Waldenburg, 11 August 2022- R. STAHL today publishes its preliminary business figures for the second quarter of 2022. Development of demand showed a significant improvement despite the Russia-Ukraine conflict and ongoing procurement bottlenecks. Although – as was already the case in previous quarters – disrupted and partially interrupted supply chains, particularly for semiconductors and electronic components, continue 4.9% to €67.7 million (Q2 2021: €64.5 million) compared to the prior-year quarter.
Sales growth led to EBITDA pre exceptionals of €3.9 million in the second quarter (Q2 2021: €4.5 million), which is €0.6 million lower than in the prior-year quarter, amid rising cost items. The EBITDA margin pre exceptionals was therefore 5.8% (Q2 2021: 7.0%). Net profit increased by 27.8% year-on-year to €-0.9 million (Q2 2021: €?1.2 million). This corresponds to earnings per share of €-0.13 (Q2 2021: €-0.19).
Business development in the second quarter
Positive sales development spans all regions with the exception of the Asia/Pacific region, where sales declined by 14.9% compared to the prior-year quarter. This is attributeable to the restrictions that continue to prevail in large parts of Asia, triggered by the COVID-19 pandemic. In Germany, an increase of 8.7% to €17.8 million was generated driven by continued good demand from the chemical industry and a recovery in orders from the mechanical engineering sector. In the Central region (Africa and Europe excluding Germany), too, customers from the chemical industry in particular helped generate quarterly sales of €29.1 million (+2.2%). The sustained momentum in the oil and gas markets ensured above-average growth of 61.9% to €8.5 million in the Americas region.
Order intake grew disproportionately in relation to sales across all regions by 17.8% to €76.9 million, and the order backlog as of 30 June 2022 increased as a result to €95.1 million (30 June 2021: €67.9 million).
Development of financial position and performance in the second quarter
The small year-on-year reduction in finished and unfinished goods of €-1.5 million (Q2 2021: €-2.6 million), with own work capitalized remaining virtually unchanged, resulted in a 6.5% increase in total operating performance in the second quarter of 2022 to €67.3 million (Q2 2021: €63.2 million). As a result of price increases, the cost of materials rose by 11.9% to €-23.2 million (Q2 2021: €20.7 million), while the cost of materials ratio increased to 34.5% of total operating performance (Q2 2021: 32.8%). Personnel expenses climbed by 4.9% to €-31.7 million in the second quarter (Q2 2021: €-30.2 million), mainly due to negative effects resulting from the difficult supply situation.
The balance of other operating income and other operating expenses increased by €0.7 million to €-8.9 million in the reporting quarter (Q2 2021: €-8.2 million). While other operating expenses of €-12.2 million were €2.3 million higher than in the previous year, other operating income increased by €1.7 million to €3.3 million (Q2 2021: €1.6 million), mainly due to higher exchange rate gains.
Amortization of intangible assets and depreciation of property, plant and equipment amounted to €-4.1 million in the second quarter of 2022, which was almost on a par with the prior-year period (Q1 2021: €-4.2 million).
EBIT fell by €0.4 million to €-0.6 million in the reporting period (Q2 2021: €-0.2 million).
Equity improved by €11.3 million year-on- year to €61.0 million (31 December 2021: €49.8 million). The negative net result was offset by positive equity effects due to lower provisions. This resulted in an equity ratio of 23.5% compared with 20.2% as of 31 December 2021.
Net debt (excluding pension provisions and lease liabilities) increased by €4.9 million to €23.2 million as of June 30, 2022, compared with the figure as of 31 December 2021, due to the higher financial liabilities.
Business and earnings development in the first half of 2022
From a half-year perspective, R. STAHL also generated a sales increase of 4.9% and achieved sales €128.7 million, largely due to the strong second quarter of 2022. Order intake in the first half of the year totaled €152.0 million, an increase of 17.7%, which means that the positive development from the first quarter continued unabated.
In the first six months of 2022, EBITDA pre exceptionals decreased by €0.2 million to €7.0 million (6M 2021: €7.2 million). This corresponds to an EBITDA margin pre exceptionnals of 5.4% (6M 2021: 5.9%). Exceptionals of €-0.6 million were at the level of the prior year. Net profit declined from €-3.7 million in the prior-year period to €-6.3 million, earnings per share were €-0.97 (6M 2021: €-0.58).
Forecast for the 2022 financial year
The forecast of low double-digit percentage growth in sales and EBITDA pre exceptionals announced for the first time with the publication of the annual financial statements for 2021 and confirmed in the first quarterly report for 2022 has been specified. Uncertainties remain with regard to the disrupted supply chains and the resulting developments in material prices. Similarly, the impact of the Russia-Ukraine conflict on global economic development and thus also on R. STAHL and the 25% stake in the Russian ZAVOD Goreltex remains difficult to predict.
Assuming a secure gas supply in Europe, the progressive easing of global supply chains and the ability to consistently pass on further cost increases, R. STAHL expects full-year sales of between €270 and €275 million in 2022. The forecast corridor for EBITDA pre exceptionals is between €18 and €21 million. Furthermore, the company expects a signifycantly improved equity ratio compared to 2021 and a continuing high liquidity requirement.
Rounding differences and rates of change
Investors’ and analysts’ conference call of R. STAHL AG for Q2 2022
Chief Executive Officer of R. STAHL AG, Dr. Mathias Hallmann, will explain the results of Q2 2022, present an outlook for the current year and will be available for questions afterwards. The conference call will be held in English language
today at 10:00 CET
Please dial one of the following numbers to join the call and provide the PIN as well as your full name and company’s name when prompted:
DE: +49 89 2030 35529
UK: +44 (0)330 165 4006
US: +1 323 994 2131
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):
A replay of the audio webcast will be available shortly after the conference call has ended on the company’s website under the following link:
We look forward to talking to you.
Financial calendar 2022
28/29 November German Equity Forum, Frankfurt/Main
About R. STAHL – www.r-stahl.com
Typical customers are the chemical and pharmaceutical industry, the oil & gas industry - including LNG applications - as well as the food and beverage industry. Most of the R. STAHL products are also approved for use with hydrogen. In 2021 global sales amounting to around €248 million were generated by 1,672 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).
R. STAHL AG
Manager Investor Relations & Corporate Communications
Am Bahnhof 30
74638 Waldenburg (Württ.)
Tel. +49 7942 943-1396
11.08.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|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|
|EQS News ID:||1417639|
|End of News||DGAP News Service|