Rosenbauer International AG: Turnaround of the Rosenbauer Group progresses and brings strong operating results

Leonding (pta006/15.11.2024/07:40) -
* Higher vehicle deliveries and more business in the equipment and service categories increase revenues in the first three quarters by 20.3% to € 841.3 million
* Price and process measures of the last two years led to better contribution margins, EBITDA improves to € 52.6 million and EBIT to € 29.4 million
* Profit for the period is still slightly negative at € -2.8 million due to one-off effects, adjusted it is € 1.3 million
* Measures to reduce working capital are generating a significant improvement in operating cash flows
* Global order intake increases by 20.2 % to € 1.2 billion, order backlog at € 2.2 billion
* Group management confirms the outlook for 2024 and continues to expect revenues of over € 1.2 billion and EBIT of around 5%

The Rosenbauer Group generated revenue of € 841.3 million in the first three quarters of 2024 (1-9/2023: € 699.1 million). This was thus 20.3% higher than the previous year's figure. The reasons for this are a higher number of vehicle deliveries (+22.6%) and more business in the equipment (+11.8%) and service (+18.1%) categories. The increased business volume and the improved contribution margins from the price and process measures of the last two years once again enabled a significantly stronger operating result despite one-off effects. EBITDA rose to € 52.6 million compared to the same period of the previous year (1-9/2023: € 33.7 million). EBIT amounted to € 29.4 million (1-9/2023: € 11.2 million). Without the negative extraordinary items totaling € 4.1 million resulting from the resignation of a member of the Executive Board and the implementation of the bank agreement, EBIT would have reached € 33.5 million and the profit for the period would have been € 1.3 million. At € 1,233.4 million, the order intake also increased significantly year-on-year (1-9/2023: € 1,026.5 million), the order backlog as of September 30, 2024 was € 2,199.6 million (September 30, 2023: € 1,757.9 million) and represents a strong basis for further profitable revenue growth.

With the exception of the Asia-Pacific area and the Preventive Fire Protection segment, which is facing high staff turnover, and the Asia-Pacific area, all sales areas recorded revenue growth from January to September 2024. Consolidated revenue can currently be broken down by segment as follows: 51% Europe area, 9% Middle East & Africa area, 8% Asia-Pacific area, 29% Americas area and Preventive Fire Protection 3%.

Total assets increased to € 1,283.7 million as of September 30, 2024 (September 30, 2023: € 1,198.6 million).

Current assets reported the largest change, increasing to € 1,016.5 million as of the reporting date (September 30, 2023: € 940.7 million). Inventories, in particular vehicles in progress for delivery in the fourth quarter, increased to € 695.2 million (September 30, 2023: € 641.9 million). At € 273.3 million, receivables and other assets were higher than in the same period in the previous year (September 30, 2023: € 256.7 million).

Trade working capital was € 512.1 million (1-9/2023: € 516.0 million). Measured by expected revenues, that constitutes a decline from 48.5% to 42.7%.

Net debt fell year-on-year from € 484.2 million to € 467.8 million.

The cash flow from operating activities was still negative at € -9.9 million, but significantly better than in the previous year (1-9/2023: € -154.2 million). This is the best figure since 2008. Rosenbauer will achieve a clearly positive cash flow from operating activities for the full year 2024.

Intensive work to implement the capital increase, which is subject to extensive competition and merger control approval procedures, continues worldwide. The goal is to close the transaction in 2024.

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

(Ende)