Schaltbau with record earnings in 2011 and good start to fiscal year 2012
Incoming orders for the Schaltbau Group rose by 18.7 per cent to € 342.8 million in 2011, growing at a very brisk rate during the first nine months of the fiscal year. The pace of growth slowed somewhat in the fourth quarter by comparison. At € 197.4 million, the Schaltbau Group's order book grew by 15.1% in 2011 compared with one year earlier.
The earnings situation of the Schaltbau Group again improved during the year under report. Group EBIT rose to € 27.5 million (2010: € 23.8 million), partly attributable to the greatly improved sales figures and the resulting economy of scale. It also reflects the impact of one-off effects from the first-time consolidation as well as acquisition costs. Overall, the EBIT margin again improved from 8.5% to 8.6% of sales during the year under report.
Preliminary Group net profit rose significantly from € 14.8 million to € 21.7 million. The figure takes one-off effects into account connected with increased investments in other entities. The profit attributable to shareholders of Schaltbau Holding AG totalled € 18.7 million and was again significantly higher than the previous year's figure of € 12.1 million.
Due to the good Group earnings for the year and the positive influence on equity caused by the 98% conversion of the convertible bond, the equity ratio as at 31 December 2011 rose by 10.4 percentage points on the previous year's figure to reach 27.9%. Net bank liabilities were further reduced to € 27.4 million (2010: € 31.5 million). Cash flow from operating activities of € 21.7 million was € 10.6 million higher than in the previous year.
In view of the renewed positive earnings performance achieved in fiscal year 2011 and the continued favourable prospects for the further business developments of the Schaltbau Group, the Executive Board will put forward a proposal to the Supervisory Board regarding the appropriation of profit to pay a dividend of € 1.80 (2010: € 1.10).
The Schaltbau Group has started well into the year 2012. Including the share of sales generated by the recently acquired Tiefenbach GmbH, the Schaltbau Group expects sales figures for fiscal year 2012 to rise to around € 350 million. Due to integration costs and other one-time expenses, the acquisition will only make a minor positive contribution to earnings during the first year. Moreover, results in fiscal year 2012 will be slightly burdened by upfront expenditure for additional personnel needed to successfully continue taking the steps previously initiated in the Group's ongoing growth strategy. The Executive Board abides by the forecast made in November 2011. On this basis, earnings from operating activities (EBIT) of € 28.9 million can be expected for 2012. Group net profit for 2012 is thus predicted at € 20.8 million and earnings per share at € 8.83.
Including the takeover of Tiefenbach GmbH, the Schaltbau Group expects annual sales of around € 350 million. The Group now employs a workforce of some 1,800 employees and is a leading supplier of components and systems in the field of transportation technology. The enterprise supplies complete level crossing systems, shunting and signals technology, door systems for buses and trains, industrial braking systems for container cranes and also power supply units as well as high- and low-voltage components for railway vehicles. Its innovative and future-oriented products make Schaltbau a key business partner in the fields of transportation technology and industry.