R. Stahl AG

  • WKN: A1PHBB
  • ISIN: DE000A1PHBB5
  • Land: Deutschland

Nachricht vom 08.08.2019 | 07:00

R. STAHL publishes figures for Q2 2019: further improved cost structures, earnings outlook for FY 2019 raised

DGAP-News: R. Stahl AG / Key word(s): Quarterly / Interim Statement/Half Year Results

08.08.2019 / 07:00
The issuer is solely responsible for the content of this announcement.


PRESSE RELEASE

R. STAHL publishes figures for Q2 2019: further improved cost structures, earnings outlook for FY 2019 raised

  • Sales in Q2 at EUR65.5 million, down EUR5.0 million or 7.1% year-on-year (Q2 2018: EUR70.5 million)
  • Schedule implementation of a new ERP system at the Waldenburg site leads to a temporary supply bottleneck and shift in sales to the coming quarter
  • EBITDA pre exceptionals increases by 28.6% to EUR5.4 million (Q2 2018: EUR4.2 million) due to the effects of IFRS 16
  • EBITDA margin pre exceptionals improves to 9.8% in the first six months 2019 (6M 2018: 4.7%)
  • Outlook for 2019 specified and lifted: EBITDA pre exceptionals now expected between EUR28 million and EUR30 million

 

Waldenburg, 8 August 2019 - R. STAHL, leading supplier of products and systems for explosion protection, today publishes figures for the second quarter 2019.

The company's ongoing measures to increase efficiency led to a further improvement of cost structures in the quarter under review. R. STAHL stays well on track to significantly drive its profitability in FY 2019. "The progress in our operations and the consequent focus on reasonable sales quality are bearing fruits. Against this backdrop, we slightly raise our profit target for this year despite the development of the global economy, which is increasingly becoming uncertain", said Dr. Mathias Hallmann, CEO of R. STAHL.

Sales in the second quarter were down 7.1% year-on-year to EUR65.5 million (Q2 2018: EUR70.5 million). This was primarily driven by the scheduled implementation of new warehousing software at the Waldenburg site in June. The system adjustments required as a result of the implementation of the new ERP system were completed successfully as of the end of the quarter, which will have a positive effect on sales in the coming quarter. Unlike the previous stand-alone warehousing software, the new software solution is now an integrated component of the Group-wide standard ERP system. The harmonization of the Group-wide IT systems is a key element of the efficiency program R. STAHL 2020 that the company initiated last year.

The temporary supply bottleneck particularly affected Germany, leading to a sales decline by 23.9% to EUR14.5 million (Q2 2018: EUR19.0 million). In addition, the prior year's high sales level benefitted from a large bulk order. Sales in the Central region - consisting of Africa and Europe excluding Germany - grew slightly by 2.2% to EUR30.1 million (Q2 2018: EUR29.5 million). This was primarily due to the good order situation in northern Europe. Business in the Americas region continued to develop very positively, generating consecutive year-on-year growth for the fifth time in a row and growing 3.8% to EUR8.2 million (Q2 2018: EUR7.9 million). In the quarter under review, the restructuring measures initiated 2018 in the Group's US subsidiary have been completed. In Asia, sales declined by 10.1% year-on-year to EUR 12.7 million (Q2 2018: EUR14.1 million), mainly driven by the consequent focus on orders with reasonable profitability.

In the quarter under review, order intake rose by 2.7% to EUR69.1 million year-on-year (Q2 2018: EUR67.3 million). As of the end of the reporting period, the order backlog of EUR76.9 million stood slightly higher than at the end of the previous quarter (order backlog as of 31 March 2019: EUR75.8 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals improved by 28.6% to EUR5.4 million in the quarter under review (Q2 2018: EUR4.2 million) despite the declining sales. A lower material cost ratio and the new accounting standard for leases according to IFRS 16, which is mandatory since 1 January 2019, drove this positive development. According to IFRS 16, the running costs associated with leases that were booked as other operating expenses until end of 2018 are now shown as amortization of the capitalized rights of use as well as interest expense. This has an particular impact on EBITDA, the interest result and the balance sheet total.
In the first six months of 2019, the EBITDA margin pre exceptionals more than doubled to 9.8% (6M 2018: 4.7%). Structural operational improvements and the new accounting standard for leases contributed to this development about equally.

In the second quarter, exceptionals in connection with the R. STAHL 2020 efficiency program were significantly below the previous year's figure, totalling EUR1.2 million (Q2 2018: EUR2.2 million). Consequently, EBITDA more than doubled year-on-year to EUR4.2 million (Q2 2018: EUR2.0 million) and EBIT improved to EUR0.9 million year-on-year (Q2 2018: EUR-1.0 million). The financial result reduced by 35.4% to EUR-0.8 million in Q2 2019 (Q2 2018: EUR-0.6 million). Although the interest expense for bank loans was lower due to the considerably reduced net debt year-on-year, the new accounting standard for leases led to an increase of total cost of debt. Earnings before income taxes rose to EUR0.1 million, up EUR1.7 million year-on-year (Q2 2018: EUR-1.6 million). Income taxes of EUR-0.9 million were incurred (Q2 2018: EUR0.2 million). Net profit improved by 47.8% to EUR-0.8 million (Q2 2018: EUR-1.5 million) and earnings per share to EUR-0.12 (Q2 2018: EUR-0.22).

