R. STAHL, leading supplier of products and systems for explosion protection, today publishes the preliminary results for fiscal year 2015:
- Sales increase by 1.4 % compared to the previous year to EUR 312.9m (previous year: EUR 308.5m).
- Order intake reaches EUR 317.3m (previous year: EUR 335.2m; - 5.4 %), order backlog on a record high on 2015-12-31, at EUR 95.2m (previous year: EUR 90.5m; + 5.2 %).
- EBIT declines to EUR 3.9m (previous year: EUR 18.3m; - 78.9 %), EBIT margin at 1.2 % (previous year: 5.9 %).
While demand declined due to the low oil price and the associated weak demand from the oil producers in Europe and the Americas, R. STAHL could again strengthen its position in region Asia/Pacific with an increase in order intake of 7.1% and sales increases of 33.0%.
At EUR 3.9m, EBIT was within the forecast corridor. The significant drop of the oil price prompted R. STAHL's customers to increase the pricing pressure, which reduced parts of the margin. Weak demand in the upstream oil and gas industry furthermore led to capacities not being fully utilized. The company counteracted with a strategic package of measures with a focus on market penetration and profitability. Implementation of the initiatives for cost reduction caused a one-off burden in the amount of EUR 7.5m, which was EUR 0.5m less than the planned amount. Adjusted by the one-off expenses for the cost reduction programme, operating EBIT amounted to EUR 11.4m.
"We reacted early to the altered market conditions in the upstream oil market and are well positioned for the future with our strategic package of measures", says R. STAHL CEO Martin Schomaker. "With targeted sales activities and innovative new products we intensify our focus on the chemical and pharmaceutical industry while continuing to seize our opportunities in the oil and gas market."
CFO Bern Marx commented: "We advanced the cost saving projects and concluded reduction of staff and the relocation of the activities from the rented production premises to Waldenburg. With an improved cost structure we expect an increase of our profitability in 2016. At the same time, we completed our investment programme, which has been initiated in 2012, on schedule with the building of a new production and development centre in Cologne. As of 2016, we will significantly reduce our investment volume and thus improve our free cash flow."
The full results and the Annual Report 2015 will be published on 22 April 2016.
Bernd Marx (CFO)
Nathalie Kamm (Investor Relations)
E-mail: [email protected]
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|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|
|End of News||DGAP News Service|