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    VOS   DE0007667107

VOSSLOH AG

(VOS)
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Vossloh : Interim report Q2/2021

07/28/2021 | 01:33am EDT

Interim financial report as of June 30, 2021

Enabling green mobility

Key group figures

H1/2021

H1/2020

Orders received

€ mill.

459.4

494.8

Order backlog

€ mill.

584.6

656.0

Income statement data

Sales revenues

€ mill.

462.6

393.2

Core Components

€ mill.

230.4

164.7

Customized Modules

€ mill.

192.3

186.5

Lifecycle Solutions

€ mill.

47.8

47.2

EBITDA

€ mill.

68.4

55.0

EBITDA margin

%

14.8

14.0

EBIT

€ mill.

42.4

30.1

EBIT margin

%

9.2

7.6

Net interest result

€ mill.

(4.0)

(8.0)

EBT

€ mill.

38.4

22.1

Net income

€ mill.

20.6

(9.6)

Earnings per share

0.70

(0.58)

Return on capital employed (ROCE)1

%

9.5

7.02

Value added1

€ mill.

11.1

0.02

Balance sheet data

Fixed assets3

€ mill.

695.3

686.32

Capital expenditure

€ mill.

19.9

30.5

Depreciation/amortization

€ mill.

26.0

24.9

Closing working capital4

€ mill.

206.3

180.9

Closing capital employed

€ mill.

901.5

867.22

Equity

€ mill.

569.1

389.52

Noncontrolling interests

€ mill.

26.5

16.6

Hybrid capital investors

€ mill.

148.4

-

Net financial debt

€ mill.

200.6

358.0

Net financial debt (including lease liabilities)

€ mill.

241.3

405.5

Total assets

€ mill.

1,276.6

1,230.62

Equity ratio

%

44.6

31.72

Cash flow statement data

Gross cash flow

€ mill.

70.1

41.0

Cash flow from operating activities

€ mill.

10.8

(26.8)

Cash flow from investing activities

€ mill.

(26.3)

12.4

Cash flow from financing activities

€ mill.

68.0

1.8

Free cash flow 5

€ mill.

(15.7)

(47.2)

Workforce

Average headcount during the period

No.

3,589

3,484

Core Components

No.

884

935

Customized Modules

No.

2,137

1,987

Lifecycle Solutions

No.

508

504

Vossloh AG

No.

60

58

Personnel expenses

€ mill.

106.0

103.9

Share data

Share price as of June 30

42.55

38.95

Market capitalization as of June 30

€ mill.

747.4

684.1

  1. Based on average capital employed; annualized
  2. Comparative information adjusted retrospectively in accordance with IAS 8, see explanation on page 25
  3. Fixed assets = intangible assets plus property, plant and equipment plus investment properties plus investments in companies accounted for using the equity method plus other noncurrent financial instruments
  4. Trade receivables (including contract assets) plus inventories minus trade payables (including contract liabilities) minus prepayments received minus other current provisions (adjusted for matters not attributable to the operating business)
  5. Figures include effects from discontinued operations of €(0.1) million in the first half of 2021 and €(54.1) million in the corresponding period of the previous year

