Rolls-Royce Power Systems AG
Tognum AG: Tognum raises earnings guidance
Tognum AG / Key word(s): Interim Report/Half Year Results 08.11.2011 / 07:30 --------------------------------------------------------------------- Tognum raises earnings guidance for 2011 after nine months *Order intake up 16.8% in the first three quarters to EUR2,382.3 million *Revenues increase by 21.2% to EUR2.057.7 million *Increased adjusted EBIT margin of 11.5% *Full year 2011: revenue guidance confirmed, earnings guidance raised Friedrichshafen, 8 November 2011. The specialist for propulsion and power solutions Tognum after nine months raises its earnings guidance for the full year and at the same time confirms its revenue guidance. Order intake, revenues and adjusted EBIT margin increased significantly in the first three quarters compared with the same period last year. Tognum now expects an adjusted EBIT margin of around 11%. This represents a significant increase on last year's figure (2010: 9.4%). The company had previously assumed it would achieve an adjusted EBIT of around EUR300 million for 2011. Tognum still expects to generate revenues of around EUR2.9 billion for the full year 2011. 'Tognum this year benefits significantly from the positive performance of its end markets: both order intake and revenues have risen in virtually all application areas compared with last year. Based on the excellent earnings performance in the third quarter, we expect to see slightly better earnings for the full year than previously anticipated,' explains Joachim Coers, CEO of Tognum AG. 'We continue to invest heavily in research and development to further increase our technological edge and have already been able to further reduce fuel consumption and life cycle costs of our products. All in all, the signs at Tognum indicate further profitable growth.' With regard to the closing of Tognum's takeover in the third quarter by Rolls-Royce and Daimler, Joachim Coers adds: 'Our new majority owners are supporting us on our way to becoming the world's leading provider of propulsion systems and distributed energy systems.' Significant increase in order intake and revenues Order intake increased in the first nine months of the year by 16.8% to EUR2.382.3 million (Q1-Q3 2010: EUR2.039.5 million), while revenues rose by 21.2% to EUR2.057.7 million (Q1-Q3 2010: EUR1.698.2 million). Strong increase in adjusted EBIT, high adjusted EBIT margin There was a strong increase in the adjusted EBIT of 54.8% to EUR237.1 million in the reporting period (Q1-Q3 2010: EUR153.2 million). The prime reason for this rise, besides the absolute increase in revenues, was the related improvement in capacity utilisation, higher efficiency levels, an improved revenue mix and a favourable development in terms of prices compared with costs. R&D expenditure in the first nine months of the year was up 13.8% to EUR133.5 million as planned (Q1-Q3 2010: EUR117.3 million). With these investments in the future, Tognum continues to expand its technological edge with new engines and systems. The adjusted EBIT margin increased to 11.5% (Q1-Q3 2010: 9.0%). Adjusted earnings per share almost doubled A 28.3% increase in adjusted gross profit to EUR617.0 million (Q1-Q3 2010: EUR481.0 million) resulted in an adjusted gross profit margin in the reporting period of 30.0% (Q1-Q3 2010: 28.3%). Adjusted group net income was up 87.7% to EUR162.7 million (Q1-Q3 2010: EUR86.7 million), resulting in adjusted earnings per share of EUR1.24 (Q1-Q3 2010: EUR0.66). Adequate financing structure Tognum's equity ratio as at 30 September had risen to 28.4% (31 December 2010: 26.8%). 'This is the highest equity ratio since our IPO in 2007. Furthermore, based on the company's earnings power the net financial debt is low,' says Tognum CFO Dieter Royal. Net financial debt increased slightly to EUR101.0 million (31 December 2010: EUR57.2 million), which was primarily due to the dividend payment in the second quarter of EUR65.7 million. Free cash flow was down in the first nine months to EUR20.6 million (Q1-Q3 2010: EUR103.7 million). This mainly reflects the high investments in the future and the growth-related increase in working capital. 'Our financial management system is designed to support Tognum's long-term profitable growth by means of an appropriate financing structure,' says Royal. 'We are also flexible enough in financial terms to ensure that we are able to consistently make whatever future investments are required for our growth and product strategy.' Improved performance in all reporting segments All three reporting segments - Engines, Onsite Energy & Components (OE&C) and Distribution - improved their performance in the first nine months of the year. Revenues in the Engines segment were up 15.2% in the reporting period to EUR1,395.5 million (Q1-Q3 2010: EUR1,211.0 million). In the Oil & Gas application area, there was a disproportionately high increase in revenues. This was due to the increased investing activities in this application area resulting from the increase in raw material prices. In the Industrial application area, rail and mining performed positively due to the continuing economic upswing. In the Marine application area, yacht and commercial business in particular contributed to the increase in revenues. In the Defense application area, revenues