07.05.2015
R. Stahl AG DE000A1PHBB5
DGAP-News: R. STAHL publishes results for first quarter of 2015
DGAP-News: R. Stahl AG / Key word(s): Quarter Results
R. STAHL publishes results for first quarter of 2015
07.05.2015 / 08:31
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R. STAHL publishes results for first quarter of 2015
- Sales reach new quarterly record
- Stable order intake
- EBIT margin strongly improved by sales growth
Waldenburg, 7 May 2015 - R. STAHL, leading supplier of products and systems
for explosion protection, today published its results for the first quarter
of 2015:
- Order intake stable at EUR 88.4 million (previous year: EUR 88.4
million).
- Sales growth of 21.6% to EUR 82.2 million (previous year: EUR 67.6
million).
- Earnings before interest and taxes (EBIT) up 128.1% year on year at EUR
4.1 million (previous year: EUR 1.8 million) with EBIT margin of 5.0%
(previous year: 2.7%).
- Despite dynamic sales growth in the first quarter, cautious full-year
guidance upheld.
R. STAHL completed numerous project orders in the first quarter of the new
fiscal year and recorded the highest quarterly sales over the first three
months of 2015, thanks to the high order backlog of the previous year.
Order intake also reached the same high level as in the previous year. CEO
Martin Schomaker commented as follows on the company's results: "We started
the new year with a high level of order backlog. This should not disguise
the fact that the situation is difficult in certain markets. Nevertheless,
we can be very satisfied with this strong rise in sales."
Regional differences in business trend
With the exception of Germany, growth was achieved in all sales regions
during the first three months. As a result, the proportion of sales
generated outside Germany rose strongly to 81.3% (previous year: 74.9%). In
Germany, sales fell by 9.2% to EUR 15.4 million (previous year: EUR 16.9
million). In Europe (excluding Germany), revenue increased by 7.3% to EUR
34.5 million (previous year: EUR 32.2 million). Whereas Norway in
particular recorded lower sales, France, Italy and the UK all enjoyed
significant growth. Sales in the Americas were up 57.7% year on year at EUR
14.5 million (previous year: EUR 9.2 million), while growth in the
Asia/Pacific region reached 91.5% with sales of EUR 17.8 million (previous
year: EUR 9.3 million).
The development of order intake in the first quarter indicates a weaker
trend for Germany (-1.9%), Europe (-7.2%) and the Americas (-17.6%) in the
months ahead. In Russia, the effects of the Ukraine crisis on R. STAHL's
business are apparent. This not only affects direct demand from the region,
but above all the sale of R. STAHL components to German machine builders
which export to Russia. At the same time, a major order worth tens of
millions was received to supply an LNG plant in the north of Russia.
However, R. STAHL has taken the precaution of not booking the complete
project as order intake, but will process it in several tranches. A further
challenge is the persistently low oil price. In Norway, for instance, high
regional production costs mean that energy corporations are exposed to
considerable risks. Nevertheless, a prestigious major order was also
received here for the fitting of an oil field 140 km off the coast of
Stavanger. In the Americas, business was hampered above all by economic and
political instability in the southern half of the continent. By contrast,
order intake in the Asia/Pacific region achieved further growth of 32.9% to
EUR 23.8 million (previous year: EUR 17.9 million). Business here was
bolstered by two major orders from the Arab Gulf region.
At EUR 99.7 million (previous year: EUR 84.8 million), order backlog at the
end of the first quarter provides a solid basis for business in the
remaining months of 2015.
Increased costs continue to burden earnings
Due to the expansion of capacity over the past three years, increased fixed
costs continue to place a burden on earnings. Investments in buildings,
machines, equipment and office fittings as part of the expansion programme
resulted in a year-on-year increase in depreciation of 7.6%. Compared to
the same period last year, however, the cost of materials ratio based on
total performance fell from 36.2% to 34.4%. The ratio of personnel expenses
to total performance remained steady.
Earnings before interest and taxes (EBIT) more than doubled year on year to
EUR 4.1 million (previous year: EUR 1.8 million). The EBIT margin for the
first three months of 2015 amounted to 5.0% (previous year: 2.7%). Pre-tax
earnings (EBT) reached EUR 3.5 million (previous year: EUR 1.0 million)
with an EBT margin of 4.3% (previous year: 1.4%).
