DGAP-News: Vossloh Aktiengesellschaft / Key word(s): Annual Report 
Vossloh Aktiengesellschaft: Orders received and sales up when adjusted for portfolio effects, profitability 
significantly higher year on year 
2021-03-18 / 07:29 
The issuer is solely responsible for the content of this announcement. 
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Orders received and sales up when adjusted for portfolio effects, profitability significantly higher year on year 
  . 5.6 percent increase in portfolio-adjusted orders received, order backlog 8.2 percent higher year on year 
  . Portfolio-adjusted sales slightly above previous year despite pandemic-related shifts of around EUR90 million 
  . EBIT margin of 8.4 percent at the upper end of most recent forecast and considerably higher year on year 
  . Dividend of EUR1.00 per share proposed 
  . Outlook 2021: Vossloh expects trend towards higher sales with further increase in operational profitability 
Werdohl, March 18, 2021. Vossloh AG published its figures for the 2020 fiscal year today. In a year marked by COVID-19, 
Vossloh can look back on a very successful 2020 fiscal year from an operational and strategic perspective, also due to 
the above-average stability of the rail infrastructure sector in times of crisis. Orders received came to EUR915.5 
million in 2020, an increase of 5.6 percent compared to the previous year's figure adjusted for portfolio effects of 
EUR866.7 million. The order backlog totaled EUR594.5 million at the end of 2020, 8.2 percent higher than the previous 
year's figure of EUR549.2 million. Sales revenues went up slightly from portfolio-adjusted EUR861.5 million in the previous 
year to EUR869.7 million. Postponements of deliveries and services on the customer side amounted to around EUR90 million in 
the 2020 fiscal year due to the pandemic. EBIT came to EUR73.1 million in the 2020 fiscal year (adjusted figure for the 
previous year: EUR55.7 million). This corresponds to an EBIT margin of 8.4 percent (adjusted figure for the previous 
year: 6.1 percent). This exceeded the original expectations for the 2020 fiscal year and was at the upper end of the 
most recently forecast range of 7.5 percent to 8.5 percent. The EBITDA margin was 14.2 percent in 2020 (adjusted figure 
for the previous year: 11.5 percent), and thus even exceeded the most recently forecast range of 13 percent to 14 
percent. The margin key figures include negative effects related to COVID-19 totaling around EUR25 million. These effects 
were only partially compensated for by an effect recognized in profit and loss of just under EUR16 million due to the 
transitional consolidation of a joint venture in China. 
The Group's net assets and financial position also improved noticeably. The equity ratio went up to 34.1 percent 
(previous year: 30.3 percent). Despite the impacts of the pandemic, free cash flow in the core business of rail 
infrastructure went up from EUR2.4 million in the previous year to EUR58.1 million in the year under review. This strong 
performance was the main factor that led to the reduction of net financial debt (excluding finance lease liabilities) 
from EUR321.3 million in the previous year to EUR307.4 million at the end of the 2020 fiscal year. 
In addition to the positive operational business performance, the 2020 fiscal year was also very successful in 
strategic terms. Vossloh finished the transformation into a company focused exclusively on rail infrastructure with the 
sale of the Locomotives business unit completed at the end of May 2020. While the free cash flow in the 2020 fiscal 
year was still burdened by EUR54.1 million and earnings per share by EUR1.49 from discontinued operations, such effects 
will no longer apply in the future. Vossloh also used the 2020 fiscal year to update its corporate strategy. As a 
result, the existing business with products and services will be further strengthened through a wide range of measures. 
At the same time, digital-based business models including the corresponding maintenance services will be expanded on 
this strong basis and will become noticeably more important for Vossloh going forward. 
"After years of realignment and restructuring, 2020 marks a major turning point in the history of our Group. Following 
the successful completion of Vossloh's transformation, we can look to the future with confidence. It is time for us to 
join forces and expand our strong position in the rail infrastructure market. We used 2020 for the last fine-tuning of 
our corporate strategy," explains Oliver Schuster, Chief Executive Officer of Vossloh AG. "The importance of rail 
systems is currently growing rapidly. Vossloh has the range of products and services it needs to not only benefit from 
the renaissance of rail transport in the digital age, but also be a driving force in this trend. With customer 
orientation, experience, innovative strength and a strong team. We make a significant contribution to climate 
protection and green mobility." 
Core Components division 
Orders received totaled EUR349.6 million in 2020, down from the previous year's high level of EUR382.0 million as expected. 
