniger stark als der Umsatz.

Aufnahme in den MDAX zum 18. März 2019

Die Deutsche Börse hat Knorr-Bremse am 5. März 2019 gemäß den Fast-Entry-Regeln in den MDAX zugelassen. Ralph Heuwing, CFO: „Nach unserem Börsendebüt im Oktober ist dies ein wichtiger Meilenstein für Knorr-Bremse und seine Aktionäre. Ausgehend von unserer Prognose für 2019 sind wir zuversichtlich, weiterhin Wert für alle Interessensgruppen zu schaffen.“

Ausblick für das Gesamtjahr 2019

Makroökonomische und politische Risiken nehmen zu, Handelskonflikte und Brexit sind nur zwei Beispiele dafür. Unter der Annahme eines stabilen gesamtwirtschaftlichen und politischen Umfelds, rechnet das Unternehmen für das Gesamtjahr 2019 mit einem Umsatz von 6.800 bis 7.000 Mio. EUR und einer EBITDA-Marge von 18,0% bis 19,0%. Dies liegt im Rahmen des beim Börsengang im vergangenen Jahr veröffentlichten mittelfristigen Ausblicks, der unverändert bleibt.

Die vorgenannten Zahlen sind vorläufig und ungeprüft. Die vollständigen Ergebnisse und der vollständige Jahresbericht sind ab 30. April 2019 auf der Website www.knorr-bremse.com abrufbar.

Eine Telefonkonferenz für Investoren mit CEO Deller und CFO Heuwing zur Besprechung der vorläufigen Zahlen für 2018 findet heute um 14h MEZ statt. Die Präsentationen stehen auf der Website www.knorr-bremse.com zur Verfügung.

HAFTUNGSAUSSCHLUSS
Diese Veröffentlichung wurde von der Knorr-Bremse AG selbstständig erstellt und kann zukunftsgerichtete Aussagen zu wichtigen Themen wie Strategie, zukünftigen finanziellen Ergebnissen, Ereignissen, Marktpositionen und Produktentwicklungen enthalten. Diese zukunftsgerichteten Aussagen sind – wie jedes unternehmerische Handeln in einem globalen Umfeld – stets mit Unsicherheit verbunden. Sie unterliegen einer Vielzahl von Risiken, Ungewissheiten und anderen Faktoren, die in Veröffentlichungen von Knorr-Bremse AG beschrieben werden, sich aber nicht auf diese beschränken. Sollten sich eine(s) oder mehrere dieser Risiken, Ungewissheiten oder andere Faktoren realisieren oder sollte sich erweisen, dass die zugrunde liegenden Erwartungen nicht eintreten beziehungsweise Annahmen nicht korrekt waren, können die tatsächlichen Ergebnisse und Entwicklungen von Knorr-Bremse AG wesentlich von denjenigen Ergebnissen abweichen, die als zukunftsgerichtete Aussagen formuliert wurden. Zukunftsgerichtete Aussagen sind erkennbar an Formulierungen wie „erwarten“, „wollen“, „ausgehen“, „rechnen mit“, „beabsichtigen“, „planen“, „glauben“, „anstreben“, „einschätzen“, „werden“ und „vorhersagen“ oder an ähnlichen Begriffen. Knorr-Bremse AG übernimmt keine Verpflichtung und beabsichtigt nicht, zukunftsgerichtete Aussagen ständig zu aktualisieren oder bei einer anderen als der erwarteten Entwicklung zu korrigieren.

Diese Veröffentlichung kann – in einschlägigen Rechnungslegungsrahmen nicht genau bestimmte – ergänzende Finanzkennzahlen, die sogenannte alternative Leistungskennzahlen sind oder sein können, enthalten. Für die Beurteilung der Vermögens-, Finanz- und Ertragslage von Knorr-Bremse sollten diese ergänzenden Finanzkennzahlen nicht isoliert oder als Alternative zu den im Konzernabschluss dargestellten und im Einklang mit einschlägigen Rechnungslegungsrahmen ermittelten Finanzkennzahlen herangezogen werden. Die Ermittlung der alternativen Leistungskennzahlen kann auch bei gleicher oder ähnlicher Bezeichnung von Unternehmen zu Unternehmen abweichen.