Balance sheet strengthened by sale of treasury shares
R. STAHL's equity ratio as of 31 March 2015 rose to 32.7% (31 December
2014: 27.3%). This was mainly due to the sale of 644,000 treasury shares to
RAG-Stiftung Beteiligungsgesellschaft. The shares were transferred in
January 2015 on payment of the agreed purchase price. The proceeds of EUR
13.3 million had no effect on net income and were disclosed in capital
reserves after netting with the transaction expenses. There was a total
positive effect on equity of EUR 24.0 million. The cash received from the
sale of treasury shares was used to repay short-term financial debt, which
was more than halved to EUR 17.1 million (31 December 2014: EUR 35.6
million). Our inventories increased particularly for work in progress. CFO
Bernd Marx commented: "In the past few months, we have delayed the delivery
of certain orders already completed at the request of our clients. Although
storing such products worsens our balance sheet due to increased
inventories of finished and unfinished goods, it helps foster good customer
relationships and secure possible follow-up orders - which is why it makes
economic sense for us to offer this customer service. We are therefore
strengthening long-term customer retention and enhancing our market
position."
Full-year guidance confirmed
The Executive Board has confirmed its guidance for the full year 2015. The
main factor is the development of the oil industry, the most important
sales market for R. STAHL at present. "We have already started to focus our
order acquisition efforts more strongly on regions with lower production
costs," says Martin Schomaker. "Moreover, low commodity prices are
encouraging investment in other sectors, such as the chemical industry."
Positive effects for business are expected from product innovations and new
regulations - such as the revised standard for lighting offshore helicopter
landing areas. However, these positive effects will be overshadowed by the
challenges presented by the low oil price and the geopolitical situation in
Russia, Brazil and North Africa. The Executive Board therefore looks
forward with caution to the rest of the current fiscal year.
For the fiscal year 2015, order intake and sales revenues of between EUR
320 million and EUR 330 million are expected. The forecast range for EBIT
is between EUR 16 million and EUR 20 million. As the external factors which
influence business can change very quickly, these forecasts are still
subject to a high degree of uncertainty.
Conference Call
R. STAHL AG is pleased to invite all interested analysts, investors and
media to participate in the quarterly results conference call to be held on
7 May 2015 at 10:00 a.m. (CET). The telephone conference will be held in
English language. Please dial the following number to join the call: +49 69
247503443. Additionally to the call, we will provide a presentation online.
Please log on as a participant entering http://eventmanager.meetyoo.de,
insert your full name and the following PIN: 42373697. An audio cast of the
call will be available thereafter on the company's website:
http://www.r-stahl.com/investor-relations/presentationsrecordings.html
Key figures of R. STAHL Group according to IFRS
Q1 2015 Q1 2014 Change in EUR million in EUR million in % Revenues 82.2 67.6 + 21.6 Germany 15.4 16.9 - 9.2 34.5 32.2 + 7.3 Europe excluding Germany Americas 14.5 9.2 + 57.7 Asia Pacific 17.8 9.3 + 91.5 Order intake 88.4 88.4 - 0.1 99.7 84.8 + 17.6 Order backlog 7.4 4.9 + 52.6 EBITDA 9.0 7.2 EBITDA-margin (%) EBIT 4.1 1.8 + 128.1 EBIT-margin (%) 5.0 2.7 EBT 3.5 1.0 + 263.7 EBT-margin (%) 4.3 1.4 Net Earnings 2.4 0.7 + 254.7 Earnings per share (EUR) 0.41 0.11 + 272.7 Cash flow from operations - 0.6 - 1.9 Employees as of 31.03. (excl. 1,962 1,871 + 4.9 apprentices) 31.03.2015 31.12.2014 Cash and equivalents 16.5 15.8 + 4.6 Equity ratio (%) 32.7 27.3The full report for Q3 2015 is available for download at the company's website. Financial calendar 2015 22 May Annual General Meeting in Neuenstein 6 August H1 report 5 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 2014, global sales amounting to EUR 308.5 million were generated with about 1,942 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 Dirian (Investor Relations) Phone: +49 7942 943 1395 Frank Schwarz (Investor Relations) Phone: +49 611 5802 9290 E-mail: [email protected] --------------------------------------------------------------------- 07.05.2015 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 --------------------------------------------------------------------- 354103 07.05.2015
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