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R. Stahl AG
Quarterly Report • May 7, 2025
344_rns_2025-05-07_3ac35cd3-fa98-4637-b9cd-78ff9c8234b5.pdf
Quarterly Report
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This report is available in German and English. Both versions can also be found on-line on our corporate website www.r-stahl.com under Corporate/Investor Relati-ons/IR News and Publications/Financial Reports. It contains forward-looking state-ments based on assumptions and estimates of R. STAHL's management. Although we assume that the expectations of these forward-looking statements are realis-tic, we cannot guarantee that these expectations will prove to be correct. The as-sumptions may involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Factors that may cause such discrepancies include: changes in the macroeconomic and business environment, exchange rate and interest rate fluctuations the roll-out of competing pro-ducts, a lack of acceptance of new products or services, and changes in business strategy. R. STAHL does not plan to update these forward-looking statements nor does it accept any obligation to do so.Die Inhalte dieser Mitteilung sprechen alle Geschlechter gleichermaßen an. Lediglich aus Gründen der Lesbarkeit und ohne jede Diskriminierungsabsicht wird die männliche Form verwendet. Damit sind alle Geschlechter einbezogen.
Alternative performance indicators
The alternative performance indicators EBITDA pre exceptionals and EBITDA margin pre exceptionals that are used in this report are not defined by international accounting standards. R. STAHL uses these indicators to improve the comparability of its business performance over time. EBITDA pre exceptionals is derived from earnings before interest, taxes, depreciation and amortization (EBITDA) less adjustments classified as exceptionals (restructuring charges, non-scheduled depreciation and amortization, charges for design and implementation of IT-projects, M&A costs, gains and loss from deconsolidation processes as well as gains and loss from the disposal of assets no longer required for business operations). EBITDA margin pre exceptionals describes EBITDA pre exceptionals in percentage of sales.
Rounding differences and rates of change
Percentages and figures in this report may include rounding differences. The sign of the rates of change is based on mathematical considerations: Improvements are marked with "+", deteriorations with "-". Rates of change > +100% are shown as > +100%, rates of change < -100% as "n/a" (not applicable).
Quarterly Statement
of R. STAHL Aktiengesellschaft for the period 1 January 2025 through 31 March 2025
CONTENTS
- 4 Key figures
- 5 Group management report
- 12 Consolidates financial statements
- 18 Selected explanatory notes
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
| € million | Q1 2025 | Q1 2024 | Change in % |
|---|---|---|---|
| Sales | 73.3 | 84.7 | -13.4 |
| Germany | 18.6 | 20.2 | -7.9 |
| Central region1) | 35.9 | 40.0 | -10.1 |
| Americas | 8.1 | 10.1 | -19.6 |
| Asia/Pacific | 10.7 | 14.4 | -26.0 |
| EBITDA pre exceptionals2) | 3.7 | 8.4 | -56.6 |
| EBITDA margin pre exceptionals2) | 5.0% | 9.9% | |
| EBITDA | 3.4 | 8.3 | -58.9 |
| EBIT | -1.3 | 4.1 | n/a |
| Net profit | -2.5 | 2.1 | n/a |
| Earnings per share (in €) | -0.39 | 0.33 | n/a |
| Order intake | 98.8 | 92.3 | +7.1 |
| Order backlog as of 31 March | 122.4 | 122.0 | +0.3 |
| Cash flow from operating activities | -0.4 | -0.7 | +39.0 |
| Free cash flow | -4.0 | -4.3 | +6.9 |
| Depreciation and amortization | 4.7 | 4.3 | +9.3 |
| Capital expenditures | 3.5 | 3.6 | -1.6 |
| 31 March 2025 | 31 Dec. 2024 | Changes in % | |
| Balance sheet total | 263.4 | 265.2 | -0.6 |
| Equity | 72.0 | 72.3 | -0.5 |
| Equity ratio | 27.3% | 27.3% | |
| Net financial debt 3) | 34.2 | 28.8 | +18.5 |
| Net financial debt incl. lease liabilities | 49.6 | 45.0 | +10.4 |
| Employees4) | 1,732 | 1,743 | -0.6 |
1) Africa and Europe without Germany
2)Exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for
designing and implementing IT projects, M&A costs, gains and losses from deconsolidation
transactions as well as gains and losses from the disposal of assets no longer required for
business operations.
3) Without pension provisions and without lease liabilities.
