EXPLOITING OPPORTUNITIES EFFICIENTLY FACTBOOK R. STAHL AG

Transcription

1 EXPLOITING OPPORTUNITIES EFFICIENTLY FACTBOOK R. STAHL AG NOVEMBER 2018

2 R. STAHL Factbook November Rounding differences and rates of change Percentages and figures in this report may include rounding differences. The signs used to indicate rates of change are based on economic aspects: improvements are indicated by a + sign, deteriorations by a - sign. Rates of change >+100% are shown as >+100%, rates of change <-100% as n/a (not applicable).

3 R. STAHL Factbook November KEY FIGURES in thousand Q Q Change in % 9M M 2017 Change in % Sales 69,785 65, , , Germany 19,485 15, ,501 44, Central region 1) 28,864 30, ,867 90, Americas 8,105 6, ,539 21, Asia/Pacific 13,331 13, ,104 41, Order backlog as of 30 Sep. 85, , EBITDA pre exceptionals 2) 6,348 3, ,815 3,379 >+100 EBITDA 6,603 1,885 >+100 9, >+100 EBIT pre exceptionals 2) 3, >+100 3,867-5,846 n/a EBIT 3,607-1,178 n/a 332-8,469 n/a Net profit 2,564-1,543 n/a -2,363-7, Earnings per share (in ) n/a Cashflow from operating activities 6,904 11, ,911 16, Depreciation and amortization 2,996 3, ,948 9, Capital expenditures 2,601 2, ,109 7, Total assets as of 30 Sep. 238, , Equity as of 30 Sep. 67,341 84, Equity ratio as of 30 Sep. 28.2% 31.5% Net debt as of 30 Sep. 3) 8,384 18, Employees as of 30 Sep. 4) 1,708 1, ) Africa and Europe excl. Germany 2) 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. 3) Net debt: interest-bearing financial liabilities - cash and cash equivalents 4) Excl. apprentices

4 R. STAHL Factbook November FACTBOOK CONTENTS 2 Company profile 7 Executive Board 8 Consolidated interim financial statements as of 30 September, Contacts

5 R. STAHL Factbook November COMPANY PROFILE WORLD MARKET LEADER FOR EXPLOSION PROTECTION SOLUTIONS As a global company with more than 140 years of tradition, R. STAHL is developing electromechanical products. The entry into the market for explosion protection products begins in the 1940s, and since 2006, the activities focus exclusively on explosion protection and plant safety. With powerful and innovative components of the highest quality R. STAHL provides solutions for every application including complete systems solutions. At the same time, we offer our customers competent consultancy as well as various first-class services. With a market share in the high single-digit percentage range, R. STAHL is one of the world's three largest suppliers of products and solutions for explosion protection. In the systems business, we are the global number one. We ensure the safety of people and equipment with the utmost reliability. Through intensive development activities, R. STAHL is regarded as a technology leader in the field of explosion protection based on the IECEx standard. In addition, we generate added value for our customers by combining an extensive product range with sound engineering and consulting services. LOCATIONS With around 1,700 employees at seven production sites and 28 subsidiaries, as well as around 50 sales representatives in all major European, Asian Pacific and North and South American markets, we are on hand wherever our customers need explosion protection solutions and a high level of expertise in the handling of complex international projects. The central functions are bundled at the headquarters in Waldenburg, southern Germany.

6 R. STAHL Factbook November PRODUCTS In many industrial production processes combustible gases, vapors, mists and dusts are present or generated. If these mix with the oxygen in the air, an explosive atmosphere is formed, the ignition of which can lead to immense personal injury and material damage. R. STAHL develops, produces and supplies products and systems for the protection of people, machinery and the environment from such explosions. MARKET Our components and systems are mainly used by customers in the oil and gas industry as well as the chemical and pharmaceutical industries. In addition, we also see attractive growth potential for automation solutions ("Industry 4.0") as well as in the field of renewable energies and electromobility.

7 R. STAHL Factbook November Market experts expect medium to high single-digit growth in capital expenditures in our key customer industries over the coming years. GOALS AND STRATEGY We are commited to sustainable and profitable growth and thus a continuous increase of our corporate value. To this end, we continue to develop our existing product and service portfolio along the needs of our customers through innovation. Our most recent example is the EXpressure enclosure series that is based on a revolutionary technological operating principle. This technology opens up areas of application for explosion protection products that previously could only be served with considerably higher efforts. We started the marketing of EXpressure in In addition, we are expanding our presence in growth markets, accompanied by targeted acquisitions to strengthen and extend our competencies. In all businesses and customer industries, we aim to be profitable with strong products and services, regardless of the development of individual markets. In this context, we strive to further diversify our customer base and to establish more competitive cost structures. R. STAHL 2020 At the beginning of 2018 we started our efficiency program "R. STAHL 2020". With this package of measures, we want to reduce complexity in key areas of the company. Key elements are the realignment of the Group organization as well as the implementation of more efficient structures, workflows and processes in order to better exploit the opportunities for sustainable and profitable growth arising from our markets. By the end of 2019 we want to have "R. STAHL 2020 " being largely implemented.

8 R. STAHL Factbook November In the first nine months of 2018 we made very successful progress with our measures so far: The new group organization went live on 1 April. Compared to the end of last year, we already reduced our product portfolio by about one-third at the end of the third quarter while sales increased 3.9 percent during this period. We have continually reduced our personnel costs, resulting in a significant increase in EBITDA pre exceptionals. Our goal is to continue to significantly improve profitability in the coming years. With a net financial debt position of 8.4 million as of September 30, 2018, we have reached our lowest level at quarter-end within the past five years. This also had a positive effect on our equity ratio, which has recently improved to a solid 28.2 percent.

