Tognum proposes dividend increase
Posted on February 26, 2009
The specialist for propulsion and power solutions Tognum has significantly improved on its performance in the 2008 financial year.
Preliminary key figures for the group for the 2008 financial year
- Order intake up 4 % to € 3,231 million
- Revenues up 10.5 % to € 3,133 million
- Adjusted EBIT up more than 4 % to € 407 million
- Adjusted EBIT margin reaches 13 %
- Adjusted earnings per share up by over 27 % to € 2.01
Friedrichshafen, 26 February 2009. The specialist for propulsion and power solutions Tognum has significantly improved on its performance in the 2008 financial year. The supervisory board and the executive board of Tognum AG therefore propose that the annual shareholders meeting increase the dividend payment by almost 17 % to € 0.70 per share (previous year: € 0.60).
Tognum achieved new peak levels at all key figures for the group in 2008. While the order intake was up 4 % to € 3,231 million (previous year: € 3,107 million), revenues increased 10.5 % to € 3,133 million (previous year: € 2,835 million). This means that Tognum achieved a book-to-bill ratio of 1.03 (previous year: 1.10). Adjusted for currency exchange effects, revenues for the year actually increased to almost 13%.
Adjusted EBIT in 2008 reached € 407 million (previous year: € 390 million). The adjusted EBIT margin therefore stands at 13.0 % (previous year: 13.8 %). Adjusted net profit for the group rose in 2008 by around 33 % to € 264 million (previous year: € 199 million). Adjusted earnings per share are at € 2.01 (previous year: € 1.58).
Tognum has thus achieved the profit and margin targets it had set for the 2008 financial year as early as in December 2007 – despite the effects of the global economic and financial crisis, which became more severe in the course of the year. Key success factors included the broad business portfolio with over 20 different applications and a balanced regional distribution of revenues, plus high flexibility in terms of production. In the fourth quarter, the economic downturn intensified as a result of the financial crisis. This led, on the customer side, both to delays in call-offs and to financing problems. For this reason, fourth quarter performance turned out to be weaker than expected.
“Considering the extent of the global recession, we nevertheless managed to keep Tognum on course right to the end of 2008,“ explained Volker Heuer, chairman of the executive board and CEO of Tognum AG. “In view of the global economic crisis, however, we expect our business to face a new challenge in 2009. Since we are soundly financed, have excellent employees at all locations, and can rely on the 100 years experience of our largest subsidiary MTU Friedrichshafen, I am confident that we continue to remain successful in medium term.“
Tognum plans to publish the 2008 annual report with details of the financial year just ended and an outlook for the current 2009 financial year on Thursday, 26 March 2009. The annual shareholders meeting is scheduled to take place on 9 June 2009.
Preliminary key figures for the Tognum Group
|(in € millions, if not otherwise indicated)||2007||2008||Change|
|Order intake||3,107||3,231||+4.0 %|
|EBIT (adjusted)||390||407||+4.4 %|
|EBIT margin (adjusted)||13.8 %||13.0 %||-0.8 pp|
|Net profit (adjusted)||199||264||+32.7 %|
|Earnings per share (adjusted)||€ 1.58||€ 2.01||+27.2 %|
- End -
In conjunction with today’s release of the preliminary key figures for the group for the 2008 financial year, an international telephone conference will be organised for analysts and journalists at 2 p.m. Central European Time, which will be broadcasted live on the company’s website: www.tognum.com.