Breitenbach, August 20, 2020 – The ongoing Covid-19-crisis and the special effects from the two discontinued sites in France (Delle) had a negative impact on our results, particularly in the second quarter of 2020, leading to an operating income (EBIT) for the Von Roll Group of CHF -10.9 million. Before special effects from the discontinuation of the above-mentioned plants, a slightly positive operating result of CHF 0.5 million was achieved in the first half of the year.
After an initially solid performance in the first quarter, the massive restrictions imposed on global economic activities in connection with Covid-19 led to major challenges for all market participants. Although Von Roll was able to almost completely maintain its ability to deliver, demand decreased and resulted in net sales of CHF 119.5 million (1H 2019: CHF 154.8 million).
Taking into account the changes in the consolidated companies and exchange rate effects, the decline in sales amounts to around 12.3 % compared to the previous year. Thanks to all the structural adjustments made in recent years and careful cost management, a positive operating income (EBIT) of CHF 0.5 million before deconsolidation of the two plants in France was still achieved despite the current corona crisis.
The special effects, caused by the separation from the two French sites in Delle, resulted in a negative operating income (EBIT) of CHF -10.9 million (1H 2019: CHF 2.5 million). Group earnings after taxes (EAT) fell by the same proportion to CHF -15.0 million (1H 2019: CHF -0.6 million).
Cash flow from operating activities amounted to CHF 1.6 million (1H 2019: CHF -1.2 million). The equity ratio was 74.3%.
Based on its solid liquidity and high equity ratio, Von Roll is in a position to continue to compete in an uncertain and volatile market environment in the coming months.
Key figures | | |
in CHF 1 000 | 1H 2020 | 1H 2019 |
Order intake | 124,464 | 155,514 |
Net sales | 119,509 | 154,754 |
Thereof Insulation | 87,584 | 111,429 |
Thereof Composites | 31,925 | 43,325 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | -4,953 | 9,301 |
Operating income before deconsolidation | 539 | 2,537 |
Operating income (EBIT) | -10,947 | 2,537 |
Earnings after taxes (EAT) | -15,046 | -557 |
Cash flow from operating activities | 1,605 | -1,229 |
Equity ratio (%) | 74.3% | 71.9% |
Number of employees (FTE) | 1,054 | 1,252 |
About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission, storage and distribution. Von Roll is a global market leader for electrical insulation products, systems and services and has a worldwide presence in 12 production sites with around 1,100 employees. The company supplies customers in over 80 countries.
Contact: Claudia Güntert, Head of Corporate Communications & Investor Relations
T: +41 61 785 52 36, F: +41 61 785 58 92, E: investor@vonroll.com
This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with the statements made here. For more information on the company and its business performance, please refer to the Annual and Semi-Annual Report of Von Roll Holding AG which is available in digital form at https://www.vonrollgroup.com/en/.
Breitenbach, July 7, 2020 – Von Roll is turning its existing plant in Bangalore into the most modern production facility for electric wire coils in India. CEO Christian Hennerkes says, “With the latest investments in India, we are strengthening our leading position as a producer of integrated and ready-to-install system components. This move makes Von Roll the only company in the electrical insulation market worldwide, which covers the entire value chain from raw material extraction to ready-to-install wire coils. This puts us in a position to design truly unique products and at the same time secure the highest quality standards.”
Thanks to the combination of highly-skilled employees, state-of-the-art production facilities and favorable structural costs in India, Von Roll is able to benefit from the growing outsourcing trend among major manufacturers of motors and generators. A further affirmation of this is the recently signed contract with an order value in the double-digit million range for the years 2020/2021.
Sandip Ghosh, Managing Director Von Roll India, has the following to say about the plant expansion, “We are excited that well-known manufacturers are choosing Von Roll technology. With the latest investments, we are doubling our current capacity and successfully continuing our growth path in India. Our team has the vision to become the first address worldwide for the production of ready-to-install wire coils. Already today, our products are exported globally and are used in high-voltage electric motors, railway drives and generators”.
About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission, storage and distribution. Von Roll is a global market leader for electrical insulation products, systems and services and has a worldwide presence in 12 production sites with around 1,050 employees. The company supplies customers in over 80 countries.
Contact: Claudia Güntert, Head of Corporate Communications & Investor Relations
T: +41 61 785 52 36, F: +41 61 785 58 92, E: investor@vonroll.com
This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with the statements made here. For more information on the company and its business performance, please refer to the Annual and Semi-Annual Report of Von Roll Holding AG which is available in digital form at https://www.vonrollgroup.com/en/.
Breitenbach, June 8, 2020 – Von Roll Automotive will be supplying Audi’s future electric vehicle systems with insulating components for electric drives. The nomination is associated with a contract volume in the double-digit million euro range.
Jens Lange, Managing Director of Von Roll Automotive, comments: “We are very proud that Audi has picked us as a long-term, strategic partner. As the global leader for electrical insulation systems, Von Roll has innovative solutions that offer performance benefits far above current market standards. This allows the efficiency and durability of electric drives to be raised to the next level”.
The latest success shows that Von Roll is well positioned to support large corporations in their electrification strategy. The Von Roll Automotive team works very closely with various international vehicle manufacturers and research institutes in this field. This applies not only to electric motors, but also and especially to the safety of high-voltage storage systems for hybrid and electric vehicles.
About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission, storage and distribution. Von Roll is a global market leader for electrical insulation products, systems and services and has a worldwide presence in 12 production sites with around 1,050 employees. The company supplies customers in over 80 countries.
