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).
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 Key Figures R. STAHL Group
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 Preliminary Key Figures R. STAHL Group
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 About R. STAHL - www.r-stahl.com Forward-looking statements
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 investornews@r-stahl.com 21.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | R. Stahl AG |
Am Bahnhof 30 | |
74638 Waldenburg | |
Germany | |
Phone: | +49 (7942) 943-0 |
Fax: | +49 (7942) 943-4333 |
E-mail: | investornews@stahl.de |
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 |
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