Rolls-Royce Power Systems AG
Tognum AG: Tognum reports strong first half-year
Tognum AG / Key word(s): Interim Report/Quarter Results 04.08.2011 / 07:30 --------------------------------------------------------------------- Tognum reports strong first half-year *Order intake up 18.8% to EUR1,651.0 million *Revenues increase 23.3% to EUR1,338.9 million *Adjusted EBIT margin of 11.8% (H1 2010: 8.9%) *Forecast for the full year confirmed Friedrichshafen, 4 August 2011. The specialist for propulsion and power solutions Tognum continues its positive performance in the first half-year: the company achieved significant increases in order intake, revenues and adjusted EBIT. At the end of this strong first half-year, Tognum confirmed its forecast for the year that had been specified in May 2011. The company continues to expect revenues of around EUR2.9 billion for the full year and an adjusted EBIT of around EUR300 million. 'Tognum has again been able to benefit fully from the economic upswing in the second quarter,' explained Volker Heuer, CEO of Tognum AG. 'As a broadly diversified system provider, we will continue to enjoy above-average benefit from the positive overall economic situation in a large number of markets. For 2011, we are very confident that we will meet our forecast for the year.' Significant increase in order intake and revenues The order intake was up 18.8% in the first six months of the year compared with the same period last year to EUR1,651.0 million (H1 2010: EUR1,389.5 million). In the case of revenues, Tognum reported an increase of no less than 23.3% to EUR1,338.9 million (H1 2010: EUR1,086.0 million). All three reporting segments contributed to this growth. Strong increase in the adjusted EBIT, high adjusted EBIT margin The adjusted EBIT was up significantly in the reporting period, increasing by 63.1% to EUR158.2 million (H1 2010: EUR97.0 million). This rise was due primarily to the increase in revenues, the improved capacity utilisation, increased efficiency levels, an improved revenue mix and a favourable development in terms of prices compared with costs. The adjusted EBIT margin rose to 11.8% in the first half-year (H1 2010: 8.9%). Adjusted earnings per share more than doubled An increase in adjusted gross profit of around 30% to EUR420.5 million in the reporting period (H1 2010: EUR313.0 million) resulted in an improved adjusted gross profit margin of 31.4% (H1 2010: 28.8%). The adjusted group net income was up 105.3% to EUR108.4 million (H1 2010: EUR52.8 million). As a result, the adjusted earnings per share more than doubled in the first half-year and amounted to EUR0.82 (H1 2010: EUR0.40). Increased equity ratio The equity ratio increased slightly and at the end of the first half-year amounted to 27.6% (31.12.2010: 26.8%). Free cash flow at the end of the first six months is at EUR25.4 million (H1 2010: EUR85.6 million). Net financial debt nevertheless increased slightly to EUR82.2 million (31.12.2010: EUR57.2 million), since this had been offset by the dividend payment in May of EUR65.7 million. Improved performance in all segments All three reporting segments - Engines, Onsite Energy & Components (OE&C) and Distribution - improved their performance in the first six months of the year. Half-year revenues in the Engines segment amounted to EUR924.4 million and were thus 17.8% above the level reported for the same period last year (H1 2010: EUR784.9 million). Oil & Gas business enjoyed a disproportionate increase in revenues. This was mainly due to the increased investing activities resulting from the increase in raw material prices. Marine business, however, also contributed to this growth - primarily yacht business - as did the Industrial business with strong sales in rail and mining applications. Revenues in the Defence business were down, as a result of several projects coming to an end on schedule and no new projects of any significance currently ready for completion. After Sales continues to remain at a high level. The adjusted segment EBIT improved significantly in the course of the first six months by 32.4% compared with the same period last year to EUR133.2 million (H1 2010: EUR100.6 million). The OE&C segment with EUR430.5 million in the first half-year reported 32.9% higher revenues than in the same period last year (H1 2010: EUR324.0 million). A strong driver of revenues in the OE Gas Power Systems application area was the gas systems business, where revenues more than doubled. In the OE Diesel Systems & Engines application area, business in both diesel systems and the supply business with OEM customers developed positively. The After Sales/Other application area once again saw a high level of increase. The adjusted segment EBIT was up 177.4% to EUR40.5 million (H1 2010: EUR14.6 million). The revenue volume of the Distribution segment was up 89.3% in the reporting period compared with the same period last year to EUR241.0 million (H1 2010: EUR127.3 million). The adjusted segment EBIT rose 72.8% to EUR14.0 million (H1 2010: EUR8.1 million). The interim report for the first half of 2011 is available for download at www.tognum.com under 'Investors'. Key figures for the Tognum Group In EUR million (except*)H1 2010 H1 2011 Change Q2-2010 Q2-2011 Change Order intake 1,389.5 1,651.0 18.8% 693.0 833.1 20.2% Revenues 1,086.0 1,338.9 23.3% 576.6 677.5 17.5% Gross profit margin (adj.) 28.8% 31.4% 2.6pp 28.9% 32.9% 4.0pp EBIT (adj.) 97.0 158.2 63.1% 54.2 86.3 59.2% EBIT margin (adj.) 8.9% 11.8% 2.9pp 9.4% 12.7% 3.3pp Net profit (adj.) 52.8 108.4 105.3% 30.5 57.5 88.5% Earnings per share (adj.) in EUR 0.40 0.82 105.0% 0.23 0.44 91.3% Equity ratio 26.9% 27.6% 0.7pp 26.9% 27.6% 0.7pp Free cash flow 85.6 25.4 -70.3% -38.3 -41.0 -7.0% Net financial debt 57.2 82.2 43.7% 57.2 82.2 43.7% Employees* 8,818 9,450 7.2% 8,818 9,450 7.2% 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 25 fully consolidated companies, more than 140 sales partners and over 500 authorized dealerships at approximately 1,200 locations. The shares of Tognum AG (ISIN: DE000A0N4P43) have been stock-exchange listed since 2007. 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 --------------------------------------------------------------------- 04.08.2011 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 --------------------------------------------------------------------- 134290 04.08.2011
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