Rosenbauer International

Rosenbauer's Cash & Cash Equivalents fell 33.2% yoy to EUR 17.9 mil in 2015

By Helgi Analytics - April 2, 2020

Rosenbauer International's total assets reached EUR 612 mil at the end of 2015, up 5.5% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales EUR mil 738 814 865
Gross Profit EUR mil 242 291 310
EBITDA EUR mil 52.6 61.0 64.7
EBIT EUR mil 42.3 48.4 50.6
Financing Cost EUR mil 2.56 2.86 3.02
Pre-Tax Profit EUR mil 41.7 47.3 48.2
Net Profit EUR mil 26.3 27.3 22.4
Dividends EUR mil 8.16 8.16 8.16
Balance Sheet 2013 2014 2015
Total Assets EUR mil 416 580 612
Non-Current Assets EUR mil 101 147 159
Current Assets EUR mil 314 433 453
Working Capital EUR mil 215 261 315
Shareholders' Equity EUR mil 188 198 227
Liabilities EUR mil 228 382 385
Total Debt EUR mil 62.8 181 210
Net Debt EUR mil 49.0 154 192
Ratios 2013 2014 2015
ROE % 14.6 14.1 10.6
ROCE % 8.40 7.54 5.09
Gross Margin % 32.8 35.8 35.8
EBITDA Margin % 7.12 7.50 7.47
EBIT Margin % 5.74 5.94 5.85
Net Margin % 3.57 3.35 2.59
Net Debt/EBITDA 0.932 2.53 2.97
Net Debt/Equity 0.261 0.779 0.846
Cost of Financing % 3.01 2.34 1.54
Valuation 2013 2014 2015
Market Capitalisation USD mil 556 588 548
Enterprise Value (EV) USD mil 623 775 780
Number Of Shares mil 6.80 6.80 6.80
Share Price EUR 59.3 71.5 66.6
EV/EBITDA 8.94 9.86 9.36
EV/Sales 0.636 0.739 0.699
Price/Earnings (P/E) 15.3 17.8 20.2
Price/Book Value (P/BV) 2.15 2.45 2.00
Dividend Yield % 2.02 1.68 1.80

