Vossloh budgeting much better performance for 2002
Stable dividend for a troubled fiscal 2001Despite the recession in 2001, the Vossloh Group managed to step up sales by a good 5% from €854.4 million in 2000 to €903.0 million. Discounting the Mechanical Engineering unit disposed of in 2001, which had inputted revenues of close to €62 million the year before, like-for-like growth was as much as 13.9%.
EBIT nonetheless sagged to €60.0 million, down by almost €18 million (€13.0 million excl. Mechanical Engineering), both group divisions contributing. While Lighting performed clearly below budget due to the recession-related business decline, the Railway & Transport division had to contend with one-time factors. Group earnings in 2001 came to €17.2 million (down from €27.8 million). Earnings per share amounted to €1.20 (down from €1.93). In spite of Vossloh's lower profit, the Executive and Supervisory Boards will propose to the annual stockholders' meeting to vote in favor of an unchanged cash dividend of €0.75 per share for fiscal 2001.
For the current year 2002, the group expects sales to inch up by 1.2% to about €915 million. According to Vossloh's budget, EBIT will rise around 23% from the 2001 level to €74 million, group earnings improving by some €8 million to approx. €25 million. Due to the uncertainties inherent in the economic trends, these forecasts include both risks and returns whose effects on group earnings are estimated at €5 million either way.
The Executive Board
Werdohl, March 19, 2002
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