R. STAHL publishes report for the first quarter
(Thomson Reuters ONE) -
R. STAHL AG /
R. STAHL publishes report for the first quarter
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The issuer is solely responsible for the content of this announcement.
Double-digit growth of sales and earnings - Germany and Europe responsible for
growth - EPS increased by 17%- Forecast for 2011 and 2012 confident
Waldenburg, 11 May 2011 - a positive economic environment characterized the
first quarter of 2011. The group, focused on explosion protection, could realize
double-digit growth of order intake and sales, compared to the previous year.
Order intake during the first three months amounted to ? 59.1 million (previous
year ? 53.3 million). This means an increase of about 11%. The rise in orders
has especially been generated in Germany (+35%) and in Asia (+56%). In the
Americas (-21%) the first quarter started weaker due to considerable integration
efforts in Canada and Brazil. In Europe and the Middle East/North Africa we are
1% below last year's figures with a positively increasing tendency.
In the first quarter, group sales were higher by 13% than previous year's
figures and amounted to ? 58.7 million (previous year ? 51.8 million). At ?
48.4 million, order backlog is on the highest level ever and is 9% above the
respective previous year's value.
Focus on increase of yield
In the first quarter earnings before taxes (EBT) increased by 17% to ? 3.5
million (previous year ? 3.0 million). Operating EBT margin relative to sales
now amounts to 6.0%. EBIT reaches ? 4.4 million (previous year ? 4.0 million).
Earnings are burdened by three factors: The price level which decreased during
the crisis has not yet recovered. R. STAHL went through the crisis with the
complete workforce to keep its competence. Thus the company did not achieve the
positive payroll portion it had before the crisis. There are integration efforts
for the companies we acquired in 2010. As of the third quarter 2011, a
significant improvement will be noticeable here.
Earnings per share improved by 17% to ? 0.42 (previous year ? 0.36 ).
Positive cash flow despite substantial precautions
During the period under review, the cash flow increased due to the higher result
in this period, from ? 3.8 million in the previous year to now ? 4.1 million.
Due to the required stockpiling to avoid imminent delivery problems, financial
means have been committed in the first quarter, that is why the cash flow from
operating activities, ? 1.1 million, has been lower, compared to the previous
year. Free cash flow amounted to ? -1.2 million, due to investments that have
been made as scheduled. Short-term and long-term financial debts have been
redeemed.
R. STAHL still has a comfortable net-cash-position of ? 14.2 million. Equity
ratio remains unchanged at 43.9%. Equity completely covers the long-term assets.
Liquid funds amounting to ? 17.9 million exceed the short-term and long-term
interest-bearing financial debts by ? 8.2 million.
Further growth predicted
The economic upturn that started in the middle of 2010 is still going on, all
major customer industries show a willingness to invest. The chemical industry is
doing maintenance work again, modernizations and expansions of existing
facilities are planned all over the world. The high oil price spurs the oil and
gas industry on. The international plant manufacturers and manufacturers of
control systems have full order books. This results in invitations to bid; the
orders will then be awarded in 2011 and 2011. The companies we acquired in the
past months will also provide impetus for growth for the group, as will the new
products we will place on the market as a result of the innovation process.
From today's point of view it is not sure how the effects of the catastrophe in
Japan will be noticeable. The uncertainties in the Middle East may also lead to
project delays; however, long-term projects of the oil and gas industry will
presumably not be affected.
As the positive environmental conditions for the current year and also for 2012
clearly prevail, we expect group sales amounting to somewhat between ? 240
million and ? 250 million in 2011.
Besides the cost degression effect due to growth with moderate increase of
personnel, optimization projects in production and administration will also
contribute to further increase in earnings. The materials price increases which
have to be expected will partly be balanced by rationalization projects in
procurement. Against this background the Executive Board expects further
improvement of the earnings situation in 2011 and EBT between ? 17 million and ?
19 million.
R. STAHL acquired a good market position. The economic conditions are: positive.
In regard to finance and strategy, the group is very well positioned. So the
management is confident that the predicted growth will be achieved in 2011 and
2012.
+-----------------------------------------------------------------------------+
| Key data of R. STAHL group |
| (in million ?) |
+---------------------------------------------+----------+----------+---------+
| | | | Changes |
| | | | in % |
| | 1-3/2011 | 1-3/2010 | |
+---------------------------------------------+----------+----------+---------+
| Order intake | 59.1 | 53.3 | +11 |
+---------------------------------------------+----------+----------+---------+
| Sales | 58.7 | 51.8 | +13 |
+---------------------------------------------+----------+----------+---------+
| EBIT | 4.4 | 4.0 | +10 |
+---------------------------------------------+----------+----------+---------+
| Earnings before taxes (EBT) | 3.5 | 3.0 | +17 |
+---------------------------------------------+----------+----------+---------+
| EBT-margin (in % of sales) | 6.0 | 5.9 | n.i. |
+---------------------------------------------+----------+----------+---------+
| Earnings per share (in ?) | 0.42 | 0.36 | +17 |
+---------------------------------------------+----------+----------+---------+
| Equity ratio (in %) | 43.9 | 43.9 | n.i. |
+---------------------------------------------+----------+----------+---------+
| Employees (on the key date, excl. trainees) | 1,502 | 1,399 | +7,4 |
+---------------------------------------------+----------+----------+---------+
n.i. = no information
You will find the full interim report on the Internet under http://www.r-
stahl.com/investor-relations/financial-reports.html
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 2010 more than 1,400 employees generated sales of ? 223 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
--- End of Message ---
R. STAHL AG
Am Bahnhof 30 Waldenburg Germany
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Source: R. STAHL AG via Thomson Reuters ONE
[HUG#1514385]
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2011 - 09:00 Uhr
Sprache: Deutsch
News-ID 54514
Anzahl Zeichen: 9816
contact information:
Town:
Waldenburg
Kategorie:
Business News
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