4) Without apprentices
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
Group management report
- Sales down 13.4% in the first quarter of 2025 to € 73.3 million (Q1 2024: € 84.7 million).
- Order intake improves by 7.1% year-on-year to € 98.8 million from January to March 2025
- EBITDA pre exceptionals down at € 3.7 million (Q1 2024: € 8.4 million).
- Net profit declines to € -2.5 million (Q1 2024: € 2.1 million). Earnings per share at € -0.39 (Q1 2024: € 0.33).
- Free cash flow improves by € 0.3 million to € -4.0 million (Q1 2024: € -4.3 million). Net financial liabilities increase to € 34.2 million.
the highest percentage decline, with sales in the reporting period falling € 10.7 million (Q1 2024: € 14.4 million).
Despite global challenges, demand for R. STAHL's products and services remained at a high level in the first three months of 2025. This is reflected in the increase in order intake to € 98.8 million (Q1 2024: € 92.3 million), a figure that exceeded the previous year's very good figure by 7.1%. While the order situation in Germany and the Central region declined by -0.9% and -9.7% respectively, order intake in the Asia/Pacific region increased by 84.0% to € 24.5 million due to the specific market requirements of the oil industry (Q1 2024: € 13.3 million). In America, the Group achieved a moderate increase of 3.0%. Given the high demand in the first quarter of 2025, order backlog increased compared to the level at the beginning of the year to € 122.4 million (31 December 2024: € 95.8 million)
SALES AND ORDER INTAKE
Demand for electrical and electronic explosion protection increased significantly in the first three months of 2025 compared to the previous year. Sales, however, were down in the same period due to weak demand in the second half of 2024. Order intake was primarily driven by orders from the shipbuilding, petrochemical and oil industries. Overall, sales in the first quarter of 2025 fell by 13.4% year-on-year to € 73.3 million (Q1 2024: € 84.7 million).
R. STAHL recorded declining sales rates in all sales regions in the first quarter of 2025. In Germany, sales were down 7.9% to € 18.6 million (Q1 2024: € 20.2 million). In the Central region - which consists of Africa and Europe excluding Germany - sales decreased by 10.1% to € 35.9 million (Q1 2024: € 40.0 million). The Americas region recorded a 19.6% drop in sales to € 8.1 million (Q1 2024: € 10.1 million). At 26.0%, the Asia/Pacific region had
GROUP SALES BY REGION
| € million | Q1 2025 |
Q1 2024 |
Change in % |
Share of Group sales in % |
|---|---|---|---|---|
| Germany | 18.6 | 20.2 | -7.9 | 25 |
| Central Region | 35.9 | 40.0 | -10.1 | 49 |
| Americas | 8.1 | 10.1 | -19.6 | 11 |
| Asia/Pacific | 10.7 | 14.4 | -26.0 | 15 |
| Total | 73.3 | 84.7 | -13.4 | 100 |
EBITDA AND EBIT
Earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals showed a year-on-year decline of € 4.8 million to € 3.7 million in the first quarter of 2025 (Q1 2024: € 8.4 million). This corresponds to an EBITDA margin pre exceptionals of 5.0% (Q1 2024: 9.9%). At € -0.2 million,
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
exceptionals were slightly higher than the previous year, resulting in EBITDA of € 3.4 million (Q1 2024: € 8.3 million).
Total operating performance from January to March was down 12.7% to € 80.1 million (Q1 2024: € 91.7 million) as a result of the lower sales volume. Inventories of finished and unfinished goods increased by € 5.7 million in the reporting period due to orders in progress and orders awaiting delivery (Q1 2024: € 6.1 million). Own work capitalized, which was mainly attributeable to development projects, amounted to € 1.1 million, which was € 0.1 million higher than in the previous year (Q1 2024: € 1.0 million).
The cost of materials in the first quarter of 2025 declined 16.8% to € -27.4 million (Q1 2024: € -33.0 million). The cost of materials ratio thus recorded a year-on-year decrease to 34.2% of total operating performance (Q1 2024: 35.9% of total operating performance).
Personnel expenses in the reporting period rose 3.5% to € -37.2 million (Q1 2024: € -36.0 million) mainly due to salary adjustments from collective bargaining agreements.
The balance of other operating income and other operating expenses decreased by € 2.4 million to € -12.1 million in the first three months 2025 (Q1 2024: € -14.5 million). In this context, other operating income increased by € 0.2 million to € 2.1 million, mainly due to higher exchange rate gains from currency translation (Q1 2024: € 1.9 million). Other operating expenses decreased by € 2.2 million to € -14.2 million (Q1 2024: € -16.4 million). In addition to lower expenses for services and temporary employees, there was a reduction in consulting costs in particular, which were incurred in the previous year due to the optimization program in the Finance area.
