R. STAHL presents annual financial statements for 2010 at the press conference:
(Thomson Reuters ONE) -
R. STAHL AG /
R. STAHL presents annual financial statements for 2010 at the press conference:
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Order intake and sales on the same level as before the crisis - annual net
profit rose by almost 90% - 70 Cent dividend proposed - market leadership in
system business significantly expanded - soundly financed with net cash
positions - double-digit growth in sales and earnings expected for 2011
Waldenburg, 13 April 2011 - As expected, R. STAHL group developed positively in
the last fiscal year. After a still weak first half, sales and order intake
reached the level they had before the crisis. With the strategic expansion of
system business, R. STAHL could clearly expand its market position in 2010. Once
again it became clear that the decision to keep the employees through the crisis
has been right, says Martin Schomaker, CEO of the Executive Board, at today's
financial statements press conference. The company is excellently prepared to
utilize the beginning upturn and to realize growth.
Order intake and sales on the same level as before the crisis
In fiscal 2010, R. STAHL achieved an order intake amounting to ? 225.8 million
(previous year: ? 208.1 million). Consolidated sales rose to ? 222.6 million,
which is 10 % higher than last year's value (? 202.6 million). So the company,
based in Waldenburg, again reached the figures of 2008, before the effects of
the world-wide economic crisis were felt. With ? 47.7 million, order backlog was
higher by 12% at the end of the year, compared to the previous year.
Among others, the systematic expansion of system business we started five years
ago contributed to this growth. Investment in qualified employees and
instruments all over the world and the development of additional customer
circles more than doubled sales in this sector since 2005, from ? 50 million to
? 120 million. It is the strength of R. STAHL that we can join products of
automation technology and products of energy distribution and switchgear
technology to form integrated solutions that combine all explosion protection
technologies. With this know-how, the company acquired a unique selling
proposition in the market.
Thus the decision to keep the core workforce during the crisis increasingly
proves right as well. The know-how that has been constantly kept in the company
supported expansion and growth of this future-oriented segment in 2010 and will
in future do so as well.
Annual net profit increased by 88 %
In 2010 R. STAHL generated EBIT amounting to ? 19.3 million after ? 12.6 million
in the previous year. Annual net profit rose by 88% and reached ? 10.5 million
after ? 5.6 million last year. Sales revenues based on EBIT already achieved
8.7%, but could not yet reach the level it had before the crisis. Earnings are
burdened by a still tense price situation in the markets and by the relatively
high personnel costs, which are due to the decision to keep the core workforce
during the crisis. Our objective therefore is to further increase sales per
employee and to achieve the aspired growth with a disproportionate increase of
personnel. Earnings per share increased from ? 0.90 in 2009 to ? 1.77.
Continuous dividend payout policy
R. STAHL pursues a continuous dividend payout policy with an annual payout rate
of normally somewhere between 40 and 45% of the consolidated annual net profit.
That is why Executive and Supervisory Board will propose a dividend of ? 0.70
per no-par-value share entitled to dividend to the Annual General Meeting on 27
May 2011 (previous year: ? 0.40).
Cash flow finances investments, acquisitions and dividend
Compared to the previous year, the company could maintain its net cash position
almost unchanged at ? 15.5 million. Cash flow from operating activities achieved
? 19.0 million after ? 10.9 million in the previous year. Investments in long-
term assets, four acquisitions and the dividend could be financed from the cash
flow. Furthermore, long-term financial liabilities of ? 1.5 million could be
repaid in the last fiscal year. Stock of means of payment at the end of the
period amounted to ? 19.6 million. Equity ratio rose from 41.5% in the previous
year to 43.9% in the past fiscal year. So R. STAHL is soundly financed and has
enough means to finance further acquisitions.
Forecast for 2011
The economic upswing, which started in the middle of 2010, still goes on. All
important customer sectors of the expert in explosion protection show a
willingness to invest. The chemical industry does maintenance work again, the
pharmaceutical and the chemical industry plan modernizations world-wide and also
expansions of the existing facilities. The high oil price spurs the oil and gas
industry on. The order books of the international plant manufacturers and
manufacturers of control systems are full. This results in invitations to bid;
the orders will be awarded in 2011 and 2012. The companies we already acquired
in 2010 and 2011 will contribute to the group's growth, as will new products
which the innovation process will put on the market.
