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Horstmar, 28th September 2009 – Following the boom of the previous years all of the trailer manufacturers are now fighting the most serious market collapse in history. In this extreme situation Schmitz Cargobull AG concluded the 2008/2009 business year with a comparatively solid turnover of 1.594 billion euros, despite an approximately 25 percent decline in sales. Production sank from 66,692 vehicles in the previous year to 43,350 vehicles (minus 35 percent). However, both the increased number of higher value reefer semitrailers in the product mix and the company's services resulted in a smaller decline in revenue. "Unfortunately the decrease in orders has continued in the current business year. However, we believe that we have reached the trough and expect a noticeable recovery in the coming calendar-year", reported the Chairman of the Board, Ulrich Schümer. In view of the situation, the Board of Management has consistently implemented measures in order to reduce costs and guide the group soundly through the crisis.

Schmitz Cargobull remained the largest manufacturer in Europe in the business year (1st April 2008 until 31st March 2009). The market share for reefer semitrailers settled at approximately 70% in Germany and 40% in Europe. The market collapse was especially dramatic in the second important product segment, curtainsiders and platform trailers. Nevertheless, approximately 33% of the registered vehicles in Germany and 25% of those in Europe were manufactured by Schmitz Cargobull. The market share for the tipper trailer product group amounted to 30% in Germany and at 15% in the European market. With 20% in Germany and 13% in Europe Schmitz Cargobull also numbers among the leading manufacturers of semitrailer container chassis.

The importance of the group’s services increased as a result of the decreasing level of new vehicle turnover. European-wide spare part supply, more than 850 service partners, comprehensive financing and Full Service offers as well as 38 Cargobull Trailer Centers. Increasing service revenues supported the group’s turnover. Cargobull Telematics equipped 8,200 vehicles with the tractor-independent telematics system. The new hardware is now entering series production, providing a further boost in sales for the company's own system.

During the first six months of the reporting period production continued at full capacity, resulting in the average annual number of employees in comparison to the previous year increasing to 4,126 permanent employees (in the previous year: 3,711 permanent employees + 1,640 temporarily employees). As a result of the personnel measures which the group was forced to implement in the second half of the year in response to the extreme financial crisis, the number of temporary employee numbers was reduced and limited-term contracts were not extended. The drastic change from complete capacity utilisation to the group-wide reduced working hours due to the current situation reflects one aspect of the measures implemented to reduce costs. As a result, the number of employees decreases to a total of 3,511 in August 2009.

The financial crisis caused the group's profit to fall to 16.7 million euros (125.4 million euros in the previous year). Despite this, the group made investments totalling 56.4 million euros (61.3 million euros in the previous year): "Innovative and customer-oriented products and services form the primary foundations of our corporate strategy", explained Ulrich Schümer. "Thanks to a high equity-to-asset ratio and a solid financial structure without net bank commitments, Schmitz Cargobull AG is in an excellent position to emerge from the crisis even stronger", continued Schümer.

With the opening of the Cargobull Validation Center (CVC) the company has finalised a 9.5 million euro investment, making a clear statement in the process. Research and development serve to maintain and expand the market, technology and service leadership even in the difficult economic environment.
However, the market development since the beginning of 2009 indicates that the entire trailer industry has reached the trough. As such, all nine plants are adapting their production capacity to the current requirements.

In view of the currently positive forecasts regarding the economic situation, Schmitz Cargobull expects the sales market to develop positively in the coming calendar-year. Nevertheless, the Board of Management reserves the right to implement further cost reduction measures in order to safeguard the future financial substance of the company in the event of a renewed downturn in sales.