EANS-Adhoc: Von Roll Holding AG / High order intake continues positive trend in the first half of 2011

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6-month report

24.08.2011

- Increase in order intake of 35.2% to CHF 353.7 million, at constant
exchange rates; at current exchange rates, increase of 20.8% to CHF
316.0 million - Growth in sales of 10.2% to CHF 315.3 million, at
constant exchange rates; at current exchange rates, however, decrease
in sales of 1.7% to CHF 281.1 million - EBIT of CHF 8.8 million

Au / Wädenswil, 24 August 2011 - In the first half of 2011, Von Roll
Holding AG´s operating business showed a clear upward trend. Compared
to the same period in the previous year orders received by the Swiss
industrial group increased sharply, by 35.2% to CHF 353.7 million
(previous year: CHF 261.6 million), if the effect of changes in
exchange rates is excluded. At current exchange rates, orders
received rose by 20.8% to CHF 316.0 million.

Von Roll was able to increase sales by 10.2% to CHF 315.3 million
(previous year: CHF 286.1 million), at constant exchange rates; at
current exchange rates, on the other hand, sales recorded a slight
drop of 1.7% to CHF 281.1 million. "Von Roll generates around three
quarters of its sales in the euro and US dollar areas. The strong
Swiss franc has, therefore, impacted significantly on our Group
sales", says Matthias Oppermann, CEO of Von Roll Holding AG, "If our
operating business is viewed at constant exchange rates, it shows a
clear upward trend."

The gross profit margin fell from 20.7% to 18.9%. EBIT amounted to
CHF 10.3 million, at constant exchange rates, compared to CHF 11.9
million in the same period in the previous year. At current exchange
rates, EBIT fell to CHF 8.8 million. The varying performances of the
different business segments as well as the effects of changes in
exchange rates are reflected in the EBIT: Von Roll Insulation and Von
Roll Composites developed positively and were able to achieve a
significant increase in EBIT despite the negative impact of the
exchange rate. The main driver was the low-voltage products business
in particular. In contrast, EBIT of the Von Roll Transformers
business segment, which is characterised by large-scale projects,
fell due to the low order intake in the previous year and burdened
EBIT with some CHF 3.7 million in the first half of 2011.

The financial result amounted to CHF -4.0 million compared to CHF 0.1
million in the same period in the previous year. This decrease was
essentially due to foreign currency losses. Affected by the financial
result, net income fell from CHF 9.4 million in the same period of
the previous year to CHF 3.4 million. Operating cash flow amounted to
CHF -17.9 million as against CHF -12.1 million in the previous year
due to increased operating activities and the resulting increase in
net working capital. The equity ratio stood at 63,1% compared to
66,2% in the previous year.

Positive performance by Von Roll Insulation and Von Roll Composites
business segments The volume-related growth in the traditional
business segments Von Roll Insulation and Von Roll Composites is not
fully reflected in the figures due to the effect of changes in
exchange rates. Von Roll Insulation increased sales, at constant
exchange rates, by 20.0% to CHF 218.0 million (previous year: CHF
181.6 million); at current exchange rates, sales rose by 6.8% to CHF
194.1 million. If the effect of changes in exchange rates is excluded
orders received rose significantly, by 20,9% to CHF 225.8 million
(previous year: CHF186.7 million) and by 8.2% to CHF 201.9 million at
current exchange rates. Von Roll Insulation recorded EBIT of CHF 13.5
million (previous year: CHF 11.4 million), which equates to an
increase of 18.5%. The low-voltage business, above all, contributed
to the positive trend. The Von Roll Composites business segment saw
growth in sales of 18.2%, to CHF 65.4 million (previous year: CHF
55.4 million), if the effect of changes in exchange rates is
excluded. At current exchange rates, sales rose by 5.9% to CHF 58.6
million. The increase in orders received stood at 20.0%, at constant
exchange rates, amounting to CHF 70.0 million (previous year: CHF
58.3 million). At current exchange rates, orders received rose by
7.5% to CHF 62.7 million. EBIT increased sharply from CHF -0.4
million to CHF 2.8 million. An increase in growth came in particular
from the small generator and large electric motor business.

Von Roll Transformers with promising order intake and new special
transformers for the wind energy segment In the first half of 2011,
sales of the Von Roll Transformers business segment were
characterised by a low order intake and the product mix in 2010. If
the effect of changes in exchange rates is excluded, sales decreased
by 37.7% to CHF 30.0 million (previous year: CHF 48.2 million). At
current exchange rates, sales fell by 44.4% to CHF 26.8 million.
Thanks to large orders from Europe and the USA, orders received
increased significantly from CHF 15.7 million in the same period in
the previous year to CHF 56.4 million at constant exchange rates, and
to CHF 50.1 million at current exchange rates. EBIT fell from CHF 4.4
million to CHF -3.7 million due to higher material and transport
costs compared to the previous year. Positive EBIT can be expected
for the second half of 2011 given the current orders in hand coupled
with full capacity utilisation and increasing demand for newly
developed special transformers in the wind energy segment.

Positive outlook for 2011 as a whole The management of Von Roll is
currently reworking the corporate strategy. Matthias Oppermann: "From
the information currently available and provided that general
economic conditions remain stable, we expect 2011 as a whole to end
with a positive net income. The energy industry is currently
undergoing profound change. New forms of energy bring with them a
high demand for new transmission capacity. I am convinced that Von
Roll can benefit from this development in the long term."

A conference call in German with webcast will be held for journalists
and analysts at 9.00 am CET on 24 August when the 2011 half-year
results will be presented. Dial-in number: +41 (0)43 456 9228
Confirmation number: 5745967 Simultaneous webcast of the presentation
at: http://www.media-server.com/m/go/vonroll_110824

About Von Roll Holding AG: As one of Switzerland´s longest
established industrial companies, Von Roll Holding AG focuses on
products and systems for power generation, transmission and
distribution. Von Roll is the global market leader in insulation
products, systems and services and is represented in 19 countries
with around 3,000 employees at over 30 sites.

Further inquiry note:
Susanne Berger
Corporate Communications
T: +41 44 204 3034, F: +41 44 204 3039, E: press@vonroll.com

end of announcement euro adhoc
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issuer: Von Roll Holding AG
Steinacherstrasse 101
CH-8804 Au / Wädenswil
phone: +41 (0)44 204 30 34
FAX: +41 (0)44 204 30 39
mail: press@vonroll.com
WWW: http://www.vonroll.ch
sector: Misc. Industrials
ISIN: CH0003245351
indexes: SPI, Midcap Market Index
stockmarkets: Main Standard: SIX Swiss Exchange
language: English