21.04.2020 R. Stahl AG  DE000A1PHBB5

DGAP-News: R. STAHL expects only moderate sales decline in 2020 despite a global recession


 

DGAP-News: R. Stahl AG / Key word(s): Annual Results/Quarter Results
R. STAHL expects only moderate sales decline in 2020 despite a global recession

21.04.2020 / 07:00
The issuer is solely responsible for the content of this announcement.


R. STAHL expects only moderate sales decline in 2020 despite a global recession

  • Sales 2019 at €274.8 million, down 1.9% year-on-year
  • EBITDA pre exceptionals doubles to €30.4 million, margin raises to 11.0%
  • Net profit increases by €8.3 million to €1.3 million, equivalent to earnings per share of €0.21
  • Earnings situation does not allow a dividend payment yet
  • According to preliminary figures, Q1 2020 saw soft sales and earnings as expected but highest quarterly order intake since four years
  • Outlook 2020 with sales to decline 5% year-on-year at most, with EBITDA pre in the low double-digit million Euro range
     

Waldenburg, 21 April 2020 - R. STAHL, leading supplier of products and systems for explosion protection, today publishes audited figures for 2019. As already reported, sales declined slightly by 1.9% to €274.8 million (2018: €280.1 million), while EBITDA pre exceptionals doubled to €30.4 million (2018: €15.2 million). Thus, the outlook of €275 million for sales and >€30 million for EBITDA pre exceptionals was met. The EBITDA margin pre exceptionals jumped to 11.0% (2018: 5.4%). The significant increase is driven by cost reductions and sales with higher margin as well as effects from the new standard for lease accounting pursuant to IFRS 16. Net profit improved by €8.3 million to €1.3 million (2018: €-7.0 million), equivalent to earnings per share of €0.21 (2018: €-1.10).


"2019 again was successful for R. STAHL. With the structural and process improvements of our efficiency program that we have started 2018 we have been able to return to positive net profit and a solid financial position again within only two years. At the same time, the newly concluded syndicated loan agreement gives us a comfortable leeway for future growth, for which we set the strategic path also last year", said Dr Mathias Hallmann, CEO of R. STAHL.

Main reason for the sales decline particularly was the high comparative figure of last year that included shipments for two large projects. This was partially balanced by a solid demand for components in the year under review. While sales fell 11.1% in Germany and 9.1% in Asia, the central region grew 4.1% and the Americas by 10.6%. Order intake was slightly above prior year, climbing 0.5% to €271.4 million (2018: €270.0 million). The order backlog decreased to €67.3 million as of 31 December 2019 (31 December 2018: €72.6 million).

The doubled EBITDA pre exceptionals benefited from efficiency gains in the Group's processes and the sustained focus on new orders with reasonable profitability. As a result, the material ratio dropped by 210 basis points to 33.8% (2018: 35.9%). The new standard for lease accounting IFRS 16 contributed €7.6 million to the profitability improvement. Exceptionals of €6.0 million were at around prior year's level (2018: €6.2 million). It should be noted that earnings in 2018 included €2.5 million from the sale of properties no longer required for business operations. In 2019, restructuring costs dropped to €6.1 million as expected (2018: €8.6 million) due to €1.7 million lower legal and consultancy costs and €0.5 million less severance pay. This is reflected in other operating expenses which decreased 19.0% to €50.7 million (2018: €62.6 million), also including a positive effect of €7.6 million from the new standard for lease accounting. In turn, this led to an increase of depreciation and amortization to €18.9 million (2018: €13.6 million).

In 2019, the financial result of €-2.9 million was nearly unchanged compared to the previous year (2018: €-2.8 million). Higher interest costs of €1.0 million from the new standard for lease accounting were more than offset by lower drawing on credit facilities. In sum, interest result of €-4.6 million was €0.8 million lower than the year before (2018: €-3.8 million).

Earnings before taxes came in at €3.4 million (2018: €-7.0 million), a plus of €10.4 million. Income taxes amounted to €-2.1 million (2018: €0.0 million). With €1.3 million, a positive net profit was generated for the first time again since 2017 (2018: €-7.0 million), equivalent to earnings per share of €0.21 (2018: €-1.10).

