Tuesday, 11. November 2008 R. STAHL publishes nine-month report
Sales and earnings are up - 2008 guidance confirmed despite recent slow-down
Waldenburg, 11 November 2008 - In its official 9-month report, R. STAHL confirmed the previously published preliminary key data. Both sales and operating earnings of the explosion protection specialists clearly exceeded the previous year's comparable figures three quarters into fiscal 2008. The current economic slow-down has already left its mark on order intake in the third quarter.
Sales are doing well - order intake is suffering from the financial market crisis
In the period from January to September 2008, R. STAHL's sales increased 9.7 percent to € 168.3m (previous year: € 153.5m). In the Americas (+15.9%) and the Asia/Pacific region (+19.2%), the group's sales revenue has again advanced above average. Domestic sales revenue matched the previous year's level. R. STAHL's European (excluding Germany) sales revenues grew 11.4%.
At € 166.4m, order intake in the first three quarters of fiscal 2008 matched the previous year's level. Many large-scale projects have been postponed due to the global banking crisis. Follow-up business on the installed base remained stable, though.
Operating earnings at a healthy level - cash flow markedly higher than last year
Pre-tax operating earnings (EBT) rose to € 18.1m. Adjusted for last year's € 1.5m in extraordinary income from the IT divestment, EBT increased 11.0 percent. The pre-tax return on sales improved slightly to 10.7 percent (previous year: 10.6%, adjusted). R. STAHL's earnings per share reached € 2.02 (previous year: € 1.45) for the first nine months of fiscal 2008.
Cash flow improved considerably this year. In the first three quarters of 2008, R. STAHL increased its cash flow from ongoing business operation to € 20.2 (previous year: € 7.7m) thanks not only to higher earnings but also less capital employed in working capital (net current assets). Free cash flow (net of capex) at € 11.4m substantially exceeded the preceding year's figure of € 2.2m.
R. STAHL's liquid assets of € 34.1m exceed the group's short and long-term interest-bearing financial debt by € 21.6m. This gives R. STAHL Group sufficient means to prevail in an increasingly adverse economic environment through both organic growth and acquisitions.
2008 guidance still holds
Despite the recent economic slow-down, management maintains its guidance for fiscal 2008. That means R. STAHL still expects to realise consolidated sales of € 220-230m after € 211.6m in fiscal 2007. Pre-tax earnings are to reach 10 percent of sales revenue; earnings per share are to increase further. However, this outlook presupposes that the economic downturn will not escalate.
For the complete nine-month report please check our corporate website at:
www.stahl.de/investor-relations/finanzberichte.html
Contact:
R. STAHL AG
Communication / Investor Relations
Am Bahnhof 30, D-74638 Waldenburg, Germany
Phone: +49 (7942) 943-1217, Fax: +49 (7942) 943-1364
e-mail: judith.schaeuble@stahl.de