Rohwedder AG
Rohwedder Group: Preliminary Figures for Q4 and FY 2009
Rohwedder AG / Miscellaneous 04.03.2010 17:52 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Significant 41 percent H2 order entry improvement on H1 - Cost-effective savings in financial year 2009 of EUR 36.8 million achieved according to an external survey - Innovative employee stock ownership model Bermatingen, Germany, March 4, 2010. Order Entry Rohwedder Group order entry totaled EUR 60.0 million (previous year: EUR 126.9 million) in financial year 2009, amounting to a crisis-related decline of around 53 percent. On a positive note, second-half order entry was around 41 percent higher than in H1 2009. Rohwedder AG order entry was also significantly higher - 92 percent higher - in the second half than in the first. Compared with the previous year's EUR 71.0 million, however, order entry underwent a crisis-related 49-percent year-on-year decline to EUR 36.2 million. Order Backlog In keeping with order entry recovery in the second half of 2009, the Rohwedder Group's order backlog as of December 31, 2009 saw a 50 percent improvement on the June 30, 2009 figure. At Rohwedder AG, order entry rose by 78 percent when the figures for these two dates are compared. Compared with the previous year's EUR 31.3 million, the Rohwedder Group order backlog was down for crisis-related reasons to ca. EUR 18 million as of December 31, 2009. The Rohwedder AG order backlog as of December 31, 2009 was ca. EUR 14 million. Employees As of December 31, 2009, full-time equivalent Rohwedder Group employees numbered 724 (previous year: 883), corresponding to an 18 percent decline. The number of apprentices at Rohwedder AG was, in contrast, up by three on the year to 37, thereby demonstrating that the company is not making savings in an area full of promise for the future because it wants to be prepared for the time after the economic crisis with highly qualified trainees of its own. At Rohwedder AG the number of full-time equivalent employees fell by around 13 percent from 483 as of December 31, 2008 to 422 as of December 31, 2009. In spite of the sharp sales decline the number of employees did not fall by a corresponding extent because priority was expressly given to flexible measures such as short-time working. In the fourth quarter of 2009, 161 Rohwedder AG employees were working short time, with an average 31 percent of non-productive time. In January 2010, 88 Rohwedder AG employees were working short time, with an average 35 percent of non-productive time. The number of employees on short time was therefore down by around 45 percent. The company's medium-term business development plans for 2010 to 2013 cannot be based on the assumption that business volumes will continue where those of past boom years left off. Rohwedder AG must therefore make further personnel adjustments - mainly in administrative sectors. Site closures are not planned in the process so as to enable the company to retain a restart capability when the next economic recovery comes along. The extent of the adjustment of personnel numbers at Rohwedder AG will, as in the past, be undertaken in close coordination with employees' representatives. Back in July 2009 the Joint Works Council and Group management agreed on a reconciliation of interests and social compensation plan. Innovative Employee Stock Ownership Model The top management at Rohwedder AG is well aware that heavy demands were made on employees last financial year to achieve the significant cost savings required. According to an external survey, in financial year 2009 the Rohwedder Group achieved cost-effective savings of EUR 36.8 million in expenses not directly dependent on sales. This year too the company faces challenges posed by the repercussions of the global economic crisis. They include the need to reduce spending at Rohwedder AG even more than in the past. That is why the company is currently engaged, in intensive cooperation with the Joint Works Council, in drawing up an extremely innovative and attractive employee stock ownership program at Rohwedder AG. This promising model will be based on the solidarity principle and is intended to make the employees active shareholders in Rohwedder AG. There are also plans to give employees a say on the Rohwedder AG Supervisory Board. In implementing this forward-looking employee share ownership program, Rohwedder AG will clearly play a pioneering role among German SMBs. More detailed information will be published in another Press release in due course. Outlook Rohwedder Group volume planning for 2010 is initially conservative in outlook with a view to achieving a nearly operational EBIT breakeven in the current financial year. The new employee stock ownership model will contribute toward the cost savings that play a significant part in endeavors to achieve this objective. The Rohwedder Group's aim is to achieve at least an operational EBITDA breakeven in the first quarter of 2010. This was already accomplished in January. In addition, a concept to strengthen the company's sustainable financial base is currently being devised with the firm's banks on the basis of positive survey findings reported by an external consulting company. ___________________________________________________________________________ Rohwedder's annual financial statements are currently being prepared and audited by the company's auditor. The financial year 2009 figures quoted in this Press release are preliminary unaudited IFRS figures. Audits of the enterprise value figures / goodwill for Rohwedder sub-group JOT Automation and for Rohwedder AG's Bruchsal site have already been completed and the auditors have confirmed the goodwill for the annual financial statements 2009. About Rohwedder: With around 720 employees worldwide the Rohwedder Group is a leading providing of system solutions and standard products for automation technology. It serves its customers directly in the three key markets Europe, America and Asia. Rohwedder automation plant is mainly used in the following industries: automotive supplies, telecommunications and electronics, and medical technology. Brand names that the Rohwedder Group represents include JOT Automation and MIMOT. Rohwedder AG stock (ISIN DE0007057705) is listed on the Frankfurt Stock Exchange in the General Standard segment. Rohwedder AG Diana Varwyk Corporate Communications Kesselbachstrasse 1 D-88697 Bermatingen Germany T +49 7544 502-219 F +49 7544 502-270 E-mail: diana.varwyk@rohwedder.com www.rohwedder.com 04.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Rohwedder AG Kesselbachstraße 1 88697 Bermatingen Deutschland Phone: +49 (0) 7544 502-219 Fax: +49 (0) 7544 502-275 E-mail: info@rohwedder.com Internet: www.rohwedder.com ISIN: DE0007057705 WKN: 705770 Listed: Regulierter Markt in Frankfurt (General Standard), Stuttgart; Freiverkehr in Berlin, München End of News DGAP News-Service ---------------------------------------------------------------------------
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