12.06.2018
R. Stahl AG DE000A1PHBB5
DGAP-News: R. STAHL publishes audited figures for FY 2017: Declining sales weigh on earnings, Group-wide efficiency program initiated
DGAP-News: R. Stahl AG / Key word(s): Final Results
R. STAHL publishes audited figures for FY 2017: Declining sales weigh on
earnings, Group-wide efficiency program initiated
12.06.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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PRESSEINFORMATION / PRESS RELEASE
R. STAHL publishes audited figures for FY 2017: Declining sales weigh on
earnings, Group-wide efficiency program initiated
- Sales decline 6.3 percent to EUR268.5 million, EBIT pre exceptionals*
drops to EUR-6.7 million
- Net profit of EUR-21.2 million additionally burdened by around EUR11
million from adjustment of tax related balance sheet items
- Effective management of working capital drives free cash flow to EUR8.2
million
- No dividend proposal for FY 2017 due to net loss
- Group-wide efficiency program "R. STAHL 2020" initiated
- Outlook for FY 2018: EBITDA pre exceptionals to increase by mid-to-high
double digit percentage
Waldenburg, 12 June 2018 - R. STAHL, leading supplier of products and
systems for explosion protection, today publishes the audited results for
fiscal year 2017. Compared to the preliminary figures that were published on
2 March 2018, sales remain unchanged, while earnings before interest and
taxes (EBIT) pre exceptionals came in at EUR-6.7 million.
Sales trend down, Central region and Americas weak
Compared to the previous year, sales fell by 6.3 percent to EUR268.5 million
(2016: EUR286.6 million). There were differences in the regional trends: in
Germany and Asia, sales were largely on a par with the previous year, while
sales in the Central region and the Americas fell sharply. In addition to
falling volumes and pressure on prices, this trend was exacerbated by
adverse exchange rate fluctuations. Sales in all quarters failed to reach
the corresponding prior-year figures.
In Germany, there was a moderate year-on-year decline in sales of 0.7
percent to EUR60.9 million in 2017 (2016: EUR61.3 million). Sales in the
Central region fell by 8.5 percent to EUR120.7 million (2016: EUR131.9
million), due in particular to the very strong previous year. As in 2016,
sales suffered the strongest percentage decline of 19.1 percent to EUR29.0
million in the Americas region (2016: EUR35.8 million). This was once again
due to weak order intake in the preceding period - above all in our project
business and with companies serving the oil production industry. Further
contributing factors included delays in the technical clarification of
orders. In the reporting period, Asia was the only region to report slight
growth. Compared to the previous year, sales were raised by 0.6 percent to
EUR57.9 million (2016: EUR57.6 million).
Low sales weigh heavily on earnings
The weak sales trend in 2017 had a significant impact on earnings: at
EUR-10.7 million, earnings before interest and taxes (EBIT) were around
EUR20 million below the prior-year figure (2016: EUR8.8 million). In
addition to the fall in sales, this was also due to exceptionals of EUR-4.0
million, compared to a positive contribution from exceptionals of EUR1.4
million in the previous year. EBIT pre exceptionals therefore came in at
EUR-6.7 million (2016: EUR7.4 million), and EBITDA pre exceptionals at
EUR5.8 million (2016: EUR20.7 million). The unexpectedly weak net profit of
EUR-21.2 million (2016: EUR4.2 million) includes adjustments to the
recoverability of deferred taxes on loss carryforwards which led to an
additional burden of around EUR11 million. In sum, this resulted in earnings
per share of EUR-3.28 for 2017 (2016: EUR0.64).
Strong free cash flow
Contrary to the development of earnings, cash flow from operating activities
was raised by 81.4 percent to EUR19.7 million (2016: EUR10.9 million) due to
a strong year-on-year improvement in working capital of EUR24.2 million to
EUR18.9 million. This resulted from a reduction in receivables and increased
trade payables as well as from lower inventories due to the fall in sales.
In the period under review, capital expenditure was reduced by 16.6 percent
to EUR-10.4 million (2016: EUR-12.5 million). In sum, free cash flow
improved strongly year on year to EUR8.2 million (2016: EUR-0.3 million).
