22.04.2016
R. Stahl AG DE000A1PHBB5
DGAP-News: R. STAHL publishes results for fiscal year 2015
DGAP-News: R. Stahl AG / Key word(s): Final Results
R. STAHL publishes results for fiscal year 2015
22.04.2016 / 09:33
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
R. STAHL publishes results for fiscal year 2015
- Sales revenues remain robust while order intake declined
- One-off expenses for cost-cutting measures affected earnings
- New anchor-investor RAG-Stiftung Beteiligungsgesellschaft mbH
- Outlook on 2016 confirmed
Waldenburg, 22 April 2016 - R. STAHL, leading supplier of products and
systems for explosion protection, today published its audited results for
fiscal year 2015 and confirmed the preliminary figures already published:
- Order intake of EUR 317.3 million (previous year: EUR 335.2 million)
- Sales up to EUR 312.9 million (previous year: EUR 308.5 million)
- EBIT of EUR 3.9 million (previous year: EUR 18.3 million), EBIT-Margin
at 1.2 % (previous year: 5.9 %)
- Operating EBIT - adjusted by one-off expenses caused by the
cost-cutting measures - of EUR 11.4 million
- Executive Board and Supervisory Board propose a dividend of EUR 0.60
(previous year: EUR 0.80) per share
While there was a slight growth in sales of 1.4 % to EUR 312.9 million,
order intake slightly declined to EUR 317.3 million (previous year: EUR
335.2 million). Due to the persistently low oil price, investments of the
oil industry were cancelled or postponed resulting in a decreasing demand
for explosion-protected products and systems. Especially in regions with
high production, oil producers' (upstream oil and gas industry) propensity
to invest decreased. Whereas in the Americas and central region (without
Germany) order intake dropped, R. STAHL succeeded to strengthen its
position in the Asia-Pacific region. The subsidiary in India developed
particularly well. R. STAHL India supported the increased order intake
figures by winning the biggest Indian refinery as a customer who placed a
major order.
Overall, order intake grew by 7.1 % and reached EUR 76.7 million (previous
year: EUR 71.6 million). In Canada and the USA low oil prices led to a
reduced demand in the second half of 2015. Order intake declined by 26.3 %
to EUR 42.5 million (previous year: EUR 57.6 million).
In the central region (without Germany) the low oil price put a strain on
the oil producers' business developments. This trend reflected on R.
STAHL's order intake figures: with EUR 129.4 million, it fell by 7.8 %
compared to the previous year (EUR 140.3 million).
In Germany sales initiatives focusing on the chemical and pharmaceutical
industries promoted growth of 4.6 % in order intake closing at EUR 68.7
million (previous year: EUR 65.7 million).
In fiscal year 2015, sales rose by 1.4 % to EUR 312.9 million (previous
year: EUR 308.5 million). The key growth driver for sales was the
Asia-Pacific region where revenues increased to EUR 75.1 million (previous
year: EUR 56.4 million). The significant growth of 33.0 % compensated for
slight declines in sales in other regions.
Sales in the central region fell by 6.2 % to EUR 124.4 million (previous
year: EUR 132.6 million) due particularly to the weak order situation in
northern Europe. However, R. STAHL distribution panels became part of the
most northerly LNG liquefaction plant of the world located in Russia. In
the Americas, sales of EUR 49.1 million remained below last year's figures
(previous year: EUR 52.8 million). In South America, the weak economic
climate and political instability dampened demand. In order to generate
synergies in Brasil, R. STAHL forged a partnership with steute do Brasil,
the Brazilian subsidiary of steute Schaltgeräte GmbH & Co. KG at the end of
2015. In Germany sales amounted to EUR 64.4 million and was down 3.6 %
compared to the previous year (previous year: EUR 66.8 million).
One-off expenses for cost-cutting measures affected earnings
In 2015, EBIT amounted to EUR 3.9 million (previous year: EUR 18.3 million)
and was thus 78.6 % down on the previous year. As a proportion of sales
revenue, the EBIT margin reached 1.2 % (previous year: 5.9 %). Pre-tax
earnings totaled to EUR 0.7 million (previous year: EUR 14.7 million). In
line with the expansion programme realized between 2011 - 2015, R. STAHL
increased capacities to pave the way for further growth. Due to the
dampened demand of the upstream market, pressure on fixed cost increased.
In order to secure R. STAHL's competitiveness in a challenging market, the
Executive Board adopted a cost-cutting programme. Part of this package of
measures was to adapt capacities to the current market situation. 222 jobs
were made redundant in the most socially compatible manner possible. Some
employment contacts will terminate in 2016 which is why the results for
fiscal year 2015 only partially reflect the redundancies. Personnel
expenses increased by 6.2 % to EUR 128.6 million (previous year: EUR 121.1
million) due to severance payments. Also part of the package was to reduce
material and production cost. The cost-cutting programme caused one-off
expenses of EUR 7.5 million - 0.5 million less than planned. Adjusted for
one-off expenses related to the cost reduction programme, our operating
EBIT reached EUR 11.4 million.
Stable equity-ratio
In January 2015, R. STAHL sold 644,000 treasury shares - representing 10 %
of the company's share capital - to RAG-Stiftung Beteiligungsgesellschaft
mbH. Particularly with regard to the disposal R. STAHL's equity increased
to EUR 101.0 million as at 31 December 2015 (previous year: EUR 74.9
million). At the end of the reporting period, the equity ratio stood at
36.2 % (previous year: 2014: 27.3 %).
