- Sales up 5.8 percent year-on-year to €69.8 million
- EBITDA pre nearly doubles to €6.3 million, for FY 2018 now expected to exceed previous guidance corridor
- Net debt lowered to €8.4 million
Higher sales and lower costs improved R. STAHL’s profitability and financial position year-on-year. “In the third quarter 2018, we again progressed with our efficiency program R. STAHL 2020 according to plan”, said R. STAHL’s CEO, Dr. Mathias Hallmann. “The consistent implementation of these measures will continue to be the focus of our work in the coming months”, Dr. Hallmann added.
In the third quarter 2018, R. STAHL grew sales to €69.8 million (Q3 2017: €66.0 million), a year-on-year increase of 5.8%. The business in Germany developed very well, generating growth of 27.6% to €19.5 million (Q3 2017: €15.3 million), particularly as a result of completions and deliveries for a large project in Eastern Europe. The Central region – consisting of Africa and Europe excluding Germany – posted a sales decline of 6.1% year-on-year to €28.9 million (Q3 2017: €30.7 million). Business in the Americas region again developed nicely. Here, the growth momentum of the previous quarter continued, leading to an increase of sales of 24.0% year-on-year to €8.1 million (Q3 2017: €6.5 million). A major contribution came from the reorganization of our subsidiary in the USA, which was particularly able to further increase the business with customers from the chemical industry. In Asia, sales of €13.3 million in Q3 2018 were on par with last year (Q3 2017: €13.4 million).
Higher sales, improved cost structures and an exceptional income from a sale of a property in Ettlingen significantly increased earnings before interest, tax, depreciation and amortization (EBITDA) to €6.6 million in the quarter under review (Q3 2017: €1.9 million). Similarly, EBITDA pre exceptionals developed nicely and nearly doubled year-on-year to €6.3 million (Q3 2017: €3.2 million). This also translated into an increase of earnings before interest and taxes (EBIT) by €4.8 million to €3.6 million (Q3 2017: €-1.2 million). Net profit improved to €2.6 million (Q3 2017: €-1.5 million) and earnings per share to €0.40 (Q3 2017: €?0.24).
At the end of Q3 2018, net debt was lowered to €8.4 million. The equity ratio further improved to 28.2% quarter-on-quarter (30 June 2018: 26.8%).
Outlook for 2018
Our efficiency program R. STAHL 2020 continues to progress according to plan. We now expect EBITDA pre exceptionals for FY 2018 to exceed our previous guidance corridor. In the course of the implementation of further structural measures, we expect higher exceptional items in this year’s final quarter. Compared to last year, 2018’s net profit will improve significantly but still be in the high single-digit negative millions as expected.
Key figures of R. STAHL Group pursuant to IFRS
in € thousand | Q3 2018 | Q3 2017 | Change in % | 9M 2018 | 9M 2017 | Change in % |
Sales | 69,785 | 65,979 | +5.8 | 206,011 | 198,235 | +3.9 |
Germany | 19,485 | 15,273 | +27.6 | 54,501 | 44,393 | +22.8 |
Central region 1) | 28,864 | 30,723 | -6.1 | 88,867 | 90,628 | -1.9 |
Americas | 8,105 | 6,538 | +24.0 | 22,539 | 21,410 | +5.3 |
Asia/Pacific | 13,331 | 13,445 | -0.8 | 40,104 | 41,804 | -4.1 |
Order backlog as of 30 Sep. |
|
|
| 85,509 | 102,121 | -16.3 |
EBITDA pre exceptionals 2) | 6,348 | 3,200 | +98.4 | 12,815 | 3,379 | >+100 |
EBITDA | 6,603 | 1,885 | >+100 | 9,280 | 756 | >+100 |
EBIT pre exceptionals 2) | 3,352 | 137 | >+100 | 3,867 | -5,846 | n/a |
EBIT | 3,607 | -1,178 | n/a | 332 | -8,469 | n/a |
Net profit | 2,564 | -1,543 | n/a | -2,363 | -7,611 | +69.0 |
Earnings per share (in €) | 0.40 | -0.24 | n/a | -0.36 | -1.18 | +69.0 |
Cashflow from operating activities | 6,904 | 11,734 | -41.2 | 11,911 | 16,732 | -28.8 |
Depreciation and amortization | 2,996 | 3,063 | -2.2 | 8,948 | 9,225 | -3.0 |
Capital expenditures | 2,601 | 2,442 | +6.5 | 7,109 | 7,526 | -5.5 |
Total assets as of 30 Sep. |
|
|
| 238,960 | 267,909 | -10.8 |
Equity as of 30 Sep. |
|
|
| 67,341 | 84,355 | -20.2 |
Equity ratio as of 30 Sep. |
|
|
| 28.2% | 31.5% |
|
Net debt as of 30 Sep. 3) |
|
|
| 8,384 | 18,389 | -54.4 |
Employees as of 30 Sep. 4) |
|
|
| 1,708 | 1,763 | -3.1 |
1) Africa and Europe excl. Germany
2) Exceptionals: restructuring charges, non-scheduled depreciation and amortization, charges for design and implementation of IT-projects, M&A costs as well as profit and loss from the disposal of non-current assets no longer required for business operations.
3) Net debt: interest-bearing financial liabilities - cash and cash equivalents
4) Excl. apprentices
Investors’ and analysts’ conference call of R. STAHL AG for Q3 2018
The Chief Financial Officer of R. STAHL AG, Volker Walprecht, will explain the results of Q3 2018 in an investors’ and analysts’ conference call today at 09:00 CET and will be available for questions and discussions afterwards. The conference call will be held in English language.
Please dial the following number to join the call and provide the following PIN as well as your full name and company when prompted:
DE: +4969201744210
UK: +442030092470
USA: +18774230830
PIN: 96323133#
Along with the conference call we will provide an online presentation via the internet simultaneously. Please log on as a participant on the following website (no pass-word required):
Website: https://webcasts.eqs.com/rstahl20181108/no-audio
An audio cast will be available shortly after the conference call has ended on the company’s website under the following link:
Financial calendar
2018
26 November Eigenkapitalforum, Frankfurt am Main
2019
28 February Preliminary Figures FY 2018
4 April Bankhaus Lampe Deutschlandkonferenz, Baden-Baden
26 April Annual Report FY 2018
9 May Interim Report Q1 2019
7 June 26th Annual General Meeting, Künzelsau-Gaisbach
8 August Interim Report Q2 2019
7 November Interim Report Q3 2019
About R. STAHL – www.r-stahl.com
R. STAHL is one of the world's leading suppliers of electrical and electronic products and systems for explosion protection. These products and systems prevent explosions in risk 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 industries and the food industry. In 2017, 1,763 employees generated sales of €268.5 million.
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.)
Dr. Thomas Kornek
Head of Investor Relations & Corporate Communications
Phone: +49 7942 943 1395
e-mail: [email protected]