Economic development
OVERALL DEVELOPMENT 2021
In 2021, the global fire equipment sector trended sideways in a generally positive economic environment. At the same time, the supply of materials and parts to the industry deteriorated visibly from the middle of the year as a result of the surprisingly rapid recovery of the global economy. This, together with delayed vehicle handovers, put the brakes on the important year-end rally and, with the exception of the NOMA area and Preventive Fire Protection segments, the Rosenbauer Group reported lower revenues in all sales regions.
Incoming orders were strong by comparison, returning to the very high pre-crisis level of € 1,064.3 million in the reporting year. Overall, five of the six sales regions reported growth, with only the MENA area reporting a decline. The APAC, NISA, and NOMA areas recorded the largest increases in order intake. The order backlog of € 1,145.2 million as of December 31, 2021 (2020: € 1,072.1 million) was higher than consolidated revenues for the year.
A particular highlight in 2021 was the order placed by the Basel-Stadt professional fire department for four fully electric firefighting vehicles from the “Revolutionary Technology” (RT) model series. This is thus the first fleet order for the innovative municipal vehicle since its sales launch in September 2020. It was the fire department of a Swiss airport that put the first PANTHER into service as long as 30 years ago, thus allowing Rosenbauer to define a new product category.
Consolidated revenues/EBIT (in € million)
DEVELOPMENT OF REVENUES AND EARNINGS
Revenue development
Revenues fell to € 975.1 million in 2021 (2020: € 1,044.2 million). After a satisfactory first half of the year, supply chain problems and production disruptions increasingly occurred from the middle of the year onwards, leading to delays in vehicle handovers. As a result of the renewed lockdown in Austria in December, further revenues were postponed beyond the turn of the year. Under these difficult conditions the NOMA area increased its deliveries, and the Preventive Fire Protection segment also expanded its business volume.
BUSINESS SEGMENTS (BY AREA) ROSENBAUER
The Group’s strongest product segment in terms of revenues was Vehicles at 76% (2020: 78%). This was followed by the Fire & Safety Equipment segment, which accounted for 9% (2020: 8%) of total revenues at € 88.6 million (2020: € 86.3 million). Customer Service contributed 8% (2020: 7%) and the Other Revenues segment 4% (2020: 4%). Preventive Fire Protection generated revenues of € 29.8 million (2020: € 29.1 million), contributing 3% (2020: 3%) to consolidated revenues.
By far the largest share of revenues was contributed by the parent company Rosenbauer International AG at € 444.3 million (2020: € 525.9 million). With an export ratio of 89% (2020: 91%) and deliveries to more than 120 countries, Rosenbauer has the largest international presence in the firefighting industry.
Revenues by areas in 2021
Cost development
At € 547.8 million (2020: € 587.5 million), the cost of materials accounted for the largest share of the cost of sales, which was thus on a par with the previous year in terms of revenues. Proportionate personnel expenses amounted to € 171.5 million (2020: € 171.4 million), slightly higher as a percentage of revenues than in the previous year. Depreciation and amortization expenses on property, plant and equipment and intangible assets increased from € 11.9 million to € 13.7 million in the reporting year.
Structural costs comprise research and development, sales and administrative expenses and increased slightly from € 127.3 million to € 129.1 million.
The capitalized research and development costs, which were reported in the income statement in 2021, increased from € 6.6 million to € 8.9 million.
Other operating expenses of € 1.3 million (2020: € 1.7 million) were offset by other operating income of € 9.0 million (2020: € 6.5 million).
Result of operations
The Rosenbauer Group is reporting EBIT of € 35.0 million for the 2021 financial year (2020: € 57.7 million). The bulk of this, namely € 22.1 million, was generated in the fourth quarter. The lower operating result is mainly attributable to the decline in gross profit.
The financial result was negative at € -6.2 million and was therefore 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). The reported tax expense was € 5.7 million (2020: € 10.3 million); the tax rate was 20% (2020: 20%). This includes a tax claim against the former managing director and beneficial owner of a subsidiary amounting to € 3.4 million, which Rosenbauer International AG, as the legal successor, must bear as a first step. After deducting income taxes, the profit for the period was € 23.2 million (2020: € 41.0 million).
The non-controlling interests held by the partners in Rosenbauer America, Rosenbauer Española, Rosenbauer Slovenia, Rosenbauer UK, Rosenbauer South Africa, Eskay Rosenbauer Brunei and Rosenbauer Saudi Arabia amounted to € 7.8 million in the reporting year (2020: € 12.2 million).
Orders
The Rosenbauer Group reported incoming orders of € 1,064.3 million in the past year (2020: € 1,007.7 million). Five of the six sales regions recorded growth. The APAC area reported the greatest relative growth.
Incoming orders/order backlog as of Dec. 31 (in € million)
Demand was consistently above expectations over the course of the year. For example, in May the Swedish Armed Forces won a major tender 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.
Vehicle revenue by category in 2021
Vehicles delivered
