Vossloh: sales and earnings projections for 2003 upped
Solid business progress in the first four months of the current fiscal year has prompted the Vossloh Group to up its sales and earnings projections for 2003. Group sales are now forecasted to rise nearly 20 percent, from the year-earlier ?744.5 million to almost ?890 million (until now budgeted at a good ?870 million) while EBIT is expected to climb around 24 percent from ?78.4 million to a good ?97 million (until now budgeted at almost ?95 million). Group earnings originally targeted at ?52 million, are now expected to advance to around ?53.5 million, topping the already high year-earlier level.In the first four months of 2003, the Group generated sales of ?224.6 million, which is 16.8 percent higher than the like-for-like year-earlier ?192.3 million. First-third EBIT totaled ?34.5 million, almost triple the like-for-like year-earlier ?12.0 million, and includes net income of ?14.5 million from the disposal of the final third of the VAE stake with effect as of January 2, 2003. Adjusted for this, the EBIT rise is ?8.0 million or 66.6 percent to ?20.0 million. Group earnings for January through April 2003 reached ?23.6 million compared with ?4.5 million in 2002, this being equivalent to an EpS of ?1.71 versus ?0.33 a year earlier.
At today's annual stockholders' meeting of Vossloh AG, CEO Burkhard Schuchmann emphasized that the Group is continuing to set itself ambitious goals, with earnings to rise steadily, EpS climbing well above the ?4 mark, and the EBIT margin hitting 10 percent and higher.
"This year already, ROCE is budgeted to climb over 15 percent and even higher thereafter while the equity ratio is set to exceed 25 percent throughout," stated Schuchmann. And even if the integration into the Vossloh Group of the newly acquired companies enjoys high priority, the most important goal, further growth, is not being ignored.
Werdohl, May 27, 2003
For more information contact:
Werner Andree, Vossloh AG, phone (+49-2392) 52407