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Schaltbau Holding AG reports stable first-quarter sales and earnings burden from COVID 19 pandemic

DGAP-News: Schaltbau Holding AG / Key word(s): Quarterly / Interim Statement/Quarter Results
29.04.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

Schaltbau Holding AG reports stable first-quarter sales and earnings burden from COVID 19 pandemic

– Group revenue of € 119.6 million at previous year’s level (previous year: € 120.0 million like-for-like)

– EBIT margin falls to 3.2 percent (previous year: 6.9 percent like-for-like) due to COVID 19 burden

– Forecast for 2020 under the influence of the COVID-19 pandemic confirmed: Group revenue between € 460 and € 500 million, Group EBIT margin around 4%

Munich, 29 April 2020 – Today, the Executive Board of Schaltbau Holding AG [ISIN: DE000A2NBTL2] published its figures for the first quarter of 2020 and confirmed its outlook for the financial year 2020.

Accordingly, business development in the four segments was uneven in the first quarter and, as expected, influenced by the COVID 19 pandemic. As expected, order intake fell by € 9.3 million to € 143.2 million (previous year like-for-like: € 152.5 million). Nevertheless, the book-to-bill ratio remained high at 1.2 (previous year: 1.3).

“We look back on a quarter with mixed developments in terms of earnings, in which our strategic positioning – in addition to our careful operational management in the current crisis mode – once again shows its special importance for the stability of the entire Group,” said Dr Albrecht Köhler, CEO of Schaltbau Holding AG. In the medium and long term, we will benefit from the intact growth drivers in the markets that are relevant to us.”

With a 14.8 % decline in order intake to € 72.8 million, the Bode segment made a significant contribution to this development (previous year: € 85.4 million). In contrast, segment sales increased slightly by 0.5 % to € 62.6 million (previous year: € 62.3 million). The segment EBIT decreased by € 2.0 million to € 0.8 million (previous year: € 2.8 million). This corresponds to an EBIT margin of 1.3 % (previous year: 4.5 %).

Order intake in the Schaltbau segment also declined by 12.2 % to € 41.1 million (previous year: € 46.8 million). At € 33.6 million, segment sales in the period under report were 13.2 % lower than in the previous year (€ 38.7 million). Segment EBIT fell by € 2.1 million to € 5.0 million (previous year: € 7.1 million). This corresponds to an EBIT margin of 14.6 % (previous year: 18.2 %).

In the Pintsch segment, incoming orders increased significantly by 21.1 % to € 19.5 million (previous year: € 16.1 million). Segment sales also rose disproportionately by 32.9 % to € 19.4 million (previous year: € 14.6 million). However, segment EBIT decreased by € 0.4 million to € 0.7 million (previous year: € 1.1 million). This resulted in an EBIT margin of 3.4 % (previous year: 7.3 %).

With growth of 133.3% to € 9.8 million, incoming orders in the SBRS segment showed the greatest dynamic (previous year: € 4.2 million). In contrast, segment revenues declined by 9.3 % to € 3.9 million in the reporting period (previous year: € 4.3 million). Segment EBIT fell by € 0.3 million to € 0.1 million (previous year: 0.4 million euros). This corresponds to an EBIT margin of 3.1 % (previous year: 9.4 %).

Consolidated sales fell only slightly by 0.4 % to € 119.6 million in the period under review (previous year: € 120.0 million). At € 125.8 million, total output also remained almost unchanged (previous year: € 126.9 million). With significantly higher other operating income of € 2.9 million (previous year: € 1.2 million) and a 4.5% increase in the cost of materials to € 67.2 million (previous year: € 64.3 million), gross profit fell by 3.6 % to € 61.5 million (previous year: € 63.8 million). While personnel expenses rose by 8.0 % to € 43.1 million (previous year: € 39.9 million), other operating expenses decreased by 7.0 % to € 10.7 million (previous year: € 11.5 million). Taking into account the 5.4 % higher depreciation and amortisation of € 3.9 million (previous year: € 3.7 million), earnings before interest and taxes (EBIT) amounted to € 3.9 million (previous year: € 8.2 million). With an almost unchanged financial result of € -1.5 million (previous year: € -1.3 million) and income taxes of € 0.9 million (previous year: € 1.8 million), the Schaltbau Group generated a net profit of € 1.7 million (previous year: € 5.5 million) in the period under report. Of this amount, € 0.4 million was attributable to minority interests (previous year: € 0.9 million) and € 1.3 million to shareholders of Schaltbau Holding AG (previous year: € 4.5 million).

The balance sheet total remained virtually unchanged at € 398.4 million as of the balance sheet date (December 31, 2019: € 401.2 million). Accordingly, non-current assets declined only slightly to € 162.1 million (December 31, 2019: € 164.2 million), mainly due to a decline in other financial assets to € 2.6 million (December 31, 2019: € 3.6 million) and deferred tax assets to € 12.6 million (December 31, 2019: € 13.4 million). Current assets also remained virtually unchanged at € 236.3 million (December 31, 2019: € 237.0 million). While inventories increased to € 121.3 million (December 31, 2019: € 109.7 million), trade receivables decreased to € 80.5 million (December 31, 2019: € 83.6 million). Furthermore, cash and cash equivalents decreased to € 15.0 million (December 31, 2019: € 25.2 million).

Equity remained almost unchanged at € 96.4 million as of the balance sheet date (December 31, 2019: € 97.4 million). Non-current liabilities declined slightly to € 138.4 million (31 December 2019: € 146.5 million), in particular due to lower pension provisions of € 36.5 million (31 December 2019: € 39.0 million), other provisions of € 1.2 million (31 December 2019: € 2.2 million) and financial liabilities of € 88.6 million (31 December 2019: € 92.7 million). In contrast, current liabilities increased slightly to € 163.6 million (December 31, 2019: € 157.3 million). This development is primarily due to an increase in trade payables to € 56.9 million (December 31, 2019: € 50.4 million), while other current liabilities fell to € 23.2 million (December 31, 2019: € 26.1 million).

Cash flow from operating activities increased to € 1.6 million in the reporting period (previous year: € -1.7 million). While earnings before interest and taxes were significantly lower at € 3.9 million (previous year: € 8.2 million), the reduction in current assets in the reporting period was only € 9.1 million, compared to € 22.8 million in the previous year. In addition, provisions decreased by € 1.5 million, compared with an increase of € 6.3 million in the previous year. Finally, liabilities increased by € 6.3 million (previous year: € 2.4 million). Cash flow from investing activities declined slightly to € -3.2 million (previous year: € -2.3 million), in particular due to increased payments for investments in intangible assets and property, plant and equipment of € 4.0 million (previous year: € 2.3 million).

“We have already explained in detail our forecast for the current financial year and the key assumptions for its derivation in view of the COVID 19 pandemic in the Group management report for the 2019 financial year,” said Thomas Dippold, CFO of Schaltbau Holding AG. “We can fully confirm this assessment even after the end of the first quarter of the financial year.”

The condensed, unaudited, Group interim financial statements 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/de/

Contact:

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


29.04.2020 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.

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