Business news for the stock market

Rosenbauer International AG: Rosenbauer Group hit by secondary effects of COVID-19 pandemic in 2021

Leonding (pta012/08.04.2022/07:00 UTC+2)

  • Consolidated revenues drop by 6.6% to € 975.1 million, EBIT decreases to € 35.0 million
  • Supply chain problems and delayed vehicle handovers check year-end rally
  • Sales region North America and segment Preventive Fire Protection have increased their business volumes
  • Order intake at € 1,064.3 million back at the very high pre-crisis level
  • Considerable reduction of trade working capital, operating cash flow reaches new high of € 145.8 million
  • Dividend proposal of € 0.90 per share takes decline in earnings into account
GROUP KEY FIGURES(adjusted) 20202021Change
Revenues€ million1,044.2975.1-6.6%
EBIT€ million57.735.0-39.3%
Net profit for the period€ million41.023.2-43.4%
Cash flow from operating activities€ million96.4145.8+51.2%
Equity in % of total assets 24.9%25.2%-
Earnings per share4.22.3-55.2%
Dividend (proposal to AGM)€ per share1.500.90-
Number of employees as of December 31 3,9844,130+3.7%
Order backlog as of December 31€ million1,072.11,145.2+6.8%

In 2021, the Rosenbauer Group generated revenues of € 975.1 million – a decline compared with the previous record-breaking year (2020: € 1,044.2 million). The reasons for this decline were supply chain problems and disruptions to production, which emerged from the middle of the year and palpably intensified in the subsequent months. As a result of delayed vehicle handovers and the renewed lockdown in Austria in December, revenues were postponed beyond the turn of the year. EBIT amounted to only € 35.0 million (2020: € 57.7 million) due to the lower gross profit. The EBIT margin came to 3.6% (2020: 5.5%).

Revenues and results of operations

Against the backdrop of a general economic recovery, the global firefighting industry trended sideways in the reporting year. At the same time, the supply of materials and parts to the industry successively deteriorated in the second half of the year as a result of the surprisingly rapid recovery of the global economy.

These difficult conditions put the brakes on the Rosenbauer Group's important year-end rally, and the Group reported lower revenues in four of its six sales regions. The NOMA area increased its deliveries in this environment, and the Preventive Fire Protection segment also expanded its business volume.

After deducting the cost of sales, gross profit amounted to € 156.5 million (2020: € 180.2 million), representing a year-on-year decline of 13%. EBIT therefore amounted to € 35.0 million (2020: € 57.7 million), the bulk of which, namely € 22.1 million, was generated in the fourth quarter.

The financial result of € -6.2 million was at the level of the previous year (2020: € -6.4 million). Earnings before taxes (EBT) amounted to € 28.9 million in the reporting period (2020: € 51.3 million).

In the past year, the Rosenbauer Group reported incoming orders of € 1,064.3 million, which represented a return to the very high pre-crisis level (2020: € 1,007.7 million). Five of the six sales regions recorded growth. The APAC area reported the greatest relative growth.

Demand was consistently above expectations over the course of the year. For example, in May the Swedish Armed Forces accepted a bid for 22 ARFF vehicles, and in August the Bundeswehr placed an order for 76 high-capacity forest firefighting vehicles with off-road capability. The order backlog of € 1,145.2 million as of December 31, 2021 (2020: € 1,072.1 million) was significantly higher than consolidated revenues for the year.

Financial position and net assets

The financial situation of the Rosenbauer Group remains solid. Total assets decreased as against the previous year and amounted to € 891.6 million as of December 31, 2021 (2020: € 911.2 million).

Non-current assets increased significantly and amounted to € 258.8 million at the end of the year (2020: € 237.5 million). Right-of-use assets, which have also been recognized in non-current assets since 2019 due to IFRS 16 "Leases," increased to € 35.2 million (2020: € 32.2 million). Current assets amounted to € 632.8 million (2020: € 673.7 million).

Equity amounted to € 225.1 million as of the end of the year (2020: € 227.2 million), and the equity ratio increased slightly to 25.2% (2020: 24.9%) as a result of the lower total assets.

In summer 2020, the Rosenbauer Group started a project to optimize the cash conversion cycle, which aims to reduce trade working capital. By the end of 2021, trade working capital had improved to € 345.4 million (2020: € 421.1 million). This decrease is mainly due to a significant reduction in trade receivables, which dropped to € 159.0 million (2020: € 236.7 million). Net cash flow from operating activities increased to a new all-time high of € 145.8 million in 2021 (2020: € 96.4 million).

Current interest-bearing liabilities increased from € 56.4 million to € 72.5 million in the reporting year.

Net debt shrank to € 203.6 million (2020: € 289.3 million), and the gearing ratio improved to 90.4% (2020: 127.4%).


The Rosenbauer Group follows a growth-oriented and sustainable dividend policy that is consistent with the company's performance. In view of the decline in earnings, the Executive Board and Supervisory Board are proposing a dividend of € 0.90 (2020: € 1.50) per share for 2021 at the Annual General Meeting. Accordingly, the distribution volume for 6.8 million no-par-value shares will be € 6.1 million (2020: € 10.2 million). Based on the closing price of € 46.4, this corresponds to a dividend yield of 1.9% (2020: 4.1%).


Based on global economic forecasts and our own industry observations, the global firefighting industry is expected to grow again in 2022. Particularly in the developed economies of North America and Europe, the willingness to invest appears to be unbroken despite the COVID-19 pandemic, and the corresponding budget resources for preventive firefighting and disaster protection technology will continue to be made available. In contrast, the weak state of the sector on the Asian firefighting markets will improve only slightly in the current year. Due to import restrictions, the firefighting market in China stays still difficult to access. Demand in the countries of the Middle East depends on the further development of the oil price, which has been increasing sharply in recent times. At the same time, volatility remains high as a result of the ongoing supply chain disruptions and the pressure on the international energy and commodity markets due to Russia's invasion of Ukraine.

With a view to securing its earnings target and limiting the continuing risks, a program to boost performance has been launched at all relevant production sites. Based on a solid order book, the Rosenbauer Group's Executive Board expects revenues of over € 1 billion in 2022, with an EBIT margin at the previous year's level.


Emitter: Rosenbauer International AG
Paschinger Straße 90
4060 Leonding
Contact Person: Tiemon Kiesenhofer, MBA
Phone: +43 732 6794-568
ISIN(s): AT0000922554 (Share)
Stock Exchange(s): Vienna Stock Exchange (Official Trade); Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate