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EANS-Adhoc: Von Roll Holding AG / Positive half-year result in a challenging market environment

22.08.2012
=------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. =------------------------------------------------------------------------------- 22.08.2012 - Decline in sales to CHF 268.1 million, a fall of 2.1% at constant exchange rates - Lower order intake at CHF 276.7 million, down 10% at constant exchange rates - Positive EBIT of CHF 7.0 million Au / Wädenswil, 22 August 2012 - In the first half of 2012, Von Roll Holding AG's operating business remained heavily influenced by the difficult general economic conditions. The Group posted sales of CHF 268.1 million (previous year: CHF 281.1 million), a slight decline of 2.1% at constant exchange rates. Order intake amounted to CHF 276.7 million (previous year: CHF 316.0 million). At constant exchange rates, this represents a fall of 10%. Von Roll generated EBIT of CHF 7.0 million as against CHF 9.7 million in the previous year. "Two main factors influenced our EBIT in the first half of 2012," said Matthias Oppermann, CEO of Von Roll Holding AG. "Firstly, the performance of our transformer business had an adverse effect on our overall result. Secondly, the continued strength of the Swiss franc and the economic turmoil in Europe had a major impact on our activities." Net income stood at CHF 1.8 million in the period under review as against CHF 4.3 million in the same period of the previous year. The financial result amounted to CHF -1.8 million compared to CHF -4.0 million in the same period last year. Cash flow from operating activities, which came to CHF -12.7 million as against CHF -17.9 million in the same period of the previous year, was still impeded by the funds tied up in the transformer business. The equity ratio fell from 63% in 2011 to 59%. Uneven performance by the business lines In the wake of the euro crisis, Von Roll's core business suffered a slight decline in the first half of 2012. The Von Roll Insulation business line posted sales of CHF 165.5 million as against CHF 173.7 million in the same period last year, a fall of 2.3% year-on-year at constant exchange rates. Order intake came to CHF 160.0 million, down 11% on the previous year at constant exchange rates. Von Roll Insulation generated EBIT of CHF 10.7 million compared with CHF 12.1 million in the previous year. The performance of this traditional segment was particularly affected by customers' reluctance to invest in large-scale projects such as power plants. The strategic initiative to extract mica in the growth region of Brazil and thus extend the value added chain is on track. Mica is a key raw material used in insulating tapes. The Von Roll Composites business line posted sales of CHF 72.1 million as against CHF 79.0 million in the same period of the previous year, representing a fall of 7.3% at constant exchange rates. Order intake amounted to CHF 74.3 million, 6.4% down on the previous year at constant exchange rates. Von Roll Composites achieved EBIT of CHF 3.5 million compared with the previous year's CHF 4.2 million. Weak demand from Europe had a noticeable impact on the composites business in the first half of 2012. The Von Roll Technologies business line, which incorporates the Von Roll Transformers, Von Roll Water and Von Roll Solar business segments, reported sales of CHF 30.5 million in the first six months of the year, up by 13.2% at constant exchange rates. Sales were boosted by the Von Roll Water business segment in particular, whose performance has been highly promising thanks to the successful completion of a number of sizeable projects. In contrast, order intake at Von Roll Technologies fell by 13.6% at constant exchange rates to CHF 42.4 million. EBIT amounted to CHF -5.0 million compared with CHF -4.5 million in the same period last year. In the main, the result was weighed down by the transformer business, which was affected by delays in supplying technically complex large-scale projects as well as sluggish demand for large high-voltage power transformers. However, the new branch of the business focusing on special transformers for the wind power industry is developing well. The Von Roll Solar segment, part of Von Roll Technologies, discontinued its activities at the end of the first half-year. Successful drive to implement strategic initiatives In the first half of 2012, Von Roll focused on pressing ahead with its strategic initiatives, concentrating on optimising its global production network and on expanding its product portfolio. In this context, Von Roll is currently involved in a number of outsourcing projects in North America and Asia, allowing the company to assume responsibility for additional manufacturing steps on behalf of its customers. Matthias Oppermann added: "With question marks remaining over how the economy will develop, we would rather not make any forecasts for the second half of 2012. Over the past few months of this year, we have done our homework and are working flat out to implement our 'ONE Von Roll' strategy to enable us to meet our targets for 2015." A conference call in German with webcast will be held for journalists and analysts at 9.00 am CET on 22 August when the 2012 half-year results will be presented. Dial-in number: +41 (0)565 800 007 Confirmation number: 10778480 Simultaneous webcast of the presentation at: http://view-w.tv/p/805-1042-11537/de More detailed information can be found in the Semi-Annual Report 2012. This is available in digital form at http://www.vonroll.ch/en/financial-reports.html. About Von Roll Holding AG: Von Roll is an international, medium-sized industrial company specialising in products and services for electrical insulation, electrical technology and power transmission and distribution as well as water treatment. Based in Switzerland, Von Roll has around 3,000 employees and is represented at over 30 production and distribution sites across the world. end of ad-hoc-announcement ================================================================================ This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with statements portrayed here. Furthermore, rounding differences may lead to discrepancies in the reported figures. The release is originally prepared in German and then translated into English. In the event of any discrepancy, the German version prevails. For more detailed information on the company and business development, please see the Semi-Annual Report of Von Roll Holding AG. This is available in digital form at www.vonroll.com. end of announcement euro adhoc =-------------------------------------------------------------------------------