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     542 596 542 645 738    
Gross Profit EUR mil ... ... ... ... ... ... ... ...     171 201 197 192 242    
EBIT EUR mil                     29.2 48.3 41.6 39.7 42.3    
Net Profit EUR mil                     9.86 31.7 27.6 30.9 26.3    
ROE %                     10.3 27.6 20.1 19.5 14.6    
EBIT Margin %                     5.40 8.12 7.68 6.15 5.74    
Net Margin %                     1.82 5.32 5.09 4.79 3.57    
Employees ... ... ... ... ... ... ...       1,946 2,046 2,123 2,432 2,551    
balance sheet                                  
Total Assets EUR mil                     307 302 357 431 416    
Non-Current Assets EUR mil                     62.8 67.7 71.7 84.4 101    
Current Assets EUR mil                     244 234 285 347 314    
Shareholders' Equity EUR mil                     99.8 129 145 172 188    
Liabilities EUR mil                     207 172 212 259 228    
Non-Current Liabilities EUR mil                     36.8 37.3 35.3 35.7 32.9    
Current Liabilities EUR mil                     170 135 177 224 195    
Net Debt/EBITDA                     1.17 0.472 1.23 1.91 0.932    
Net Debt/Equity                     0.420 0.203 0.420 0.545 0.261    
Cost of Financing % ...                   11.3 9.17 7.12 4.18 3.01    
cash flow                                  
Total Cash From Operations EUR mil ...                   17.5 34.8 -12.8 -3.67 82.2    
Total Cash From Investing EUR mil ...                   -17.0 -8.62 -10.2 -16.9 -26.5    
Total Cash From Financing EUR mil ...                   5.18 -22.6 23.9 22.7 -55.1    
Net Change In Cash EUR mil ...                   5.73 3.61 0.917 2.15 0.510    
valuation                                  
Market Capitalisation USD mil                     283 338 320 413 556    
Number Of Shares mil                     6.80 6.80 6.80 6.80 6.80    
Share Price EUR                     29.0 37.5 36.3 46.1 59.3    
Earnings Per Share (EPS) EUR                     1.45 4.66 4.05 4.54 3.87    
Book Value Per Share EUR                     14.7 19.0 21.3 25.3 27.6    
Dividend Per Share EUR                     0.800 1.20 1.20 1.20 1.20    
Price/Earnings (P/E)                     20.0 8.05 8.95 10.1 15.3    
Price/Book Value (P/BV)                     1.98 1.97 1.70 1.82 2.15    
Dividend Yield %                     2.76 3.20 3.31 2.61 2.02    
Earnings Per Share Growth % ...                   -49.5 221 -12.9 12.0 -14.8    
Book Value Per Share Growth % ...                   8.50 29.5 12.2 18.5 9.22    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     542 596 542 645 738    
Cost of Goods & Services EUR mil ... ... ... ... ... ... ... ...     371 394 344 453 496    
Gross Profit EUR mil ... ... ... ... ... ... ... ...     171 201 197 192 242    
Staff Cost EUR mil ... ... ... ... ... ... ... ...     99.6 109 114 128 142    
Other Cost EUR mil ... ... ... ... ... ... ... ...     35.3 36.5 34.0 15.2 47.0    
EBITDA EUR mil                     35.8 55.6 49.6 49.0 52.6    
Depreciation EUR mil                     6.54 7.27 7.97 9.34 10.2    
EBIT EUR mil                     29.2 48.3 41.6 39.7 42.3    
Financing Cost EUR mil                     4.60 3.93 3.89 3.76 2.56    
Extraordinary Cost EUR mil                     -1.80 -4.67 -2.59 -2.87 -1.91    
Pre-Tax Profit EUR mil                     26.4 49.1 40.3 38.8 41.7    
Tax EUR mil                     8.86 9.10 8.15 6.82 10.9    
Minorities EUR mil                     7.71 8.32 4.58 1.08 4.43    
Net Profit EUR mil                     9.86 31.7 27.6 30.9 26.3    
Dividends EUR mil                     5.44 8.16 8.16 8.16 8.16    
growth rates                                  
Total Revenue Growth % ...                   8.29 9.94 -9.08 19.1 14.4    
Operating Cost Growth % ... ... ... ... ... ... ... ... ...   -1.71 8.06 1.38 -3.19 32.2    
EBITDA Growth % ...                   -20.2 55.4 -10.9 -1.13 7.24    
EBIT Growth % ...                   -25.8 65.3 -14.0 -4.64 6.76    
Pre-Tax Profit Growth % ...                   -18.1 85.7 -17.9 -3.78 7.51    
Net Profit Growth % ...                   -49.5 221 -12.9 12.0 -14.8    
ratios                                  
ROE %                     10.3 27.6 20.1 19.5 14.6    
ROCE % ...                   5.39 15.5 12.3 11.1 8.40    
Gross Margin % ... ... ... ... ... ... ... ...     31.5 33.8 36.4 29.8 32.8    
EBITDA Margin %                     6.60 9.34 9.15 7.60 7.12    
EBIT Margin %                     5.40 8.12 7.68 6.15 5.74    
Net Margin %                     1.82 5.32 5.09 4.79 3.57    
Payout Ratio %                     55.1 25.8 29.6 26.4 31.0    
Cost of Financing % ...                   11.3 9.17 7.12 4.18 3.01    
Net Debt/EBITDA                     1.17 0.472 1.23 1.91 0.932    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     62.8 67.7 71.7 84.4 101    
Property, Plant & Equipment EUR mil                     57.2 59.4 63.0 72.0 86.4    
Intangible Assets EUR mil                     0.534 0.897 0.941 1.81 4.00    
Current Assets EUR mil                     244 234 285 347 314    
Inventories EUR mil                     119 120 144 174 168    
Receivables EUR mil                     64.9 43.5 76.3 98.1 86.8    
Cash & Cash Equivalents EUR mil                     6.93 10.5 11.5 13.6 13.8    
Total Assets EUR mil                     307 302 357 431 416    
Shareholders' Equity EUR mil                     99.8 129 145 172 188    
Of Which Minority Interest EUR mil                     14.8 18.1 19.9 17.4 18.5    
Liabilities EUR mil                     207 172 212 259 228    
Non-Current Liabilities EUR mil                     36.8 37.3 35.3 35.7 32.9    
Long-Term Debt EUR mil                     12.5 11.6 11.0 10.8 0.675    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.83    
Current Liabilities EUR mil                     170 135 177 224 195    
Short-Term Debt EUR mil                     36.3 25.2 61.4 96.5 62.1    
Trade Payables EUR mil                     38.9 30.9 44.7 45.3 39.9    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 13.9    
Equity And Liabilities EUR mil                     307 302 357 431 416    
growth rates                                  
Total Asset Growth % ...                   22.2 -1.68 18.4 20.8 -3.65    
