Rolls-Royce Power Systems AG
Tognum AG: Tognum specifies growth forecast
Tognum AG / Key word(s): Quarter Results/Interim Report 07.08.2012 / 07:51 --------------------------------------------------------------------- Tognum specifies growth forecast for 2012 * Solid order intake of EUR1,524.1 million in the first half-year * Revenues increase to EUR1,415.4 million * Adjusted return on sales of 9.6% * Revenue forecast within forecast corridor * Adjusted return on sales of around 10% predicted Friedrichshafen, August 7, 2012. The specialist for propulsion and power solutions Tognum has adjusted its forecast for the full year 2012 at the end of the first half-year. The company now anticipates growth in revenues in the lower single-digit percentage range and thus remains within the current forecast corridor. The adjusted return on sales is expected to be around ten per cent by the end of the year. Tognum had previously assumed it would achieve an adjusted return on sales of over ten per cent. 'The macro-economic prospects for the financial year deteriorated significantly in the course of the second quarter. We nevertheless expect to generate higher revenues in the second half of the year than in the first half,' says Joachim Coers, CEO of Tognum AG. 'Since uncertainty still prevails on the raw materials and capital markets, we still expect to see fluctuations in demand in the course of the year. Order intake and revenues Tognum reported a solid order intake in the first half of the year at EUR1,524.1 million (H1 2011: EUR1,651.0 million). Revenues were up 5.7% to EUR1,415.4 million compared with the previous year (H1 2011: EUR1,338.9 million). Adjusted EBIT and adjusted return on sales The adjusted EBIT in the reporting period was EUR135.4 million (H1 2011: EUR158.2 million), with adjusted return on sales in the first half of the year at 9.6% (H1 2011: 11.8%). The decrease resulted primarily from the change in revenue mix, reduced capacity utilisation and a scheduled increase in R&D expenditure. Adjusted gross profit margin and adjusted net profit An adjusted gross profit of EUR415.4 million (H1 2011: EUR420.5 million) resulted in an adjusted gross profit margin in the reporting period of 29.3% (H1 2011: 31.4%). The adjusted net profit amounted to EUR89.2 million (H1 2011: EUR108.4 million), resulting in adjusted earnings per share in the first half of the year of EUR0.68 (H1 2011: EUR0.82). Equity ratio, free cash flow and net financial debt The overall equity ratio improved to 28.2% (December 31, 2011: 28.1%). Free cash flow at the end of the first six months increased to EUR46.2 million (H1 2011: EUR25.4 million). Net financial debt increased to EUR82.6 million (December 31, 2011: EUR5.0 million) due in part to the dividend payment of EUR98.5 million. Segment reporting Half-year revenues in the Engines segment amounted to EUR942.3 million and were thus 1.9% above the level of the previous year (H1 2011: EUR924.4 million). A strong increase in revenues was reported in the Oil & Gas application area, resulting from higher investing activities due to past increases in prices for raw materials. Revenues were up in the Defense business due to several projects coming to an end. After Sales business remained stable at a high level. The decline in business in government vessels in the Marine application was project related. Business in rail engines in the Industrial application area, as expected, was weaker, following a boom in 2011 relating to tougher emission regulations. The adjusted segment EBIT at the end of the first six months of the year amounted to EUR112.5 million (H1 2011: EUR133.2 million). The Onsite Energy & Components segment generated revenues of EUR493.4 million in the first half of the year, up 14.6% on the previous year's level (H1 2011: EUR430.5 million). In the OE Diesel Systems & Engines application area, business in diesel systems performed positively, while the supply business to OEM customers declined at the start of the year as a result of their high stock levels. The growing demand for gas systems led to an 80.1% increase in revenues in the first half of the year in the OE Gas Power Systems application area amounting to EUR34.4 million compared with the previous year (H1 2011: EUR19.1 million). Revenues in the After Sales/Other application area remained stable. The adjusted segment EBIT amounted to EUR41.0 million (H1 2011: EUR40.5 million). The Distribution segment's revenue volume of EUR245.1 million remained at last year's level (H1 2011: EUR241.0 million ). The adjusted segment EBIT amounted to EUR11.7 million (H1 2011: EUR14.0 million). The interim report valid for the first half of 2012 is available for download at www.tognum.com under 'Investors'. Key figures for the Tognum Group In EUR million (except*) H1 2011 H1 2012 Change Q2 2011 Q2 2012 Change Order intake 1,651.0 1,524.1 -7.7% 833.1 752.6 -9.7% Revenues 1,338.9 1,415.4 5.7% 677.5 730.1 7.8% Gross profit margin* (adj.) 31.4% 29.3% -2.1pp 32.9% 29.1% -3.8pp EBIT (adj.) 158.2 135.4 -14.4% 86.3 67.7 -21.6% Return on sales* (adj.) 11.8% 9.6% -2.2pp 12.7% 9.3% -3.4pp Net profit (adj.) 108.4 89.2 -17.7% 57.5 44.8 -22.1% Earnings per share* (adj.) in EUR 0.82 0.68 -17.1% 0.44 0.34 -22.7% Equity ratio* 28.1% 28.2% 0.1pp 28.1% 28.2% 0.1pp Free cash flow 25.4 46.2 81.9% -41.0 54.6 233.2% Net financial debt 5.0 82.6 1,652.0% 5.0 82.6 1,652.0% Employees* 9,450 10,313 9.1% 9,450 10,313 9.1% Tognum With its two business units, Engines and Onsite Energy, the Tognum Group is one of the world's leading suppliers of engines and propulsion systems for off-highway applications and of distributed power generation 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 Onsite Energy business unit supplies distributed power generation systems carrying the MTU Onsite Energy brand. These comprise diesel engines for emergency 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. Tognum's product portfolio also features fuel-injection systems built by L'Orange. In 2011, Tognum generated revenue of around EUR2.97 billion and employs more than 10,000 people. Tognum has a global manufacturing, distribution and service structure with 24 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 --------------------------------------------------------------------- 07.08.2012 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 Indices: CDAX, Classic All Share, Prime All Share Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 180486 07.08.2012
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