R. STAHL reports further growth: Sales up 9.2% - operating EBIT improved by 35.3%
(Thomson Reuters ONE) -
R. STAHL AG /
R. STAHL reports further growth: Sales up 9.2% - operating EBIT improved by
35.3%
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Waldenburg, 31 July 2013 - R. STAHL today publishes its key performance figures
for the first six months of 2013:
* Sales up 9.2% year on year to ? 148.3 million (? 135.8 million) in first six
months of 2013.
* Earnings before interest and taxes (EBIT) grew by 2.9% to ? 11.8 million
(? 11.4 million) with an EBIT margin of 7.9% (8.4%).
* Adjusted for currency effects and special items, operating EBIT climbed
35.3%.
* Net earnings for the period of ? 7.0 million (? 6.9 million) and earnings
per share of ? 1.18 (? 1.18) in line with prior-year figures.
The R. STAHL Group can look back on an encouraging first six months to its
current fiscal year. The company continued to target growth and can once again
report a strong increase in sales. With regard to earnings, the group-wide
efficiency initiatives also took hold. CEO Martin Schomaker commented on the
half-year results as follows: "Over the past few months, we were made well aware
of the fact that growth cannot be taken for granted, but owes a great deal to
our efforts in developing innovative products and solutions for explosion
protection as well as optimising our sales and manufacturing processes. We are
therefore highly satisfied with the growth rates achieved."
Demand from the R. STAHL Group's most important customer industries remained
firm during the reporting period. However, there were once again strong regional
differences in the development of business. R. STAHL again reported its most
dynamic sales growth of +13.2% in Europe (excluding Germany), ahead of the
Americas (+8.3%), Asia/Pacific (+6.1%) and Germany (+4.0%). R. STAHL's domestic
market displayed surprisingly strong demand, as reflected by the 10.2% increase
in order intake. Despite the overall positive development, there was also a
degree of uncertainty in some areas of the market. In Canada and Australia, for
example, there was a marked downturn in capital spending by oil and gas
companies. This was due in part to falling gas prices in North America as well
as the reduced demand for commodities in China. Due to the weaker demand out of
these regions, order intake grew only by 3.4%.
Efficiency initiatives bearing fruit
The efforts made to improve processes at the company's global sites have
positively impacted both the development of business and earnings. By increasing
capacity, R. STAHL has succeeded in improving throughput and thus its speed of
delivery and customer satisfaction. The new high-bay warehouse in Waldenburg
with more than 1,000 additional pallet slots was put into operation on schedule
in the first half of the year. In addition, a three-storey logistics extension
was completed in July. The main site's floor space was increased in total by
3,300 m(2). Floor space was also extended and production sites pooled at the
company's facilities in Chennai/India, Houston/USA and Oslo/Norway.
After the first six months, earnings before interest and taxes (EBIT) were up
slightly by 2.9% year on year to ? 11.8 million (? 11.4 million). This modest
increase is due, however, to special items and currency effects in the previous
year and the first half of 2013. Adjusted for these items, operating EBIT grew
by 35.3% and the operating EBIT margin improved correspondingly from 7.2% to
9.0%. Earnings before taxes (EBT) were up 3.9% on the previous year to ? 10.0
million (? 9.6 million) while the EBT margin was down slightly at 6.8% (7.1%).
CFO Bernd Marx explains: "Improvement of the operating results is attributable
mainly to revenue growth in the higher margin core markets Germany and Europe.
By making targeted investments in Waldenburg and Cologne, we will expand our
capacities for these markets." Capital expenditure in the first six months
totalled ? 11.3 million. The acquisition of a plot in the north of Cologne
measuring around 11,000 m(2) paves the way for the company's next building
project due to start in autumn 2013. With a project volume of around ? 10
million, a new joint facility for R. STAHL Schaltgeräte GmbH Niederlassung West,
R. STAHL HMI Systems GmbH and R. STAHL Camera Systems GmbH is to be created by
2015.
Full-year guidance confirmed
CEO Martin Schomaker provides the following outlook for fiscal year 2013, "We
are witnessing lengthening decision cycles for some larger projects, in
particular in Canada and Australia. As a result, we see a shift in both expected
order intake and revenues into the next year. Consequently, we anticipate that
full year revenues will come in towards the lower end of our guidance of ? 305
million, with EBT reaching ? 21 million."
Conference Call
R. STAHL AG is pleased to invite all interested analysts, investors and media
to participate in the six months results conference call to be held on 31 July
at 10:00 a.m. (CET). Please dial the following number to join the call:
+49 69 247501895
A replay of the call will be available from 12:00 p.m. on 31 July until 6.00
p.m. on 07 August. Please use the following dial-in-number and PIN code:
+49 30 868757360 PIN: 452002#
Key Figures of R. STAHL Group according to IFRS
in ? million H1 2013 H1 2012 Change
Sales, total 148.3 135.8 + 9.2 %
Germany 30.6 29.4 + 4.0 %
Europe, excl. Germany 69.7 61.6 + 13.2 %
Americas 22.7 20.9 + 8.3 %
Asia Pacific 25.3 23.9 + 6.1 %
Order intake 158.2 153.0 + 3.4 %
Backlog 78.8 82.9 - 4.9 %
EBITDA 17.6 17.0 + 3.5 %
EBITDA margin (in %) 11.8 % 12.5 %
EBIT 11.8 11.4 + 2.9 %
EBIT margin (in %) 7.9 % 8.4 %
EBT (earnings before taxes) 10.0 9.6 + 3.9 %
EBT margin (in %) 6.8 % 7.1 %
Net earnings for the period 7.0 6.9 + 0.6 %
Earnings per share (in ?) 1.18 1.18 0.0 %
Cash flow from operating activities 2.3 1.5 + 57.4 %
Employees as at 30 June 1,755 1,591 + 10.3 %
(excluding apprentices)
30.06.2013 31.12.2012
Liquid funds 18.0 17.6 + 2.3 %
Equity ratio* (in %) 34.7 % 37.4 %
* Due to a change of the accounting method (IAS 19), R.STAHL's equity is reduced
by ? 13.8 million as at 31 December 2012 and the equity ratio has been affected
accordingly.
The complete six months report as at 30 June 2013 is available for download on
the company's website on 7 August 2013.
Financial calendar
Interim report as at 30 September 2013 - 6 November 2013
Presentation at the German Equity Forum, Frankfurt - 12 November 2013
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 ? 291 million
were generated with over 1,700 employees.
The shares of R. STAHL AG are 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)
Phone: +49 7942 943-1271, e-mail: investornews(at)stahl.de
Nathalie Dirian (Investor Relations)
Phone: +49 7942 943-1395, e-mail: nathalie.dirian(at)stahl.de
Frank Schwarz (Investor Relations)
Phone: +49 611 1745-39 811, e-mail: frank.schwarz(at)stahl.de
Press Release as PDF:
http://hugin.info/130484/R/1719959/572512.pdf
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originality of the information contained therein.
Source: R. STAHL AG via Thomson Reuters ONE
[HUG#1719959]
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Datum: 31.07.2013 - 08:02 Uhr
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