Rosenbauer International AG: Rosenbauer Group has its strongest first quarter to date in 2020

Leonding (pta006/19.05.2020/07:00 UTC+2) * Revenues rise to Eur 232.9 million in comparison to the same period of the previous year, EBIT is Eur 4.3 million
* Incoming orders well above the long-term average at Eur 282.3 million
* Thanks to full order books, management expects revenues at the level of 2019

GROUP KEY FIGURES		1-3/2019	1-3/2020
Revenues	Eur million	175.8	232.9
EBIT	Eur million	2.1	4.3
Net profit for the period	Eur million	0.6	2.2
Cash flow from operating activities	Eur million	-56.6	-45.7
Equity in % of total assets		27.8%	25.3%
Earnings per share	Eur	-0.3	-0.1
Headcount as of March 31		3,690	3,986
Order backlog as of March 31	Eur million	1,219.2	1,184.5

With revenues of Eur 232.9 million for the first three months of 2020 (1-3/2019: Eur 175.8 million), the Rosenbauer Group recorded the strongest first quarter in its corporate history. The increase in revenues can be attributed to all sales areas, but particularly to the NISA area, which doubled its business volume. Only sales in the Stationary Fire Protection segment declined due to the temporary cessation of assembly activities caused by the coronavirus. At Eur 282.3 million, incoming orders were below the enormously high level of the previous year (1-3/2019: Eur 338.1 million), but still well above the long-term average. EBIT increased to Eur 4.3 million (1-3/2019: Eur 2.1 million). Against this background, the Rosenbauer Executive Board expects revenues for the year as a whole to be on a par with 2019, thanks to the full order books. A serious outlook on the annual result is not yet possible due to the continuing uncertainties.

Revenues and result of operations
The COVID-19 pandemic has had a serious impact on economic activity across the globe. According to the International Monetary Fund (IMF), global economic growth will slow dramatically this year as a result of the health crisis, causing economic output to drop by -3%. This is a sharper decline than at the time of the global financial crisis in 2008/2009. The global firefighting industry is a typical "laggard" of the general economy, and continues to record stable demand in this environment.

The Rosenbauer Group generated total revenues of Eur 232.9 million in the first quarter of 2020 (1-3/2019: Eur 175.8 million). These are currently divided across the sales areas as follows*: 29% in the CEEU area, 14% in the NISA area, 9% in the MENA area, 13% in the APAC area, 33% in the NOMA area, and 2% in the Stationary Fire Protection segment.

In accordance with consolidated revenues, EBIT increased to Eur 4.3 million (1-3/2019: Eur 2.1 million) in the first quarter, significantly topping the previous year's figure. This was primarily due to increased production output with higher customer settlements and the associated better coverage of fixed costs. Staff and material expenses rose in line with the very good order situation.

Consolidated EBT for the reporting period amounted to Eur 2.7 million (1-3/2019: Eur 0.7 million).

At Eur 282.3 million (1-3/2019: Eur 338.1 million), incoming orders in the first three months were below the enormously high level of the previous year, but still well above the long-term average. Demand in North America and Western Europe in particular remained dynamic. The order backlog as of March 31, 2020 was Eur 1,184.5 million (March 31, 2019: Eur 1,219.2 million).

Financial and net assets position
Due to the high order backlog and strong capacity utilization, the structure of the statement of financial position is showing a high trade working capital at the end of the quarter. Total assets increased to Eur 1,015.9 million by period comparison (March 31, 2019: Eur 849.4 million), which can be attributed in particular to the higher current assets compared with the balance sheet date of December 31, 2019.

The major changes result from inventories and current receivables. Inventories increased to Eur 484.5 million (March 31, 2019: Eur 430.0 million). The current receivables were above the previous year's level at Eur 256.8 million (March 31, 2019: Eur 213.9 million).

The Group's net debt (the net amount of interest-bearing liabilities less cash and cash equivalents and securities) increased to Eur 393.3 million compared with the same period of the previous year (March 31, 2019: Eur 293.3 million). Owing to the high level of trade working capital - due to increase in inventories - the intra-year cash flow from operating activities was still negative at Eur -45.7 million (1-3/2019: Eur -56.6 million).

Outlook
The International Monetary Fund (IMF) recently made a fundamental revision to its global economic forecast for 2020, admitting that there is still extreme uncertainty. The economic effects of the COVID-19 pandemic depend on numerous factors, the interaction of which is unclear. The multi-faceted national crises range from the breakdown of health care systems, disruptions to the domestic economy as well as to external demand, to the reversal of capital flows and the collapse of commodity prices.

As shown from past experience, the firefighting industry follows general economic developments at a delay of several months. Demand for firefighting technology and equipment remains stable, and the sector should be able to hold its own in the current economic downturn.

*) CEEU: Central and Eastern Europe; NISA: Northern Europe, Iberia, South America and Africa; MENA: Middle East and North Africa; APAC: Asia-Pacific, Australia, China; NOMA: North and Middle America

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