9 R. STAHL Factbook November RISK AND CREDIT RATING Several renowned credit reporting agencies regularly assess the creditworthiness and risk profile of R. STAHL. Ratings by Creditreform (code number ) and Dun & Bradstreet (B & D, D-U- N-S number ) are available for R. Stahl Schaltgeräte GmbH. Both organizations certify that R. Stahl Schaltgeräte GmbH has a very high credit rating and a very low credit risk. Further information is available from these agencies under the numbers stated above.

10 R. STAHL Factbook November EXECUTIVE BOARD DR. MATHIAS HALLMANN CHIEF EXECUTIVE OFFICER Doctorate in Mechanical Engineering Born in 1962 With R. STAHL since 2017 Member of the Executive Board since 2017 (CEO since 2018) VOLKER WALPRECHT CHIEF FINANCIAL OFFICER Degree in Business Administration Born in 1963 With R. STAHL since 2018 Member of the Executive Board since 2018

11 R. STAHL Factbook November CONSOLIDATED BALANCE SHEET R. STAHL GROUP in thousand 30 Sep Dec Change 30 Sep Change ASSETS Intangible assets 42,317 41, , Property, plant & equipment 54,442 57,203-2,761 58,332-3,890 Investments in associated companies 7,945 7, , Other financial assets Other assets 1,038 1, , Real estate held as financial investments 5,174 7,383-2,209 7,451-2,277 Deferred taxes 11,046 11, ,388-11,342 Non-current assets 122, ,293-5, ,678-16,666 Inventories and prepayments made 40,670 45,501-4,831 51,732-11,062 Trade receivables 51,085 49,961 +1,124 48,070 +3,015 Income tax claims 3,109 3, , Other receivables and other assets 7,252 7, ,858-2,606 Cash and cash equivalents 14,832 16,085-1,253 17,351-2,519 Current assets 116, ,281-5, ,231-12,283 Total assets 238, ,574-10, ,909-28,949 EQUITY AND LIABILITIES Subscribed capital 16,500 16, ,500 0 Capital reserves 13,457 13, ,457 0 Retained earnings 67,154 69,449-2,295 82,989-15,835 Accumulated other comprehensive income -29,783-30, ,703-1,080 Deduction for treasury stock Equity attributable to shareholders of R. STAHL 67,328 68,966-1,638 84,243-16,915 Non-controlling interest Equity 67,341 69,052-1,711 84,355-17,014 Pension provisions 91,467 93,736-2,269 92, Other provisions 1,784 1, , Interst-bearing financial liabilities 11,787 13,095-1,308 8,531 +3,256 Other liabilties Deferred taxes 2,890 3, , Non-current liabilities 108, ,242-4, ,441 +1,712 Provisions 5,458 6, , Trade payables 16,502 18,212-1,710 16, Interest-bearing financial liabilities 11,429 21,073-9,644 27,209-15,780 Deferred liabilities 15,187 11,135 +4,052 15, Income tax liabilities 1, Other liabilities 13,490 11,190 +2,300 10,429 +3,061 Current liabilities 63,466 68,280-4,814 77,113-13,647 Total equity and liabilities 238, ,574-10, ,909-28,949

12 R. STAHL Factbook November CONSOLIDATED CASH FLOW STATEMENT R. STAHL GROUP in thousand Q Q Change 9M M 2017 Change Net profit/loss 2,564-1,543 +4,107-2,363-7,611 +5,248 Depreciation and amortization 2,996 3, ,948 9, Changes in long-term provisions Changes in deferred taxes ,007 2,906 Equity valuation Other income and expenses without cash flow impact Result from the disposal of non-current assets -2, ,041-2, ,467 Cash flow 2,646 1,102 +1,544 4, ,079 Changes in short-term provisions Changes in inventories, trade receivables and other non-capex or financial assets 2,134 4,440-2,306 3,342 8,447-5,105 Changes in trade payables and other non-capex or non-financial liabilities 2,200 6,096-3,869 4,969 9,016-4,047 Changes in working capital 4,258 10,632-6,374 7,706 17,606-9,900 Cash flow from operating activities 6,904 11,734-4,830 11,911 16,732-4,821 Cash outflow for capex on intangible assets -1,194-1, ,090-5, Cash inflow from disposals of non-current intangible assets Cash outflow for capex on property, plant & equipment -1, ,019-2, Cash inflow from disposals of property, plant & equipment 4, ,107 4, ,591 Cash outflow for the purchase of shares in associated companies ,275 +1,275 Cash flow from investing actitivities 1,524-2,491 +4,015-2,438-8,721 +6,283 Free cash flow 8,428 9, ,473 8,011 +1,462 Distribution to shareholders (dividend) ,864 +3,864 Distribution to / contribution from minority shareholders Cash inflow from interest-bearing financial debt ,369-3,720 Cash outflow for repayment of interest-bearing financial debt -5,220-8,822 +3,602-11,571-6,584-4,987 Cash flow from financing activities -5,178-8,715 +3,537-10,922-6,183-4,739 Changes in cash and cash equivalents 3, ,722-1,449 1,828-3,277 Foreign exchange and valuation-related changes in cash and cash equivalents Cash and cash equivalents at the beginning of the period 11,521 16,943-5,422 16,085 16, Cash and cash equivalents at the end of the period 14,832 17,351-2,519 14,832 17,351-2,519

13 R. STAHL Factbook November CONTACT MEDIA AND INVESTORS Dr. Thomas Kornek Vice President Investor Relations & Corporate Communications T: F: E: CUSTOMERS Heinrich Neubauer Head of Sales Germany T: F: E: SUPPLIERS Reinhold Stadtmüller Head of Procurement T: F: E: R. Stahl Aktiengesellschaft Am Bahnhof 30, Waldenburg (Württ.)