At € -4.7 million, amortization of intangible assets and depreciation of property, plant and equipment in the first quarter of 2025 was slightly higher than in the prior-year period (Q1 2024: € -4.3 million).
EBIT (earnings before interest and taxes) amounted to € -1.3 million in the reporting period (Q1 2024: € 4.1 million).
RECONCILIATION OF EBITDA PRE EXCEPTIONALS TO EBIT
| € million | Q1 2025 |
Q1 2024 |
Change | in income statement contained in |
|---|---|---|---|---|
| EBITDA pre exceptionals1) | 3.7 | 8.4 | -4.8 | |
| Exceptionals 1) | -0.2 | -0.1 | -0.2 | |
| Restructuring charges | -0.2 | -0.1 | -0.2 | |
| Severance pay | -0.2 | -0.1 | -0,2 | Personnel costs |
| Legal and consultancy costs | 0 | 0 | 0 | Other operating expenses |
| Other expenses | 0 | 0 | 0 | Other operating expenses and other operating income |
| EBITDA | 3.4 | 8.3 | -4.9 | |
| Depreciation and amortization | -4.7 | -4.3 | -0.4 | |
| EBIT | -1.3 | 4.1 | -5.3 |
1)Exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs, gains and losses from deconsolidation transactions as well as gains and losses from the disposal of assets no longer required for business operations.
Group management report
FINANCIAL RESULT
The financial result improved by € 0.2 million to € -1.5 million in the first quarter of 2025 (Q1 2024: € -1.7 million) due to a better interest result. Interest expenses decreased mainly due to the lower average utilization of loans and lower interest rates.
EARNINGS BEFORE TAXES
Compared to the prior year, earnings before income taxes were down by € 5.1 million to € -2.8 million in the reporting period (Q1 2024: € 2.3 million).
INCOME TAXES
Income taxes amounted to € 0.3 million in the first quarter of 2025 (Q1 2024: -€ 0.2 million). Of that amount, € -0.5 million related to effective taxes and € 0.8 million to deferred taxes.
NET PROFIT/EARNINGS PER SHARE
In the first first three months 2025, net profit compared with the prior-year quarter declined by € 4.6 million to € -2.5 million (Q1 2024: € 2.1 million). Earnings per share were lower at € -0.39 (Q1 2024: € 0.33).
RECONCILIATION OF EBIT TO EARNINGS PER SHARE
| € million | Q1 2025 |
Q1 2024 |
Change |
|---|---|---|---|
| EBIT | -1.3 | 4.1 | -5.3 |
| Financial result | -1.5 | -1.7 | +0.2 |
| Earnings before income taxes | -2.8 | 2.3 | -5.3 |
| Income taxes | 0.3 | -0.2 | +0.5 |
| Net profit | -2.5 | 2.1 | -4.6 |
| thereof attributable to other shareholders not applicable |
0.0 | 0.0 | +0.0 |
| thereof attributable to shareholders of R. STAHL AG |
-2.5 | 2.1 | -4.6 |
| Earnings per share (in €) | -0.39 | 0.33 | -0.72 |
| Average number of shares outstanding (weighted, in million units) |
6.44 | 6.44 | 0 |
ASSET POSITION
BALANCE SHEET STRUCTURE
The R. STAHL Group's balance sheet total decreased by € 1.7 million to € 263.4 million as of 31 March 2024 compared to the end of the previous year (31 December 2024: € 265.2 million).
At the balance sheet date, non-current assets decreased by € 0.3 million to € 139.0 million (31 December 2024: € 139.3 million).
Current assets amounted to € 124.4 million as of 31 March 2025 (31 December 2024: € 125.8 million). This corresponds to a decrease of € 1.4 million. While inventories of finished and unfinished goods increased by € 6.3 million due to orders in progress and orders awaiting delivery, trade receivables fell
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
by € 3.5 million. Cash and cash equivalents decreased by € 5.2 million to € 11.1 million in the first quarter of 2025.
Non-current liabilities decreased by a total of € 2.4 million to € 92.8 million at the end of the reporting period (31 December 2024: € 95.3 million). Provisions for pension obligations decreased by € 3.7 million due to an increase in the discount rate to an average of 3.92% (31 December 2024: 3.51%); lease liabilities decreased by € 0.5 million. Non-current liabilities increased by € 1.0 million to € 5.8 million (31 December 2024: € 4.8 million).
