- Year-on-year sales growth of 4.3 percent to € 280.1 million
- EBITDA pre exceptionals up strongly by € 9.4 million to € 15.2 million
- Significant year-on-year improvement in net profit of € 14.2 million to € -7.0 million (2017: € -21.2 million) despite higher exceptionals
- Strong rise in free cash flow of € 4.4 million to € 12.6 million
- No dividend proposal for financial year 2018 due to annual loss
Waldenburg, 26 April 2019 – R. STAHL, a leading supplier of explosion protection products and systems, published its financial figures for 2018 today.
Rising sales and declining costs have significantly improved R. STAHL’s earnings and financial position compared to the prior-year figures. “All in all, our efficiency enhancement programme R. STAHL 2020 made greater progress than expected in 2018, and this is now taking effect,” stated the Chief Executive Officer of R. STAHL, Dr. Mathias Hallmann. “In order to achieve further improvements, we will continue to focus on implementing the various programme objectives in 2019,” added Dr. Hallmann.
In 2018, R. STAHL raised sales by 4.3 percent year on year to € 280.1 million (2017: € 268.5 million). Business in Germany performed particularly well with sales growth of 15.4 percent, or € 9.4 million, to € 70.3 million (2017: € 60.9 million). Sales in the Central region – comprising Africa and Europe without Germany – declined by 3.8 percent to € 116.1 million (2017: € 120.7 million). However, there was encouraging growth in the Americas region with year-on-year sales growth of 7.7 percent to € 31.2 million (2017: € 29.0 million). This was largely attributable to the realignment of the Group’s US subsidiary, which was particularly successful in expanding business with clients in the chemical industry. In Asia, R. STAHL generated sales of € 62.5 million and thus also achieved year-on-year growth of 7.9 percent (2017: € 57.9 million).
Sales growth and productivity gains led to a significant rise in earnings before interest, taxes, depreciation and amortization (EBITDA) to € 9.5 million (2017: € 2.3 million). This had a corresponding impact on earnings before interest and taxes (EBIT), which improved by € 6.5 million to € -4.2 million (2017: € -10.7 million). There was similarly encouraging progress in EBITDA pre exceptionals, which more than doubled year on year to € 15.2 million (2017: € 5.8 million). Net profit of € -7.0 million was improved by € 14.2 million (2017: € -21.2 million), while earnings per share rose to € -1.10 (2017: € -3.28).
As of 31 December 2018, net debt was further reduced to € 5.5 million. The net debt ratio (net debt/EBITDA) amounted to 0.58 as at year-end 2018. “As a result, R. STAHL created a healthy capital structure once again in the past financial year,” stated Chief Financial Officer Volker Walprecht. Despite the net loss for the year, the equity ratio of 27.3 percent remained virtually unchanged (2017: 27.7 percent).
Guidance for 2019
We are very solidly positioned with regard to our financial position and performance. Moreover, our efficiency programme R. STAHL 2020 continues to progress as planned. We expect the continued implementation of our measures to result in a further increase in profitability. The presupposes consistently robust demand in our main markets and stable sales growth.
Key figures R. STAHL Group
in € million | 2018 | 2017 | Change in % |
Sales revenue | 280.1 | 268.5 | +4.3 |
Germany | 70.3 | 60.9 | +15.4 |
Central region 1) | 116.1 | 120.7 | -3.8 |
Americas | 31.2 | 29.0 | +7.7 |
Asia/Pacific | 62.5 | 57.9 | +7.9 |
Order backlog as of 31 December | 72.6 | 92.3 | -21.4 |
EBITDA pre exceptionals 2) | 15.2 | 5.8 | >+100 |
EBITDA | 9.5 | 2.3 | >+100 |
EBIT pre exceptionals 2) | 2.0 | -6.7 | n.a. |
EBIT | -4.2 | -10.7 | +61.1 |
Net profit | -7.0 | -21.2 | +67.0 |
Earnings per share (in €) | -1.10 | -3.28 | +67.0 |
Cash flow from operating activities | 18.2 | 19.7 | -7.7 |
Depreciation & amortization | 13.6 | 13.0 | -5.0 |
Capex 3) | 10.4 | 10.4 | 0.0 |
Balance sheet total as of 31 December | 227.9 | 249.6 | -8.7 |
Shareholders’ equity as of 31 December | 62.3 | 69.1 | -9.8 |
Equity ratio as of 31 December | 27.3% | 27.7% |
|
Net financial liabilities as of 31 December4) 4) | 5.5 | 18.1 | +69.6 |
Employees as of 31 December 5) | 1,690 | 1,763 | -4.1 |
1) Africa and Europe without Germany
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.
3) Payments for investments in intangible assets and property, plant and equipment
4) Without pension provisions
5) Without apprentices
Investors’ and analysts’ conference call of R. STAHL AG on the financial year 2018
The Chief Executive Officer, Dr. Mathias Hallmann, and the Chief Financial Officer of R. STAHL AG, Volker Walprecht, will explain the results of the financial year 2018 during an investors’ and analysts’ conference call at 10 am today and subsequently be available for questions and discussions. The investors’ and analysts’ conference call will be held in English.
To participate, please dial the following phone number at the time indicated and enter the participant PIN, together with your first and last name and the name of your company, when requested:
DE: +4969201744220
UK: +442030092470
USA: +18774230830
Participant PIN: 50848070#
During the conference call, we will be displaying the corresponding presentation slides online. Please log in to the following website (no password required):
Website: https://webcasts.eqs.com/rstahl20190426/no-audio
A recording of the conference call will be subsequently available on the corporate website at:
https://r-stahl.com/en/global/corporate/investor-relations/ir-news-and-publications/events-and-presentations/
Financial calendar
2019
9 May Interim Report Q1 2019
13 – 15 May Spring conference, Frankfurt
7 June 26th Annual General Meeting, Künzelsau-Gaisbach
8 August Interim Report Q2 2019
7 November Interim Report Q3 2019
25 – 27 November EKF Deutsches Eigenkapitalforum, Frankfurt
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 operate in growth industries, such as the oil & gas industry, the chemical and pharmaceutical industry and the food industry. In 2018, sales amounting to around € 280 million were generated by 1,690 employees.
The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).
Contact:
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ.), Germany
Investor Relations & Corporate Communications
T: +49 7942 943-1395
E: [email protected]