R. STAHL AG as of 30 June 2016 generated order intake of EUR 150.2 million and reached sales revenues of EUR 142.5 million. Compared to the previous year this signifies a decline in sales of EUR 21.5 million. The decline resulted from cutbacks in investments and cost-saving measures of the oil and gas industry which suffers from the low oil price. Due to the successful implementation of the cost-saving programme initiated in autumn 2015, the company realized cost reductions of EUR 12.2 million in the first six months of 2016. The programme consists of cost savings in personnel expenses, which were implemented in 2015 and cost savings in material and production cost. Thanks to these cost reductions the negative impact on the contribution margin that resulted from the decline in sales could largely be compensated. R. STAHL's EBIT amounted to EUR 5.3 million as of 30 June 2016 (previous year: EUR 6.8 million), the EBIT-margin reached 3.7% (previous year: 4.2%).
So far mainly the oil production industry, the so-called upstream industry, reacted with cutbacks in capital investment and pressure on prices to the low oil price. In the financial reports for the second quarter of 2016 big oil corporations now also announced slumps in the refining business, the so-called downstream industry. This explains the most recently restrictive market behavior of R. STAHL's customers in this sector. R. STAHL Group will consequently pursue the initiated measures to secure profitability. Nevertheless, the Executive Board expects an additional burden on sales and margins from the downstream business. Due to the expectable deterioration of the development in the downstream industry, the Executive Board of R. STAHL AG reduces the operating EBIT prognosis for the entire financial year 2016 from EUR 14 - 20 million to EUR 11 - 15 million. The Executive Board now expects values of EUR 275 - 285 million for order intake and sales revenues (previous prognosis: EUR 280 - 290 million). Detailed information on the first half of 2016 will be published on 11 August 2016.
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ.)
Bernd Marx (CFO)
Phone: +49 7942 943 1271
Nathalie Dirian (Investor Relations)
Phone: +49 7942 943 1395
E-Mail: [email protected]