R. STAHL AG today announced that it is reducing the forecast for 2015. The reason for this is the continuously low oil price. This has resulted in the oil and gas industry - the most important customer sector for R. STAHL accounting for around 50% of sales - significantly reducing its investments. It is the sharpest decline in investments since the oil crisis 30 years ago. The company is therefore expecting a decline in order intake as well as sales and earnings during the second half of 2015. No recovery of the oil and gas market is foreseeable for 2016.
For the fiscal year 2015, the Executive Board is adjusting the forecast corridor for order intake and sales from between EUR 320 million and EUR 330 million down to between EUR 300 million and EUR 310 million. Expectations for EBIT are reduced from between EUR 16 million and EUR 20 million down to between EUR 2 million and EUR 5 million. These figures include one-off costs amounting to EUR 8 million from the implementation of the set of measures. By adjusting the forecast, the Executive Board reacts to a market environment which has recently deteriorated drastically.
For 2016, the Executive Board is anticipating a sustained low investment volume in the oil and gas industry and is therefore planning sales in the range of EUR 280 million to EUR 290 million with an EBIT margin in the amount of 5 % to 7 %.
R. STAHL AG has adopted a comprehensive set of measures with the objective of counteracting the tense economic development, and strengthening and safeguarding competitiveness over the long term. During the fiscal year 2016, the company expects this to yield cost-savings in the amount of about EUR 20 million. A total of 225 jobs will be cut worldwide as a result of the personnel measures. The company will continue to drive ongoing initiatives to generate additional business in industry sectors chemicals, pharmaceuticals and marine with the aim of further reducing dependency on the oil price. In addition, the product portfolio will be streamlined and products for which demand is less strong will be removed. Today, the Supervisory Board of R. STAHL AG granted the required consent to the set of measures and the adjusted forecast in an extraordinary meeting.
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ.)
Bernd Marx (CFO)
Phone: +49 7942 943 1271
Nathalie Kamm (Investor Relations)
Phone: +49 7942 943 1395
E-Mail: [email protected]