PRESS RELEASE
Corporate
Tognum after Q1: full-year forecast confirmed
Posted on May 10, 2012
The specialist for propulsion and power solutions Tognum, at the end of the first quarter, has confirmed its forecast for the full-year 2012.
- Solid order intake amounting to €771.5 million
- Revenues increase to €685.3 million
- Adjusted EBIT margin of 9.9%
- Forecast for full-year 2012 confirmed
- More than 10,000 employees following Aggetech takeover
Friedrichshafen, 10 May 2012. The specialist for propulsion and power solutions Tognum, at the end of the first quarter, has confirmed its forecast for the full-year 2012. The company continues to expect a single-digit percentage growth in revenues and an adjusted return on sales of over ten per cent.
“As a result of an order backlog that remains strong at over two billion euros, we are confident that we will achieve our targets for the 2012 financial year,” said Joachim Coers, CEO of Tognum AG. “But in view of the considerable uncertainty that continues to prevail on the capital and commodities markets, we will have to expect fluctuations in demand in the course of the year.”
Order intake and revenues
The order intake in the first three months of 2012 was solid at €771.5 million (Q1 2011: €817.9 million). Revenues were up 3.6% compared with the same quarter last year to €685.3 million (Q1 2011: €661.4 million).
Adjusted EBIT and adjusted EBIT margin
The adjusted EBIT was down 5.8% to €67.7 million (Q1 2011: €71.9 million). The decline results primarily from a scheduled increase in R&D expenditure. The adjusted EBIT margin in the first quarter was 9.9% (Q1 2011: 10.9%).
Adjusted gross profit margin and adjusted group net profit
The adjusted gross profit in the first three months of the year amounted to €203.0 million (Q1 2011: €197.5 million). This results in an adjusted gross profit margin of 29.6% (Q1 2011: 29.9%). The adjusted group net profit amounted to €44.3 million (Q1 2011: €50.8 million). The adjusted earnings per share was subsequently reduced to €0.33 (Q1 2011: €0.39).
Equity ratio, free cash flow and net financial debt
The equity ratio improved to 30.0% (31 December 2011: 28.1%). Free cash flow1 at the end of the first three months is €-8.5 million (Q1 2011: €66.4 million). The decline is due primarily to the increase in inventories and the reduction in trade payable. Net financial debt increased marginally to €6.9 million (31 December 2011: €5.0 million).
Segment reporting2
Revenues in the Engines segment amounted to €471.8 million in the reporting period and was thus 3.8% above the level of the same period last year (Q1 2011: €454.7 million). There was a strong increase in revenues in the Oil & Gas application area. This resulted from higher investing activities due to the rise in prices for raw materials in the past. Within the Industrial application area, the business in rail engines in particular performed positively. The adjusted segment EBIT amounted to €50.8 million (Q1 2011: €58.3 million).
Revenues in the Onsite Energy & Components segment were up 10.0% in the first quarter to €231.9 million (Q1 2011: €210.9 million). In the OE Diesel Systems & Engines application area, business in diesel systems performed positively. The supply business to OEM customers declined due to high stock levels at the beginning of the year. The growing demand for gas systems resulted in revenues increasing in the OE Gas Power Systems application area by 83.3% to €18.7 million (Q1 2011: €10.2 million). The adjusted segment EBIT amounted to €24.6 million (Q1 2011: €24.8 million).
Revenue volume in the Distribution segment at €108.0 million was at the same level as last year (Q1 2011: €110.2 million). The adjusted segment EBIT was €5.2 million (Q1 2011: €7.3 million).
Employees
Following the takeover of the Bavarian manufacturer of power generator sets Aggretech in April 2012, Tognum now has a workforce of more than 10,000 employees worldwide. As at 31 March 2012, the company employed 9,990 people (31 December 2011: 9,821).
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The interim report valid at 31 March 2012 is available for download at www.tognum.com at “Investors”.
Key figures for the Tognum Group
| (€ million as of 31 March | Q1 2011 | Q1 2012 | Change |
| Order intake | 817.9 | 771.5 | -5.7% |
| Revenues | 661.4 | 685.3 | 3.6% |
| EBIT (adjusted) | 71.9 | 67.7 | -5.8% |
| EBIT margin (adjusted) | 10.9% | 9.9% | -1 pp |
| Net profit (adjusted) | 50.8 | 44.3 | -12.8% |
| Earnings per share (adjusted)3 | €0.39 | €0.33 | -15.4% |
| Equity ratio4 | 28.1%5 | 30.0% | 1.9 pp |
| Free cash flow6 | 66.4 | -8.5 | -112.8% |
| Net financial debt | 5.05 | 6.9 | 38.0% |
| Employees | 9,260 | 9,990 | 7.9% |
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 calculated on the basis of net profit divided by the number of shares: 131,375,000 in 2011 and 2012
4 Shareholders’ equity as a proportion of total assets
5 Value on the reporting date 31.12.2011
6 Free cash flow = cash flow from operating activities and cash flow from investing activities
Julia Löffelsend
Spokeswoman Business and Financial Media
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