Vossloh AG

ots Ad hoc-Service: Vossloh AG

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    Werdohl (ots Ad hoc-Service) -

    Vossloh Group: Double-digit growth rates for Q1/2001 sales and earnings

    In the 1st quarter of 2001, the Vossloh Group generated net sales of 219.8 million Euro, thus exceeding the year-earlier level of 187.1 million Euro by 17.5%. At 18.6 million Euro, earnings before interest and taxes (EBIT) were 10.6% above Q1/2000. Group earnings per share for Q1/2001 rose by 26.1% from 0.46 Euro to 0.58 Euro. The Group's headcount at March 31, 2001, shrank to 5,475 (from 5,655).

    Net sales by the Railway & Transport division in the first three months of 2001 totaled 149.7 million Euro, like-for-like up 31.2% from 114.1 million Euro. The 3.3% increase in EBIT to 13.2 million Euro (up from 12.8 million Euro) was disproportionate since the Q1/2000 EBIT had included the gain from the sale of a nonessential property.

    At 70.0 million Euro, Q1/2001 sales by the Lighting division approximated the year-earlier level of 72.9 million Euro. Due to the restructuring in 2000, EBIT was stepped up 22.6% from 6.3 million Euro as of March 31, 2000, to 7.7 million Euro at first quarter-end 2001.

    For all of fiscal 2001, the Executive Board expects to achieve the budgeted Group sales boost from 854.4 million Euro to 990 million Euro. EBT of 86 million Euro would then outweigh the year-earlier of 77.9 million Euro by about 10%. Group earnings are expected to surpass the prior-year 27.8 million Euro by 22% to reach 34 million Euro, Group EpS mounting from 1.93 Euro to 2.35 Euro for 2001.

    The original 2001 budget figures may be affected by a deal that has progressed fairly far and provides that Hegenscheidt-MFD GmbH and Maschinenfabrik Niles Simmons GmbH be contributed into a joint venture to be held by Vossloh at 20% and the Naumann family as sole owner of Niles Simmons at 80%. This transaction, if finalized, would reduce the Group sales budgeted for 2001 by 67 million Euro and Group earnings by 4 million Euro. Discounting the one-time expenses, the Group's indicators and risk structures would clearly improve. Especially the EBIT margin and the return on capital employed (ROCE) would already in 2002 be further upgraded by this transaction alone.

    WKN: 766 710; Index: MDAX Listed: Amtlicher Handel in Frankfurt und Düsseldorf; Freiverkehr in Berlin, Bremen, Hamburg, Hannover, München und Stuttgart

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