Waldenburg, November 8, 2017. Based on the development of its business in the first nine months 2017, R. STAHL AG adapts the guidance for FY 2017. Order intake is now expected to come in between EUR 290 million and EUR 300 million (previously: EUR 295 million and EUR 305 million), sales between EUR 262 million and EUR 267 million (previously: EUR 270 million and EUR 280 million) and EBIT pre exceptionals* between EUR -8 million and EUR -4 million (previously: EUR -4 million and EUR 0 million). The Executive Board took this decision today.
In the first nine months of 2017, order intake increased 3.2 percent compared to previous year, reaching EUR 222.4 million (9M 2016: EUR 215.5 million). In the same period, sales declined 7.1 percent to EUR 198.2 million (9M 2016: EUR 215.5 million) and EBIT pre exceptionals to EUR -5.2 million (9M 2016: EUR 6.2 million). The increase in order intake, though, lifted order backlog up 12.1 percent to EUR 102.1 million as of September 30, 2017 (Sep. 30, 2016: EUR 91.1 million).
Order intake and backlog over the past nine months of the year again confirm the slow vitalization in the explosion protection market, particularly within the oil and gas sector that is of great importance for R. STAHL. Compared to the order weakness in last year's second half, this has led to a significant stabilization of order intake in the course of the year as well as to a further increasing order backlog by the end of the period under review. However, the awarding of orders in the project business, which contributes around one third to sales, remains sluggish. In addition, our customers need significantly more time than anticipated to provide all details that are necessary to start processing of existing orders, increasingly leading to a postponement of sales recognition into FY 2018. This risk has been flagged already along with the last outlook update, however, a full quantitative assessment was not yet possible at that time.
The preparation of a comprehensive program to improve earnings is in progress. R. STAHL will release respective details in the first quarter 2018. In the third quarter 2017, first cost reductions have already been implemented, additional measures are under way.
The full interim report for Q3 2017 will be available for download as of November 09, 2017 on R. STAHL's website under https://r-stahl.com/en/global/corporate/investor-relations/ir-news-and-publications/financial-reports/.
* exceptionals: non-scheduled depreciation, impairment reversals, proceeds from the sale of non-current assets, restructuring charges, costs from portfolio activities
|Company:||R. Stahl AG|
|Am Bahnhof 30|
|Phone:||+49 (7942) 943-0|
|Fax:||+49 (7942) 943-4333|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|End of Announcement||DGAP News Service|