QUARTERLY STATEMENT AS OF SEPTEMBER 30, 2021
WERDOHL, OCTOBER 28, 2021
DISCLAIMER
NOTE
This presentation contains statements concerning the future business performance of the Vossloh Group that are based on assumptions and estimates from the Company management. If the assumptions that the projections are based on fail to occur, the actual results of the projected statements may differ substantially. Uncertainties include changes in the political, commercial and economic climate, the actions of competitors, natural catastrophes, epidemics, legislative reforms, the effects of future case law and fluctuations in exchange rates and interest rates. Vossloh and its Group companies, consultants and representatives assume no responsibility for possible losses associated with the use of this presentation or its contents. Vossloh assumes no obligation to update the forecast statements in this presentation.
The information contained in this presentation does not constitute an offer or an invitation to sell or buy Vossloh shares or the shares of other companies.
2 Quarterly Statement Q3/2021
VOSSLOH GROUP
STRONG THIRD QUARTER DESPITE SIGNIFICANT BURDENS FROM SUBSTANTIALLY HIGHER MATERIAL PRICES
CONTINUING STRONG OPERATIONAL BUSINESS DEVELOPMENT
Sales in Q3 2021 up 5.0 percent to €235.8 million, 9M 2021 up 13.1 percent to €698.4 million
Increase compared to previous year mainly due to Core Components (Vossloh Fastening Systems); Customized Modules slightly above previous year, Lifecycle Solutions stable
EBIT of €19.8 million in Q3 2021 very encouraging in light of the burdens from higher material prices (previous year: €24.5 million)
EBIT after 9M 2021 increased to €62.2 million (previous year: €54.5 million, boosted by a positive book effect of €15.6 million); main driver of the improvement is the China business from Vossloh Fastening Systems
Net income in Q3 2021 of €13.2 million (previous year's quarter: €18.7 million); after 9M 2021 improved by €24.7 million to €33.8 million
Earnings per share almost tripled to €1.30 after 9M 2021 (previous year: €0.45)
Free cash flow in Q3 2021 at €25.5 million;
after 9M 2021 at €9.8 million significantly improved compared to previous year (€(51.9) million, including €(54.1) million from discontinued operations)
Equity ratio at a very high level of 45.5 percent also thanks to hybrid note (September 30, 2020:
32.8 percent); substantially strengthened balance sheet significantly increases financial flexibility
GOOD ORDER SITUATION THANKS TO IMPORTANT SALES SUCCESSES
Orders received in Q3 slightly below previous year (€223.0 million) at €207.9 million; book-to-bill after 9M 2021 at 0.96; high orders received expected in Q4
Order volume for published framework agreements in 2021 with ARTC (Australia), ProRail (the Netherlands), STIB (Belgium) and Bane NOR (Norway) totaling well over €200 million; of this, only around €18 million included in orders received 9M 2021
New framework agreement with Queensland Rail for the supply of concrete ties in Australia and strategically important contract for a major project in Turkey for the supply of rail infrastructure components signed in October
3 Quarterly Statement Q3/2021
VOSSLOH GROUP
INNOVATIVE VOSSLOH SERVICE PORTFOLIO MAKES IMPORTANT CONTRIBUTION TO SUSTAINABLE MOBILITY
SUCCESSES IN THE SERVICE | INVESTMENT PROGRAMS TO |
BUSINESS | PROMOTE RAIL |
FURTHER PROGRESS IN SUSTAINABILITY
First use of milling technology at a Class I operator in the USA, 30 shifts successfully completed; strong interest from other Class I operators and transit customers
Market leadership in milling extended by winning framework agreement with Trafikverket in Sweden
Deployment of the smart HSG-city in Italy, diagnostic and grinding services for tailored maintenance for the customer Milan Metro
Operation of high-performance milling machine in Europe starting in November; innovative milling technology enables more material removal and higher speed
4 Quarterly Statement Q3/2021
Numerous investment programs to promote rail mobility have been set up around the world, but in many cases long planning periods are expected before implementation:
- USA: USD 66 billion for Amtrak and USD 90 billion for total transit infrastructure (final passage in House of Representatives pending)
- Germany: €86 billion for rail infrastructure maintenance and modernization until 2030 plus €5.5 billion for "Digital Rail"
- Italy: €23 billion, a significant portion for massive expansion of the high-speed network
- Australia: over €15 billion earmarked for various rail infrastructure projects
- Eastern Europe: well over €10 billion in rail investments announced, including Rail Baltica
- EU Green Deal: aiming to double high-speed traffic by 2030 and freight transport by 2050 in Europe
Sustainability has been a high priority at Vossloh for many years; selected successes:
-
CO2 intensity reduced by 10 percent between 2017 and 2019 (compared to 2020 by just under
20 percent) - All German production sites switched to green power
- Top ratings from renowned agencies (including Prime Status with ISS ESG, AA with MSCI ESG Research, Silver with Ecovadis)
Group-wide sustainability program adopted by the Executive Board in September 2021; Group-wide framework created for central alignment of global sustainability activities; reprioritization of key issues and translation into Group-wide targets ongoing
Sustainability commitment of the Executive Board underscores even greater focus on sustainability (Sustainability commitment of the Executive Board)
VOSSLOH GROUP
SALES REVENUES AND OPERATIONAL PROFITABILITY SIGNIFICANTLY ABOVE PREVIOUS YEAR
KEY GROUP INDICATORS | 1-9/2020 | 1-9/2021 | ||||
Sales revenues | € mill. | 617.7 | 698.4 | |||
EBITDA/EBITDA margin | € mill./% | 91.7 / | 14.8 | 100.8 | / | 14.4 |
EBIT/EBIT margin | € mill./% | 54.5 / | 8.8 | 62.2 | / | 8.9 |
Net income | € mill. | 9.1 | 33.8 | |||
Earnings per share | € | 0.45 | 1.30 | |||
Free cash flow1 | € mill. | (51.9) | 9.8 | |||
Capital expenditure | € mill. | 42.1 | 28.5 | |||
Value added | € mill. | 9.1 | 15.2 |
- Previous year's figure negatively affected by €(54.1) million from discontinued operations.
- Quarterly Statement Q3/2021
NOTES
Sales revenues significantly higher than in previous year (+13.1 percent), increase largely attributable to Core Components, Customized Modules also slightly above previous year, Lifecycle Solutions at previous year's level
EBIT and EBIT margin significantly higher on operational basis, especially due to Core Components and Customized Modules, in contrast Lifecycle Solutions still noticeably lower year on year; significant burdens from increase in material prices in 2nd half particularly at Core Components
Net income substantially improved year on year; previous year's figure impacted by losses from discontinued operations; in contrast, significantly higher tax expense year on year due to higher operating result and impairment of deferred taxes in Germany; earnings per share almost tripled
Free cash flow in Q3 2021 at €25.5 million, back in positive territory after nine months; clear improvement on previous year's figure, which was significantly impacted by discontinued operations
Capital expenditure in all divisions below high level from previous year, significant increase in capital expenditure expected in Q4 2021
Value added greatly improved compared to previous year
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Vossloh AG published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 05:30:07 UTC.