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April 29, 2009

Vossloh posts strong Q1 results

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DESPITE the economic downturn, Vossloh has increased its first quarter sales, with healthy performance in the rail infrastructure sector providing much of the boost. Sales reached Euros 288.9 million, up 0.2% compared with the same period in 2008, while EBIT rose 0.7% to Euros 30.5 million. Vossloh Group now has an order backlog of around €1.2 billion.
The rail infrastructure division performed particularly well, with the rail fastenings unit recording a 76.1% surge in year-on-year sales to Euros 56 million. Vossloh says this was largely due to high demand for high-speed fasteners in China, and a steep increase in sales in Spain. This offset a decline in sales for the switch systems unit, which saw a 17.5% year-on-year fall in revenue from Euros 116.9 million to Euros 96.5 million. Overall sales in the rail infrastructure division rose 3.2% to Euros 152.1 million.  
Sales in the motive power and components division fell 3.2% to €136.6 million, with the locomotives unit contributing Euros 101.2 million, a 2.9% decline on the previous year. However, order intake soared by almost Euros 100 million to Euros 172.2 million, giving the locomotives unit a total order backlog of Euros 602.5 million at the end of March.
Vossloh expects annual sales for 2009 to reach Euros 1.29 billion, with an EBIT of Euros 138 million. It expects demand in North America to recover in the second quarter, and also anticipates follow-up contracts from China. 

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