R. STAHL reports successful financial year 2012: Revenues grow by 20% and earnings before taxes by 62%
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R. STAHL AG /
R. STAHL reports successful financial year 2012: Revenues grow by 20% and
earnings before taxes by 62%
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The issuer is solely responsible for the content of this announcement.
Explosion protection expert benefits from international expansion and
optimisation measures
Waldenburg, 10 April 2013 - R. STAHL today publishes its full and audited
results for financial year 2012 and confirms previously published financial
highlights:
* Revenues, compared to last year, increased by 19.7% to ? 290.9 million
(? 242.9 million).
* Earnings before Taxes (EBT) increased by 61,8% to ? 21.1 million
(? 13.1 million). The EBT margin improved from 5.4% to 7.3%.
* Net Profits increased by 59.6% to ? 14.3 million (? 8.9 million). Earnings
per share improved to ? 2.43 (? 1.51).
* Board and Management propose an increase in dividends from ? 0.70 to ? 1.00
per share.
* For 2013, Management anticipates further growth of both revenues and
earnings.
R. STAHL AG's Management is very pleased with the achieved results. "Our
consistent expansion strategy has yielded results to the extent that our
expectations were clearly surpassed," commented CEO Martin Schomaker.
R. STAHL benefited from the growth initiatives it had engaged upon in the
previous years. While the business in Germany, due to an already high level of
activity, generated only marginal growth, especially the overseas activities
generated significant growth. The Americas showed the strongest performance with
a revenue increase of 38.8%. The contribution of non-German business to revenues
increased from 75.4% to 79.1%.
Even though the global economy saw only moderate growth for 2012, demand from
the Company's target sectors developed strongly: production for the chemical
industry ran at full capacity, resulting in numerous maintenance and expansion
investments. Activities of the pharmaceutical industry remained stable.
Investments by the oil & gas industry in new exploration projects resulted in a
lively demand for components and system solutions in the area of explosion
protection. Activity in plant construction was high, both due to new initiatives
and the realisation of planned projects. Even the ship building segment that is
relevant for R. STAHL showed an upwards trend (special ships for offshore
industry such as LNG tankers, supply ships).
The development of the business is attributable to the continued strong demand
from the Company's target sectors and the expansion of the customer-oriented
system solutions offering, as well as to the acquisitions made in the previous
years. Optimisation of structures in the Asian and American subsidiaries yielded
significant results.
Earnings show disproportionate growth
The successful conclusion of the Company's restructuring of its foreign
subsidiaries contributed to improved profitability; integration costs for 2012
fell substantially. An additional important factor contributing to earnings
growth was the improved productivity of the Company's main plant in Waldenburg.
The result was a clear and disproportionate growth of all profitability metrics
across the board.
"Our optimisation efforts have yielded more results than improved earnings
alone," stated CFO Bernd Marx. "Process improvements in our supply chain have
resulted in lower lead-times, increased the speed of delivery and therefore
allow for a quicker realisation of backlog. The added result is an increase in
customer satisfaction. To offer the best customer service is one of our
strategic objectives, as we see this as an important leverage for future
growth." As a consequence, further process improvements in production and sales
throughout the entire organisation continue to rank number one on the list of
priorities for the current financial year.
Increased dividend to ? 1.00 per share
In order to let shareholders participate in the growth of the business, the
Executive and Supervisory Board have decided to propose an increase in dividend
from ? 0.70 to ? 1.00 per eligible share at the upcoming Annual General Meeting,
to be held on 17 May 2013 in Neuenstein. With a payout ratio of 42% of the
distribution eligible portion of net profits, the Company continues its
shareholder-friendly dividend policy, while at the same time maintaining ample
capacity to fund its intended growth.
Outlook - Continued strong growth expected for 2013
R. STAHL targets qualitative growth for the coming years: for instance, customer
service is to become the industry benchmark. In order to achieve this, R. STAHL
offers technical support and consulting on a global basis, innovative products
which exactly meet customer demands with regards to cost/benefits, flexibility
in the implementation of customer specific requirements, as well as an excellent
delivery track record on all continents. "We are convinced that our customers,
who are faced with increasingly strict demands, will therefore come to regard
and work with us more like a partner, rather than just a supplier. On the other
hand, we will continue to focus on the reduction of processing and production
costs, in order to further strengthen our ability to increase earnings," stated
Martin Schomaker.
Despite continued strain on the outlook of the general economic environment, the
Executive Board anticipates continued growth for the current financial year.
Revenues for the first quarter of 2013 showed substantial growth, with even the
German activities recording a good performance. The Company saw an especially
strong positive development in order intake, which, at over ? 80 million,
represents a new quarterly record in the history of the Company. This indicates
an accelerating development of business for the second half of the current year.
"Based on the present situation, we anticipate revenue growth in the high single
digit range," stated Bernd Marx. "With regards to earnings, we anticipate growth
in proportion to our revenue growth, and from 2014 on a further strengthening of
our productivity." In the medium term, the Company sees certain key drivers for
future growth, such as the opening up of important regional markets in the
Americas, the Middle East and Asia Pacific, for the European ATEX/IEC standard.
This should, in the future, lead to a significantly larger addressable market
for R. STAHL.
R. STAHL Key Financials
in ? millions 2012 2011 Change
Revenues 290.9 242.9 +19.7%
Germany 60.9 59.7 + 2.1%
Europe excluding Germany 132.1 112.3 + 17.6%
Americas 45.5 32.8 + 38.8%
Asia Pacific 52.4 38.1 + 37.3%
Order intake 297.1 259.4 + 14.5%
Order intake 70.7 65.6 + 7.8%
EBIT 24.9 16.8 + 48.1%
EBIT-margin (%) 8.6% 6.9% n.a.
EBT (Earnings before tax) 21.1 13.1 + 61.8%
Net Earnings 14.3 8.9 + 59.6%
Earnings per share (?) 2.43 1.51 + 60.9%
Cashflow from operations 20.9 11.0 + 90.0%
Cash and equivalents 17.6 15.2 + 15.7%
Equity ratio (%) 44.3% 44.7% n.a.
Dividend per share (?) 1.00* 0.70 + 42.9%
Employees as of 31/12/2012 (excl. apprentices) 1,658 1,544 +7.4%
* Dividend proposal for AGM to be held on 17 May 2013.
Full financials for financial year 2012 can be downloaded from the Company's
website.
About R. STAHL - www.stahl.de
R. STAHL is one of the world's leading suppliers of electrical and electronic
products and systems for explosion protection. These products and systems
prevent explosions in risk areas, and contribute to the safety of people,
machines and the environment. The portfolio ranges from products used in
switching/ distributing, installing, operating/monitoring, lighting and
signalling/alarming, up to automation. Typical customers operate in growth
industries, such as the oil & gas industry, the chemical and pharmaceutical
industries, and the food industry. In 2012, global revenues of ? 290 million
were generated with over 1,700 employees.
R. STAHL AG is a public company and is traded on the Regulated Market/Prime
Standard of Deutsche Boerse (ISIN DE000A1PHBB5).
For more information:
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ.)
Bernd Marx (CFO)
Fon: +49 7942 943-1271, e-mail: investornews(at)stahl.de
Frank Schwarz (Investor Relations)
Fon: +49 611 1745-39 811, e-mail: frank.schwarz(at)stahl.de
Press release as PDF:
http://hugin.info/130484/R/1691897/555724.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: R. STAHL AG via Thomson Reuters ONE
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