lundi, 14. novembre 2011 R. STAHL publishes figures for the first nine months
Catégorie : Corporate-NewsR. STAHL publishes figures for the first nine months
Order intake and sales significantly increased - optimization measures show effect - Earnings after taxes increases by 8.1% - Forecast revised due to project delays
Waldenburg, 14 November 2011 - A continuously positive economic environment characterized the course of the third quarter of 2011. R. STAHL could significantly increase order intake and sales. In the third quarter 2011, order intake achieved € 194.7 million (previous year: € 166.0 million). This corresponds to an increase of 17.3% compared to previous year's period. The group, focussed on explosion protection, achieved increase in orders in all regions. They were especially substantial in the region Asia/Pacific with +62.1%.
After nine months, sales were 8.0% higher than last year and amounted to € 178.7 million (previous year: € 165.5 million). At the end of September, order volume amounted to € 62.4 million (previous year: € 45.1 million). Thanks to strong international project business, order backlog currently also includes numerous projects that will be delivered next year.
Earnings: Optimization measures show effect
Compared to the first half of 2011, the earnings margins of R. STAHL improved, however, they still do not reach last year's figures. As already reported, after restructuring its production processes, the company, based in Waldenburg, could not realize sales as planned. A task force, that has then been set up, works on optimizing the production processes. With earnings before taxes (EBT) of € 11.2 million (previous year: € 10.7 million) and an operating EBT margin of 6.3% (previous year: 6.5%) the first success of these optimization measures can be seen. Earnings after taxes at € 7.8 million (previous year: € 7.2 million) are 8.1% higher than last year.
Operating cash flow
In the period under review, R. STAHL achieved an operating cash flow amounting to € 15.4 million (previous year: € 14.1 million). Financial means have been used for stockpiling to avoid imminent delivery problems, so cash flow from operating activities declined to € 2.1 million compared to the previous year (€ 15.1 million). As the procurement markets are calming down in the meantime, the company currently decreases the inventories. Free cash flow of planned investments amounted to € -5.0 million (previous year: € +4.1 million).
Solidly financed
R. STAHL's financing is still on a solid basis: Equity (€ 86.8 million) completely covers long-term assets (€ 84.9 million). Liquid funds amounting to € 13.4 million exceed the short-term and long-term financial liabilities by € 0.4 million.
Confident look to the future
R. STAHL acquired a very good market position and is very well positioned in regard to finance and strategy. The environment continues to be positive for the company. The collective agreement we concluded in the third quarter gives the company long-term planning reliability for further investments at the location in Waldenburg. Our Indian subsidiary also develops positively. The companies we acquired will give growth impulses for the group in future, as will the introduction of new products. It remains unclear how the persistent uncertainty caused by the debt crisis and the turmoil on the financial markets will affect our business. With a well-balanced customer structure and the world-wide strengthening of our sales structures, the company is, however, in a position to level out regional fluctuations in demand. At the same time, R. STAHL benefits from the up-and-coming overseas markets.
Forecast revised
The company makes progress in solving the structural problems. Compared to the two previous quarters, sales and earnings could be increased. Despite the significant improvements, the company will slightly fall below the forecast revenue corridor (€ 240 million to € 250 million) due to the delay of projects that are to be delivered in 2012 and will achieve sales revenues between € 235 million and € 240 million. In line with this development and because of the productivity losses that cannot be completely made up for, R. STAHL anticipates consolidated earnings before taxes amounting to € 14 million to € 16 million (originally: € 17 million to € 19 million). For the future, the company expects long-term improvements in efficiency from the continuous optimization of processes and assumes to be able to further increase EBIT margin in 2012 after having completely caught up on the processing backlog.
Key figures of R. STAHL group (in € m) | |||
1-9/2011 | 1-9/2010 | Changes | |
Order intake | 194.7 | 166.0 | +17.3 |
Sales | 178.7 | 165.5 | +8.0 |
EBIT | 13.8 | 13.6 | +1.5 |
Earnings before taxes (EBT) | 11.2 | 10.7 | +4.4 |
Period result | 7.8 | 7.2 | +8.1 |
EBT margin (in % of revenue) | 6.3 | 6.5 | - |
Earnings per share (in €) | 1.29 | 1.21 | +6.6 |
Equity ratio (in %) | 44.2 | 43.9* | - |
Employees (record date, excl. trainees) | 1,530 | 1,446 | +5.8 |
* on 31 December 2010
You will find the detailed interim report on the internet at
www.r-stahl.com/investor-relations/financial-reports.html
Information on R. STAHL - www.stahl.de
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 thus contribute to the safety of man, machine and environment. The spectrum ranges from tasks like switching/distributing, installing, operating/monitoring, lighting and signalling/alarming up to automating. Typical customers are the growth industries like the oil & gas industry, the chemical and pharmaceutical industry and the food industry. The share in the market for marine equipment continuously increases. In 2010 about 1,500 employees generated sales of € 223 million world-wide.
R. STAHL AG is listed on the stock exchange.
If you have any questions please contact
R. STAHL AG
Communications / Investor Relations
Tanja Schrickel
Am Bahnhof 30, 74638 Waldenburg (Württ. )
Phone: 07942.943-1217, Fax: 07942.943-40 1217,
e-mail: tanja.schrickel@stahl.de