Shareholders' Equity Growth % ...                   8.50 29.5 12.2 18.5 9.22    
Net Debt Growth % ...                   33.0 -37.4 132 53.8 -47.7    
Total Debt Growth % ...                   49.3 -24.7 96.9 48.2 -41.5    
ratios                                  
Total Debt EUR mil                     48.8 36.8 72.4 107 62.8    
Net Debt EUR mil                     41.9 26.3 61.0 93.8 49.0    
Working Capital EUR mil                     145 133 176 227 215    
Capital Employed EUR mil                     208 200 248 311 316    
Net Debt/Equity                     0.420 0.203 0.420 0.545 0.261    
Cost of Financing % ...                   11.3 9.17 7.12 4.18 3.01    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     9.86 31.7 27.6 30.9 26.3    
Depreciation EUR mil                     6.54 7.27 7.97 9.34 10.2    
Non-Cash Items EUR mil ...                   43.1 -16.5 -5.04 6.78 33.8    
Change in Working Capital EUR mil ...                   -42.0 12.4 -43.3 -50.7 11.8    
Total Cash From Operations EUR mil ...                   17.5 34.8 -12.8 -3.67 82.2    
Capital Expenditures EUR mil ...                   -15.8 -8.95 -10.9 -14.1 -25.1    
Other Investments EUR mil ...                   -1.19 0.330 0.748 -2.87 -1.41    
Total Cash From Investing EUR mil ...                   -17.0 -8.62 -10.2 -16.9 -26.5    
Dividends Paid EUR mil                     -5.44 -8.16 -8.16 -8.16 -8.16    
Issuance Of Shares EUR mil ...                   0 0 0 0 0    
Issuance Of Debt EUR mil ...                   16.1 -12.1 35.6 34.9 -44.6    
Total Cash From Financing EUR mil ...                   5.18 -22.6 23.9 22.7 -55.1    
Net Change In Cash EUR mil ...                   5.73 3.61 0.917 2.15 0.510    
ratios                                  
Days Sales Outstanding days                     43.8 26.6 51.4 55.5 42.9    
Days Sales Of Inventory days ... ... ... ... ... ... ... ...     117 111 153 140 124    
Days Payable Outstanding days ... ... ... ... ... ... ... ...     38.3 28.6 47.4 36.5 29.3    
Cash Conversion Cycle days ... ... ... ... ... ... ... ...     122 109 157 159 137    
Cash Earnings EUR mil                     16.4 38.9 35.5 40.2 36.5    
Cash Earnings Per Share EUR                     2.41 5.73 5.23 5.92 5.37    
Price/Cash Earnings (P/CE)                     12.0 6.55 6.95 7.79 11.0    
Free Cash Flow EUR mil ...                   0.549 26.2 -23.0 -20.6 55.6    
Free Cash Flow Yield % ...                   0.270 10.2 -9.99 -6.40 13.3    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     3.54 10.4 8.37 7.83 6.22    
Gross Margin % ... ... ... ... ... ... ... ...     31.5 33.8 36.4 29.8 32.8    
Employees ... ... ... ... ... ... ...       1,946 2,046 2,123 2,432 2,551    
Cost Per Employee USD per month ... ... ... ... ... ... ... ...     5,933 5,888 6,211 5,628 6,168    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ... ...     4,266 4,451 4,467 4,383 4,646    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ...     19.4 20.0 22.8 21.1 20.4    
Effective Tax Rate %                     33.5 18.5 20.2 17.6 26.2    
Enterprise Value (EV) USD mil                     343 373 399 537 623    
EV/EBITDA                     6.89 5.07 5.79 8.53 8.94    
EV/Capital Employed                     1.15 1.40 1.24 1.31 1.43    
EV/Sales                     0.455 0.474 0.530 0.648 0.636    
EV/EBIT                     8.43 5.84 6.90 10.5 11.1    
Domestic Sales EUR mil ... ... ... ... ... ... ... ...     298 308 281 447 504   ...
Capital Expenditures (As % of Sales) % ...                   2.91 1.50 2.01 2.18 3.41    
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ...     244 288 261 198 234   ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ...     45.1 48.4 48.1 30.7 31.7   ...
Sales in Austria EUR mil ... ... ... ... ... ... ... ...     298 308 281 447 504   ...
Sales in the USA EUR mil ... ... ... ... ... ... ... ...     116 123 120 145 172    
Sales in Germany EUR mil ... ... ... ... ... ... ... ...     93.4 123 105 158 178    
Sales in the Rest Of Europe EUR mil ... ... ... ... ... ... ... ...     19.7 22.9 23.2 24.0 46.4   ...
Sales in Asia EUR mil ... ... ... ... ... ... ... ...     15.3 19.3 12.5 11.2 15.9   ...
EBIT in Austria EUR mil ... ... ... ... ... ... ... ...     9.80 33.7 25.5 30.0 32.0   ...
EBIT in the USA EUR mil ... ... ... ... ... ... ... ...     14.0 15.2 9.00 3.20 9.80   ...
EBIT in Germany EUR mil ... ... ... ... ... ... ... ...     3.30 4.80 4.50 3.60 -1.40   ...
EBIT in the Rest Of Europe EUR mil ... ... ... ... ... ... ... ...     1.10 1.20 1.70 0.800 2.18   ...
EBIT in Asia EUR mil ... ... ... ... ... ... ... ...     1.10 1.90 0.900 1.00 -0.256   ...
Employees - Austria ... ... ... ... ... ... ...       903 940 1,030 1,066 1,154    
Employees - USA ... ... ... ... ... ... ... ... ... ... ... 527 514 574 644   ...
Employees - Germany ... ... ... ... ... ... ... ... ... ... ... 497 498 538 564   ...
Employees - Rest Of The World ... ... ... ... ... ... ... ... ... ... ... 82.0 81.0 150 189   ...
Sales From Vehicles EUR mil ... ... ... ... ... ... ... ...     377 424 370 443 517    
Sales from Aerials EUR mil ... ... ... ... ... ... ... ...     70.0 66.0 68.0 72.0 71.5   ...
Sales from Firefighting Components EUR mil ... ... ... ... ... ... ... ...     16.0 19.0 25.0 23.0 2.21    
Sales from Fire & Safety Equipment EUR mil ... ... ... ... ... ... ... ...     52.0 57.0 48.0 67.0 81.2    
Sales from Business Development EUR mil ... ... ... ... ... ... ... ... ... ... 1.00 1.00 2.00 3.00 0.738 ... ...
Sales from Service & Spare Parts EUR mil ... ... ... ... ... ... ... ...     23.0 27.0 28.0 35.0 36.9    
Sales From Others EUR mil ... ... ... ... ... ... ... ...     3.00 2.00 1.00 3.00 ... ... ...
Order Backlog EUR mil ... ... ... ... ... ... ...       487 395 682 581 590    
Order Intake EUR mil ... ... ... ... ... ... ...       576 497 827 533 761    
Number of Truck-Mounted Pumps Sold Units ... ... ... ... ... ... ... ... ...   1,773 1,787 1,685 2,088 2,112    
Number of Portable Pumps Sold Units ... ... ... ... ... ... ... ... ...   951 1,260 1,053 955 898    
Number of Vehicles Sold Units ... ... ... ... ... ... ... ... ... ... ... 2,697 2,013 2,297 2,697    