Group-wide efficiency program "R. STAHL 2020" initiated
The dramatic slump in demand from the oil and gas sector in recent years has
demonstrated that R. STAHL's cost and corporate structures are
insufficiently capable of securing profitability under adverse market
conditions. Top priority is therefore on reducing the high level of
complexity in the areas of corporate structures, product portfolio as well
as processes and systems to enhance the efficiency of our organization. We
aim to achieve this with the Group's global realignment program "R. STAHL
2020", which has been begun to be implemented in early 2018. Its focus is on
three main areas:
- Creation of a global corporate organization with standardized Group-wide
processes
- Optimization of the R. STAHL product portfolio
- Harmonization of global IT-systems
This program will enable R. STAHL to create the necessary conditions and
scope to fully exploit the opportunities for sustainable and profitable
growth arising in its markets. The implementation of the measures is aimed
to be completed by the end of 2019.
Significant improvement in earnings expected for FY 2018
R. STAHL started in 2018 with a solid order backlog of EUR92.3 million as of
31 December 2017 (31 December 2016: EUR80.7 million). The positive outlook
for the global economy and main sales markets and sectors build confidence
that demand for explosion protection products will also pick up in 2018.
With regard to external factors with a direct or indirect impact on R.
STAHL's business, especially oil prices and exchange rates, the Executive
Board expects no developments that will significantly influence earnings.
For 2018, the Executive Board expects a year-on-year increase in EBITDA pre
exceptionals in the mid to high double-digit percentage range.
* 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
Key figures of R. STAHL Group pursuant to IFRS
EURm 2017 2016 Change
Sales, total 268.5 286.6 -6.3%
Germany 60.9 61.3 -0.7%
Central region 1) 120.7 131.9 -8.5%
Americas 29.0 35.8 -19.1%
Asia/Pacific 57.9 57.5 +0.6%
Order backlog as of 31 December 92.3 80.7 +14.5%
EBITDA pre exceptionals 2) 5.8 20.7 -72.2%
EBITDA 2.3 22.2 -89.7%
EBIT pre exceptionals 2) -6.7 7.4 n/a
EBIT -10.7 8.8 n/a
Net profit -21.2 4.2 n/a
Earnings per share (in EUR) -3.28 0.64 n/a
Dividend per share (in EUR) - 3) 0.60 n/a
Cashflow from operating activities 19.7 10.9 +81.4%
Depreciation & amortization 13.0 13.4 -3.1%
Capex 11.7 18.3 -36.0%
Balance sheet total as of 31 December 249.6 278.6 -10.4%
Shareholder's equity as of 31 December 69.1 94.8 -27.1%
Equity ratio as of 31 December 27.7% 34.0
Net debt 4) as of 31 December -18.1 -21.8 +17.1%
Employees as of 31 December 5) 1,763 1,788 -1.4%
1) Central region: Africa and Europe without Germany
2) 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
3) Proposal to the Annual General Meeting on 30 August 2018
4) without pension provisions
5) without apprentices
As of June 12, 2018 the annual report for FY 2017 will be available for
download on the company's website under
https://r-stahl.com/en/global/corporate/investor-relations/ir-news-and-publications/financial-reports/.
Investors' and analysts' conference call of R. STAHL AG on the results of FY
2017 and Q1 2018
Today at 9:00 CET, the Chief Executive Officer of R. STAHL AG, Dr. Mathias
Hallmann, will explain the results of FY 2017 and Q1 2018 and will be
available for questions and discussions afterwards. The conference call will
be held in English language.
Please dial the following number to join the call and provide the following
PIN as well as your full name and company when prompted:
DE: +4969222229043
UK: +442030092452
USA: +18554027766
Participant PIN: 16790194#
Along with the conference call we will provide an online presentation via
the internet simultaneously. Please log on as a participant on the following
website (no password required):
Website: https://webcasts.eqs.com/rstahl20180612/no-audio
An audio cast 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 2018
9 August Interim statement Q2
30 August Annual General Meeting in Kuenzelsau
8 November Interim statement Q3
Über R. STAHL - www.r-stahl.com
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 risk 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
growth industries, such as the oil & gas industry, the chemical and
pharmaceutical industries and the food industry. In 2017, 1,763 employees
generated sales of EUR268.5 million.
The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard
of Deutsche Boerse (ISIN DE000A1PHBB5).
Contact:
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Wuertt.)
Dr. Thomas Kornek
Head of Investor Relations & Corporate Communications
Phone: +49 7942 943 1395
e-mail: [email protected]
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12.06.2018 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
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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.r-stahl.com
ISIN: DE000A1PHBB5
WKN: A1PHBB
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Tradegate Exchange
End of News DGAP News Service
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