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Knorr-Bremse AG presents strong preliminary full-year 2018 numbers – guidance fully delivered – profitable growth expected to continue in 2019

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– Knorr-Bremse AG looks back at a successful 2018: strategic and financial objectives achieved
– Confident outlook 2019 despite growing economic and political risks
– Knorr-Bremse gained admission to Germany’s MDAX on 5 March 2019 and will enter the index on 18 March 2019
– Strong revenue growth: FX-adjusted 2018 revenues grow by 10.5%. Reported revenues up 7.5% to 6,616 mEUR (PY: 6,154 mEUR). Both segments contribute: RVS +6.2%, CVS +9.3%
– Continued solid profitability: EBITDA and EBIT margins, adjusted for IPO cost reimbursement, at 18.0% (PY: 18.1%) and 14.9% (PY: 14,7%). Operating EBITDA and EBIT margins, eliminating disposal effects, at 18.4% and 15.6%
– Strong order book: Order book grows by 9.2% to 4,563 mEUR (PY: 4,177 mEUR), underscoring good medium-term prospects
– Guidance for fiscal year 2019: Revenues 6,800-7,000 mEUR, EBITDA margin corridor 18.0%-19.0%, assuming a stable economic and political environment
– The Executive Board intends to propose a dividend within the range of 40-50% of net profit, as determined by the company’s dividend policy

Knorr-Bremse AG, the global market leader for braking systems and a leading supplier of safety-critical rail and commercial vehicle systems, today published its preliminary full-year 2018 results.

“Knorr-Bremse looks back at a successful 2018 and we are pleased with the positive development of both our businesses. Despite uncertain and volatile markets, the demand for Knorr-Bremse rail and truck systems rose to new heights. We are particularly proud to have won 26 projects for metro lines in China alone – evidence of the high regard our systems are held in”, says Klaus Deller, CEO of Knorr-Bremse AG. “With organic growth as well as strategic acquisitions in both divisions, we have paved the way for our active participation in the global megatrends urbanisation, eco-efficiency, digitization and automated driving. This positioning is also reflected in the price development of our share.”

With the most recent acquisition by the CVS division of the steering business of Hitachi Automotive Systems, Knorr-Bremse took an important step towards becoming a global supplier of driver assistance and highly automated driving solutions.

Strong organic growth

Currency-adjusted, revenues 2018 grew by 10.5%. Reported full-year revenues increased by 7.5% to 6,616 mEUR (2017: 6,154 mEUR). The Rail Vehicle Systems (RVS) segment grew dynamically, by 6.2% yoy. The Commercial Vehicle Systems (CVS) segment grew particularly strongly, by 9.3% yoy. Revenue growth across the two segments was almost entirely organic. All regions contributed. The strong OE business was the main driver of this growth, which, together with the portfolio disposals, led to a reduced aftermarket share to 33.8% (PY: 35.3%) of total revenues.

Continued solid profitability

At Group level, Knorr-Bremse generated a reported EBITDA of 1,178 mEUR, an increase of 5.6% on 2017 (1,116 mEUR). This corresponds to a margin of 17.8%, slightly lower than 2017 and within the guidance corridor. Adjusted for the reimbursement of IPO costs by the selling shareholder, EBITDA was 1,193 mEUR, corresponding to a margin of 18.0%. As per IFRS, this was credited to the balance sheet rather than the P&L account.

Operationally, eliminating revenues (of 68 mEUR) and losses (of -11 mEUR) of rail maintenance and simulator businesses, which were disposed in 2018, EBITDA amounted to 1,204 mEUR and a margin of 18.4%. These high profitability levels were achieved despite a smaller Aftermarket share, higher material costs, and supply-chain constraints. The R&D ratio fell slightly to 5.5% (2017: 5.8%) due to the high sales growth, but again reached a high level compared to the competition.