As of the reporting date 31 December 2019, the balance sheet total increased to €259.4 million compared to prior year's end (31 December 2018: €227.9 million). The balance sheet extension was primarily driven by the new standard for lease accounting that contributed €32.5 million. Shareholder's equity was impacted by a significant increase of pension provisions again that more than offset the positive net profit. As a result, shareholder's equity dropped by €3.8 million compared to last year's end to €58.4 million (31 December 2018: €62.3 million). Consequently, the equity ratio softened to 22.5%, additionally burdened by the balance sheet extension (31 December 2018: 27.3%).

The positive net profit led to a significant cash flow increase to €20.8 million (2018: €6.8 million). Effects from the new standard for lease accounting positively contributed €7.1 million. Cash flow from operating activities was up 7.7% to €19.6 million (2018: €18.2 million). As of 31 December 2019, R. STAHL had cash and cash equivalents of €15.0 million (31 December 2018: €14.6 million), while net debt (excluding pension provisions and lease liabilities) dropped to €4.2 million (31 December 2018: €5.5 million).
 

Outlook for FY 2020

The overall course of financial year 2020 will be significantly impacted by the success of the efforts to contain the worldwide spread of the coronavirus that accelerated at the beginning of the year, and thus the normalization of public life and economic activity. In its latest assessment from April, the International Monetary Fund believes that the corona pandemic will lead to a global recession in 2020. As of today, we regard the impact on our business as moderate. Against the backdrop of preliminary figures for Q1 2020, with incoming orders amounting to €78.8 million yielding an order backlog of around €80 million, we expect a sales decline in 2020 of no more than 5% to a corridor between €260 million and €275 million. This should result in an EBITDA pre exceptionals in the low double-digit million Euro range.

Key Figures R. STAHL Group
for FY 2019
pursuant to IFRS

€ million 20191) 2018 Change

in %
Sales 274.8 280.1 -1.9
EBITDA pre exceptionals 2) 30.4 15.2 +99.9
in % of sales 11.0 5.4  
EBITDA 25.3 9.5 >+100
EBIT 6.3 -4.2 n/a
Net profit 1.3 -7.0 n/a
Earnings per share (in €) 0.21 -1.10 n/a
Dividend per share (in €) 0 0 0
Cash flow from operating activities 19.6 18.2 +7.7
Depreciation and amortization 18.9 13.6 +39.0
Capital expenditures 3) 11.3 10.4 +8.2
Balance sheet total as of 31 December 259.4 227.9 +13.8
Shareholders' equity as of 31 December 58.4 62.3 -6.3
Equity ratio as of 31 December 22.5% 27.3%  
Net debt as of 31 December 4) 4.2 5.5 -24.0
Employees as of 31 December 5) 1,669 1,690 -1.2
 

1) 2019 including effects from initial application of IFRS 16

2) Exceptionals: restructuring charges, non-scheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs as well as profit and loss from the disposal of assets no longer required for business operations. Exceptionals were first disclosed in the reporting year 2016.

3) Payments for investments in intangible assets and property, plant & equipment

4) Without pension provisions and without lease liabilities

5) Without apprentices

Percentages and figures may include rounding differences. The signs used to indicate rates of change are based on economic aspects: improvements are indicated by a plus "+" sign, deteriorations by a "-" sign. Rates of change >+100% are shown as >+100%, rates of change <-100% as "n/a" (not applicable).
 

Note
The Annual Report 2019 is available for download under the following link: https://r-stahl.com/en/global/corporate/investor-relations/ir-news-and-publications/financial-reports.
 