=------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. =------------------------------------------------------------------------------- 22.08.2012 - Decline in sales to CHF 268.1 million, a fall of 2.1% at constant exchange rates - Lower order intake at CHF 276.7 million, down 10% at constant exchange rates - Positive EBIT of CHF 7.0 million Au / Wädenswil, 22 August 2012 - In the first half of 2012, Von Roll Holding AG's operating business remained heavily influenced by the difficult general economic conditions. The Group posted sales of CHF 268.1 million (previous year: CHF 281.1 million), a slight decline of 2.1% at constant exchange rates. Order intake amounted to CHF 276.7 million (previous year: CHF 316.0 million). At constant exchange rates, this represents a fall of 10%. Von Roll generated EBIT of CHF 7.0 million as against CHF 9.7 million in the previous year. "Two main factors influenced our EBIT in the first half of 2012," said Matthias Oppermann, CEO of Von Roll Holding AG. "Firstly, the performance of our transformer business had an adverse effect on our overall result. Secondly, the continued strength of the Swiss franc and the economic turmoil in Europe had a major impact on our activities." Net income stood at CHF 1.8 million in the period under review as against CHF 4.3 million in the same period of the previous year. The financial result amounted to CHF -1.8 million compared to CHF -4.0 million in the same period last year. Cash flow from operating activities, which came to CHF -12.7 million as against CHF -17.9 million in the same period of the previous year, was still impeded by the funds tied up in the transformer business. The equity ratio fell from 63% in 2011 to 59%. Uneven performance by the business lines In the wake of the euro crisis, Von Roll's core business suffered a slight decline in the first half of 2012. The Von Roll Insulation business line posted sales of CHF 165.5 million as against CHF 173.7 million in the same period last year, a fall of 2.3% year-on-year at constant exchange rates. Order intake came to CHF 160.0 million, down 11% on the previous year at constant exchange rates. Von Roll Insulation generated EBIT of CHF 10.7 million compared with CHF 12.1 million in the previous year. The performance of this traditional segment was particularly affected by customers' reluctance to invest in large-scale projects such as power plants. The strategic initiative to extract mica in the growth region of Brazil and thus extend the value added chain is on track. Mica is a key raw material used in insulating tapes. The Von Roll Composites business line posted sales of CHF 72.1 million as against CHF 79.0 million in the same period of the previous year, representing a fall of 7.3% at constant exchange rates. Order intake amounted to CHF 74.3 million, 6.4% down on the previous year at constant exchange rates. Von Roll Composites achieved EBIT of CHF 3.5 million compared with the previous year's CHF 4.2 million. Weak demand from Europe had a noticeable impact on the composites business in the first half of 2012. The Von Roll Technologies business line, which incorporates the Von Roll Transformers, Von Roll Water and Von Roll Solar business segments, reported sales of CHF 30.5 million in the first six months of the year, up by 13.2% at constant exchange rates. Sales were boosted by the Von Roll Water business segment in particular, whose performance has been highly promising thanks to the successful completion of a number of sizeable projects. In contrast, order intake at Von Roll Technologies fell by 13.6% at constant exchange rates to CHF 42.4 million. EBIT amounted to CHF -5.0 million compared with CHF -4.5 million in the same period last year. In the main, the result was weighed down by the transformer business, which was affected by delays in supplying technically complex large-scale projects as well as sluggish demand for large high-voltage power transformers. However, the new branch of the business focusing on special transformers for the wind power industry is developing well. The Von Roll Solar segment, part of Von Roll Technologies, discontinued its activities at the end of the first half-year. Successful drive to implement strategic initiatives In the first half of 2012, Von Roll focused on pressing ahead with its strategic initiatives, concentrating on optimising its global production network and on expanding its product portfolio. In this context, Von Roll is currently involved in a number of outsourcing projects in North America and Asia, allowing the company to assume responsibility for additional manufacturing steps on behalf of its customers. Matthias Oppermann added: "With question marks remaining over how the economy will develop, we would rather not make any forecasts for the second half of 2012. Over the past few months of this year, we have done our homework and are working flat out to implement our 'ONE Von Roll' strategy to enable us to meet our targets for 2015." A conference call in German with webcast will be held for journalists and analysts at 9.00 am CET on 22 August when the 2012 half-year results will be presented. Dial-in number: +41 (0)565 800 007 Confirmation number: 10778480 Simultaneous webcast of the presentation at: http://view-w.tv/p/805-1042-11537/de More detailed information can be found in the Semi-Annual Report 2012. This is available in digital form at http://www.vonroll.ch/en/financial-reports.html. About Von Roll Holding AG: Von Roll is an international, medium-sized industrial company specialising in products and services for electrical insulation, electrical technology and power transmission and distribution as well as water treatment. Based in Switzerland, Von Roll has around 3,000 employees and is represented at over 30 production and distribution sites across the world. end of ad-hoc-announcement ================================================================================ This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with statements portrayed here. Furthermore, rounding differences may lead to discrepancies in the reported figures. The release is originally prepared in German and then translated into English. In the event of any discrepancy, the German version prevails. For more detailed information on the company and business development, please see the Semi-Annual Report of Von Roll Holding AG. This is available in digital form at www.vonroll.com. end of announcement euro adhoc =-------------------------------------------------------------------------------

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