In the case of current liabilities, there was growth of € 1.0 million to € 98.6 million as of 31 March 2025 compared with the end of the previous year (31 December 2024: € 97.6 million). This was mainly due to higher accrued liabilities. This development was offset by trade payables, which were reduced by € 0.9 million in the reporting period, as well as a € 0.9 million decrease in the utilization of current interest-bearing loans.
Consolidated equity decreased by € 0.4 million in the first quarter of 2025 compared to the end of the prior year to € 72.0 million (31 December 2024: € 72.3 million). Net profit had a negative impact of € -2.5 million. There was a positive effect on accumulated other equity from currency translation due to a decrease in pension obligations. The equity ratio was stable at 27.3% as of 31 March 2025 (31 December 2024: 27.3%).
Group management report
31 March 2025 Balance sheet total € 263.4 million
Group management report
In the first quarter of 2025, cash flow decreased by € -4.7 million to
FINANCIAL POSITION
€ 1.6 million, mainly due to lower net profit (Q1 2024: € 6.2 million). The change in working capital fell to € -2.0 million after € -7.0 million in the same period of the previous year, in particular due to a decline in receivables in the current reporting period. The resulting cash flow from operating activities was € -0.4 million, compared with € -0.7 million in the same period of the previous year.
Investments in intangible assets and property, plant and equipment were slightly lower than in the previous year at € -3.5 million (Q1 2024: € -3.6 million). At € -3.5 million (Q1 2024: € -3.6 million), cash flow from investing activities was almost at the level of the previous year. Free cash flow totaled € -4.0 million in the reporting period (Q1 2024: € -4.3 million).
Cash flow from financing activities decreased year-on-year to € -1.0 million from January to March 2025 (Q1 2024: € 4.0 million). This was mainly due to lower interest-bearing financial debt and higher loan repayments. Lease liabilities of € 1.1 million were repaid in the first quarter of 2025.
As of 31 March 2025, the R. STAHL Group had cash and cash equivalents of € 11.1 million at its disposal (31 December 2024: € 16.3 million). Compared to 31 March 2024, cash and cash equivalents remained constant at € 11.1 million.
As a result of the negative free cash flow, net debt (excluding pension provisions and lease liabilities) increased by € 5.3 million to € 34.2 million as of 31 March 2025 compared with the level at the beginning of the year (31 December 2024: € 28.8 million).
RISKS AND OPPORTUNITIES
All R. STAHL subsidiaries regularly prepare a risk and opportunity report that takes into account the opportunities and risks of the company. Managing directors are required to inform the department responsible for opportunity and risk management of any significant events, including those that occur during the quarter. The relevant statements made in the Annual Report 2024 starting on page 41 continue to apply unchanged.
OUTLOOK
We first presented our assessment of the expected development of the R. STAHL Group in the current year in detail in the Outlook of the Annual Report 2024, which was published on 10 April 2024, starting on page 94. Based on the forecast for macroeconomic and sector-specific developments, well-filled order books and a positive demand trend at the start of the financial year, we expect to generate sales of between € 340 million and € 350 million in 2025. Assuming a similar level of cost efficiency, we expect earnings to develop in line with 2024. We do not foresee any supply-side bottlenecks or further price increases, provided there is no significant escalation of trade conflicts. Against this backdrop, we expect EBITDA pre exceptionals to be between € 35 million and € 40 million in financial year 2025. Assuming a constant interest rate level for the valuation of pension obligations, we expect a slight increase in the equity ratio for financial year 2025. In terms of free cash flow, we forecast a mid single-digit positive million euro amount. We also expect net debt to decline. Depending on business development and existing uncertainties, planned capital expenditures will be adjusted if necessary to ensure financial stability. Overall, we continue to adhere to these assessments.