Contact: Claudia Güntert, Head of Corporate Communications & Investor Relations
T: +41 61 785 52 36, F: +41 61 785 58 92, E: investor@vonroll.com
This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with the statements made here. For more information on the company and its business performance, please refer to the Annual and Semi-Annual Report of Von Roll Holding AG which is available in digital form at https://www.vonrollgroup.com/en/
Breitenbach, May 26, 2020 – During the course of the Corona crisis, the Von Roll Group has critically reviewed all global activities in order to focus its human and financial resources within the Group even stronger on business areas with a high future potential.
As a result of this assessment, the Board of Directors has decided to stop providing any additional financial funds to the two production sites in Delle, France (Delle Fil SAS, Von Roll Isola France SA). Accordingly, an application has been filed today with the Commercial Court for opening judicial reorganization proceedings (redressement judiciaire) for the two companies mentioned above.
The Von Roll Group has been supporting its deficit-making sites in Delle for more than 20 years with substantial human resources and financial funds to cover losses. Over the last 3 years, the companies have generated an average net loss of around CHF 4 million per year.
Most of the products manufactured at these sites are commodities with a sales volume of around CHF 40 million. The two locations recently employed a total of around 150 people.
This decision affects only our two plants in Delle and the very limited portfolio of wire and composite products produced there. The two remaining sites in Meyzieu and Valdoie in France as well as the remaining 10 production sites of the Von Roll Group worldwide are not affected in any way.
With current cash funds of around CHF 60 million, the Von Roll Group is well financed even in times of Corona and has enough room to grow the remaining 12 locations worldwide as well as new business opportunities.
About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission, storage and distribution. Von Roll is a global market leader for electrical insulation products, systems and services and has a worldwide presence in 14 production sites with around 1,200 employees. The company supplies customers in over 80 countries.
Contact: Claudia Güntert, Head of Corporate Communications & Investor Relations
T: +41 61 785 52 36, F: +41 61 785 58 92, E: investor@vonroll.com
For more information on the company and its business performance, please refer to the Annual and Semi-Annual Report of Von Roll Holding AG which is available in digital form at https://www.vonrollgroup.com/en/.
Breitenbach, 30 April 2020 – As planned, the 197th Annual General Meeting of Von Roll Holding AG took place on April 30, 2020 at 10.30 a.m. at the headquarters in Breitenbach (Switzerland) without physical presence of the shareholders due to the Coronavirus. All proposals presented by the Board of Directors were approved by a large majority of the shareholders.
The management report, financial statements and consolidated financial statements for the 2019 financial year were approved. The actions of the Board of Directors and Executive Management were approved for the financial year 2019.
Dr. Peter Kalantzis, Gerd Amtstätter, Guido Egli, August François von Finck, Dr. Christian Hennerkes and Gerd Peskes were elected to another statutory one-year term as Members of the Board of Directors. Dr. Peter Kalantzis was confirmed as President of the Board of Directors for the next period.
All candidates for the People & Remuneration Committee, Gerd Amtstätter, Guido Egli and August François von Finck, were reelected. The proposal put forward by the Board of Directors to reelect Deloitte AG as statutory auditors for the financial year 2020 was confirmed. The shareholders approved all remuneration proposals for the Board of Directors and the Executive Board.
About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission, storage and distribution. Von Roll is a global market leader for electrical insulation products, systems and services and has a worldwide presence in 14 production sites with around 1,200 employees. The company supplies customers in over 80 countries.
Contact: Claudia Güntert, Head of Corporate Communications & Investor Relations
T: +41 61 785 52 36, F: +41 61 785 58 92, E: investor@vonroll.com
For more information on the company and its business performance, please refer to the Annual and Semi-Annual Report of Von Roll Holding AG which is available in digital form at https://www.vonrollgroup.com/en/.
Breitenbach, March 11, 2020 – In the financial year 2019, despite a difficult market environment, the Von Roll Group was able to benefit from all optimization activities implemented in recent years and, for the first time in eight years, achieved a positive Group result after tax of CHF 3.3 million.
The operating result (EBIT) increased significantly from year-over-year to CHF 9.8 million (2018: CHF 2.5 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to CHF 21.5 million (2018: CHF 24.9 million).
Net sales declined to CHF 291.6 million in the 2019 financial year (2018: CHF 322.2 million). Adjusted for currency effects and for sales from loss-making business units sold in 2018, the sales dropped by 6.5%.
The positive Group result, together with the balance sheet contraction resulting from the change to Swiss GAAP FER, led to an increased equity ratio of 71.9% (2018: 63.9%).
Due to the rapidly expanding corona virus crisis in connection with the global economic downturn, we expect noticeable negative effects on sales and earnings in the current financial year.
Key figures | |||
in CHF 1,000 | 2019 | 2018 | Change |
Order intake | 296,944 | 335,890 | –11.6% |
Net sales | 291,581 | 322,187 | –9.5% |
Thereof Insulation | 212,683 | 230,220 | –7.6% |
Thereof Composites | 78,898 | 91,967 | –14.2% |
EBITDA | 21,540 | 24,918 | –13.6% |
EBIT | 9,795 | 2,517 | +289.2% |
Net income for the period | 3,261 | –6,801 | +147.9% |
Cash flow from operating activities | 12,625 | 18,573 | –32.0% |
Equity ratio | 71.9% | 63.9% | +8 ppt. |
Number of employees (FTE) | 1,203 | 1,264 | –4.8% |
About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission, storage and distribution. Von Roll is a global market leader for electrical insulation products, systems and services and has a worldwide presence in 14 production sites with around 1,200 employees. The company supplies customers in over 80 countries.
Contact: Claudia Güntert, Corporate Communications
T: +41 61 785 52 36, F: +41 61 785 58 92, E: press@vonroll.com
This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with the statements made here. For more information on the company and its business performance, please refer to the Annual and Semi-Annual Report of Von Roll Holding AG which is available in digital form at https://www.vonrollgroup.com/en/.