mercredi, 28. octobre 2009 Ad hoc: R. STAHL announces preliminary key figures for the first nine months of 2009

Catégorie : Corporate-News

Turnover and earnings significantly below last year's figures - No improvement in the quarters to come - Further measures for cost reduction introduced

Waldenburg, 28 October 2009 - Order intake, turnover and earnings of R. STAHL group, a group focused on explosion protection, have been significantly declining during the first three quarters of 2009. From January to September 2009 turnover declined by 10.8% to € 150.2 million (previous year € 168.3 million). While sales fell below average in Germany (-6.8%) and Asia (-8.2%), Europe (without Germany) had to cope with the heaviest losses with a drop in turnover of 20.1%. Only the Americas could register a turnover increase (+33.7%).

With € 154.0 million order intake in the first three quarters was 7.5% below previous year's level of € 166.4 million. In the report period a large-scale project of more than € 3 million for the expansion of a plant for oil and gas production on the Caspian Sea is included. Business with the chemicals industry runs still on a very weak level.

Comparing the quarters the decline can be seen even more clearly: in the third quarter of 2009 turnover - € 47.7 million - heavily declined by 16% year-on-year. This slump is also reflected in order intake. From July to September 2009 R. STAHL only received orders in the amount of € 46.1 million after € 49.7 million in the third quarter of 2008 and € 54.0 million, respectively € 53.8 million in the first two quarters of 2009.

Crucial factor for declining business was the continuing weak demand due to the economic and financial crisis which gets to R. STAHL with a time delay of about
8-10 months. While the downturn is stopped in the oil and gas industry for the time being due to rising oil prices, large-scale plant construction still offers only few, hard-fought projects. In chemicals industries propensity to invest was still very poor.

Order backlog on 30 September 2009 amounted to € 42.2 million and thus was
€ 3.7 million higher than previous year's value.

Pricing pressure burdens result
Compared to the previous year earnings before tax (EBT) decreased from
€ 18.1 million to € 6.3 million. With € 1.1 million EBT of the third quarter is 78% below previous year's value and significantly below the first two quarters of 2009. Besides the weak demand the low price level is reflected here. Profit per share amounts to € 0.59 in the first three quarters (previous year € 2.02).

Further measures for cost reduction introduced
Aim of R. STAHL is to keep the permanent staff. To achieve this goal with the now heavily declining volume of orders and price level the next step of measures to reduce costs will now become necessary. Management Board and employees of
R. STAHL recently agreed on a salary waiver by the employees in Germany of 5% while keeping the same working hours. Furthermore, the measures for optimization of processes and costs will be consistently continued.

Continuing strong financial basis
Operating cash flow amounts to € 3.3 million after € 20.2 million year-on-year. Repatriation of accruals for working-time accounts, trade payables and the lower earnings led to a reduction. Furthermore, we took over the remaining shares of the Norwegian company worth € 7.7 million. In 2009 investments again incurred for the new building in the Netherlands. Nevertheless the liquid assets of
€ 18.9 million on 30 September 2009 exceed the interest-bearing loans by
€ 3.4 million. With an equity ratio of 42% R. STAHL has a very stable
balance sheet and financial structure to stand their ground in the difficult economic environment.

Outlook
R. STAHL expects demand and price level to still decline during the fourth quarter of 2009, so that turnover, earnings and order intake during the second half of 2009 will remain significantly below the figures of the first six months. The company does not expect recovery during the first quarter of 2010. R. STAHL will intensify measures for cost reduction and stand their ground even in times of weak demand.

R. STAHL will publish the detailed nine-months-report for 2009 on
10 November 2009.


If you have any questions please contact:
R. STAHL AG
Communications / Investor Relations
Am Bahnhof 30, 74638 Waldenburg (Württ. )
Fon: 07942.943-1217, Fax: 07942.943-40 1217
e-mail: judith.schaeuble@stahl.de

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