November 12, 2019

Press release

Interim Statement Q3/2019

  • Revenues rose by 11% to € 614.5 million by period comparison
  • Incoming orders at previous year’s level at € 784.1 million
  • EBIT at € 15.1 million due to high costs of material and staff, despite strong operating performance
  • Management raises revenue target to over € 980 million for the full year, EBIT margin adjusted to around 5.1%
GROUP KEY FIGURES 1-9/20181-9/2019
Revenuesin € million552.0614.5
EBITin € million17.015.1
Net profit for the periodin € million10.69.0
Cash flow from operating acitvitiesin € million-83.4-136.3
Equity in % of total assets 29.7%24.4%1
Earnings per share0.60.3
Employees as of September 30 3,5463,781
Order backlog as of September 30in € million1,093.61,223.8


The Rosenbauer Group significantly expanded its business volume in the first nine months of 2019. Group revenues rose by 11% year-on-year from € 552.0 million to € 614.5 million. In particular, deliveries to North America, Central Europe and Asia were higher, while the Middle East and Northern and Western Europe recorded declines. At € 784.1 million, incoming orders were at the previous year’s level (1-9/2018: € 789.9 million). Expenses for materials and staff were high due to production factors, meaning that EBIT was just € 15.1 million (1-9/2018: € 17.0 million) despite a stronger operating performance. In view of the very strong capacity utilization at the production facilities, the Rosenbauer Managing Board is raising its revenue target for 2019 to more than € 980 million, the EBIT margin is expected at around 5.1%.

Revenues and result of operations

After a significant slowdown in the first three quarters of the previous year, global economic activity continued to weaken in 2019. In particular, manufacturing activities lost momentum and fell to levels similar to those seen at the time of the global financial crisis. Intensified economic and geopolitical disputes are also slowing global trade and dampening economic optimism. For this reason, the International Monetary Fund (IMF) once again reduced its growth forecast for the global economy in October by 0.3 percentage points to 3.0% compared with April 2019.The global firefighting industry generally lags economic performance and continues to record robust demand in this economic environment.

The Rosenbauer Group generated revenues of € 614.5 million in the first nine months of 2019 (1-9/2018: € 552.0 million). These are currently divided across the segments as follows2: 34% in the CEEU area, 10% in the NISA area, 8% in the MENA area, 13% in the APAC area, 32% in the NOMA area, and 3% in Stationary Fire Protection.

A pronounced seasonality is characteristic of the firefighting industry. Accordingly, inventories tend to build up in the first six months of a financial year, with the majority of deliveries being made in the second half of the year. At € 15.1 million, EBIT for the first nine months of 2019 was below the corresponding figure from the previous year (1-9/2018: € 17.0 million). This is due to the high production-related expenses for staff and materials, which more than offset the higher operating performance. Consolidated EBT for the reporting period amounted to € 9.9 million (1-9/2018: € 11.7 million).

At € 784.1 million, incoming orders in the first nine months were on par with the previous year (1-9/2018: € 789.9 million). By far the strongest year-on-year growth was reported in the area NISA and CEEU. The order backlog was € 1,223.8 million (1-9/2018: € 1,093.6 million), which is a new historical record value.

Financial and asset position

Due to the high order backlog and strong capacity utilization, the structure of the Rosenbauer Group’s statement of financial position as of the end of the third quarter is characterized by high trade working capital. Total assets increased to € 954.2 million by period comparison (September 30, 2018: € 756.3 million), which can be attributed in particular to the higher current assets compared with the balance sheet date of December 31, 2018. The first-time application of IFRS 16 contributed to an extension of the balance sheet total in the amount of € 23.8 million.

The major changes result from inventories and current receivables. Inventories increased to € 502.2 million (September 30, 2018: € 366.3 million), € 66.9 million of which are attributable to the conversion to IFRS 15. The current receivables were also above the previous year’s level at € 224.1 million (September 30, 2018: € 185.7 million). Owing to the high level of trade working capital the intra-year cash flow from operating activities was negative at € -136.3 million (1-9/2018: € -83.4 million). A significant improvement in the cash flow from operating activities is expected by the end of the year.

The Group's net debt (the net amount of interest-bearing liabilities less cash and cash equivalents and securities) increased year-on-year to € 425.6 million (September 30, 2018: € 293.7 million).


The IMF recently again reduced its global growth forecast. International trade conflicts and geopolitical tensions are slowing trade and investment decisions. Next year, growth should stabilize again and the global economy should be able to move up by 3.4%.

As shown from past experience, the firefighting industry follows the general economy at a delay of several months. Demand is robust and, not least thanks to full order books, the sector is holding its ground despite slowing economic growth. A consistently vital project landscape should also support further market growth and prolong the successful development of the sector. In particular North America and Europe should expand their volume more strongly.

1) without IFRS 16: 25.0%
2) CEEU: Central and Eastern Europe; NISA: Northern Europe, Iberia, South America, Africa; MENA: Middle East and North Africa; APAC: Asia, Pacific, Australia, China; NOMA: North and Middle America

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