Schaltbau Holding AG: Schaltbau Group confirms turnaround targets for 2017

CORPORATE NEWS
from Schaltbau Holding AG, Munich, Germany
WKN 717030 – ISIN DE0007170300
 
Schaltbau Group confirms turnaround targets for 2017
 

• Guidance for 2017 confirmed: Group sales between EUR 520 million and EUR 540 million and an EBIT margin between three and four per cent
• Group net loss 2016:
  • Sales slightly higher
  • One-time, non-cash-relevant items lead to negative EBIT of EUR 14.5 million and negative earnings per share

 
Munich, Germany, 26 April 2017 – the Schaltbau Group, a leading provider of advanced transportation technology worldwide, finished the fiscal year 2016 with an operating loss (EBIT) of EUR 14.5 million and therefore within the expected range, based on preliminary figures. Overall, one-time factors comprising impairment losses on capitalised development costs and goodwill, write-downs on inventories and provisions for pending losses on onerous contracts, resulted in expenses in the region of EUR 30 million.
 
Apart from declining margins in several fields of business, the above-mentioned expenses in particular resulted in a negative EBIT of minus EUR 14.5 million. Earnings per share were therefore negative at minus EUR 2.61.
 
Group sales rose by 1.4 per cent to total EUR 509.1 million, helped by the full consolidation of the Group’s Spanish subsidiary Schaltbau Sepsa (Albatros S.L.U.) with effect from the fourth quarter 2016 and the full-year consolidation of SPII in Italy. The expiry of EU funding in Poland (Mobile Transportation Technology) and lower demand for components in China both had a dampening effect on sales. The Stationary Transportation Technology segment reported slight growth, primarily based on increased demand for Brake Systems.
 
Order intake for the Schaltbau Group rose by 7.7 per cent to EUR 551.2 million, mainly attributable to major orders for sanitary units and door systems and consolidation effects in the Mobile Transportation Technology segment. Order intake reported for the other segments, however, remained at the previous year’s levels.
 
“Due to adverse developments in the fiscal year 2016, the new Executive Board team has closely examined Group strategy and set about addressing problem areas,” commented Dr Bertram Stausberg, Spokesman of the Executive Board of Schaltbau Holding AG. “We will continue this work over the course of the current fiscal year, selectively expanding operations in the areas that offer the best potential in order to create value for our shareholders in the medium term.”
 
The Executive Board continues to forecast Group sales within the range of EUR 520 million and EUR 540 million and an EBIT margin between three and four per cent for the fiscal year 2017. Results for the first quarter 2017 will be published in an interim statement on 18 May.
 
Further details on the Group financial statements 2016 are available in the Group Management Report 2016, which was published today and is now available at: www.schaltbau.de.
 
 
With annual sales of over EUR 500 million and 3,370 employees, the Schaltbau Group is a leading supplier of components and systems in the field of transportation technology and the capital goods industry. The companies of the Schaltbau Group supply complete level crossing systems, train formation and signal technology, door and boarding systems for buses, trains and commercial vehicles, sanitary systems and interior fittings for railway vehicles, industrial brakes for container cranes and wind turbines and also high- and low-voltage components for rolling stock as well as for other fields of application. Its innovative and future-oriented products make Schaltbau a key industrial business partner, particularly in the field of transportation technology.
 
CONTACT:
Christian Schunck
Head of IR
Schaltbau Holding AG
Hollerithstraße 5
81829 Munich
Germany
Tel. +49 89 – 93005 209
Fax +49 89 – 93005 318
schunck@schaltbau.de
www.schaltbau.com
 
 
DISCLAIMER
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.