DE

Equity Story

Schaltbau Holding

Schaltbau Holding AG, which is listed on the Regulated Market (Prime Standard) of Deutsche Börse AG in Frankfurt a.M., Germany, is one of the world's leading suppliers of systems and components for transportation technology and the capital goods industry with annual sales of around €500 million and a workforce of some 3,000 employees. The companies of the Schaltbau Group with their core brands Schaltbau, Bode, Pintsch and SBRS develop high-quality technology and customer-specific technological solutions for rolling stock, railway infrastructure as well as road and commercial vehicles. As one of the few specialists for intelligent energy concepts based on direct current, the Schaltbau Group is also a technolgoy partner and innovation driver for rapidly growing future markets such as New Mobility, New Energy and New Industry.

Key Facts

  • Globally leading supplier of technology for rolling stock, rail infrastructure, road vehicles and other industrial applications
  • World market leader in DC switching technology
  • Global driver of innovation and key technology partner for future-oriented markets, including new energy, electromobility, DC industry, smart building
  • Founded in 1929
  • Around 3,000 employees
  • Annual sales of around EUR 500 million - 70% of revenue generated on rail market  - By region: 35% Germany, 45% other European countries, 20% rest of the world
  • Listed in the Prime Standard segment of the Frankfurt Stock Exchange, IPO 1994
  • Around 30 subsidiaries in some 15 countries worldwide

Key figures for the Group

 Order situation     2019   2018   2017   2016   2015  
 Order intake  EUR million   545.7   631.3   594.0   551.2   512.0  
 Order book at year-end  EUR million   488.9   583.0   508.3   429.8   334.3  
 Income statement                   
 Sales  EUR million   513.7   518.3   516.5   509.1   502.3  
 Total output  EUR million   517.0   523.4   533.2   506.4   506.4  
 EBITDA  EUR million   32.7   22.5   20.1   16.4   46.5  
 EBIT  EUR million   17.2   (7.3)   (23.0)   (14.5)   33.4  
EBIT margin %  3.3   (1.4)   (4.4)   (2.8)   6.7  
 Group net profit  EUR million   7.4   (14.1)   (49.6)   (12.0)   22.5  
 - thereof attributable to Schaltbau Holding AG  EUR million   4.1   (16.5)   (51.7)   (15.8)   16.8  
 Return on capital employed   %   6.4   (2.7)   (8.3)   (4.2)   10.0  
 Fixed assets  EUR million   150.8   133.0   150.6   179.2   184.8  
 - Investments in property, plant and equipment and rights of use  EUR million   20.6   12.9   10.0   11.6   15.0  
 - Depreciation on property, plant and equipment and rights of use  EUR million   11.2   8.7   13.0   9.6   8.6  
 Working capital  EUR million   122.8   139.4   126.9   161.9   151.1  
 Capital employed  EUR million   269.7   272.4   277.5   341.1   335.9  
 Equity  EUR million   97.4   93.8   70.6   107.1   124.8  
 Net financial liabilities (incl. Leasing)  EUR million   82.2   100.4   158.4   148.0   129.6  
 Balance sheet total  EUR million   401.2   396.8   452.0   459.1   445.8  
 Cash flow statement                   
 Cash flows from operating activities  EUR million   62.9   (6.2)   10.5   25.8   29.4  
 Cash flows from investing activities  EUR million   -20.6   28.1   (34.3)   (18.2)   (49.0)  
 Cash flows from financing activities*  EUR million   -38.8   (26.3)   19.9   (8.7)   25.2  
 Change in cash funds*  EUR million   3.4   (4.5)   (4.8)   (1.5)   6.2  
 Personnel                   
Employees at year-end  2,863   3,157   3,370   3,370   3,050  
Average number of employees  2,723   2,998   3,094   2,925   2,706  
 Personnel expense  EUR million   176.2   177.2   186.9   171.3   159.3  
 Personnel expense per employee  TEUR   64.7   59.1   60.4   58.6   58.9  
 Total output per employee  TEUR   189.9   174.6   172.3   173.1   187.2  
 Earnings per share (undiluted)  EUR   0.46   (1.93)   (8.04)   (2.61)   2.80  
 Earnings per share (diluted)  EUR   0.46   (1.93)   (8.04)   (2.61)   2.80  
 Dividend per share for the year  EUR   0.00   0.00   0.00   0.00   1.00  
 Stock market price at year-end**  EUR   34.00   20.20   26.94   30.76   51.00  
 Market capitalisation at year-end  EUR million   301.0   178.8   178.1   189.2   313.8  
 Schaltbau Holding AG’s equity at year-end                   
 Subscribed capital  TEUR   10,780   10,780   8,064   7,506   7,506  
 Equity  EUR million   44.9   56.6   30.6   41.1   58.0  
 Equity ratio %     26.1   30.7   14.6   21.6   28.1  

*Until 2016, cash funds include current account liabilities, from 2017 the change in current account liabilities is contained in the cash flows from financing activities. Numbers for 2017 are adjusted vs. disclosure in the Annual Report 2017 (= cash funds include current account liabilities).
**Xetra closing price on the last trading day of the year.