EANS-News: Rosenbauer International AG / Rosenbauer posts biggest-ever first-half-year sales

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6-month report/Half-year Financial Report 2014

Rosenbauer posts biggest-ever first-half-year sales
Steady revenue growth of 5%, to EUR 354.3 million
EBIT up 19% to EUR 20.0 million
Order trend still on the rise

KEY CORPORATE FIGURES 1-6/2014 1-6/2013 in %

Revenues in EUR million 354.3 338.5 + 5%
EBIT in EUR million 20.0 16.8 + 19%
EBT in EUR million 19.6 17.1 + 15%
Net profit for the period in EUR million 15.4 11.7 + 32%
Cash flow from operating activities in EUR million (85.9) (15.5)
Total assets in EUR million 525.8 474.3 + 11%
Equity in % of total assets 36.2% 35.7% + 1%
Investments in EUR million 4.8 11.3 + 31%
Earnings per share EUR 1.7 1.4 + 21%
Employees as at June 30 2,761 2,504 + 10%
Order intake in EUR million 438.1 420.4 + 4%
Order backlog as at June 30 in EUR million 731.8 682.5 + 7%

The markets for the fire-equipment industry are characterized once again by
widely differing challenges in 2014. Overall, 2014 is not expected to bring any
marked improvement, although indications of an upturn are starting to make
themselves felt in certain markets. After several years of contraction, the
world's biggest single market - the USA - is showing the first signs of a return
to growth. The European fire-equipment market is nowhere near as homogeneous as
the market in the United States, and so the picture differs depending on which
country one looks at. The highly industrialized markets appear to have put the
downturn behind them, and economic recovery is now in sight. For this reason,
public-sector procurement behavior is expected to stabilize, thanks both to
economic recovery and to a resumption of capital investments which had been
deferred due to austerity policies.

Revenues
In the first half of 2014, the Rosenbauer Group boosted revenues by 5% to EUR
354.3 million (1-6/2013: EUR 338.5 million). Another difference from the first
half of 2013 was that the revenues of Rosenbauer Saudi Arabia and the newly
acquired company Rosenbauer UK were included in the consolidated financial
statements for the first time. The first six months of the year saw increased
shipments in Germany, as well as from Spain and the USA to fulfill the major
order from Saudi Arabia. Rosenbauer Motors was also successful in lifting
revenues, with the new "Commander" US chassis and the chassis for the PANTHER
aircraft rescue fire fighting vehicle.

Earnings
At EUR 20.0 million, EBIT came in 19% higher than last year (1-6/2013: EUR 16.8
million). This increase is largely due to better earnings in the US segment, and
to the improved result of the German segment. In the first half of the year, the
EBIT margin of 5.6% (1-6/2013: 5.0%) was still below the long-term target value
of over 7% - primarily as a result of the relocation of the PANTHER and AT
vehicle production lines to the new Plant II, which is reflected in slightly
lower EBIT in the Austrian segment.

The "Finance cost" deteriorated year-on-year to EUR -1.3 million (1-6/2013: EUR
-1.1 million) owing to the higher financing needs, while the result of joint
ventures fell to EUR 0.9 million (1-6/2013: EUR 1.4 million) due to reduced
earnings from the joint venture in Russia. EBT for the first half of the year
came to EUR 19.6 million (1-6/2013: EUR 17.1 million).

Orders Although market conditions throughout the world are still
subdued, the Rosenbauer Group once again posted record figures for
order intake and order-book levels. The volume of new orders taken in
the first half of the year reached a record EUR 438.1 million, well
above the level of recent years. This is due in part to a follow-up
order from Saudi Arabia. The reserve of unfilled orders at June 30,
2014 amounted to EUR 731.8 million, 7% above last year's figure (June
30, 2013: EUR 628.5 million). This gives the Rosenbauer Group assured
capacity utilization at all its manufacturing facilities, and a
fairly clear view ahead for the next few months.

Financial position and asset situation For industry-specific reasons,
the balance-sheet structure during the financial year is typified by
a high level of working capital. This results from the turnaround
times, lasting several months, for the vehicle contracts currently
under manufacture. Moreover, the increase in the balance-sheet total
to EUR 525.8 million (June 30, 2013: EUR 474.3 million) is
attributable to the high production volumes and to the increase in
fixed assets. Due to the high volume of shipments planned for the
current year, inventories rose to EUR 187.3 million (June 30, 2013:
EUR 184.7 million) and the production contracts to EUR 82.7 million
(June 30, 2013: EUR 65.8 million). Receivables also reached a new
high, of EUR 133.7 million (June 30, 2013: EUR 123.0 million), due to
increased deliveries made shortly before the end of the quarter. Due
to the continued increase in working capital - especially in the form
of production contracts and trade receivables - the cash flow from
operating activities deteriorated during the financial year to EUR
-85.9 million (1-6/2013: EUR -15.5 million). The cash flow from
operating activities may be expected to improve by the year-end.

Investments Capital investment outlays in this reporting period came
to EUR 14.8 million (1-6/2013: EUR 11.3 million). To support
fulfillment of the Group's medium-range strategy and to tackle the
high volume of orders, a program of capacity enlargements is being
carried out, mainly at its locations in Austria and Germany,
entailing an investment volume of over EUR 20 million during the
current financial year.

In addition, it is intended to purchase the premises of Plant II
Leonding (which are currently being leased) from their existing owner
at the end of 2014. The purchase option has already been exercised,
and the purchase negotiations are likely to be concluded in the
second half of the financial year. The investment total for 2014 as a
whole will thus once again be at a high level, of over EUR 40
million.

Outlook Based on the overall economic outlook and the prospects for
the fire-equipment sector, and on the particular growth prospects for
the markets in which Rosenbauer is active, it should be possible for
Rosenbauer to sustain the trend of previous years. In view of the
healthy state of order books, the favorable outlook for project
business and the enlarged production capacity, and thanks to the
sales organization's ability to cater to the market's widely
differing needs, Management's expectation for the current financial
year is for revenues that are at the same high level as last year's.

However, the substantial investments being made in the future, the
costs of installing the two new production lines at Plant II
Leonding, and the still fierce price competition on the market, will
all weigh on earnings. The additions to production space, and an
optimization program launched in the main production zones in 2012,
will counter this margin trend. Management is aiming for an
improvement upon the EBIT margin of 5.7% attained in 2013.

Further inquiry note:
Rosenbauer International AG
Mag. Gerda Königstorfer
Tel.: 0732/6794-568
gerda.koenigstorfer@rosenbauer.com

end of announcement euro adhoc
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company: Rosenbauer International AG
Paschingerstrasse 90
A-4060 Leonding
phone: +43(0)732 6794 568
FAX: +43(0)732 6794 89
mail: ir@rosenbauer.com
WWW: www.rosenbauer.com
sector: Machine Manufacturing
ISIN: AT0000922554
indexes: WBI, ATX Prime
stockmarkets: free trade: Berlin, Stuttgart, official market: Wien
language: English