Tognum confirms forecast for 2012 at the end of the first nine months
Posted on November 08, 2012
The specialist for propulsion and power solutions Tognum confirms its forecast for the full year 2012 at the end of the first nine months.
- Solid order intake at €2,296.3 million in the first nine months
- Revenues increase to €2,092.7 million
- Adjusted EBIT margin of 8.8%
- Full year 2012: forecast confirmed
Friedrichshafen, November 8, 2012. The specialist for propulsion and power solutions Tognum confirms its forecast for the full year 2012 at the end of the first nine months. The adjusted EBIT margin is expected to be at around ten per cent by the end of the year, while the company expects to see revenue growth in the lower single-digit percentage range.
“The global economy cooled down further in the third quarter. As a result of our good order backlog, however, we are aiming for a fourth quarter slightly above last year’s level and therefore, from today’s perspective, we confirm our revenue and profit targets,” explained Joachim Coers, CEO of Tognum AG. “The fourth quarter, however, will be a real challenge for the entire company.”
Order intake and revenues
Order intake at the end of the first nine months of the year was on a solid level at €2,296.3 million (Q1-Q3 2011: €2,382.3 million). Revenues were up 1.7% compared with the same period last year to €2,092.7 million (Q1-Q3 2011: €2,057.7 million).
Adjusted EBIT and adjusted EBIT margin
The adjusted EBIT in the reporting period amounted to €184.3 million (Q1-Q3 2011: €237.1 million). The adjusted EBIT margin was 8.8% (Q1-Q3 2011: 11.5%). The decline in the margin resulted primarily from the reduced capacity utilisation and the scheduled increase in expenditure for research and development.
Adjusted gross profit margin and adjusted net profit
An adjusted gross profit of €602.8 million (Q1-Q3 2011: €617.0 million) resulted in an adjusted gross profit margin in the reporting period of 28.8% (Q1-Q3 2011: 30.0%). The adjusted net profit amounted to €120.3 million (Q1-Q3 2011: €162.7 million). This resulted in adjusted earnings per share of €0.92 (Q1-Q3 2011: €1.24).
Equity ratio, free cash flow and net financial debt
The equity ratio had risen to 31.4% on September 30 (December 31, 2011: 28.1%). Net financial debt increased to €118.1 million (December 31, 2011: €5.0 million). This was due primarily to the dividend payment of €98.5 million in the second quarter. Free cash flow1 was down in the first nine months to €20.0 million (Q1-Q3 2011: €20.6 million).
Segment reporting2
Revenues in the Engines segment amounted to €1,409.6 million in the reporting period (Q1-Q3 2011: €1,395.5 million). There was a strong increase in revenues in the Oil & Gas application area, primarily as a result of the increase in investing activities due to past increases in prices for raw materials. Increased revenues were also reported in the Defense application area due to several projects coming to an end. Business in government vessels in the Marine application has experienced a project related decline. In the Industrial application area, business in rail engines, as expected, was weaker, following a boom in 2011 relating to tougher emission regulations. After Sales business remained stable at a high level. The adjusted segment EBIT at the end of the first nine months of the year amounted to €161.9 million (Q1-Q3 2011: €200.1 million).
The Onsite Energy & Components (OE&C) segment reported an increase in revenues in the reporting period of 3.6% to €707.5 million (Q1-Q3 2011: €683.1 million). In the OE Diesel Systems & Engines application area, there was an increase in revenues generated with diesel systems. The supply business to OEM customers declined, as the OEMs were able to draw on stock levels that were still available from the beginning of the year. Revenues in the OE Gas Power Systems application area were up due to the growing demand for gas systems. The After Sales/Other application area was stable. The adjusted segment EBIT amounted to €45.3 million (Q1-Q3 2011: €63.0 million).
Revenue volume generated in the Distribution segment increased by 5.2% in the first nine months of the year to €376.4 million (Q1-Q3 2011: €357.8 million). The adjusted segment EBIT amounted to €19.6 million (Q1-Q3 2011: €20.5 million).
The interim report valid for the first nine months of 2012 is available for download at www.tognum.com under “Investors”.
Key figures for the Tognum Group
In € million (except*) | Q1-Q3 2011 | Q1-Q3 2012 | Change | Q3 2011 | Q3 2012 | Change |
Order intake | 2,382.3 | 2,296.3 | -3.6% | 731.3 | 772.2 | 5.6% |
Revenues | 2,057.7 | 2,092.7 | 1.7% | 718.8 | 677.3 | -5.8% |
Gross profit margin* (adj.) | 30.0% | 28.8% | -1.2pp | 27.3% | 27.7% | 0.4pp |
EBIT (adj.) | 237.1 | 184.3 | -22.3% | 78.9 | 48.9 | -38.0% |
EBIT margin* (adj.) | 11.5% | 8.8 | -2.7pp | 11.0% | 7.2% | -3.8pp |
Net profit (adj.) | 162.7 | 120.3 | -26.1% | 54.3 | 31.1 | -42.7% |
Earnings per share* (adj.) in €3 | 1.24 | 0.92 | -25.8% | 0.41 | 0.24 | -41.5% |
Equity ratio*4 | 28.1%5 | 31.4 | 3.3pp | 28.1%5 | 31.4 | 3.3pp |
Free cash flow6 | 20.6 | 20.0 | -2.9% | -4.8 | -26.2 | -445.8% |
Net financial debt | 5.05 | 118.1 | 2,262.0% | 5.05 | 118.1 | 2,262.0% |
Employees*7 | 9,697 | 10,477 | 8.0% | 9,697 | 10,477 | 8.0% |
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1 Free cash flow = cash flow from operating activities and cash flow from investing activities
2 All segment data including intersegment relations, i.e., transactions between the segments
3 Earnings per share are calculated on the basis of net profit divided by the number of shares amounting to 131,375,000
4 Shareholder’s equity as a proportion of total assets
5 Value on the reporting date December 31, 2011
6 Free cash flow = cash flow from operating activities and cash flow from investing activities
7 Value in each case on the reporting date September 30
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