Schaltbau Holding AG: Schaltbau finishes fiscal year 2018 as expected with good progress and predicts significantly higher profitability for 2019
02.04.2019 / 07:30
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- Order intake on a comparable basis reaches record level of EUR 553.9 million, 8.4% higher than previous year
- Group revenue for 2018 on a comparable basis up by 12.1% year-on-year to EUR 477.7 million, EBIT before exceptional items amounts to EUR 16.0 million or 3.3% of revenue, as expected
- 2019 EBIT margin forecast in the region of 5-6%
Munich, 2 April 2019. The Schaltbau Group’s operations continued to develop positively in 2018. On a comparable basis, i.e. excluding the contributions of the Pintsch Bubenzer Group (which has been sold) and the Sepsa Group (which has been put up for sale), order intake rose by 8.4% to a record figure of EUR 553.9 million. Group sales after adjustments increased to EUR 477.7 million in 2018, corresponding to growth of 12.1% generated organically. The loss before financial result and taxes (EBIT) for the fiscal year 2018 amounting to EUR 7.3 million was, as previously announced, impacted by a number of exceptional items, particularly as a result of impairment losses recognised on the subsidiary Alte Technologies S.L.U., Barcelona, Spain (“Alte”). Excluding exceptional items, EBIT came in at EUR 16.0 million or 3.3%.
Dr Albrecht Köhler, Spokesman of the Executive Board of Schaltbau Holding AG, commented on the Group’s business performance as follows: “In 2018, we made considerable progress on the road to achieving renewed, sustained strength. Apart from the good progress in terms of operations, we have managed to almost completely eliminate our legacy liabilities, enabling us to fully concentrate on the future development of the Schaltbau Group. The carriers’ willingness to invest increases, and we see significant growth in demand for door systems for rolling stock and road vehicles. Furthermore, the increasing use of decentralised energy concepts, energy storage systems and smart network controls for the markets of the future such as new energy, electromobility and DC industry will drive significant growth in demand for components in the field of DC switching and charging technology. We also expect further progress in developing cost-optimised production structures and logistics processes.”
Performance of the segments
In 2018, the Schaltbau Group benefited overall from the improved level of external order intake across all its segments and significant external volume growth in the Mobile Transportation Technology and Components segments. The improvement in the Components segment’s contribution to respective EBIT was particularly encouraging.
In the Mobile Transportation Technology segment, order intake totalled EUR 393.5 million in 2018, up 18.0% on the previous year. Sales for the segment also grew significantly by 14.5% to EUR 303.8 million, mainly due to the favourable business performance of the Bode Group. The segment recorded negative EBIT of EUR 22.8 million in 2018, compared to negative EUR 26.4 million one year earlier. Whereas EBIT for 2017 was impacted by an impairment loss of EUR 24.2 million recognised on the Sepsa investment, this key performance figure for 2018 is stated after impairment losses totalling EUR 21.9 million, partially recognised on carrying amounts relating to Alte. Adjusted for these effects, EBIT developed positively and will gather pace in the coming quarters on the back of further improvements in productivity.
Order intake for the Stationary Transportation Technology also increased significantly. Excluding Pintsch Bubenzer, this key performance indicator totalled EUR 77.1 million and thus well up (+EUR 16.7 million) on the previous year. This performance was partly due to a major order for a train formation system. Sales, however, were 14.0% lower at EUR 60.9 million, due to customer delays in a number of projects. Segment EBIT improved to a positive EUR 2.6 million in 2018, compared with negative EUR 5.5 million one year earlier. The improvement was primarily due to the reversal of provisions for pending losses on onerous contracts for a platform screen doors project in Brazil as well as cost savings achieved through structural adjustments.
In 2018, order intake for the Components segment amounted to EUR 150.5 million, which was also above the previous year’s figure of EUR 146.3 million. Significantly, sales also developed well, increasing by 11.1% to EUR 145.2 million, driven by the breadth of the product portfolio, which includes electrotechnical switches, connectors and master controllers. EBIT improved accordingly by EUR 3.7 million to EUR 25.1 million.
Outlook for 2019
The Schaltbau Group expects the good business performance to continue alongside further cost reductions, mainly driven by a raft of measures and ongoing improvements, many of which were initiated in 2018. Excluding the two companies Sepsa and Alte, which have both been put up for sale, in 2019 the Schaltbau Group expects to generate sales in the region of EUR 480-500 million with an EBIT margin before exceptional items of approximately 5-6%.
Key figures from the consolidated financial statements of Schaltbau Holding AG, 2018
|In EUR million, unless otherwise indicated||2018||2017||Δ absolute||Δ in %|
|Order intake excluding Pintsch Bubenzer and Sepsa*||553.9||511.1||+42.8||+8.4|
|Order book (at end of period)||583.0||508.3||+74.7||+14.7|
|Sales excluding Pintsch Bubenzer and Sepsa*||477.7||426.3||+51.4||+12.1|
|EBIT before exceptional items||16.0||2.4||+13.6||+566.7|
|31.12.2018||31.12.2017||Δ absolute||Δ in %|
|Net financial liabilities||100.4||158.4||-58.0||-36.6|
|Equity ratio (in %)||23.7||15.6||+8.1||+51.9|
|Number of employees||3,157||3,370||-213||-6.3|
* Pintsch Bubenzer was deconsolidated due to its sale on 1 March 2018.
Sepsa was put up for sale in November 2017. Its operating results are therefore no longer included in Group EBIT with effect from that point in time.
Further explanatory notes to the consolidated financial statements for the year ended 31 December 2018 are provided in the Annual Report 2018, which was published today and is now available at: www.schaltbaugroup.com. Results for the first quarter 2019 will be published in an interim statement on 30 April 2019.
With annual sales in the region of EUR 500 million and around 3,000 employees, the Schaltbau Group is an internationally leading supplier of components and systems in the field of transportation technology and the capital goods industry. The companies of the Schaltbau Group with the core brands Schaltbau, Bode and Pintsch develop high-quality technology and customer-specific solutions for rolling stock, rail infrastructure, road vehicles and other industrial applications. The solutions portfolio comprises, among other items, high- and low-voltage components, door and boarding systems, interior fittings for railway vehicles, complete level crossing systems as well as train formation and signal technology. Its innovative products make Schaltbau a key industrial supplier, particularly in the field of transportation technology and for industrial applications that require DC switching technology in future-oriented markets such as new energy, electromobility and DC industry.
This corporate news contains statements regarding future developments based on information currently available to us. As a result of risks and uncertainties, actual outcomes could differ from the forward-looking statements made. Schaltbau Holding AG does not intend to update these forward-looking statements.
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