Preliminary Key Figures R. STAHL Group
for Q1 2020
pursuant to IFRS

€ million Q1 2020 Q1 2019 Change

in %
Sales 65.1 67.5 -3.6
EBITDA pre exceptionals 1) 4.7 7.7 -38.6
in % of sales 7.3 11.4  
EBITDA 4.7 6.3 -25.7
EBIT 0.5 1.0 -48.6
Net profit -0.6 0.1 n/a
Earnings per share (in €) -0.10 0.02 n/a
Cash flow from operating activities 0.9 6.9 -86.6
Depreciation and amortization 4.2 5.3 -21.4
Capital expenditures 2) 2.3 2.6 -10.6
Balance sheet total as of 31 March 261.1 269.3 -3.0
Shareholders' equity as of 31 March 59.9 57.9 +3.4
Equity ratio as of 31 March 22.9% 21.5%  
Net debt as of 31 March 3) 7.7 2.6 >+100
Employees as of 31 March 4) 1,686 1,685 +0.1
 

1) Exceptionals: restructuring charges, non-scheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs as well as profit and loss from the disposal of assets no longer required for business operations. Exceptionals were first disclosed in the reporting year 2016.

2) Payments for investments in intangible assets and property, plant & equipment

3) Without pension provisions and without lease liabilities

4) Without apprentices

Percentages and figures may include rounding differences. The signs used to indicate rates of change are based on economic aspects: improvements are indicated by a plus "+" sign, deteriorations by a "-" sign. Rates of change >+100% are shown as >+100%, rates of change <-100% as "n/a" (not applicable).
 

Investors' and analysts' conference call 

To participate in todays (21 April 2020) conference call, please dial the following number and provide the PIN as well as your full name and company when prompted:

DE: +49 69201744220
UK: +44 2030092470
FR: +33 170709502
US: +1 877 4230830

PIN: 19052029#

Along with the conference call, we will provide an online presentation via the internet.  Please log on as a participant on the following website (no password required):

https://webcasts.eqs.com/rstahl20200421/no-audio 

The conference call will be held in English language.
 

About R. STAHL - www.r-stahl.com
R. STAHL is the world's leading supplier 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 are the oil & gas industry, the chemical and pharmaceutical industry and the food industry. In 2019, global sales amounting to about €275 million were generated by 1,669 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).

Forward-looking statements
This release contains forward-looking statements based on assumptions and estimates of R. STAHL's management. Although we assume that the expectations of these forward-looking statements are realistic, we cannot guarantee that these expectations will prove to be correct. The assumptions may involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Factors that may cause such discrepancies include: changes in the macroeconomic and business environment, exchange rate and interest rate fluctuations, the roll-out of competing products, a lack of acceptance of new products or services, and changes in business strategy. R. STAHL does not plan to update these forward-looking statements nor does it accept any obligation to do so


The contents of this press release are intended to address all genders. For the sake of readability and without any intent to discriminate, only the male form is used.



Contact:
R. STAHL AG
Dr. Thomas Kornek
Senior Vice President Investor Relations & Corporate Communications
Am Bahnhof 30
74638 Waldenburg (Württ.)
Germany

Tel. +49 7942 943-1395
[email protected]


21.04.2020 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.
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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
EQS News ID: 1025685

 
End of News DGAP News Service

1025685  21.04.2020 

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Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 286,61 268,46 280,11 274,78 246,59 248,11 278,00
EBITDA1,2 22,16 7,00 9,46 25,27 17,18 16,82 19,50
EBITDA-Marge3 7,73 2,61 3,38 9,20 6,97 6,78 7,01
EBIT1,4 8,78 -10,69 -4,16 6,34 0,49 -0,06 2,70
EBIT-Marge5 3,06 -3,98 -1,49 2,31 0,20 -0,02 0,97
Jahresüberschuss1 4,22 -21,78 -7,00 1,35 -3,53 -4,93 0,25
Netto-Marge6 1,47 -8,11 -2,50 0,49 -1,43 -1,99 0,09
Cashflow1,7 10,89 19,75 18,22 19,62 17,86 11,86 14,50
Ergebnis je Aktie8 0,64 -3,28 -1,10 0,21 -0,54 -0,76 0,04
Dividende8 0,60 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

INVESTOR-INFORMATIONEN
©boersengefluester.de
R. Stahl
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1PHBB 14,200 Halten 91,45
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
15,78 27,56 0,57 -258,18
KBV KCV KUV EV/EBITDA
1,85 7,71 0,37 12,20
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
Hauptversammlung
0,00 0,00 0,00 13.07.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.05.2022 11.08.2022 10.11.2022 13.04.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-1,38% -19,18% -16,96% -42,28%
    
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