R. STAHL successfully mitigates softer market and profitability situation driven by COVID-19 pandemic in Q2 2020 through cost reduction measures

  • Based on preliminary figures, sales in Q2 2020 decline noticeably by €5.8 million or 8.8% year-on-year to €59.7 million as a result of weaker day-to-day business and delayed shipments
  • Cost reduction measures dampen impact on profitability: EBITDA pre exceptionals declines by €1.5 million to €3.9 million
  • Demand slightly increases by end of quarter, order backlog of €79.7 million at continued high level
  • Outlook corridor for 2020 narrowed: sales still expected to decline by 5% year-on-year at most now to a range between €260 million and €265 million, EBITDA pre unchanged to come in at low double-digit million Euro

Waldenburg, 28 July 2020 – R. STAHL, leading supplier of products and systems for explosion protection, today publishes preliminary figures for Q2 2020. As a result of softer key markets that were affected by the worldwide spread of the COVID-19 pandemic, sales declined as expected noticeably by 8.8% year-on-year to €59.7 million (Q2 2019: €65.5 million). Consequently, earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals dropped, though dampened by early measures to control costs, particularly personnel costs.  In sum, lower sales of €5.8 million resulted in a decrease of EBITDA pre by €1.5 million to €3.9 million (Q2 2019: €5.4 million). Like in the previous quarter already, exceptionals saw a significant decline, totaling € 0.3 million (Q2 2019: € 1.2 million). With € 0.31, earnings per share were below last year (Q2 2019: € 0.12).

The strongest, double-digit sales declines were observed in the regions Americas and Asia/Pacific that have high shares of day-to-day business related to the oil and gas sector – where demand was particularly hit by the COVID-19 pandemic. Though R. STAHL was able to keep its operations largely running through early preventive measures aimed at protecting employee health and maintaining ability to supply, delays in transport and receipt of goods at some customers led to postponed sales. As a result, finished and unfinished products increased by €5.0 million compared to last year’s end.

Personnel costs declined by 6.3% year-on-year to €29.3 million (Q2 2019: €31.3 million) driven by reduced working capacities that were adapted to softer demand. Beside country-specific cost savings, this was primarily due to the reduction of supplementary tariff payment entitlements and adapted bonus provisions as well as, to a lesser extent, sunk severance payments shown as exceptionals. The year-on-year increase in the number of employees illustrates the full consolidation of R. STAHL SOUTH AFRICA (formerly ESACO Pty Ltd.) in Q3 2019.

Compared to the end of last year, net debt (excluding pen-sion provisions and lease liabilities) increased to €10.3 million primarily as a result of higher inventories (31 December 2019: €4.2 million).

As of 30 June 2020, order backlog of €79.7 million was at the high level of the end of the previous quarter (31 March 2020: €79.9 million).

Based on the currently foreseeable estimation of R. STAHL’s most important key markets, the Executive Board specifies the outlook for 2020. Sales are still expected to decline by 5% year-on-year at most. The previous sales corridor of €260 million to €275 million is narrowed to a range between €260 million and €265 million. The outlook for EBITDA pre remains unchanged at low double-digit million Euro.

The statements on the Q2 2020 figures and trends included in this press release are preliminary. R. STAHL will release the full H1 2020 interim report on 6 August 2020.

Key Figures R. STAHL Group for Q2 2020 pursuant to IFRS

€ million

Q2 2020 1)

Q2 2019






EBITDA pre exceptionals 2)




in % of sales




Exceptionals 2)








Net profit 




Earnings per share (in €)




Employees as of 30 June 3)




1) Preliminary figures; the final and full set of figures for Q2 2020 will be released on 6 August 2020.
2) Exceptionals: restructuring charges, non-scheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs as well as profit and loss from the disposal of assets no longer required for business operations.
3) Without apprentices

Percentages and figures may include rounding differences. The signs used to indicate rates of change are based on economic aspects: improvements are indicated by a plus “+” sign, deteriorations by a “-” sign. Rates of change >+100% are shown as >+100%, rates of change <-100% as „n/a“ (not applicable).

Investors’ and analysts’ conference call of R. STAHL AG for Q2 2020

The Executive Board of R. STAHL AG, represented by Jürgen Linhard, will explain the results of Q2 2020 in a conference call on 6 August 2020 at 10:00 CET and will be available for questions afterwards. The conference call will be held in English language.

Please dial the following number to join the call and provide the PIN as well as your full name and company when prompted:

DE: +4969201744220
UK: +442030092470
US: +18774230830

PIN: 64564697#

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):

Website: https://webcasts.eqs.com/rstahl20200806/no-audio

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:


Financial calendar 2020
12 November              Interim Report Q3 2020


About R. STAHL – www.r-stahl.com
R. STAHL is the world's leading supplier of electrical and electronic products and systems for explosion protection. These products and systems prevent explosions in hazardous 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 are the oil & gas industry, the chemical and pharmaceutical industry and the food industry. In 2019, global sales amounting to about €275 million were generated by 1,669 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).

Forward-looking statements
This release contains forward-looking statements based on assumptions and estimates of R. STAHL’s management. Although we assume that the expectations of these forward-looking statements are realistic, we cannot guarantee that these expectations will prove to be correct. The assumptions may involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Factors that may cause such discrepancies include: changes in the macroeconomic and busi-ness environment, exchange rate and interest rate fluctuations, the roll-out of competing products, a lack of acceptance of new products or services, and changes in business strategy. R. STAHL does not plan to update these forward-looking statements nor does it accept any obligation to do so.

The contents of this press release are intended to address all genders. For the sake of readability and without any intent to discriminate, only the male form is used.



Dr. Thomas Kornek
Senior Vice President Investor Relations &
Corporate Communications
Am Bahnhof 30
74638 Waldenburg (Württ.)

T: +49 7942 943-1395
E: [email protected]