Group management report
| FORCAST 2025 |
|---|
| -------------- |
| € million | Forcast 2025 |
Full year 2024 |
|---|---|---|
| Sales | 340 – 350 | 344.1 |
| EBITDA pre execeptionals |
35 – 40 | 34.4 |
| Free cash flow | Mid single-digit positive million euro amount |
14.7 |
| Equity ratio | slight increase |
27.3% |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
Consolidated financial statements
CONSOLIDATED INCOME STATEMENT
1 January to 31 March
| € 000 | Q1 2025 | Q1 2024 |
|---|---|---|
| Sales | 73,330 | 84,707 |
| Change in finished and unfinished products | 5,738 | 6,072 |
| Own work capitalized | 1,064 | 966 |
| Total operating performance | 80,132 | 91,745 |
| Other operating income | 2,134 | 1,933 |
| Cost of materials | -27,422 | -32,953 |
| Personnel costs | -37,234 | -35,981 |
| Depreciation and amortization | -4,683 | -4,283 |
| Other operating expenses | -14,186 | -16,407 |
| Earnings before financial result and income taxes (EBIT) | -1,259 | 4,054 |
| Result from companies consolidated using the equity method | 0 | 0 |
| Investment result | 32 | 51 |
| Interest and similar income | -1,569 | -1,795 |
| Interest and similar expense | -1,537 | -1,744 |
| Financial result | -2,796 | 2,310 |
| Earnings before taxes | 321 | -192 |
| Income taxes | -2,475 | 2,118 |
| Net profit | 22 | 10 |
| thereof attributable to other shareholders | -2,497 | 2,108 |
| thereof attributable to shareholders of R. STAHL AG | -0.39 | 0.33 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1 January to 31 March
| € 000 | Q1 2025 | Q1 2024 |
|---|---|---|
| Net profit | -2,475 | 2,118 |
| Gains/losses from currency translations of foreign subsidiaries, recognized in equity | -403 | -251 |
| Deferred taxes on gains/losses from currency translations | 0 | 0 |
| Currency translation differences after taxes | -403 | -251 |
| Other comprehensive income with reclassification to profit for the period | -403 | -251 |
| Gains/losses from the subsequent measurement of pension obligations, recognized in equity | 3,616 | 768 |
| Deferred taxes from pension obligations | -1,093 | -232 |
| Other comprehensive income without reclassification to profit for the period | 2,523 | 536 |
| Other comprehensive income (valuation differences recognized directly in equity) | 2,120 | 285 |
| thereof attributable to other shareholders | -3 | -1 |
| thereof attributable to shareholders of R. STAHL AG | 2,123 | 286 |
| Total comprehensive income after taxes | -355 | 2,403 |
| thereof attributable to other shareholders | 19 | 9 |
| thereof attributable to shareholders of R. STAHL AG | -374 | 2,394 |
- Key figures
- Group management report
- Consolidated financial statement s
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
CONSOLIDATED BALANCE SHEET
| € 000 | 31 M a rch 2025 |
31 De c. 2024 |
|---|---|---|
| ASSETS | ||
| Intangible assets | 47 ,568 |
47 ,798 |
| Property, plant and equipment | 78 ,119 |
78 ,811 |
| Investments in associated companies | 396 | 332 |
| Other financial Assets | 3 ,111 |
3 ,149 |
| Other non -current assets |
3 ,825 |
3 ,877 |
| Investment property | 5 ,977 |
5 ,347 |
| Deferred taxes | 138 ,996 |
139 ,314 |
| Non -current assets |
55 ,159 |
48 ,906 |
| Inventories and prepayments | 44 ,572 |
48 ,032 |
| Trade receivables | 0 | 0 |
| Contract receivables | 604 | 473 |
| Income tax claims | 13 ,034 |
12 ,157 |
| Other receivables and other assets | 11 ,062 |
16 ,268 |
| Cash and cash equivalents | 124 ,431 |
125 ,836 |
| Current assets | 263 ,427 |
265 ,150 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
CONSOLIDATED BALANCE SHEET
| € 000 | 31 March 2024 | 31 Dec. 2024 |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| Share capital | 16,500 | 16,500 |
| Capital reserve | 13,457 | 13,457 |
| Retained earnings | 60,601 | 63,098 |
| Accumulated other comprehensive income | -18,800 | -20,923 |
| Equity attributable to shareholders of R. STAHL AG | 71,758 | 72,132 |
| Non-controlling interests | 210 | 191 |
| Equity | 71,968 | 72,323 |
| Pension provisions | 66,534 | 70,254 |
| Other provisions | 2,668 | 2,640 |
| Interest-bearing loans | 5,828 | 4,831 |
| Lease liabilities | 11,376 | 11,900 |
| Other liabilities | 461 | 570 |
| Deferred taxes | 5,974 | 5,060 |
