Schaltbau Holding AG: *Accelerated restructuring leading to non-operative one-offs; *EBIT guidance adjusted accordingly to EUR 2 to EUR 5 mill. for FY 2017; *Dr. Martin Kleinschmitt as new member of the Executive Board (CRO)
08-Aug-2017 / 13:30 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
- Accelerated restructuring leading to non-operative one-offs
- EBIT guidance adjusted accordingly to EUR 2 to EUR 5 mill. for FY 2017
- Dr. Martin Kleinschmitt as new member of the Executive Board (CRO)
München (Germany), August 8, 2017. After revenues and earnings developments below expectations in the segment “Stationary Transportation Technology” (Pintsch Group), the Executive Board of Schaltbau Holding AG (WKN: 717030, ISIN: DE0007170300) has decided to accelerate the restructuring of the segment. This entails measures to decrease costs and to increase efficiency, including the possible merger of sites. Moreover, the restructuring includes tackling forcefully remaining problem areas in international entities of the segment “Mobile Transportation Technology.” These restructuring measures lead to additional one-offs, which will burden EBIT in H2 2017.
Revenues of the Group are expected at the lower end of the guidance (EUR 520 mill. to 540 mill.). The quoted restructuring expenses as well as unscheduled quality and warranty expenses in several business areas make the Schaltbau Group adjust its capital market guidance for FY 2017 to EBIT (Earnings before taxes, increased by affiliate and financial results) of EUR 2 to EUR 5 mill. (heretofore: 3 % to 4 % EBIT margin). Without considering the quoted extraordinary effects, EBIT would be at the lower end of the previous guidance.
As already announced, the Executive Board shall return from currently two members to three members. Given the comprehensive restructuring programs due, the Supervisory Board has resolved to fill the vacant position effective August 9, 2017 with the restructuring expert Dr. Martin Kleinschmitt who will act as CRO (Chief Restructuring Officer).
The half-year report of the Schaltbau Group will, as scheduled, be published on August 17, 2017 on www.schaltbau.com.
Head of Investor Relations & Corporate Communications
Schaltbau Holding AG
T +49 89 93005 209
08-Aug-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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