2

To our shareholders

4

Interim Group management report

6

Business performance in the Group

6

Business performance Core Components

11

Business performance Customized Modules

13

Business performance Lifecycle Solutions

14

Employees

15

Forecast, opportunities and risks

16

Condensed interim financial statements of the

17

Vossloh Group as of June 30, 2021

Income statement

18

Statement of comprehensive income

18

Cash flow statement

19

Balance sheet

20

Statement of changes in equity

21

Explanatory notes

22

Segment information

32

Responsibility statement

34

Review report of the independent auditor

35

Financial calendar

36

Vossloh AG's boards

36

3

Dear shareholders, ladies and gentlemen,

As part of our reporting on the first quarter of 2021, we were able to look back in April of this year on the operationally strongest opening quarter in ten years. I am pleased to report to you today that this extremely encouraging performance of our business has continued into the second quarter of the current fiscal year. In the first half of 2021, we were able to generate total sales revenues of €462.6 million. Compared to the same period of the previous year, this represents a substantial increase of 17.7 percent, largely attributable to higher sales contributions from the rail fastening systems business. Despite a positive one-time effect in the same period of the previous year, EBIT increased significantly by 41.2 percent to €42.4 million. The Core Components division, with its Fastening Systems business unit and the Customized Modules division made a major contribution to these excellent half-year results. Positive effects from the restructuring of our infrastructure business initiated in 2019 have substantially supported this development. Last week, based on our current planning, we were also able to significantly raise our sales expectations for 2021, all while maintaining our high profitability. In view of the significant increase in material prices, most of which impacted our Core Components division, I believe the latter is particularly noteworthy and an indication of our strongly improved operating performance. For 2021, we now expect sales revenues in

the range of €900 million to €950 million with an unchanged EBIT margin of 7 to 8 percent.

Following the completion of the realignment of the Vossloh Group and the focus on the growth market of rail infrastructure, we are benefiting significantly from the increasing recognition by political decision- makers worldwide that moving traffic onto the rail network is an indispensable success factor in achieving climate targets. In addition to the topic of sustainability, other megatrends such as population growth, urbanization, globalization and, of course, digitalization are noticeably boosting our business. Against this backdrop, many countries around the world are currently launching comprehensive investment programs for rail as a mode of transport. These include the European Commission's Green Deal, which also declared 2021 the "European Year of Rail". As a result, we are observing increasing tendering activities on the part of our customers and are seeing demand pick up in large parts of the world. In the first six months of 2021, we recorded orders received of €459.4 million, roughly in line with the sharp year on year increase in sales revenues. At the same time, we succeeded in winning very important long-term framework agreements with a volume of well over €100 million that are not directly reflected in our orders received, but rather are recorded there step by step in line with the actual customer orders.

With the goal of increasing our financial flexibility, we were one of the first companies in Germany to place a sustainability-linked hybrid note with a volume of €150 million at the beginning of the year. This financial instrument creates the financial flexibility we need for the further implementation of our Group strategy.

In the short term, this will mainly involve strengthening our position in certain growth markets. In addition, we are also focusing on expanding our portfolio of products and services and on selected innovations.

In the reporting period, we have already achieved some important milestones in the implementation of our strategy. I would like to mention our major "Factory of the Future" project here. The halls at the Werdohl site have been completed, and automated and interlinked production is proceeding according to schedule. Falling unit costs coupled with significantly increased vertical integration will further improve our position in the fiercely contested market for rail fastening systems. In addition, we took a strategically important step in the highly innovative Dutch market with the acquisition of the company ETS Spoor B.V. In addition to strengthening our product business in this region, we see scalable potential here, in particular in the area of trendsetting maintenance models. Finally, together with my colleagues on the Executive Board, I am delighted that our Group-wide suggestion system "Fit4Future" has gotten off to a very successful start. From all divisions and regions, we are receiving suggestions from employees on how we can make Vossloh even more efficient and thus even more secure for the future.

4

Ladies and gentlemen, the previous information may serve as an indication to you that Vossloh is not only on the right track but is making concrete and measurable progress across the board. The measures we have initiated and implemented over the years are taking effect and strengthening the Vossloh Group. I would like to thank you very much for the trust you have placed in us and ask you to continue to support us in shaping and advancing sustainable mobility in the future. Let's work together to make our world a little bit better every day in this regard.

Yours sincerely,

Oliver Schuster

Chief Executive Officer, Vossloh AG

Dr. Thomas Triska (CFO)

Oliver Schuster (CEO)

Jan Furnivall (COO)

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Vossloh AG published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 05:32:03 UTC.


© Publicnow 2021
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Net income 2021 26,5 M 31,2 M 31,2 M
Net Debt 2021 314 M 369 M 369 M
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Yield 2021 2,17%
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EV / Sales 2021 1,21x
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Oliver Schuster Chief Executive Officer
Thomas Triska Chief Financial Officer
Rüdiger Grube Chairman-Supervisory Board
Jan Furnivall Chief Operating Officer
Ulrich M. Harnacke Deputy Chairman-Supervisory Board
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