Vossloh continuing on the fast track
Sales and earnings growth in 2000 exceeds expectations - record net income budgeted for 2001Fiscal 2000 (closing on December 31, 2000) has been a successful year for the Vossloh Group. As a whole, the Group beat budget in all relevant dimensions. At EUR 816.5 million, sales will be a good three percent over 1999 (EUR 790.1 million) and 2 percent above budget.
Group EBIT for 2000 is predicted to reach EUR 64.6 million (up from EUR 48.4 million), equivalent to an EBIT margin of 7.9 percent. The Group had budgeted an EBIT of EUR 59.1 million and an EBIT margin of 7.4 percent.
Group net income for 2000 is likely to amount to EUR 23.7 million, hence 7.7 percent or EUR 1.7 million above budget. In 1999, net income had been down at EUR 17.7 million. Hence, the increase in 2000 will equal around 34 percent.
Sales by Railway & Transport in 2000 will reach EUR 546.5 million, down 2.8 percent from the previous year's EUR 562 million. Despite this, the division's EBIT is forecast to advance from EUR 54.8 million to EUR 56.8 million (up 3.6 percent).
For 2001, the signals are clearly pointing in the direction of growth. "For this division, we are planning a sales rise of around 26 percent to EUR 690 million and intend to raise EBIT from EUR 56.8 million to EUR 65 million (around 15 percent). 2002 is expected to show a further growth in sales and earnings," explained Burkhard Schuchmann, Vossloh AG's CEO, to the press in Frankfurt/Main.
The Lighting division will exceed its budgeted sales of EUR 225 million by around 20 percent in 2000 to attain a total of EUR 269.6 million (up from EUR 227.7 million). About EUR 13 million of this is accounted for by the newcomer Wustlich. EBIT is advancing even more strongly than expected and instead of the budgeted EUR 9 million, Vossloh anticipates EUR 16.5 million (up from Euro 1 million). "The restructuring efforts are evidently taking effect," emphasized Schuchmann..
As to 2001, this division, too, is forecast to show vigorous growth, with sales budgeted to climb 11 percent and total around EUR 300 million and with EBIT virtually doubling in the aftermath of the many and varied rationalization measures. For 2002, sales are budgeted to again mount, the gain once more being outpaced by EBIT.
For 2001, the Vossloh Group plans to achieve a respectable sales increase from EUR 816.5 million in 2000 to EUR 990 million (up by more than 20 percent). During the same period, EBIT is set to advance by over 33 percent, from EUR 64.6 million to EUR 86 million, Group net income surging even more strongly, by 43 percent from EUR 23.7 million to EUR 34 million. This would in fact be an all-time high in the history of the company. "By 2002, we will have achieved the vast leap forward to a Group net income of EUR 50 million as we announced at the time of the thorough shakeup program," Schuchmann predicted.
Frankfurt/Main / Werdohl, December 14, 2000