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Wednesday, 18. April 2012 R. STAHL presents the annual financial statements 2011:

R. STAHL presents the annual financial statements 2011:

Order intake and sales significantly higher than last year - One-off expenses burden earnings - Positive first quarter - CEO expects further growth for 2012

Waldenburg, 18 April 2012 - Last fiscal year, R. STAHL registered significant growth in order intake and in sales: In 2011, order intake amounted to € 259.4 million (previous year: € 225.8 million). This means an increase of 14.9% compared to the year before. At the same time, the expert in explosion protection, based in Waldenburg, generated group sales amounting to € 242.9 million (previous year: € 222.6 million). At the end of the year, order backlog amounted to € 65.6 million (previous year: € 47.7 million).

However, growth could not be felt to the same extent in earnings, as the company had to face a number of one-off expenses: In order to meet the changed structures, which arose due to the strongly increased system business, R. STAHL had to adjust the production in Waldenburg. The necessary optimization processes caused delays in delivery and one-off expenses.

Furthermore, the on-going integration of the companies that have been acquired also burdened EBT. Especially in Brazil, the situation is difficult, so the Executive Board decided on extraordinary write-downs. All in all, the Brazilian commitment reduced group earnings by € 2.8 million. With an EBT amounting to € 13.1 million (previous year: € 15.4 million), R. STAHL thus generated 15.1% less than last year. EBT margin at 5.4% related to sales is still on a good level (previous year: 6.9%).

Growth strategy successfully continued
Nevertheless, the expert in explosion protection further expanded system expertise. Thanks to strengthened sales structures, growth could be continued, particularly in the markets overseas. Region Asia/Pacific, where order volume increased to € 51.3 million (previous year: € 34.1 million) developed especially positively. Business in the Americas increased to € 36.5 million (previous year: € 30.9 million). But also in Germany and in Europe, R. STAHL could register an increase of order intake to € 61.3 million (previous year: € 54.3 million), respectively € 110.3 million (previous year: € 106.5 million), despite the European debt crisis.

Operating growth shows that R. STAHL is on a good path. Hence, Executive Board and Supervisory Board will propose to the Annual General Meeting to keep the dividend at € 0.70 per share on last year's level. So the company adheres to its continuous dividend policy and gives a clear signal of continuity and stability.

Sound capital situation
Financing of R. STAHL is also still on a safe basis: Equity (€ 88.8 million) completely covers the long-term assets (€ 87.0 million). Liquid funds amount to € 15.2 million (previous year: € 19.6 million) and exceed the short-term and long-term interest-bearing financial debts by € 3.1 million. Equity ratio improved from 43.9% to 44.7%.

To successfully avoid imminent supply bottlenecks due to tense procurement markets, R. STAHL deliberately used financial means for stockpiling. As the procurement side calmed down in the meantime, the company began to reduce stock again. Due to the lower annual result and due to these precautionary measures, cash flow from operating activities at € 11.0 million is lower than last year (€ 19.0 million).

Pleasant first quarter 2012
The industry sectors that are relevant for R. STAHL show a positive picture. International chemical industry significantly increased investments. Growth of the pharmaceutical industry in Asia and Latin America is unbroken. Plant constructors for the international oil and gas business have a number of projects in their order backlog. Consequently, strong demand continued in the first three months of 2012. At the same time, the optimization processes that have been introduced have a positive effect. So the group recorded an order intake of € 80.0 million in the first quarter of 2012 (previous year: € 59.1 million) and sales amounting to € 65.5 million (previous year: € 58.7 million). On this basis, the company increased EBT to € 4.2 million (previous year: € 3.5 million).

So R. STAHL looks confidently towards the future. From today's point of view, the Executive Board expects sales between € 250 million and € 255 million for 2012. The company also aspires significant increase in EBT and anticipates an amount between € 14 million and € 16 million, as a number of one-off expenses of 2011 will not incur any more.

Figures of fiscal year 2011:

in € million

2011

2010

Changes
in %

Sales, total

242.9

222.6

+9.1

            Germany

59.7

51.5

+15.9

            Europe, excl. Germany

112.3

107.7

+4.3

            Americas

32.8

30.3

+8.3

            Asia / Pacific

38.1

33.1

+15.1

Order intake

259.4

225.8

+14.9

Order backlog

65.6

47.7

+37.4

EBIT

16.8

19.3

-12.7

EBIT margin (in %)

6.9

8.7

-1.8

EBT (earnings before taxes)

13.1

15.4

-15.1

Annual net profit

8.9

10.5

-15.1

Earnings per share (in €)

1.51

1.77

-14.7

Cash flow from operating activities

11.0

19.0

-42.1

Liquidity

15.2

19.6

-22.4

Equity ratio (in %)

44.7

43.9

+0.8

Dividend / share (in €)

0.70*

0.70

n.i.

Employees per 31 Dec. (excl. trainees)

1,544

1,492

+3.5

* Proposal to the Annual General Meeting

Detailed figures and precise explanation of fiscal year 2011 can be found in our Annual Report.

Detailed figures for the first quarter will be published on 9 May 2012.

If you have any questions please contact:
R. STAHL AG

Communications / Investor Relations

Kerstin Wolf

Am Bahnhof 30, 74638 Waldenburg (W├╝rtt.)
Phone: 07942.943-4300, Fax: 07942.943-40 4300
e-mail: kerstin.wolf@stahl.de