Given the solid development in the first six months of the year, R. STAHL is confident to exceed its previous forecast for EBITDA pre exceptionals in the year under review. Including the effects of accounting for leases according to IFRS 16, we therefore now expect an EBITDA pre exceptionals for FY 2019 of between EUR28 million and EUR30 million.

 

Key figures of the R. STAHL Group pursuant to IFRS

in EURm   Q2
2019
Q2
2018
Change
in %
  6M
2019
6M
2018
Change
in %
Sales   65.5 70.5 -7.1   133.0 136.2 -2.3
Germany   14.5 19.0 -23.9   30.7 35.0 -12.4
Central region 1)   30.1 29.5 +2.2   59.6 60.0 -0.6
Americas   8.2 7.9 +3.8   15.8 14.4 +9.4
Asia/Pacific   12.7 14.1 -10.1   26.9 26.8 +0.5
Order backlog
as of 30 June
          76.9 89.2 -13.8
EBITDA
pre exceptionals 2, 3)
  5.4 4.2 +28.6   13.1 6.5 >+100
EBITDA margin
pre exceptionals 2, 3)
  8.2 % 5.9 %     9.8 % 4.7 %  
EBITDA 2)   4.2 2.0 >+100   10.5 2.7 >+100
EBIT pre exceptionals 2, 3)   2.1 1.2 +79.2   4.5 0.5 >+100
EBIT 2)   0.9 -1.0 n/a   1.9 -3.3 n/a
Net profit 2)   -0.8 -1.5 +47.8   -0.7 -4.9 +86.6
Earnings
per share (in EUR) 2)
  -0.12 -0.22 +47.8   -0.10 -0.76 +86.6
Cashflow from
operating activities 2)
  3.1 7.7 -59.8   10.0 5.0 >+100
Depreciation and amortization 2)   3.3 3.0 +8.7   8.6 6.0 +43.8
Capital expenditures   2.1 2.3 -9.1   4.7 4.5 +4.8
            30 June
2019

31 Dec.
2018
Change
in %
Total assets 2)           260.3 227.9 +14.2
Equity           53.8 62.3 -13.6
Equity ratio 2)           20.7% 27.3%  
Net debt 4)           3.3 5.5 +39.4
Net debt incl. lease liabilities pursuant
to IFRS 16
          41.8 - n/a
Employees 5)           1.674 1.690 -0.9

1) Africa and Europe excl. Germany; 2) 1 January 2019 until 30 June 2019 including effects from initial application of IFRS 16; 3) Exceptionals: restructuring charges, non-scheduled depreciation and amortization, charges for design and implementation of IT-projects, M&A costs as well as profit and loss from the disposal of non-current assets no longer required for business operations; 4) Excl. pension provision and excluding lease liabilities; 5) Excl. apprentices



Investors' and analysts' conference call of R. STAHL AG for Q2 2019

The Executive Board of R. STAHL AG, Dr Mathias Hallmann, will explain the results of Q2 2019 today at 10:00 CET in a conference call and will be available for questions afterwards. The conference call will be held in English language.

Please dial the following number to join the call and provide the PIN as well as your full name and company when prompted:

DE: +49 (0)69 2222 25576
UK: +44 (0)330 336 9127
USA: +1 646-828-8143

PIN: 3844704#

Along with the conference call, we will provide an online presentation via the internet. Please log on as a participant on the following website (no password required):

Website: https://webcasts.eqs.com/rstahl20190808/no-audio

A replay of the audio webcast will be available shortly after the conference call has ended on the company's website under the following link:

https://r-stahl.com/en/global/corporate/investor-relations/ir-news-and-publications/events-and-presentations/



Financial calendar 2019
07 November Interim Report Q3 2019
25-27 November Eigenkapitalforum, Frankfurt am Main



Contact
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ.)
Dr. Thomas Kornek
Head of Investor Relations & Corporate Communications
T: +49 7942 943-1395
E : thomas.kornek@stahl.de



About R. STAHL - www.r-stahl.com
R. STAHL is the world's leading supplier of electrical and electronic products and systems for explosion protection. These products and systems prevent explosions in hazardous 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 are the oil & gas industry, the chemical and pharmaceutical industry and the food industry. In 2018, global sales amounting to about EUR 280 million were generated by 1,690 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).

The contents of this press release are intended to address all genders. For the sake of readability and without any intent to discriminate, only the male form will be used.



08.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this

GBC-Fokusbox

Expedeon AG mit attraktiver Produktpipeline

Durch die konsequente Fortsetzung der „Grow, Buy & Build“-Strategie hat die im Bereich der Entwicklung und Vermarktung von DNA-Technologien, Proteomik- und Antikörper-Konjugations-Anwendungen tätige Expedeon AG das Umsatzniveau angehoben und auf operativer Ergebnisebene zugleich den Break-Even nachhaltig überschritten. Für die kommenden Perioden ist der Ausbau der Umsatzerlöse mit den bestehenden Produkten geplant. Darüber hinaus verfügt die Expedeon AG über eine attraktive Produktpipeline mit hohem Umsatzpotenzial. Unser Kursziel liegt bei 3,20 € je Aktie. Das Rating lautet KAUFEN.

News im Fokus

Wirecard AG startet Aktienrückkaufprogramm in Höhe von bis zu 200 Mio. EUR

18. Oktober 2019, 16:04

Aktuelle Research-Studie

ad pepper media International N.V.

Original-Research: ad pepper media International N.V. (von First Berlin Equity Research GmbH): Hinzufügen

18. Oktober 2019