Vossloh with renewed sales growth and significant EBIT increase in the opening quarter of the 2024 financial year
|
EQS-News: Vossloh Aktiengesellschaft
/ Key word(s): Quarterly / Interim Statement
Vossloh with renewed sales growth and significant EBIT increase in the opening quarter of the 2024 financial year
Werdohl, April 25, 2024. Vossloh has made an extremely successful start into the 2024 financial year. Improvements were realized in all key financial indicators compared to the previous year. Orders received of €350.1 million (previous year: €344.9 million) exceeded the very high level of the previous year. The Order backlog as of March 31, 2024 reached €804.1 million and thus remains well above the historical average. The Book-to-bill ratio, which reflects the ratio of Orders received to Sales revenues, reached a high figure of 1.30 in the reporting period. The Group’s Sales revenues in the first quarter of 2024 increased by 4.9 percent year on year to €268.8 million (previous year: €256.3 million). Vossloh thus achieved the highest sales figure in the infrastructure business within an opening quarter over the course of the company's history. All divisions contributed to the positive development to varying degrees, with the Customized Modules division recording the highest absolute sales growth. EBIT reached €17.9 million in the first quarter of the current year, an increase of 27.4 percent. The EBIT margin improved from 5.5 percent to 6.7 percent. Net income has more than doubled compared to the previous year, increasing from €4.8 million to €10.6 million. Earnings per share amounted to 39 cents per share (previous year: 7 cents per share). At the same time, the Vossloh Group's net assets and financial position also developed very positively. Equity increased by 3.7 percent year on year to €649.8 million (previous year: €626.3 million). The Equity ratio of 46.9 percent was thus even higher than the previous year's high level of 44.5 percent. Net financial debt including lease liabilities totaled €239.2 million as of the reporting date of March 31, 2024. Compared to the previous year's reporting date (March 31, 2023: €273.4 million), this represents a significant improvement of €34.2 million or 12.5 percent. Oliver Schuster, CEO of Vossloh AG: "The excellent results, we achieved in the opening quarter of the 2024 financial year, are another chapter in our success story. Despite persistently challenging conditions, we have once again demonstrated our efficiency. Sales revenues reached a new record level and the positive earnings trend of recent years is continuing. On this basis and thanks to pleasing orders received as well as a promising market outlook, we are looking into the future with great confidence." Core Components with significant EBIT increase Orders received by the Core Components division in the first quarter of 2024 were again at a high level of €161.5 million (previous year: €166.2 million). At the end of the reporting period, the Order backlog of the division totaled €305.3 million (March 31, 2023: €327.5 million). In terms of Sales revenues, the Core Components division maintained the previous year's high level and generated €115.8 million (previous year: €115.1 million). While Sales revenues in the Fastening Systems business unit fell slightly from €79.2 million in the previous year to €74.4 million, Sales revenues in the Tie Technologies business unit increased by 9.1 percent from €41.7 million to €45.5 million. The Core Components division significantly increased its EBIT from €12.4 million to €17.8 million in the first quarter of 2024. The EBIT margin climbed from 10.8 percent in the previous year to 15.4 percent. Both business units contributed to the significant improvement in earnings and profitability. Customized Modules division increases Sales revenues and EBIT Orders received in the Customized Modules division remained almost unchanged at the high level of the previous year of €142.6 million (previous year: €144.1 million). The Order backlog at the end of the first quarter of 2024 amounted to €446.0 million (previous year: €502.6 million). The previous year's figure included over €35 million from activities that have since been sold. Sales revenues in the Customized Modules division increased by 3.6 percent to €124.5 million in the reporting period (previous year: €120.1 million), in particular due to higher sales in the Middle East, France and Italy. EBIT increased from €7.2 million in the previous year to €8.1 million in the first quarter of 2024. The EBIT margin improved accordingly to 6.5 percent (previous year: 6.0 percent). Lifecycle Solutions achieves sales growth and record Orders received Orders received in the Lifecycle Solutions division in the first quarter of 2024 amounted to €58.7 million, exceeding the previous year's figure of €46.9 million by 25.1 percent and thus reaching a new peak level in an opening quarter. In addition to China and Northern Europe, the continued positive order situation in Germany also contributed to this development. The Order backlog of €64.2 million at the end of the current reporting period marks a significant increase compared to the previous year's figure of €52.1 million. At €32.8 million, the Lifecycle Solutions division also generated slightly higher Sales revenues (previous year: €31.4 million). This growth is attributable in particular to the Logistics and High Speed Grinding subsegments. The division's EBIT was still negative due to seasonal factors and amounted to €(2.0) million (previous year: €(0.9) million). Compared to the previous year, there were lower earnings contributions from machine sales. The EBIT margin was also negative due to seasonal factors and amounted to (6.1) percent in the 2024 reporting period (previous year: (3.0) percent). Employees During the first quarter of 2024, the average number of employees in the Vossloh Group was 4,047 (same period in previous year: 3,903). The increase was primarily attributable to the Lifecycle Solutions and Customized Modules divisions. Outlook for the year 2024 Vossloh confirms the existing forecast for the current financial year. From today's perspective, the Executive Board continues to expect sales revenues of between €1.16 billion and €1.26 billion. An overall positive market demand should mean that the extraordinarily high level of sales revenues in 2023 - based on the average value of the forecast - can be kept roughly stable, despite the expiry of major new construction projects at the end of 2023. With regard to the operating result, EBIT is expected to increase further to between €100 million and €115 million. Based on the average value of the sales forecast, this results in an EBIT margin of between 8.3 percent and 9.5 percent.
Contact details for the media: Contact details for investors: Vossloh is a global technology group which for some 140 years has stood for quality, safety, customer focus, reliability and innovative strength. With its comprehensive range of rail-related products and services, Vossloh ranks among the world market leaders in this sector. Vossloh offers a uniquely broad range of products and services under one roof: Rail fastening systems, concrete ties, switch systems and crossings, as well as innovative and increasingly digital-based services for the entire life cycle of rails and switches. Vossloh uses its systemic understanding of the track to address the central customer need of "availability of the rail track". Vossloh products and services are in use in more than 100 countries. With some 75 Group companies in almost 30 countries and over 40 production locations, Vossloh is active locally worldwide. Vossloh is committed to sustainable corporate governance and climate protection and with its products and services makes an important contribution to the sustainable mobility of people and goods. The Group's activities are organized into the three divisions Core Components, Customized Modules and Lifecycle Solutions. In the 2023 financial year, Vossloh generated sales revenues of €1,214.3 million with around 4,000 employees.
25.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | Vossloh Aktiengesellschaft |
| Vosslohstr. 4 | |
| 58791 Werdohl | |
| Germany | |
| Phone: | +49 (0)2392 52 - 359 |
| Fax: | +49 (0)2392 52 - 219 |
| E-mail: | investor.relations@vossloh.com |
| Internet: | www.vossloh.com |
| ISIN: | DE0007667107 |
| WKN: | 766710 |
| Indices: | SDAX |
| Listed: | Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1888907 |
| End of News | EQS News Service |
|
|
1888907 25.04.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.