R. Stahl AG / Key word(s): Half Year Results
07.08.2014 09:01
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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R. STAHL publishes results for first half-year of 2014 and adjusts EBIT
forecast for 2014
Waldenburg, August 7, 2014. R. STAHL AG made good use of the positive
dynamics within its customer industries in the second quarter to strengthen
its market position. The Company reported a 6.9% increase in order intake
to
EUR 169.0 million (previous year: EUR 158.2 million) and reached a new
all-time high for order intake. The Company benefited above all from the
strong demand by customers in the oil and gas industry as well as the
chemical sector.
Due to the delay between order intake and sales realization, the positive
development of orders is not yet reflected in the sales figures. In the
first half-year R. STAHL generated sales of EUR 146.5 million (previous
year: EUR 148.3 million). The slight decline compared to the previous year
was due to the slow first quarter as well as to currency translations
related to the strong euro.
Earnings before interest and taxes (EBIT) amounted to EUR 5.6 million
(previous year: EUR 11.8 million) with an EBIT margin of 3.8% (previous
year: 7.9%). The development of income and profitability thus remained
below expectations. This was due primarily to extraordinary expenses
related to the takeover attempt by Weidmüller. These special circumstances
tied up the capacities of management and employees and precipitated the
need for intensive talks with concerned customers. The takeover situation
also led to additional costs for defensive measures and consulting
services. In addition, projects aimed at increasing efficiency could not be
carried out or launched as planned in the second quarter. The market
introduction of the new LED lighting programme had to be postponed since
the market's attention was focused primarily on the takeover attempt. Sales
generated by the lighting business suffered as a consequence, and this
influences results for the second quarter; it will also have an impact in
the third quarter 2014. On an annual basis the direct and indirect costs
resulting from these special circumstances amount to a total of
approximately EUR 5 million. Around
EUR 3 million were incurred in the second quarter alone. When adjusted for
these special expenses the EBIT comes to EUR 8.6 million.
In the third quarter, R. STAHL will vigorously continue and initiate the
growth and efficiency initiatives which were originally planned for the
second quarter. However, the Executive Board does not believe that it will
be possible to completely compensate for the delays in the second half or
the year. In addition, the results for the third quarter will also be
affected by the indirect costs of the takeover situation.
Against this backdrop the Executive Board is revising the forecast for
earnings before interest and taxes (EBIT) for 2014 from originally EUR 24
to 26 million to EUR 18 to 22 million. The forecast for order intake and
sales in 2014 remains unchanged after the positive development of the first
half year. R. STAHL is targeting order intake valued at between EUR 325 and
335 euros and sales of between EUR 315 and 325 million for the current
financial year. The mid-term guidance until the end of fiscal year 2016
remains unchanged.
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Information and Explaination of the Issuer to this News:
Contact:
R. STAHL AG
Am Bahnhof 30, 74638 Waldenburg (Württ. )
Bernd Marx (CFO)
Phone: +49 7942 943-1271
Nathalie Dirian (Investor Relations)
Phone: +49 7942 943-1395
e-mail: investornews@stahl.de
07.08.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: R. Stahl AG
Am Bahnhof 30
74638 Waldenburg
Germany
Phone: +49 (7942) 943-0
Fax: +49 (7942) 943-4333
E-mail: info@stahl.de
Internet: www.stahl.de
ISIN: DE000A1PHBB5
WKN: A1PHBB
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of Announcement DGAP News-Service
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DGAP-Adhoc: R. STAHL publishes results for first half-year of 2014 and adjusts EBIT forecast for 2014
| Source: EQS Group AG