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Voith Performs Well in Tough Market - Voith Holding: Voith can look back on 2008/09 as another successful fiscal year: Both sales and operating profits were up again as compared to last year
Voith Performs Well in Tough Market

 

NewswireToday - /newswire/ - Heidenheim, Baden-Wuerttemberg, Germany, 2010/01/20 - Voith Holding: Voith can look back on 2008/09 as another successful fiscal year: Both sales and operating profits were up again as compared to last year. FSE: VO2A

   
 
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Orders received were on par with annual sales, giving the Group sound prospects for the current fiscal year 2009/10. "There are always opportunities; and you have to use them," notes Dr. Hubert Lienhard, President and Chief Executive Officer of Voith AG, looking back on the past fiscal year. "Voith is extremely strong on technological expertise and service and has an outstanding track record on execution. In addition, our portfolio lines up well with the needs of future growth markets and regions, and that drives healthy earnings. All of which keeps us agile and will strengthen our competitive position in the long run."

In fiscal year 2008/09 (the fiscal year ends September 30), Voith recorded sales totaling €5.08 billion (previous year: €4.93 billion). Despite a shrinking global economy, the high level of orders from the previous year was maintained. New orders in the period under review came to €4.95 billion, roughly equivalent to sales but lower than the previous year’s figure of €6.09 billion. This decline clearly reflects the impact of the worldwide economic crisis. Voith’s broad portfolio nevertheless cushioned the effects of the crisis at the Group level.

Operating profits improved sharply from €307 million in the previous year to €356 million in the period under review, which represents a year-on-year increase of 16%. In spite of the adverse market climate, Voith continued to invest to safeguard its future. Capital expenditures totaled €255 million (previous year: €281 million), while research and development spending was €254 million (previous year: €250 million). All in all, the company generated a net income of €77 million in fiscal 2008/09 (previous year: €144 million). One-time effects resulting from headcount adjustments, the negative impact of exchange rate fluctuations on earnings, and negative influences from dwindling interest income due to the weaker financial markets are all factored into this figure.

Voith (voith.com) expects the world economy to remain in recession in fiscal 2009/10. The fallout from the economic crisis will continue to affect the Group Divisions to differing degrees. Resolute action and fast, rigorous adjustment in line with changing market conditions will nevertheless remain imperative. All the signs point to a slow and feeble phase of market recovery. In light of its balanced product and service portfolio and the global orientation of its business activities, the company expects business development to remain stable.

 
 
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Written by / Agency / Source: Voith GmbH

 
 

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Voith Performs Well in Tough Market

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Voith AG |
Publisher Contact: Voith AG 
+49 7321 37 2219 corporate.communications[.]voith.com
 
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