Vossloh starting stock repurchase program and endorsing 2008 forecast
Vossloh AG’s Executive Board has resolved today to repurchase from the stock market up to 1,479,582 Vossloh shares, or up to 10 percent of the capital stock. The Supervisory Board has approved the program.The stock repurchase program will commence October 16, 2008, and be concluded by April 15, 2009. The stock repurchase will be managed and carried out by a bank independently and uninfluenced by Vossloh AG.
Unchanged, Vossloh predicts that the targets for fiscal 2008 will be achieved. Since the Infrastructure Services business unit (VIS) was disposed of in 2008, the Vossloh Group looks to sales of €1,126 million, like-for-like an 11 percent improvement on 2007 (excluding VIS). EBIT is forecasted to amount to some €131 million, hence up 18 percent like-for-like. Including the one-time book gain from the disposal of VIS, the Vossloh Group’s net earnings will accordingly total about €128 million.
Werdohl, October 15, 2008
Contact for the media:
Uwe Jülichs
Head of Corporate Communication
Vossloh AG
Phone: (+49-2392) 52-608
Mobile: (+49 172) 2909852
Email: uwe.juelichs@ag.vossloh.com
Contact for investors:
Lucia Mathée
Head of Investor Relations
Vossloh AG
Phone (+49-2392) 52-359
Email: investor.relations@ag.vossloh.com
Today's Vossloh is a global player in the rail technology markets. The Group focuses on its core businesses of rail infrastructure, rail vehicles, and trolleybuses. Reflecting this focus, Vossloh's two divisions of Rail Infrastructure and Motive Power&Components operate under the roof of MDAX-listed Vossloh AG. Excluding the discontinued Vossloh Infrastructure Services operation, 4,066 employees generated sales of €1,014.9 million and an EBIT of €111.2 million in 2007.