DGAP-News: Schaltbau Holding AG / Key word(s): Half Year Results/Interim Report
Munich (Germany), 31 July 2019. Schaltbau Holding AG made further operating progress in Q2 2019 and reached the last remaining key milestones in its restructuring plan, which has been ongoing since early 2017. On this basis, the accompanying management consultancy supporting the restructuring process confirmed the successful completion of the restructuring project on 29 July.
In Q2 2019, the Schaltbau Group's revenue grew year-on-year to EUR 113.2 million like-for-like (excluding the divested entities Pintsch Bubenzer, Sepsa and Alte), achieving a book-to-bill ratio of 1.09. The corresponding operating profit (EBIT) before exceptional items amounted to EUR 7.6 million or 6.3% of revenue. Exceptional items recorded in Q2 2019 related to expenses for pending calls on guarantees in conjunction with the Sepsa divestment (EUR 6.7 million), additional restructuring expenses (EUR 0.9 million) on the one hand and exceptional income (EUR 1.2 million) on the other. Reported EBIT for Q2 2019 amounted to EUR 0.1 million.
Six-month Group revenue totalled EUR 233.2 million like-for-like, 7.5% up on the previous year's figure of EUR 217.0 million. Like-for-like, the book-to-bill ratio stood at an excellent level of 1.19. The corresponding EBIT before exceptional items for the period amounted to EUR 16.5 million or 6.9% of revenue. Reported EBIT totalled EUR 8.5 million.
Dr Albrecht Köhler, Spokesman of the Executive Board of Schaltbau Holding AG, commented on the Group's business performance as follows: "We are highly satisfied with how the second quarter 2019 went. With the divestment of Sepsa and Alte and the renegotiation of our financing arrangements, the Schaltbau Group reached the final milestones that marked the successful completion of a restructuring plan that has been ongoing since 2017. The management consultancy that supported us during this process confirmed completion on 29 July. The Group's operating performance in Q2 2019 fully lived up to our expectations. Operating profit went up significantly, in particular due to process improvements. We see ourselves as very well equipped to continue growing profitably, in line with the targets set for 2019."
Performance of the segments
Six-month order intake for the Mobile Transportation Technology segment totalled EUR 170.2 million, very similar to the previous year. At EUR 146.2 million, segment revenue was also comparable to one year earlier. The segment reports negative EBIT of EUR 0.4 million for the first half of 2019, compared with the previous year's negative EUR 0.7 million. Excluding the provision recognised for pending calls on guarantees (EUR 6.7 million) in conjunction with the Sepsa divestment, segment order intake, revenue and EBIT would have been accordingly higher.
Order intake for the Stationary Transportation Technology segment was down year-on-year, mainly attributable to the sale of Pintsch Bubenzer, a one-off major order for a train formation system received in the first half of 2018, and delays in the awarding of level crossing projects in Germany. Excluding Pintsch Bubenzer, order intake for the first six months of 2019 amounted to EUR 30.8 million, compared with EUR 43.4 million one year earlier. By contrast, also excluding Pintsch Bubenzer, revenue for the six-month period totalled EUR 29.5 million, significantly up on the previous year's figure of EUR 21.8 million, driven by the sale of platform screen doors to Brazil, the positive impact of customer-related project delays from the previous year and additional amounts billed for change orders. Segment EBIT improved to EUR 2.4 million, compared with a negative amount of EUR 0.1 million one year earlier. This positive development was primarily attributable to revenue growth and an improved product mix.
In the Components segment, order intake for the first half of 2019 amounted to EUR 88.5 million, 13.6% up on the previous year's figure of EUR 77.9 million. Revenue also developed well, growing by 6.4% to EUR 79.3 million on the back of strong performance across the entire product range. EBIT amounted to EUR 14.3 million, compared with EUR 15.8 million one year earlier. The decline in what is still an excellent level of profitability in this segment can be explained by expenditure on structural measures aimed at ensuring future growth.
Positive outlook confirmed
Key figures from the consolidated financial statements of Schaltbau Holding AG, half-year 2019
* Excluding the contributions of Pintsch Bubenzer, Sepsa and Alte; Pintsch Bubenzer was deconsolidated due to its sale on 1 March 2018; Sepsa and Alte were divested in Q2 2019
Further details regarding results from the first half of 2019 are provided in the Group Interim Report as at 30 June 2019 and in an explanatory presentation. Both documents were published today and are available at: www.schaltbaugroup.com. Results for the nine-month period to 30 September 2019 will be published in a Group quarterly statement on 31 October 2019.
31.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Schaltbau Holding AG|
|Phone:||+49 89 - 93005 - 209|
|Fax:||+49 89 - 93005 - 398|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange|
|EQS News ID:||849247|
|End of News||DGAP News Service|