Group EBIT for 2018 came to 972 mEUR, up 7.6% yoy (2017: 904 mEUR) and corresponding to a margin of 14.7%, level with last year. Adjusted EBIT margin reached 14.9%, operating EBIT margin 15.6%.

Order intake and book underscore medium-term outlook

With 7,001 mEUR and a book-to-bill ratio of 1.06, Knorr-Bremse’s order intake surpassed the 7 bnEUR mark for the first time in company history. Its order book reached a new high of 4.563 mEUR at the end of 2018, an increase of 9,2% against prior year (4,177 mEUR).

Segments

Rail Vehicle Systems (RVS)

RVS revenues were 6.2% higher than prior year at 3,462 mEUR (2017: 3,260 mEUR), enabling an EBITDA margin of 20.0% (2017: 19.6%). In Europe, growth was driven by the Locomotives, R&C and Metro businesses. In Asia, the Indian OE business and Chinese Rail Services grew particularly strongly. In North America, the freight business showed a positive development. Additionally, growth in volume and stringent cost measures enabled this EBITDA improvement. Adjusted for disposals, Aftermarket revenues grew by 5.8% and their share of RVS revenues amounted to 40%.

Commercial Vehicle Systems (CVS)

CVS revenues grew by 9.3% over prior year, to 3,160 mEUR (2017: 2,891 mEUR), driven by a rise of 6% in the global Truck Production Rate as well as continued outperformance on content growth, especially within the air disc brake category. Europe showed resilient, abovemarket growth, North America outperformed a dynamic market in the region. China also grew despite a decreasing TPR. However, profitability faced headwinds from material price inflation and supply-chain constraints, leading to an EBITDA margin of 16.4% (2017: 17.4% with an unusually strong Q4 2017). The Aftermarket share of CVS revenues during the period amounted to 27%.

R&D expenses and employment above last year

During 2018, the company spent 364 mEUR (2017: 359 mEUR) on R&D activities. Strong top-line growth led to a slightly reduced R&D ratio of 5.5% (2017: 5.8%), positioning Knorr-Bremse above its competitors.

The number of employees at the end of the year rose by 2.7% to 28,452, thereby less than sales.

MDAX inclusion as of 18 March 2019

On 5 March, Deutsche Börse admitted Knorr-Bremse to its MDAX segment as per its fast entry rules. Ralph Heuwing, CFO: “After our capital market debut in October, this is an important milestone for Knorr-Bremse and its shareholders. Based on our guidance for 2019, we are confident to continue generating value for all stakeholders.”

Outlook for 2019

Macroeconomic and political risks are rising, trade conflicts and Brexit being only two examples. That said, assuming economic and political stability, the company expects to generate 6,800-7,000 mEUR in revenues for the full year 2019, and an EBITDA margin within a range of 18.0-19.0%. This is consistent with the medium-term outlook given at last year’s IPO, which remains unchanged.

The above figures are preliminary and unaudited. Full results and the the full annual report will be available from 30 April 2019 on www.knorr-bremse.com

An investor conference call with CEO Deller and CFO Heuwing to discuss the preliminary full-year 2018 numbers will take place today at 2pm CET. Presentations are available on our website at www.knorr-bremse.com 

DISCLAIMER

This publication has been independently prepared by Knorr-Bremse AG (“Knorr-Bremse”). It may contain forward-looking statements which address key issues such as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to, those described in Knorr-Bremse’s disclosures. Should one or more of these risks, uncertainties or other factors materialize, or should underlying expectations not occur or shall assumptions prove incorrect, the actual results, performances or achievements of Knorr-Bremse may vary materially from those described in the relevant forward-looking statements. Such forward-looking statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Knorr-Bremse does not intend, nor does it assume any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated.

This publication may include – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAPmeasures). Knorr-Bremse’s net assets, financial position and results of operations should not be assessed solely on the basis of these alternative supplemental financial measures. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the applicable financial reporting framework. The calculation by other companies that report or describe similarly titled alternative performance measures may vary despite the use of the same or similar terminology.

