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Wednesday, 05. August 2009 R. STAHL presents half year report - crisis is reflected in the figures

Category: Corporate-News

Sales and order intake below last year's figures

During the first six months of 2009 R. STAHL generated sales of € 102.5 million. This means 8.2% less than in the same period of the previous year. Order intake amounted to € 107.9 million, which is 7.6% less than last year's figure. Main reason for declining business was the persistently weak demand due to the economic and financial crisis. While oil and gas industry further stabilized during the second quarter because of the rising oil price there are still only few projects in large-scale plant construction. In the chemicals sector propensity to invest was still very poor. On 30 June 2009 number of orders on hand was at almost the same level as in the previous year with € 44.1 million.

Sales in Europe (excluding Germany) (-9.3%) and Asia/Pacific (-37%) were falling, while domestic sales (+2%) and sales in the Americas (+42%) increased. All in all the foreign share on sales fell from 75% to 72%.

The reason why R. STAHL did not have to suffer more loss in sales and order intake is due to major investments in new products and a strong sales team.


Result burdened by one-off expenses
During the period under review earnings before tax (EBT) fell from € 13.0 million to € 5.2 million. Responsible for this fall was the low price level due to weak demand. Furthermore, proceeds achieved during the first half year 2009 have been burdened by one-off expenses which arose for the activities we initiated for process- and cost optimization. The measures we introduced should yield results during the second half of 2009.

Stable financial basis
R. STAHL is financially well prepared should the weak demand persist for a longer period of time. On 30 June 2009 liquid assets amounted to € 21.6 million and exceeded interest-bearing loans by € 7.7 million. Together with an equity ratio of 44.8 % R. STAHL has a very firm financial and balance sheet structure and can so concentrate on the operational core tasks largely independent of outside creditors.

Outlook
Up to now our company could hold the ground quite well in the crisis. As a supplier for plant construction R. STAHL is a company that lags behind the general economic cycle. So we expect that demand will further decline during the second half of 2009. Our goal to keep the key staff during the crisis motivates our employees. This makes it possible to intensively work the market, to further our projects to speed up processes and at the same time cut expenses by reducing vacation and working-time accounts. The management board is confident that some of the decline may be compensated by the measures and activities we introduced during the first half year.

 

Key data R. STAHL group (given in million €)

 

 

1-6/2009

 

1-6/2008

change
in %

Order intake

107.9

116.7

-7.6

Sales

102.5

111.7

-8.2

Earnings before tax (EBT)

5.1

13,0

-60

Profit per share

0.50

1.42

-65

Employees (reporting date, without apprentices)

1,402

1,324

+5.9

 
Complete half-year report for 2009 is published under:
www.r-stahl.com/investor-relations/financial-reports.html

If you have any questions please contact:
R. STAHL AG
Kommunikation / Investor Relations
Judith Schäuble
Am Bahnhof 30, 74638 Waldenburg (Württ.)
Fon: 07942.943-1217, Fax: 07942.943-1364
e-mail: judith.schaeuble@stahl.de