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Rosenbauer International AG is an Austria-based manufacturer of mobile fire protection and civil defense solutions. The Group is one of the world’s three largest manufacturers of fire-service vehicles. It is headquartered in Leonding, Austria. Rosenbauer supplies the fire fighting sector in over 100 countries with a wide range of custom fire and rescue apparatus and services. It produces its extensive series of fire fighting vehicles and aerials in three continents. Its product portfolio includes a range of municipal fire fighting vehicles and aerials built to both European and the United States standards, Aircraft Rescue Fire Fighting (ARFF) vehicles, industrial fire fighting vehicles, turntable ladders and aerial rescue platforms, as well as other fire and safety components and equipment. Rosenbauer International AG has been listed on the Vienna Stock Exchange since 1994.

Finance

Rosenbauer International has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 3.06% a year during that time to total of EUR 64.7 mil in 2015, or 7.47% of sales. That’s compared to 7.77% average margin seen in last five years.

The company netted EUR 22.4 mil in 2015 implying ROE of 10.6% and ROCE of 5.09%. Again, the average figures were 15.8% and 8.88%, respectively when looking at the previous 5 years.

Rosenbauer International’s net debt amounted to EUR 192 mil at the end of 2015, or 0.846 of equity. When compared to EBITDA, net debt was 2.97x, up when compared to average of 1.91x seen in the last 5 years.

Valuation

Rosenbauer International stock traded at EUR 66.6 per share at the end of 2015 resulting in a market capitalization of USD 548 mil. Over the previous five years, stock price grew by 77.59999999999999% or 12.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 9.36x and price to earnings (PE) of 20.2x as of 2015.