R. STAHL AG / R. STAHL with excellent start to new financial year 2013: Sales and EBIT increase by 10% - record level order intake . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Waldenburg, 8 May 2013 - R. STAHL today publishes the results for the first quarter of 2013:
- Compared to the same period in 2012, sales grew by 10% to € 72.1 million (€ 65.5 million).
- Earnings before interest and taxes (EBIT) increased by 10.1% to € 5.6 million (€ 5.1 million); the EBIT margin remained unchanged at 7.7%.
- Net earnings for the quarter came in at € 3.2 million, an 8% improvement compared to the same period in 2012 (€ 3.0 million); earnings per share increased to € 0.54 (€ 0.51).
- A new record was established for quarterly order intake at € 82.6 million.
- Executive Board confirms the outlook for the current fiscal year.
R. STAHL AG recorded continued growth in the first quarter of the new fiscal year. The company experienced brisk demand from all customer industries, especially from the oil and gas industry, as well as related sectors, such as tanker shipbuilding. A good example was a € 4.3 million contract win in Canada for the conversion of a refinery facility from NEC to IEC technology. With a total order intake of € 82.6 million within the first three months of the current fiscal year, a new quarterly record has been achieved, representing a 3.2% increase from the record set in last year's first quarter. "It is especially pleasing that the growth in order intake and sales was due to a broad-based demand and not due to a few large orders only", Martin Schomaker, CEO, commented on the results.
The most dynamic sales growth has mainly been achieved in Europe (excluding Germany), which saw a 16.2% increase, as well as in the Americas, where the company recorded an 11.1% increase. In Germany and Asia, growth rates were more modest with +1.7%, respectively +3.8%.  A number of large projects will be awarded in Asia in the course of the year. The company therefore anticipates accelerated growth in this region in the months to come.
Profits improved in parallel to sales
Key earnings figures increased in parallel to sales growth. Further improvement of margins, however, is rather being slowed down as a result of the positive operational developments. CFO Bernd Marx explains: "We are reaching the limits of our current capacity, which slows down our processes. We are therefore investing in additional capacities for production and development: For 2013 and 2014, we are planning investments in our facilities in Waldenburg, Cologne and Hengelo, with a volume of approximately € 24 million. This should eliminate bottlenecks and speed up our processes."
A further strategic objective for the current year is the improvement of customer satisfaction. An essential measure to achieve this purpose is the restructuring of customer service. The newly established customer service centre is meant to ensure an optimal response time to inquiries: Engineering and sales operations have been combined in order to reduce lead times and to improve adherence to delivery dates. Spatial restructuring was completed at the end of February; the implementation and optimisation of operational sequences is currently underway. "It is our declared objective to offer the best customer service in our sector", says Martin Schomaker. "We consider this to be a key element for our future growth."
In order to sustainably increase R. STAHL's profitability and to improve personnel productivity, the manufacturing processes at all the company's production facilities are being optimised. For instance, during the first quarter, the company's three facilities in India were merged into one new combined production and management centre in Chennai.
Stronger growth expected for second half of 2013
Despite the persistent uncertainties in the general economic development, the corporate management anticipates continued growth. Awarding of a number of large projects is scheduled for the middle of the year, so stronger growth is expected for the second half of the year. Based on a backlog of € 79.9 million (€ 80.8 million) as at 31 March 2013 - nearly identical compared to the same time last year - the management anticipates full year sales between € 305 million and
€ 315 million. The company targets earnings before taxes between € 21 million and € 23 million.
Key Figures of R. STAHL Group according to IFRS
| in € million | Q1 2013 | Q1 2012 | Change |
| Sales, Â Â total | 72.1 | 65.5 | +10.0% |
| Germany | 15.2 | 15.0 | + 1.7% |
| Europe, excl. Germany | 34.3 | 29.5 | + 16.2% |
| Americas | 11.2 | 10.1 | + 11.1% |
| Asia Pacific | 11.3 | 10.9 | + 3.8% |
| Order intake | 82.6 | 80.0 | + 3.2% |
| Backlog | 79.9 | 80.8 | - 1.1% |
| EBITDA | 8.5 | 7.5 | + 13.4% |
| EBITDA margin (in %) | 11.8% | 11.4% | |
| EBIT | 5.6 | 5.1 | + 10.1% |
| EBIT margin (in %) | 7.7% | 7.7% | |
| EBT (earnings before taxes) | 4.7 | 4.2 | +12.8% |
| EBT margin (in %) | 6.6% | 6.4% | |
| Net earnings for the period | 3.2 | 3.0 | + 8.0% |
| Earnings per share (in €) | 0.54 | 0.51 | + 5.9% |
| Cash flow from operating activities | 1.2 | 5.2 | - 76.6% |
| Employees as at 31 March (excluding apprentices) | 1,696 | 1,578 | + 7.5% |
| 31.03.2013 | 31.12.2012 | ||
| Liquid funds | 20.3 | 17.6 | + 15.4% |
| Equity ratio* (in %) | 37.4% | 37.4% |
* Due to a change of the accounting method (IAS 19), R.STAHL's equity is reduced by € 13.8 million as at 31 December 2012 and the equity ratio has been affected accordingly.
The complete quarterly report as at 31 March 2013 is available for download on the company's website.
Financial calendar
Annual General Meeting in Neuenstein - 17 May 2013
Interim report as at 30 June 2013 - 7 August 2013
About R. STAHL - www.stahl.de
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 hazardous areas and thus contribute to the safety of man, machine and environment. The spectrum ranges from tasks like switching/distributing, installing, operating/monitoring, lighting and signalling/alarming up to automating. Typical customers are the growth industries like the oil & gas industry, the chemical and pharmaceutical industry and the food industry. In 2012, global sales of € 291 million were generated with approximately 1,700 employees.
R. STAHL AG is a public company and is traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).
For more information:
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ. )
Bernd Marx (CFO)
Phone: +49 7942 943-1271, e-mail: investornews@stahl.de
Frank Schwarz (Investor Relations)
Phone: +49 611 1745-39 811, e-mail: frank.schwarz@stahl.de
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: R. STAHL AG via Thomson Reuters ONE
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R. STAHL AG
Am Bahnhof 30 Waldenburg Germany
WKN: A1PHBB;ISIN: DE000A1PHBB5;
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