Roth & Rau to streamline product portfoilo: targets further strong revenue growth in 2011

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PV equipment supplier Roth & Rau posted revenue of €285.3 million in 2010, up 44.2% compared to the previous year. A new record was set for new orders received in the year, up more than double from €195 million in 2009 to €417 million in 2010. Management noted that new orders between January and March were €83.1 million, while current orders on hand were sufficient to cover around 75% of the sales forecast for 2011, which was guided at between €300 million and €325 million.

“With the second generation of our SiNA antireflective coating system, we have launched an extremely competitive product onto the market, a factor reflected in our current orders on hand,” noted Dietmar Roth, CEO of Roth & Rau AG. “It goes without saying, however, that we are not satisfied with our overall performance. Earnings were significantly affected by the high volume of one-off impairments, mostly involving the turnkey business. These could not be offset by our operating performance.”

Earnings before interest and taxes (EBIT) amounted to negative €27.290 million. EBIT before one-off items amounted to €17.42 million, and consolidated net income amounted to negative €25.8 million.

Management highlighted that it would continue to make structural changes to the company in an effort to reduce costs. The company noted that it would be streamlining its product portfolio and adjusting or cancelling unspecified development projects that were no longer deemed commercially viable.

Job cuts would be implemented as part of a strategy to reduce the number of group companies, though the number of jobs that would be lost was not disclosed. The aim, according to the company, is to cut structural costs and exploit synergies by integrating the remaining group companies more closely.

Roth & Rau also said that first-half sales and earnings performance would be negatively affected by the conversion of accounting treatment for its SiNA-2 systems that would initially lead inventories to rise, while the majority of sales and earnings would be recognised in the second half of the year.

The cost reduction measures are expected to produce an EBIT margin of between 4% and 7% for 2011. 

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