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Starkes Jahresergebnis 2018 mit zweistelligem Umsatz- und Ergebniswachstum

Die NEXUS AG – einer der europaweit führenden Anbieter von Softwarelösungen im Gesundheitswesen – konnte im Geschäftsjahr 2018 den Umsatz um 14,6 % und das Ergebnis vor Zinsen und Steuern (EBIT) um 14,0 % steigern. Die NEXUS-Gruppe hat damit die erfolgreiche positive Umsatz- und Ergebnisentwicklung der letzten Jahre fortgesetzt.

In 2018 hat sich der Umsatz um 14,6 % von TEUR 119.083 auf TEUR 136.469 erhöht. Der Anteil des internationalen Geschäftes am Gesamtumsatz betrug 46,0 % (Vj: 44,4 %) und erreichte TEUR 62.769 nach TEUR 52.905 im Vorjahr.

Das Konzernergebnis vor Zinsen und Steuern (EBIT) stieg sehr stark um 14,0 % auf TEUR 15.181 (Vj: TEUR 13.316). Das Ergebnis vor Steuern (EBT) erreichte TEUR 14.929 nach TEUR 13.282 im Vorjahreszeitraum (+ 12,4 %). Das EBITA erhöhte sich um 14,1 % von TEUR 16.075 (2017) auf TEUR 18.335. Das EBITDA stieg im Berichtszeitraum um 12,6 % auf TEUR 26.708 (Vj: TEUR 23.718).

Der operative Cash Flow lag in 2018 bei TEUR 20.241 nach TEUR 21.677 im Vorjahr. Zum Jahresende 2018 standen liquide Mittel in Höhe von TEUR 27.016 (Vj: TEUR 28.385) zur Verfügung. Die NEXUS AG verfügt zum 31. Dezember 2018 über ein Eigenkapital in Höhe von TEUR 108.325 (Vj: TEUR 103.009). Die Eigenkapitalquote beläuft sich somit auf 51,2 % (Vj: 68,1 %). Damit zeigt die NEXUS AG eine nachhaltig gesunde Bilanz und verfügt über ausreichend Kapital zur weiteren Finanzierung der europäischen Wachstumsstrategie.

Der Aufsichtsrat und Vorstand werden der Hauptversammlung am 03. Mai 2019 vorschlagen, eine Dividende in Höhe von EUR 17 Cent je Aktie zu beschließen.

Der ausführliche Geschäftsbericht 2018 ist auf unserer Homepage zu finden unter: www.nexus-ag.de – Unternehmen – Investor Relations – Finanzbericht

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Dynamic start into 2018 / 2019: ISRA profits from investments – double-digit growth guidance

  • Revenues rises to 34.2 million euros, up 10 % (Q1 17/18: 31.2 million euros)
  • EBT growth of 11 % to 6.9 million euros (Q1 17/18: 6.2 million euros)
  • Earnings margins remain at high level:
    o EBITDA up 18 %, margin at 34 % of revenues and 31 % of total output (Q1 17/18: 32 % and 29 %)
    o EBIT up 11 %, margin at 20 % of revenues and 18 % of total output (Q1 17/18: 20 % and 18 %)
    o EBT up 11 %, margin at 20 % of revenues and 18 % of total output (Q1 17/18: 20 % and 18 % )
  • Gross margin at 62 % of total output (Q1 17/18: 61%) and 57 % of revenues (Q1 17/18: 57 %)
  • Operating cash flow rises to 4.8 million euros (Q1 17/18: 4.4 million euros)
  • Intense actions to improve efficiency in production continue to be in focus – cash flow expected to increase
  • High  order backlog of around 96 million euros gross (PY: 83 million euros gross)
  • Acquisitions with focus on market and technology expansion at advanced stage 
  • Earnings per share after taxes up 15 % to 0.23 euros (Q1 17/18: 0.20 euros)
  • Dividend increase of 27 % to 0.15 euros per share planned (PY: 0.118 euros)
  • High equity ratio of 66 % (September 30, 2018: 63 %)
  • Outlook for 2018/2019: Low double-digit growth in revenue and earnings – additional inorganic effects anticipated

