- Sales in Q3 up 2.2% year-on-year to €71.3 million (Q3 2018: €69.8 million)
- EBITDA pre exceptionals rises by €4.0 million to €10.4 million (Q3 2018: €6.3 million) – stimulated by an improved product mix, efficiency measures and new accounting standard
- EBITDA margin pre exceptionals in the first nine months 2019 at 11.5%, reaching double digits again (9M 2018: 6.2%)
- Earnings per share increase to €0.40 in the first nine months (9M 2018: €-0.36)
- Outlook slightly raised again: EBITDA pre exceptionals for FY2019 now expected to exceed €30 million
Waldenburg, 7 November 2019 – R. STAHL, leading supplier of products and systems for explosion protection, today publishes figures for the third quarter 2019.
In Q3, sales growth as well as an improved product mix and efficiency measures led to a significant increase in profitability and a return to double digit EBITDA margins pre exceptionals in the quarter under review als well as in the first nine months 2019. Effects from the new accounting standard for leases, IFRS 16, also contributed positively to this. “With the continuous improvement of our processes and cost structures, we are increasingly building a sustainable foundation to translate future sales growth into even higher earnings growth. This becomes already visible in the earnings development in Q3 2019“, said Dr. Mathias Hallmann, CEO of R. STAHL.
In Q3, R. STAHL increased sales by 2.2% year-on-year to €71.3 million (Q3 2018: €69.8 million). This rise also reflects the expected catch-up effects from the previous quarter, in which the scheduled introduction of new warehousing software at the Waldenburg site had resulted in a temporary supply bottleneck and a decline in sales. Significant increases were achieved in particular in the Central region as well as America.
Sales of €15.7 million were achieved in Germany, representing a year-on-year drop of 19.2% (Q3 2018: €19.5 million). The main reason for this development was the high comparative figure for the previous year, which included a non-recurring major order. The Central region – consisting of Africa and Europe excluding Germany – showed a strong performance, with sales increasing 10.3% to €31.8 million (Q3 2018: €28.9 million). First successful sales in Africa as well as consistently high demand from northern Europe contributed to this. The Americas region continued its series of annual growth, increasing quarterly sales year-on-year for the sixth time in a row to €9.6 million (Q3 2018: €8.1 million), up 18.4%. Driving this sustained positive development in particular are the distribution and production processes at our US American location; they were reorganised in the past year with the aim of achieving a more systematic approach to unlocking market potential and shortening delivery times. In the Asia/Pacific region, increased demand for products and solutions for the maritime sector resulted in sales growth of 5.9%, to €14.1 million (Q3 2018: €13.3 million).
In the quarter under review, order intake was at €67.5 million, representing a slight drop of 3.4% from the previous year (Q3 2018: €69.9 million). This is a 2.3% drop compared with the previous quarter (Q2 2019: €69.1 million). Together with a quarter-on-quarter rise in sales (Q2 2019: €65.5 million), this resulted in a reduction in the order backlog to €71.2 million as at the end of the reporting period (30 June 2019: €76.9 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals increased by €4.0 million or 63.4% to €10.4 million in the quarter under review (Q3 2018: €6.3 million). Higher sales, an improved cost of materials ratio and positive effects from the new accounting standard for leases, IFRS 16, that is mandatory since 1 Januar 2019, contributed to this. According to IFRS 16, the running costs associated with leases that R. STAHL reported under other operating expenses until 31 December 2018 are shown as amortization of the capitalized rights of use and interest expense. Exceptionals came to €-1.4 million in the third quarter (Q3 2018: €0.3 million). This significant increase is due to a property sale in the previous year, which resulted in one-off earnings of €2.0 million. Nevertheless, EBITDA increased by 35.9% to €9.0 million in the quarter under review (Q3 2018: €6.6 million), and EBIT grew 26.4% to €4.6 million (Q3 2018: €3.6 million). The financial result improved by 24.0% to €-0.6 million (Q3 2018: €-0.8 million), driven by higher income from the ZAVOD Goreltex investment. Higher interest expenses as a result of the new financial accounting standard for leases were almost entirely balanced by lower utilization of bank loans in the quarter under review. Earnings before income taxes were €4.0 million in the quarter under review, representing a 40.0% year-on-year increase (Q3 2018: €2.8 million). Income taxes of €0.7 million were incurred (Q3 2018: €-0.3 million), resulting in an 27.8% improvement of net profit to €3.3 million (Q3 2018: €2.6 million). This is equivalent to earnings per share of €0.50 (Q3 2018: €0.40).
Against the backdrop of the positive development in the first nine months, R. STAHL believes to exceed the recently increased forecast for EBITDA pre exceptionals for the full year. Accordingly, an EBITDA pre exceptionals of more than €30 million is now expected for FY2019, whith sales to come in at around €275 million.
Key figures of the R. STAHL Group pursuant to IFRS
Central region 1)
as of 30 September
pre exceptionals 2, 3)
pre exceptionals 2, 3)
EBIT pre exceptionals 2, 3)
Net profit 2)
per share (in €) 2)
operating activities 2)
Depreciation and amortization 2)
30 Sep. 2019
Total assets 2)
Net debt 4)
Net debt incl. lease liabilities pursuant
to IFRS 16
1) Africa and Europe excl. Germany; 2) 1 January 2019 until 30 September 2019 including effects from initial application of IFRS 16; 3) 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; 4) Excl. pension provision and excluding lease liabilities; 5) Excl. apprentices
Investors’ and analysts’ conference call of R. STAHL AG for Q3 2019
The Executive Board of R. STAHL AG, Dr Mathias Hallmann, will explain the results of Q3 2019 today at 10:00 CET in a conference call 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:
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):
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 2019
25-27 November Eigenkapitalforum, Frankfurt am Main
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ.)
Dr. Thomas Kornek
Senior Vice President
Investor Relations & Corporate Communications
T: +49 7942 943-1395
E : [email protected]
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 2018, global sales amounting to about € 280 million were generated by 1,690 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).
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