From today's point of view it is not sure how the effects of the catastrophe in
Japan will be felt. Delivery problems from Japan could not only affect R. STAHL
itself but also the customer circle, which may e.g. lead to another reduction of
maintenance activities in the chemical industry. The uncertainties in the Middle
East may also lead to a delay of projects; long-term projects of the oil and gas
industry will presumably not be affected.
As the positive factors for the current and the next year clearly prevail, the
Executive Board assumes group sales somewhere between ? 240 million and ? 250
million for 2011.
Besides the cost degression effect due to growth with a moderate increase of
personnel, optimization projects in production and administration will also help
to further increase result. The rise in material prices that is to be expected
can be partly balanced by rationalization projects in procurement. That is why
the management expects a significant increase of earnings in 2011 and an EBT
between ? 17 million and ? 19 million.
R. STAHL acquired a good market position. The economic conditions in the markets
are positive. The group is excellently positioned in regard to finance and
strategy. That is why the Executive Board is confident that the predicted growth
will be realized in 2011 and continued in 2012.
Figures for fiscal 2010:
+------------------------------------------+-------+-------+--------+
| | 2010 | 2009 | Change |
| in ? million | | | in % |
+------------------------------------------+-------+-------+--------+
| Sales, total | 222.6 | 202.6 | +9.9 |
+------------------------------------------+-------+-------+--------+
| Germany | 51.5 | 52.7 | -2.3 |
+------------------------------------------+-------+-------+--------+
| Europe, excl. Germany | 107.7 | 94.9 | +14 |
+------------------------------------------+-------+-------+--------+
| Americas | 30.3 | 22.6 | +2.2 |
+------------------------------------------+-------+-------+--------+
| Asia / Pacific | 33.1 | 32.4 | +34 |
+------------------------------------------+-------+-------+--------+
| Order intake | 225.8 | 208.1 | +8.5 |
+------------------------------------------+-------+-------+--------+
| Order backlog | 47.7 | 42.6 | +12 |
+------------------------------------------+-------+-------+--------+
| EBITDA | 30.2 | 21.7 | +39 |
+------------------------------------------+-------+-------+--------+
| EBIT | 19.3 | 12.6 | +53 |
+------------------------------------------+-------+-------+--------+
| EBT (earnings before taxes) | 15.4 | 8.9 | +73 |
+------------------------------------------+-------+-------+--------+
| Annual net profit | 10.5 | 5.6 | +88 |
+------------------------------------------+-------+-------+--------+
| Earnings per share (in ?) | 1.77 | 0.90 | +97 |
+------------------------------------------+-------+-------+--------+
| Cash flow from operating activities | 19.0 | 10.9 | +74 |
+------------------------------------------+-------+-------+--------+
| Liquidity | 19.6 | 22.5 | -13 |
+------------------------------------------+-------+-------+--------+
| Equity ratio (in %) | 43.9 | 41.5 | n.s. |
+------------------------------------------+-------+-------+--------+
| Dividend/share (in ?) | 0.70* | 0.40 | +75 |
+------------------------------------------+-------+-------+--------+
| Employees as at 31/12 (without trainees) | 1,492 | 1,404 | +6.3 |
+------------------------------------------+-------+-------+--------+
* Proposal to the Annual General Meeting
Detailed figures and explanations on fiscal year 2010 are stated in our Annual
Report.
The following documents for the financial statements press conference are
published on our website:
Annual Report: www.stahl.de/investor-relations/finanzberichte.html
Presentation: www.stahl.de/investor-relations/investoren-
praesentationen.html
Photos: www.stahl.de/downloads/pressefotos.html
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
--- End of Message ---
R. STAHL AG
Am Bahnhof 30 Waldenburg Germany
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[HUG#1505721]
Unternehmensinformation / Kurzprofil:
Datum: 13.04.2011 - 10:00 Uhr
Sprache: Deutsch
News-ID 53464
Anzahl Zeichen: 11894
contact information:
Town:
Waldenburg
Kategorie:
Business News
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