Rosenbauer International AG: The Rosenbauer Group with strong revenue growth and a significantly improved operating result in the first half of 2024

Leonding (pta008/09.08.2024/07:07) -
* Higher volume of vehicle deliveries and more business with equipment, components and services boost revenues by 16.1% to € 534.6 million
* EBITDA has almost doubled to € 29.3 million; EBIT is clearly positive again at € 14.4 million for the first half of the year
* EBT and profit for the period again positive in the second quarter for the first time since 2021
* Incoming orders remain strong, order backlog over € 2 billion

In the first half of 2024, the Rosenbauer Group generated revenues of € 534.6 million (1-6/2023: € 460.5 million). This was 16.1% higher than the previous year. In addition to the price adjustments of the last two years, the larger number of vehicle deliveries and the more dynamic business with equipment, components and service had a particularly positive impact. For example, revenues in the vehicles product segment alone grew by 14.8%. Of the sales regions, the Europe area, the Americas area and Preventive Fire Protection expanded their revenues. The increased business volume and the improved contribution margins of the vehicles delivered led to a significantly improved operating result despite one-off effects. EBITDA almost doubled compared to the same period of the previous year (1-6/2023: € 15.1 million) and amounted to € 29.3 million. EBIT amounted to € 14.4 million (1-6/2023: € 0.7 million). Without negative one-time effects of € 3.5 million due to the departure of an Executive Board member and the implementation of the banking agreement, EBIT would have amounted to € 17.9 million. At € 744.2 million, incoming orders were also significantly higher than in the previous year (1-6/2023: € 664.8 million), the order backlog at the end of the first half of the year is over € 2,017.2 million (June 30, 2023: € 1,687.6 million), a strong basis for further profitable sales growth.

"The results of the first half of the year show that the price increases and the improvements we have implemented are working, and they make me confident that we will achieve our targets for 2024. The process changes we have introduced are necessary to reduce the amount of capital tied up in our business. We will also implement the planned capital increase by the end of the year, thereby improving our equity base. The positive order development is particularly noteworthy, especially in the Middle East and America," says Sebastian Wolf, CEO of Rosenbauer International AG.

Total assets increased year-on-year to € 1,302.4 million (June 30, 2023: € 1,122.5 million). The largest change was in current assets. These increased to € 1,033.0 million at the end of the first half of the year (June 30, 2023: € 862.4 million). Inventories, in particular vehicles in progress for delivery in the second half of the year, increased to € 704.6 million (June 30, 2023: € 564.5 million). At € 274.4 million, receivables and other assets were slightly down on the same period of the previous year (June 30, 2023: € 278.6 million).

Net debt increased year-on-year from € 466.1 million to € 501.5 million, reflecting the financing requirements, particularly for the sales-related increase in trade working capital, which was at € 536.1 million (1-6/2023: € 475.5 million).

"We have achieved further important improvements in recent months, including in supply chain management and throughput times in vehicle production. Nevertheless, there is still homework to be done across the Group to significantly reduce trade working capital and therefore reduce net debt. With the expected € 119 million capital increase by the end of the financial year, we will then also be able to significantly strengthen our equity base again," says Markus Richter, CFO of Rosenbauer International AG.

Due to the increase in inventories, cash flow from operating activities was still negative at €
-50.0 million in the reporting period (1-6/2023: € -139.7 million), the deficit having more than halved compared with the same period of the previous year. A positive cash flow from operating activities is expected for 2024 as a whole.

Assuming that supply chains remain stable, the Group's Executive Board expects to achieve revenues of around € 1.2 billion and an EBIT margin of around 5% for 2024.

(Ende)