Vossloh announces preliminary results for the first quarter of 2020
Vossloh achieved sales despite initial effects from the COVID-19 pandemic of €182.9 million in the first quarter of 2020, slightly above the portfolio-adjusted figure of €177.5 million in the previous year (reported previous year’s figure: €190.0 million). Earnings before interest and taxes (EBIT) improved significantly to €16.5 million after the previous year’s quarter still showed negative EBIT of €0.6 million. This unusually high EBIT is due not only to operating improvements but largely also to a €15.6 million adjustment to the carrying amount recognized in profit and loss from obtaining control of a joint venture previously accounted for at equity. Accordingly, the EBIT margin increased to 9.0 percent (previous year: (0.3) percent). Taking into account the described effect from the business combination achieved in stages and based on current knowledge and a careful risk assessment, and with reference to uncertainties regarding the further impact of the COVID-19 pandemic, Vossloh continues to anticipate sales between €900 million and €1 billion as well as an EBIT margin between 7 and 8 percent.
The complete figures for the first quarter of 2020 will be published with the interim statement on April 30, 2020.
Werdohl, April 27, 2020
Contact information for the media:
Gundolf Moritz (Mirnock Consulting)
Phone: (+49-23 92) 52-608
Contact information for investors:
Dr. Daniel Gavranovic
Phone: (+49-23 92) 52-609
Vossloh is active in rail technology markets worldwide. The Company’s core business is rail infrastructure. The Group activities are organized into the three divisions of Core Components, Customized Modules and Lifecycle Solutions. In the 2019 fiscal year, Vossloh achieved sales of €916.4 million with an average of 3,786 employees.