Dividend of EUR 0.60 per share proposed
At the Annual General Meeting in Neuenstein on 3 June 2016, the Executive
Board and the Supervisory Board of R. STAHL AG will propose a dividend
payment of EUR 0.60 per share out of the other revenue reserves. Thanks to
the very good position of R. STAHL's solid equity and liquidity a dividend
payment for fiscal year 2015 can be realized. This reflects R. STAHL's
financial stability even in economically difficult times and indicates its
confidence for the future.
Outlook - reduced guidance certainty due to economic and political
instabilities
For 2016, R. STAHL will pursue two main topics: to intensify market
penetration and to raise profitability. Sales initiatives to increase
market penetration especially in the chemical and pharmaceutical industries
have been initiated in order to partly compensate for the decline in sales
of the oil and gas industry. However, the oil and gas industry will remain
an import customer group and R. STAHL uses the crisis to advise customers
on new technologies and give them an integrated view of the entire
explosion protection chain. As turnkey solutions are more attractively
priced than several individual solutions, R. STAHL can offer its customers
enduring cost savings. This will strengthen R. STAHL's competitiveness and
its customer relations. The company will use the growth in Asia and will
continue to drive its local sales activities in this region to realize
mid-term growth potential.
R. STAHL built the base to increase profitability in 2015. All in all, the
package of measures to reduce personnel, material and production cost is
expected to have a positive impact on earnings of around EUR 20 million as
of 2016.
For financial year 2016, the Executive Board expects a sales volume of EUR
280 million to EUR 290 million. With an expected EBIT margin of between 5 %
and 7 %, the forecast corridor for EBIT ranges from EUR 14 million to EUR
20 million.
As the external factors, which influence business, can change very quickly,
these forecasts are subject to a high degree of uncertainty. Based on
today's perspective the forecast published in October 2015 can be
confirmed.
Key figures of R. STAHL Group according to IFRS
2015 2014 Change in EUR in EUR in % million million Revenues 312.9 308.5 + 1.4 Germany 64.4 66.8 - 3.6 124.4 132.6 - 6.2 Europe excluding Germany Americas 49.1 52.8 - 6.9 Asia Pacific 75.1 56.4 +33.0 Order Intake 317.3 335.2 - 5.4 95.2 90.5 + 5.2 Order backlog EBIT (Earnings before interest and tax) 3.9 18.3 - 78.6 EBIT-margin (%) 1.2 % 5.9 % EBT (Earnings before tax) 0.7 14.7 - 95.1 EBT-margin (%) 0.2 % 4.8 % Net Earnings -0.1 9.8 Earnings per share (EUR) -0.02 1.67 Investments in intangible assets and 23.0 18.7 + 23.2 property, plant and equipment Depreciation and amortization of intangible 13.5 12.8 + 5.3 assets and property, plant and equipment Cashflow from operations 18.4 3.1 + 486.4 Cash and equivalents 18.3 15.8 +16.0 Equity ratio (%) 36.2 % 27.3 % Dividend per share (EUR) 0.60* 0.80 - 25.0 Employees as of 31.12. (excl. apprentices) 1,894 1,942 - 2.5* Dividend proposal for AGM to be held on 03 June 2016. The full report for the fiscal year 2015 will be available for download from 22 April 2016 at the company's website under http://www.r-stahl.com/investor-relations/financial-reports.html. Balance presentation The management of R. STAHL AG will explain the results for fiscal year 2015 and give an outlook on the current fiscal year today at 10 a.m. (CET). The telephone conference will be held in German language. Please dial the following number to join the call: DE: +4969222229043 UK: +442030092452 USA: +18554027766 In addition to the call, R. STAHL will provide an online presentation. In order to follow the presentation, please log on as a participant on http://www.audio-webcast.com/cgi-bin/login.ssp?fn=verify_user&curPassword= rstahl0416, entering your full name and the following PIN: 16790194#. An audio cast of the call will be available thereafter on the company's website: http://www.r-stahl.com/investor-relations/presentationsrecordings.html Financial calendar 2016 10 May Q1 report 03 June Annual General Meeting in Neuenstein 11 August H1 report 10 November Q3 report About R. STAHL 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 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 industries, such as the oil & gas industry, the chemical and pharmaceutical industry and the food industry. In 2015, global sales amounting to EUR 312.9 million were generated with about 1,894 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5). Contacts: R. STAHL AG Am Bahnhof 30, 74638 Waldenburg (Württ.) Bernd Marx (CFO) Phone: +49 7942 943 1271 Nathalie Kamm (Investor Relations) Phone: +49 7942 943 1395 Carmen Kulle (Investor Relations) Phone: +49 7942 943 1114 E-mail: [email protected] --------------------------------------------------------------------------- 22.04.2016 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. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: R. Stahl AG Am Bahnhof 30 74638 Waldenburg Germany Phone: +49 (7942) 943-0 Fax: +49 (7942) 943-4333 E-mail: [email protected] Internet: www.stahl.de ISIN: DE000A1PHBB5 WKN: A1PHBB Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich End of News DGAP News Service --------------------------------------------------------------------------- 456761 22.04.2016
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