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Rosenbauer International AG: Despite a cyberattack Rosenbauer Group first quarter results with significant improvement compared to previous year

Leonding (pta007/09.05.2023/07:00 UTC+2)

  • The tense supply with truck chassis is gradually improving and enables more shipments, revenues increase to € 191.7 million
  • Restructuring efforts are making an impact, higher gross profit and lower structural costs reduce operating loss to € -4.9 million compared to previous year´s period
  • Strong order intake of € 293.3 million clearly above the revenues for the quarter
GROUP KEY FIGURES1-3/20221-3/2023
Revenues€ million176.7191.7
EBITDA€ million-11.52.5
EBIT€ million-18.6-4.9
Net profit/loss for the period€ million-15.7-10.7
Cash flow from operating activities€ million-96.6-111.9
Equity in % of total assets 19.3%16.4%
Earnings per share-2.1-1.6
Number of employees as of March 31 4,1544,141
Order backlog as of March 31€ million1,242.91,610.0

Despite falling victim to a cyberattack, the Rosenbauer Group achieved revenues of € 191.7 million in the first three months of 2023 (1-3/2022: € 176.7 million). The volume of the Group's business was thus 8.5% higher than in the comparative period of the previous year. This development can be explained by increased vehicle deliveries, which increased the volume of this product segment by 9.0% alone. Since December 2022 the supply with truck chassis has been better, but still behind expectations. Overall, three of the four sales areas and the Preventive Fire Protection segment succeeded in increasing their revenues. The restructuring efforts are making an impact. Due to a higher gross profit and lower structural costs the operating loss could be reduced significantly in comparison to the corresponding period of the previous year, EBIT amounted to € -4.9 million (1-3/2022: € -18.6 million). EBITDA was already positive at € 2.5 million (1-3/2022: € -11.5 million). At the same time, the order intake of € 293.3 million was significantly higher than revenues for the first three months of the year.

Revenues and results of operations

Tentative signs in early 2023 that the world economy could achieve a soft landing have receded amid stubbornly high inflation and recent financial sector turmoil. Although inflation has declined as central banks have raised interest rates and food and energy prices have come down, underlying price pressures are proving sticky, with labor markets tight in a number of economies. The baseline forecast of the International Monetary Fund (IMF) is for global economic growth to fall from 3.4% in 2022 to 2.8% in 2023.

The Rosenbauer Group generated revenues of € 191.7 million in the first quarter of 2023 (1–3/2022: € 176.7 million). These revenues are currently divided across the new sales areas, which were reorganized at the start of the year, as follows[1]: Europe area 33%, Middle East & Africa area 10%, Asia-Pacific area 13%, Americas area 39% and Preventive Fire Protection segment 5%.

After the deduction of cost of sales gross profit came out higher than in the comparative period of the previous year and enabled together with lower structural costs (expenditures for R&D, sales and administration) a significant reduction of the operating loss. At the end of the first quarter 2023 EBIT amounted to € -4.9 million (1-3/2022: € -18.6 million). Consolidated EBT came to € -9.6 million (1-3/2022: € -20.2 million).

From January to March 2023, the Rosenbauer Group recorded incoming orders of € 293.3 million (1-3/2022: € 263.1 million). Despite the uncertain economic conditions, the Europe area, the Asia-Pacific area and the Americas area received more new orders than in the comparative period of the previous year. At the same time, the order backlog continued to grow and amounted to € 1,610.0 million at the end of the first quarter of 2023 (March 31, 2022: € 1,242.9 million).

Financial position and net assets

Total assets increased year-on-year to € 1,095.8 million (March 31, 2022: € 984.1 million). The biggest change was in interest-bearing current liabilities, which went upyear-on-year to € 242,0 million (March 31, 2022: € 166.5 million). Net debt grew from € 307.1 million to € 434.9 million mainly for the acquisition of the US minorities and working capital.

Inventories increased to € 554.4 million (March 31, 2022: € 462.4 million). Receivables and other assets went up to € 232.4 million (March 31, 2022: € 204.8 million). This resulted in trade working capital of € 458.9 million (1-3/2022: € 431.0 million).

The substantial increase in inventories and receivables since the turn of the year put cash flow from operating activities at € -111.9 million at the end of the first quarter of 2023 (1-3/2022: € -96.6 million). A positive cash flow from operating activities is expected by the end of the year.


The IMF has recently lowered its forecast for global growth slightly. It is now 0.1 percentage points lower than the January forecast. The forecast, which assumes that the financial sector stresses can be contained, is for growth to fall from 3.4% in 2022 to 2.8% in 2023, before settling at around 3.0% p.a. over the next five years. This is the lowest medium-term forecast in decades.

The anemic outlook reflects the tight policy stances needed to bring down inflation, the fallout from the recent deterioration in financial conditions, the ongoing war in Ukraine and growing geopolitical fragmentation.

The firefighting industry's order books are full to bursting, which means that the industry can again generally expect to achieve growth in revenues in 2023. However, this will require the international supply chain situation to ease over the coming months and the cost of materials to stabilize further. The strongest growth in revenues should be possible in Rosenbauer's core markets in Europe and North America, with the Middle East also likely to achieve stronger growth.

Based on a further improvement in the supply of truck chassis, the Rosenbauer Group's Executive Board expects revenues to exceed € 1 billion in 2023. The EBIT margin is expected to improve by around 4 percentage points compared with the previous year.

[1]In the course of reorganizing the sales areas, the NISA area (Northern Europe, Iberia, South America, Africa) was dissolved as an independent unit and management responsibility for its constituent markets was shared out.


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