ISRA VISION AG (ISIN: DE 0005488100) – the TecDAX company for industrial image processing (machine vision) and one of the world’s leading providers of surface inspection solutions and 3D machine vision applications, recorded double-digit revenue and earnings growth in the first quarter of the 2018/2019 financial year to continue on its profitable growth path: With revenues increasing by 10 percent to 34.2 million euros (Q1 17/18: 31.2 million euros) and EBT growth of 11 percent to 6.9 million euros (Q1 17/18: 6.2 million euros), the Company made further progress toward its medium-term target of 200+. The operating cash flow increased to 4.8 million euros (Q1 17/18: 4.4 million euros). With the equity ratio rising by three percentage points to 66 percent (September 30, 2018: 63 %), net liquidity of 1.8 million euros (September 30, 2018: 1.8 million euros) and the available credit lines, ISRA has solid capital resources for future growth opportunities and is optimally prepared for potential acquisition projects. Earnings per share (EPS) after taxes increased by 15 percent to 0.23 euros (Q1 17/18: 0.20 euros). ISRA is continuing its sustainable dividend policy; at the Annual General Meeting on March 19, 2019 the management will propose an increase in the dividend for the 2017/2018 financial year of 27 percent to 0.15 euros per share.

In the first quarter, ISRA confirmed and further extended the high margin level it achieved in the previous financial year: The gross margin (total output minus material and labor costs of production) increased to 62 percent of total output (Q1 17/18: 61 %) and remains unchanged at 57 percent of revenues (Q1 17/18: 57 %). EBITDA (earnings before interest, taxes and depreciation) increased significantly by 18 percent to 11.7 million euros (Q1 17/18: 10.0 million euros), thereby the EBITDA margin improved by two percentage points each to 34 percent of revenues (Q1 17/18: 32 %) and 31 percent of total output (Q1 17/18: 29 %). EBIT (earnings before interest and taxes) increased by 11 percent to 6.9 million euros (Q1 17/18: 6.3 million euros), the EBIT margin therefore corresponds to 20 percent of revenues (Q1 17/18: 20 %) and 18 percent of total output (Q1 17/18: 18 %). EBT (earnings before taxes) also improved by 11 percent to 6.9 million euros (Q1 17/18: 6.2 million euros), resulting in an EBT margin of 20 percent of revenues (Q1 17/18: 20 %) and 18 percent of total output (Q1 17/18: 18 %).

The first three months of the current financial year demonstrate the initial positive effects of the recently initiated measures for an increased production efficiency through process and capacity optimization: Inventories in the consolidated balance sheet declined slightly to 36.7 million euros (September 30, 2018: 36.9 million euros). Trade receivables amount to 105.0 million euros (September 30, 2018: 111.8 million euros). Net debt (short-term and long-term liabilities minus cash and equivalents) was eliminated completely in the 2017/2018 financial year – this means the Company is mathematically debt-free, with equity of 201.2 million euros at the end of the first quarter (September 30, 2018: 197.8 million euros).

With more than 25 locations worldwide, ISRA is one of the most broadly positioned providers in the machine vision industry. Its presence in all significant future markets and growth regions represents a further key pillar of its long-term business development alongside its multi-industry strategy. In addition to its existing locations, the Company is currently examining new opportunities for expansion in Great Britain, Eastern Europe, North and South America, as well as in India and South East Asia.

The first quarter of 2018/2019 showed positive business development in almost all regions. The Company recorded double-digit revenue growth in the European markets, with strong customer demand suggesting that the healthy order situation will continue in the coming months. Revenues in Asia were at a similar high level compared to the previous year. Orders from American customers saw similar development. Intensive marketing and sales activities and the strengthening of the regional management team in the US and Brazil are expected to result in increased order momentum in the coming months.

The Industrial Automation segment, whose customer base includes global premium automotive manufacturers and global players from a wide range of industries in particular, achieved growth of 7 percent in the first quarter of the 2018/2019 financial year, with revenues rising to 8.3 million euros (Q1 17/18: 7.8 million euros). EBIT also increased by 7 percent to 1.8 million euros (Q1 17/18: 1.7 million euros) with an EBIT margin at 18 percent of total output (Q1 17/18: 19 %). In addition to innovative 3D machine vision solutions for robot-guided assembly and high-precision 3D metrology, the segment result was driven by the high level of customer demand for the “Touch & Automate” products that are designed for INDUSTRY 4.0. ISRA expects to see additional momentum in the coming months thanks to its extended sales as well as its expanded business focus on smart factory automation and its planned entry into new markets for connected automation using machine vision, which will center on combining the Company’s 3D machine vision expertise with robot automation. To this end, ISRA has already expanded its organization in a targeted manner and intensified its sales activities.

Revenues in the Surface Vision segment increased by 10 percent to 25.9 million euros in the first quarter of 2018/2019 (Q1 17/18: 23.4 million euros). EBIT amounts to 5.2 million euros (Q1 17/18: 4.6 million euros), corresponding to an EBIT margin of 18 percent of total output (Q1 17/18: 18 %). The metal inspection business is continuing to benefit from the complete portfolio strategy – in the current financial year, the management anticipates additional growth thanks to the enhancement of innovative steel inspection solutions for the automotive industry as well as the expansion of new software solutions for the entire metal production process and INDUSTRY 4.0-compatible systems. In the field of glass there are specifically demands for solutions for inspecting display glass and, increasingly, solar and automotive glass. The growth is being supported by intensive marketing and sales measures. With its extended focus on innovative materials, Advanced Materials (formerly Plastics) generated higher revenues than in the same period of the previous year; the Company is currently developing additional applications for innovative materials and extending well-established solutions. Revenues in the printing industry are rising significantly, with the management team being expanded in order to intensify activities in the area of digital print applications. Having implemented design-to-cost measures for the paper industry, the Company is concentrating on high-growth industries such as packaging and is stepping up its marketing and sales activities. In the security business (formerly specialty paper), ISRA is seeing high demand for its portfolio of specialized inspection solutions for high-security paper and printing. New revenue impulses emerge in the solar industry: Several major orders are already at an advanced stage of negotiation and expected to be completed in the near future. In the relatively new business area semiconductor, the Company is intensifying its focus on Asian market following the successful acquisition of strategic orders from leading European manufacturers. Two high-volume projects are currently being negotiated. Service business contributed to the positive business development in the first quarter 2018/2019, again accounting for a double-digit share of revenues. The Company is consequently extending its Customer Support and Service internationally and plans to increase the service revenues above average in its revenue share in the medium term by diversified offers and realignment of the management.

With its profitable results for the first three months of the 2018/2019 financial year and a high gross order backlog of around 96 million euros at present (previous year: 83 million euros gross), ISRA has made a robust start into the new financial year. A key element of ISRA’s growth strategy remains the acquisition of companies that will sustainably advance its technology leadership, market position or expansion into new markets. Several potential target companies from the areas of 3D industrial automation, production analysis software tools and embedded systems are currently being examined – some of them in advanced stages. In addition to the organic and acquisition-based growth, the management sees significant revenue potential in the enhancement of the product portfolio with INDUSTRY 4.0 architecture for the new business areas of smart factory automation and production analytics.

Assuming no significant changes in the global economic conditions, the management is forecasting profitable organic revenue and earnings growth in the lower double-digit range in the 2018/2019 financial year; the potential closure of an acquisition project in the near future could lead to higher overall growth in the current year. The Company is addressing regional and industry-specific fluctuations by intensifying its marketing and sales activities. ISRA’s strategy remains focused on sustainably expanding its global market position through product innovations for industrial automation accompanied by efficiency improvements as well as increasing its revenues to over 200 million euros in the medium term, meanwhile optimizing costs and working capital.

Further information is available at www.isravision.com.

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