The decline was particularly attributable to major orders won in the previous year in the concrete ties business in 
Australia. The book-to-bill ratio was 0.93 in 2020. The order backlog amounted to EUR247.0 million at the end of 2020 
(previous year: EUR267.6 million). In terms of sales, the division grew by 6.7 percent to EUR375.3 million (previous year: 
EUR351.7 million). The increase was due to significantly higher sales in the Tie Technologies business unit. In contrast, 
sales in the Fastening Systems business unit were down year on year due to the pandemic. The division's EBIT was EUR51.6 
million, well above the adjusted figure from the previous year of EUR39.3 million. The increase was largely due to the 
aforementioned EUR15.6 million effect recognized in profit and loss. This transpired in the course of the transitional 
consolidation of a joint venture in China, which had been established in the previous year in the Fastening Systems 
business unit. The EBIT margin of the division totaled 13.7 percent (previous year's adjusted figure: 11.2 percent). 
Customized Modules division 
Orders received in the Customized Modules division went up significantly from a portfolio-adjusted figure of EUR396.7 
million in the previous year to EUR472.6 million. The increase was largely due to higher orders received in Europe and 
Australia. The book-to-bill ratio was 1.18. The order backlog came to EUR338.4 million, 24.0 percent higher than in the 
previous year (EUR273.0 million). The division's sales revenues came to EUR401.8 million, a slight decrease compared to the 
previous year's figure adjusted for portfolio effects of EUR418.3 million. The temporary shutdowns of several production 
sites in the 2020 fiscal year due to the pandemic were particularly noticeable in France. In contrast, the division 
achieved higher sales in Israel, Poland and Croatia, among others. Despite the pandemic-related production shutdowns in 
spring, the division's EBIT was EUR30.0 million in 2020, well above the adjusted figure from the previous year of^EUR23.7 
million. The earnings improvements were primarily driven by the positive effects from the 2019 performance program. 
Accordingly, the EBIT margin of 7.5 percent was also well above the previous year's adjusted value of 5.0 percent. 
Lifecycle Solutions division 
The Lifecycle Solutions division posted an orders received figure of EUR103.5 million, in line with the previous year. 
The book-to-bill ratio was 1.00. At EUR10.2 million, the order backlog at the end of 2020 also stood roughly on a par 
with the previous year (EUR10.5 million). The Lifecycle Solutions division generated sales revenues totaling EUR103.8 
million, down marginally on the revenues from the 2019 fiscal year (EUR106.0 million). Lower sales contributions from the 
sale of maintenance machines, mainly due to the pandemic, were largely offset by higher sales in the subsegments 
Stationary welding and Logistics. The division's EBIT went up to EUR8.8 million, a significant rise compared to the 
adjusted EBIT of the previous year (EUR6.2 million). This performance resulted mainly from increased business activity in 
the Stationary welding and Logistics subsegments. In addition, operating improvements resulting from the performance 
program contributed to the EBIT increase. Accordingly, the EBIT margin of 8.4 percent was much higher than the previous 
year's adjusted figure of 5.9 percent. 
Workforce 
In 2020, Vossloh AG employed 3,482 employees on average, compared to 3,774 in the 2019 fiscal year. The 7.7 percent 
downturn is largely due to the performance program and the related divestments. Employees were added in the year under 
review, among others, due to the Chinese joint venture Anyang in the Fastening Systems business unit being fully 
consolidated for the first time. 
Outlook 2020 
Vossloh expects sales to see a slight upward trend in the 2021 fiscal year. Based on current knowledge, Vossloh assumes 
that it will be able to generate sales between EUR850 million and EUR925 million in 2021. In the Core Components division, 
Vossloh expects slightly higher sales overall. Stable sales developments are expected in each of the Customized Modules 
and Lifecycle Solutions divisions. Vossloh is expecting an EBITDA margin of between 13 and 14 percent. The EBIT margin 
is expected to be between 7 and 8 percent. Excluding the one-time effect of EUR15.6 million from the transitional 
consolidation of the joint venture in China in the 2020 fiscal year, the EBITDA margin and EBIT margin in the past 
fiscal year were 12.4 percent and 6.6 percent. Vossloh expects its operational profitability to improve significantly, 
with contributions coming from all divisions. The outlook assumes that there will not be any significant additional 
impact related to the COVID-19 pandemic. 
Dividend proposed

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