stagnated, as many projects were coming to an end and new projects, as scheduled, were not yet ready for completion. After Sales/Other business declined slightly, but remains at a high level. The adjusted segment EBIT increased significantly in the first three months by 30.4% to EUR200.1 million (Q1-Q3 2010: EUR153.4 million). The adjusted EBIT margin of this segment, at 14.3%, was significantly above last year's level (Q1-Q3 2010: 12.7%). The OE&C segment reported a significant increase in revenues in the reporting period by 29.5% to EUR683.1 million (Q1-Q3 2010: EUR527.6 million). The OE Diesel Systems & Engines application area continues to drive revenues. The business in diesel systems and the supply business with OEM customers both performed very positively. The business in gas systems in the field of OE Gas Power Systems is growing rapidly. The After Sales/Other application area saw an increase at an already high level of activity. The adjusted segment EBIT improved considerably compared with last year to EUR63.0 million (Q1-Q3 2010: EUR19.7 million). This represents an adjusted EBIT margin of 9.2% (Q1-Q3 2010: 3.7%). The revenue volume of the Distribution segment increased by 82.0% in the first nine months to EUR357.8 million (Q1-Q3 2010: EUR196.6 million). The adjusted segment EBIT was up 50.7% to EUR20.5 million as a result of this strong growth in revenues (Q1-Q3 2010: EUR13.6 million), which means an adjusted EBIT margin of 5.7% (previous year: 6.9%). The interim report for the first nine months of 2011 is available for download at www.tognum.com under 'Investors'. Key figures for the Tognum Group In EUR million (except*) Q1-Q3 2010 Q1-Q3 2011 Change Q3 2010 Q3 2011 Change Order intake 2,039.5 2,382.3 16.8% 650.0 731.3 12.5% Revenues 1,698.2 2,057.7 21.2% 612.2 718.8 17.4% Gross profit margin (adj.)* 28.3% 30.0% 1.7pp 27.4% 27.3% -0.1pp EBIT (adj.) 153.2 237.1 54.8% 56.2 78.9 40.4% EBIT margin (adj.) 9.0% 11.5% 2.5pp 9.2% 11.0% 1.8pp Net profit (adj.) 86.7 162.7 87.7% 33.9 54.3 60.2% Earnings per share (adj.) in EUR 0.66 1.24 87.9% 0.26 0.41 57.7% Equity ratio* 27.6% 28.4% 0.8pp 27.6% 28.4 0.8pp Free cash flow 103.7 20.6 -80.1% 18.0 -4.8 -126.7% Net financial debt 57.2 101.0 +76.6% 57.2 101.0 +76.6% Employees* 8,998 9,697 7.8% 8,998 9,697 7.8% Tognum With its two business units, Engines and Onsite Energy & Components, the Tognum Group is one of the world's leading suppliers of engines and propulsion systems for off-highway applications and of distributed energy systems. These products are based on diesel engines with up to 9,100 kilowatts (kW) power output, gas engines up to 2,150 kW and gas turbines up to 45,000 kW. The product portfolio of the Engines business unit comprises MTU engines and propulsion systems for ships, for heavy land, rail and defense vehicles and for the oil and gas industry. The portfolio of the Onsite Energy & Components business unit includes distributed energy systems of the brand MTU Onsite Energy and fuel-injection systems from L'Orange. The energy systems comprise diesel engines for emergency standby power, prime power and continuous power, as well as cogeneration power plants based on gas engines and gas turbines that generate both power and heat. In 2010, Tognum generated revenue of around EUR2.56 billion and employs more than 9,000 people. Tognum has a global manufacturing, distribution and service structure with 23 fully consolidated companies, more than 140 sales partners and over 500 authorized dealerships at approximately 1,200 locations. Since September 2011, Engine Holding GmbH, a joint venture between Daimler AG and Rolls-Royce Group plc has a majority holding in Tognum. Disclaimer Forward-looking statements This release contains forward-looking statements based on assumptions, forecasts and estimates made by Tognum's executive board of management. Although we assume that the assumptions, forecasts and estimates forming the basis for these forward-looking statements are realistic, we cannot guarantee that they will prove to be correct in the future. Assumptions, forecasts and estimates may entail risks and uncertainties which may cause actual results to differ considerably from those included in forward-looking statements. Factors which may result in such discrepancies include, among other things, changes in the economic and business environment, fluctuations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services and changes in corporate strategy. Tognum undertakes no obligation to update and/or to correct and/or to confirm forward-looking statements or to release publicly any updates or corrections to any forward-looking statements in order to reflect events or circumstances which occur after the date of this release. Contact: Investors & Analysts contact: IR Team ir@tognum.com +49 (0)7541-90 3318 Media contact: PR Team pr@tognum.com +49 (0)7541-90 3989 End of Corporate News --------------------------------------------------------------------- 08.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Tognum AG Maybachplatz 1 88045 Friedrichshafen Germany Phone: +49 (0)7541 90 3318 Fax: +49 (0)7541 90 90 3318 E-mail: ir@tognum.com Internet: http://www.tognum.de ISIN: DE000A0N4P43 WKN: A0N4P4 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 144995 08.11.2011
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