R. STAHL discloses half year figures 2010
(Thomson Reuters ONE) -
R. STAHL AG / R. STAHL discloses half year figures 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
R. STAHL still influenced by the economic crisis during Q2 - Order intake and
sales on last year's level - EBT increase by 28% - Confident forecast for full
year 2010
Waldenburg, 9 August 2010 - With ? 103.8 million R. STAHL achieved consolidated
sales on last year's level during the first half of 2010. With ? 106.9 million
order intake also almost reached the reference value of 2009. This reflects
that, as expected, the second quarter of 2010 has still been influenced by a
difficult economic environment for the expert in explosion protection.
Programs for cost reduction improve profit situation
The Waldenburg-based group could increase earnings before taxes (EBT) by 28% to
? 6.6 million during the first half of the year. Sales revenues thus rose to
6.4% after 4.4% for the full year 2009. This is a result of the successful
implementation of the cost efficiency programs which have already been started
before the crisis.
Earnings per share increased by 54% to ? 0.77.
Sales growth abroad
During the period under review, R. STAHL could increase sales in all regions
abroad. In the Americas the group realized growth of 31%. This can also be
attributed to the acquisition of Canadian Omega and the operative growth in
Canada and South America. In the Asia/Pacific region, sales increased by 17%.
Both figures are evidence for the successful implementation of the growth
strategy: to expand the market shares in these regions.
Significant increase in cash flow
After the first six months of 2010 the operating cash flow from current business
activities amounts to ? 11.9 million after ? -1.6 million in the previous year.
Besides higher earnings in the period, generation of financial funds from the
net working capital contributed to this improvement. Free cash flow, amounting
to ? 5.7 million, is clearly positive again, despite investments like the
acquisition of British Clifford & Snell.
In the second quarter we distributed ? 2.4 million to our shareholders. Even in
the year of crisis R. STAHL stuck to their continuous dividend policy and
distributed more than 40% of the consolidated earnings to the shareholders -
while maintaining a stable equity ratio of almost 42%. Dividend yield based on
the year-end share price amounts to 2.5%.
The company is still solidly financed: Equity almost completely covers long-term
assets, and liquid funds amounting to ? 25.3 million exceed the short-term and
long-term interest-bearing financial debts by ? 10.8 million.
Growth through acquisitions
Since the second quarter of 2010 there are three new parts of the group:
British Clifford & Snell is a specialist for signalling devices. The company has
been taken over in the form of an asset deal. With this business, R. STAHL now
is on position two in the European market for explosion-protected alarm and
signalling devices. Sales volume in this sector is to be increased
significantly.
At the beginning of July, Cologne Screen-Tec GmbH could be integrated into the
group. With the products of this start-up company, R. STAHL can further expand
their market leadership in explosion-protected visualization systems. The
management expects significant growth in the next three years.
In order to take the strongly growing South-American market into account,
R. STAHL do Brasil started work in July. Among others, there are huge amounts of
oil and gas deposits in Brazil which will be developed in the next ten years.
The 100% subsidiary was founded in close cooperation with the previous
representation in Brazil. Management and employees as well as the existing
activities have been taken over.
Safety requirements increase because of Deepwater Horizon
As it is an essential task of R. STAHL Group to contribute to the safety on
drilling platforms, the management dealt intensely with the accident in the Gulf
of Mexico and its possible consequences. The accident was caused by a blowout,
an enormous increase in pressure in the bore hole, which could not be brought
under control. The escaping gas ignited, the platform exploded and was
destroyed.
R. STAHL management assumes that no R. STAHL products were used on the Deepwater
Horizon. In the medium term we expect that due to the catastrophe the
international safety standards will be examined and enhanced, which may lead to
an increase in investments in safety technology and thus to additional orders
for the group.
With confidence into the second half of 2010
In the second half of the year the effects of the economic crisis should be
overcome for R. STAHL. Projects already started again in the major customer
industries and their order books are filling up. R. STAHL can already feel a
significant increase in inquiries. The Executive Board is confident that after
the end of the usual summer break order intake and sales will increase again.
However, bottlenecks on the procurement market might dampen development of sales
a bit. Price situation will remain tense. With the optimization programs the
costs are kept in check so that additional effects on earnings may be expected
with growing order intake and sales.
From today's point of view the management assumes that for the full year 2010
consolidated sales of ? 210 to 220 million and earnings before taxes between ?
14 and 15 million will be achieved.
+---------------------------------------------------------------------------+
| Key Figures of R. STAHL Group (in ? m) |
+-------------------------------------------+----------+----------+---------+
| | | | Changes |
| | | | in % |
| | 1-6/2010 | 1-6/2009 | |
+-------------------------------------------+----------+----------+---------+
| Order intake | 106.9 | 107.9 | -0.9 |
+-------------------------------------------+----------+----------+---------+
| Sales (group) | 103.8 | 102.5 | +1.2 |
+-------------------------------------------+----------+----------+---------+
| thereof Germany | 24.0 | 29.0 | -17 |
+-------------------------------------------+----------+----------+---------+
| thereof Central Region | 47.3 | 47.1 | +0.4 |
+-------------------------------------------+----------+----------+---------+
| thereof the Americas | 15.8 | 12.0 | +32 |
+-------------------------------------------+----------+----------+---------+
| thereof Asia | 16.7 | 14.3 | +17 |
+-------------------------------------------+----------+----------+---------+
| Earnings before taxes (EBT) | 6.6 | 5.1 | +29 |
+-------------------------------------------+----------+----------+---------+
| Earnings per share | 0.77 | 0.50 | +54 |
+-------------------------------------------+----------+----------+---------+
| Employees (record date, without trainees) | 1,405 | 1,402 | +0.2 |
+-------------------------------------------+----------+----------+---------+
Information on 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 hazardous areas and thus contribute to the safety of man,
machine and environment. The spectrum ranges from tasks like
switching/distributing, installing, operating/monitoring, lighting and
signalling/alarming up to automating. Typical customers are the growth
industries like the oil & gas industry, the chemical and pharmaceutical industry
and the food industry. The share in the market for marine equipment continuously
increases. In 2009 about 1,400 employees generated sales of ? 203 million
world-wide.
R. STAHL AG is listed on the stock exchange.
If you have any questions please contact:
R. STAHL AG
Communications / Investor Relations
Judith Schäuble
Am Bahnhof 30, 74638 Waldenburg (Württ. )
Phone: 07942.943-1217, Fax: 07942.943-40 1217
e-mail:judith.schaeuble(at)stahl.de
[HUG#1436599]
--- End of Message ---
R. STAHL AG
Am Bahnhof 30 Waldenburg Germany
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Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse,
Regulierter Markt in Börse Stuttgart;
R. STAHL half year report 2010:
http://hugin.info/130484/R/1436599/381609.pdf
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Datum: 09.08.2010 - 09:20 Uhr
Sprache: Deutsch
News-ID 39065
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