R. STAHL grows despite difficult economic environment and achieves disproportionate earnings improvement
(Thomson Reuters ONE) -
R. STAHL AG /
R. STAHL grows despite difficult economic environment and achieves
disproportionate earnings improvement
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The issuer is solely responsible for the content of this announcement.
Waldenburg, 6 November 2013 - R. STAHL today publishes its financials for the
first nine months of 2013:
* Revenues for the first nine months increased by 5.8% to ? 226.0 million
(? 213.6 million).
* EBIT increased by 8.3% to ? 19.3 million (? 17.9 million), the EBIT margin
came in at 8.6% (8.4%).
* Adjusted for currency translation effects, operating EBIT increased by
26.1% to ? 21,7 million (? 17.2 million).
* Both net earnings and earnings per share were significantly above last
year's levels with ? 11.6 million (? 10,6 million) and ? 1.96 (? 1.80),
respectively.
* Management reiterates full year guidance.
In a general economic environment that remained difficult, the R. STAHL Group
has performed well in the first nine months of the current financial year. Even
though the company witnessed some regional weakness in demand from the oil and
gas sector in North America and Asia/Pacific, R. STAHL showed continued growth
and recorded clear revenue increase. "As we expected based on our order book for
the first six months of the year, we will achieve the lower end of our revenue
target for 2013," stated CEO Martin Schomaker. "Even if revenue development has
become less dynamic compared to previous years, we expect to achieve our
profitability targets."
During the period under review, R. STAHL benefited from its strong market
position as leading provider of innovative products for explosion protection, as
well as from its broad international diversification. While revenue growth in
Germany and Europe (excluding Germany), with +4.9% and +7.4% respectively,
signal economic recovery, growth rates in the Americas (+6.5%) and Asia Pacific
(+2.1%) were relatively modest. Current developments in order intake indicate
that these trends will continue. New orders in Germany increased by 12.2%, while
order intake in Europe (excl. Germany) grew by 6.9%. At the same time, order
intake decreased in both the Americas and Asia/Pacific, by 5.7% and 13.2%,
respectively. On a consolidated basis, order intake increased by 2.1% to
? 232.2 million (? 227.3 million), while the backlog fell by 6.6% to
? 74.1 million (? 79.3 million).
The slowdown in business development in certain regions is attributable mainly
to lengthening investment cycles for oil and gas producers, driven by falling
resource prices in North America, as well as weaker demand from China. The
latter caused a noticeable reduction in new investments from Australian
companies. However, Management assumes a positive outlook for the oil and gas
industry for the coming year, as the sector was a strong growth driver for R.
Stahl's sales in Northern Europe and Latin America over the past few months. For
instance, the company received orders related to an on-shore gas plant in
Bolivia, and among others was awarded a contract for securing the energy supply
of an off-shore platform in the North Sea region. Furthermore, R. Stahl received
a large order for camera systems for one of the largest gas exploration projects
in the Gulf region.
Profitability grows at disproportionate rate
In the first nine months of 2013, R. Stahl's EBIT grew by 8.3% to
? 19.3 million, as compared to ? 17.9 million for the same period last year. The
EBIT margin came in at 8.6% (8.4%). Adjusted for currency translation effects,
growth of the operational result would have been even more significant, with
26.1% to ? 21.7 million (? 17.2 million). Adjusted for currency effects, the
EBIT margin came in at 9.6%, as compared to 8.0% for last year. The margin
improvement is attributable mainly to optimization of the company's production
facilities. Earnings before tax (EBT) were ? 16.7 million, 10.5% above last
year's ? 15.1 million. The EBT margin came in at 7.4% (7.1%).
CFO Bernd Marx commented, "Of special note is the fact that in addition to
improved efficiencies, our ability to increase prices was an important driver of
our earnings growth. That we were able to do so during a period of relatively
calm markets, clearly confirms our strong position as the international quality
and competence leader. We will continue to focus on strengthening this position.
For instance, we have consistently executed our investment program these past
few months, focused primarily on the expansion of our production and R&D
capacities at our facilities in Cologne, Weimar, India and the Netherlands."
Outlook reiterated
Management reiterates its outlook for FY 2013, provided at the Q2 earnings
release date. Revenue is expected to come in at approximately ? 305 million,
with earnings before taxes of around ? 21 million. Looking forward to the coming
financial year, management anticipates that the company will be able to show
continued revenue and profitability growth.
"The current capacity expansion at our production facilities is not only aimed
at allowing higher production volumes, but also to realize further efficiency
improvements through state-of-the art equipment and facilities. We expect our
investment program mid- to long-term to lead to further improvements in our
profitability," concluded Martin Schomaker.
Conference Call
R. STAHL AG invites all interested analysts, investors and media to participate
in the Company's conference call on 6 November 2013 at 10:00 am.
Dial in number: +49 69 247501895
In conjunction with the call, a presentation will be shown online. In order to
view this presentation, please log on as participant on
http://eventmanager.meetyoo.de by providing first and last name, as well as
participant PIN 10121736.
A recording will be published on our website following the call:
http://www.stahl.de/investor-relations/investoren-praesentationen.html
Key Figures of R. STAHL Group according to IFRS
in ? million 9 M 2013 9 M 2012 Change
Sales, total 226.0 213.6 + 5.8 %
Germany 47.5 45.3 + 4.9 %
Europe, excl. Germany 103.8 96.6 + 7.4 %
Americas 36.5 34.3 + 6.5 %
Asia Pacific 38.2 37.4 + 2.1 %
Order intake 232.2 227.3 + 2.1 %
Backlog 74.1 79.3 - 6.6 %
EBITDA 28.0 26.1 + 7.3 %
EBITDA margin (in %) 12.4 % 12.2 %
EBIT 19.3 17.9 + 8.3 %
EBIT margin (in %) 8.6 % 8.4 %
EBT (earnings before taxes) 16.7 15.1 + 10.5 %
EBT margin (in %) 7.4 % 7.1 %
Net earnings for the period 11.6 10.6 + 9.5 %
Earnings per share (in ?) 1.96 1.80 + 8.9 %
Cash flow from operating activities 12.4 5.9 + 110.1 %
Employees as at 30 September 1,818 1,635 + 11.2 %
(excluding apprentices)
30.09.2013 31.12.2012
Cash & equivalents 20.8 17.6 +18.3 %
Equity ratio* (in %) 34.8 % 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 September 2013 is available for download
on the company's website
Financial calendar
12 November 2013:
Presentation at the German Equity Forum, Frankfurt - 9:00 a.m. CET (Room Paris)
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)
Fon: +49 7942 943-1271
Nathalie Dirian (Investor Relations)
Fon: +49 7942 943-1395
Frank Schwarz (Investor Relations)
Fon: +49 611 1745-39 811
e-mail: investornews(at)stahl.de
Press Release as PDF:
http://hugin.info/130484/R/1740767/584685.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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