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Good first half year for the VDL Groep

The VDL Groep of Eindhoven achieved a combined turnover of €891 m in the first half year of 2011. That is more than 30% higher than during the first half year of 2010 (€683 m). The result after taxes was also considerably higher: a profit of €42.5 m over the first six months of 2011 compared to €26.5 m over the first six months of 2010. The balance position remains strong with a solvency of more than 53%. The number of employees also grew: from 6,776 halfway through 2010 and 7,126 at the end of 2010 to 7,680 halfway through 2011.

Subcontracting
The turnover in the subcontracting division rose by more than 47%: from €335 m in the first half year of 2010 to €494 m in the first half year of 2011. The order portfolio also grew: from €254 m in mid-2010 to €293 m in mid-2011. The subcontracting division was profitable during the first half year. The number of orders from the automotive industry, traditionally an important market for VDL Groep subcontracting companies, is still growing. The number of orders from the semiconductor, solar energy and LED industries declined slightly, however. 
                                                                                                                                                         
Finished products
The finished products division also achieved a turnover growth: from €138 m in the first half year of 2010 to €181 m in the first half year of 2011. The order portfolio nearly doubled, from €92 m in mid-2010 to €181 m in mid-2011, but it has not yet fully recovered to the level attained before the crisis. In this division the growth is once again a result of the recovering automotive industry, but other sectors have recovered as well. The first half year result for the entire finished products division was positive.

Buses & Coaches
The buses & coaches division also showed a lift in turnover: from €210 m in the first half year of 2010 to €217 m in the first half year of 2011. The order portfolio grew from €213 m in mid-2010 to €233 m in mid-2011. Nevertheless, the first half year was finished with a loss. This is partly due to the high development costs for the new product line. The fact that VDL Bus & Coach is on the right path with these new buses is clear from the international prize ‘Coach of the Year 2012’, which the company won for its new Futura coach. It is very unusual for a company to win this prize two years in a row. VDL already received this honour in 2011 for its public transport bus Citea, which was crowned ‘Bus of the Year 2011’. Winning these awards is a good sign for the future of the Bus & Coach division.
 
Expectations

The overall order portfolio is currently on a slight downturn. The turnover for the second half year of 2011 will therefore be about the same as the turnover for the second half year of 2010. The total net turnover for all of 2011 is expected to be between €1.5 and 1.6 b, compared to €1.354 b in 2010. The profit after taxes will probably be slightly higher than last year (€77 m in 2010), which VDL would consider acceptable. Considering the unrest in the world and the currently unstable economic situation, however, the company remains cautious about long term prospects.

VDL Groep
VDL Groep, with its head office in Eindhoven, is an international company focused on the development, production and sales of semi-manufactured products, buses & coaches and finished products. In total, the group, with approximately 7,700 employees, consists of 79 subsidiaries spread over 16 countries. The strength of the VDL Groep lies in the mutual co-operation between the companies.
In the subcontracting division, VDL specialises in metalworking, mechatronic systems and system supply, plastics processing, and surface treatment. The bus & coach division includes coaches, chassis modules, public transport buses, mini & midi buses and second-hand buses. The finished products division comprises suspension systems for the automotive industry, heating, cooling and air-technical systems, production automation systems, systems for the oil, gas and petrochemical industry, systems for the agricultural sector, sunbeds, roof boxes, container handling equipment, cigar-making and packaging machines, components for bulk handling and dust extraction installations and systems for  explosion and fire protection.

Valkenswaard, September 2011


VDL Bus & Coach bv
Marleen van Zeeland
Communications
+31 (0)40 208 44 14
m.van.zeeland@vdlbuscoach.com

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