| Non-current liabilities | 92,841 | 95,255 |
| Other provisions | 6,991 | 7,175 |
| Trade payables | 16,663 | 17,609 |
| Contract liabilities | 17 | 68 |
| Interest-bearing loans | 39,416 | 40,283 |
| Lease liabilities | 4,060 | 4,218 |
| Deferred liabilities | 20,057 | 15,858 |
| Income tax liabilities | 718 | 873 |
| Other liabilities | 10,696 | 11,488 |
| Current liabilities | 98,618 | 97,572 |
| Total equity and liabilities | 263,427 | 265,150 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
CONSOLIDATED CASH FLOW STATEMENT
1 January to 31 March
| € 000 | Q1 2025 | Q1 2024 |
|---|---|---|
| Net profit | -2,475 | 2,118 |
| Depreciation, amortization and impairment of non-current assets | 4,683 | 4,283 |
| Changes in non-current provisions | -251 | -516 |
| Changes in deferred taxes | -800 | -280 |
| Equity valuation | 434 | 556 |
| Other income and expenses without cash flow impact | 1 | 88 |
| Result from the disposal of non-current assets | 1,592 | 6,249 |
| Cash flow | -4,719 | -9,443 |
| Changes in current provisions | 2,699 | 2,492 |
| Changes in inventories, trade receivables and other non-capex or non-financial assets | -2,020 | -6,951 |
| Changes in trade payables and other non-capex or non-financial liabilities not attributable to investing or financing activities |
-428 | -702 |
| Changes in working capital | -1,502 | -1,248 |
| Cash flow from operating activities | -1,997 | -2,308 |
| Cash outflow for capex on intangible assets | 16 | 48 |
| Cash outflow for capex on property, plant & equipment | -63 | -60 |
| Cash inflow from disposals of property, plant & equipment and investment property | -3,546 | -3,568 |
| Cash outflow for capex on non-current financial assets | -3,974 | -4,270 |
| Cash flow from investing activities | -1,119 | -1,028 |
| Free cash flow | 6,293 | 10,374 |
| Cash outflow for the repayment of lease liabilities | -6,174 | -5,389 |
| Cash inflow from interest-bearing liabilities | -1,000 | 3,957 |
| Cash outflow for repayment of interest-bearing liabilities | -4,974 | -313 |
| Cash flow from financing activities | -232 | -165 |
| Changes in cash and cash equivalents | 16,268 | 11,534 |
| Foreign exchange and valuation-related changes in cash and cash equivalents | 11,062 | 11,056 |
- Key figures
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
1 January to 31 March
Financial Calendar and Contact/Imprint
| Accumulated other comprehensive income | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| € 000 | Share capital | Capital reserves |
Retained earnings |
Currency translation |
Unrealized gains / losses from pension obligations |
Total accumulated other comprehensi ve income |
Total | Non controlling interests |
Equity | |
| 1 January 2024 | 16,500 | 13,457 | 57,280 | -6,333 | -13,346 | -19,679 | 67,558 | 160 | 67,718 | |
| Net profit | 2,108 | 2,108 | 10 | 2,118 | ||||||
| Accumulated other comprehensive income |
-250 | 536 | 286 | 286 | -1 | 285 | ||||
| Total comprehensive income |
2,108 | -250 | 536 | 286 | 2,394 | 9 | 2,403 | |||
| Dividend distribution | 0 | 0 | ||||||||
| 31 March 2024 | 16,500 | 13,457 | 59,388 | -6,583 | -12,810 | -19,393 | 69,952 | 169 | 70,121 | |
| 1 January 2025 | 16,500 | 13,457 | 63,098 | -6,395 | -14,528 | -20,923 | 72,132 | 191 | 72,323 | |
| Net profit | -2,497 | -2,497 | 22 | -2,475 | ||||||
| Accumulated other comprehensive income |
-400 | 2,523 | 2,123 | 2,123 | -3 | 2,120 | ||||
| Total comprehensive income |
-2,497 | -400 | 2,523 | 2,123 | -374 | 19 | -355 | |||
| Dividend distribution | 0 | 0 | ||||||||
| 31 March 2025 | 16,500 | 13,457 | 60,601 | -6,795 | -12,005 | -18,800 | 71,758 | 210 | 71,968 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
Selected explanatory notes
1. ACCOUNTING IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
The interim financial statements for the R. STAHL AG Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as applicable in the EU and in compliance with IAS 34 "Interim Financial Reporting". The interim consolidated financial statements have not been audited.
2. SCOPE OF CONSOLIDATION
In addition to R. STAHL AG, the interim consolidated financial statements include 29 domestic and foreign companies for which it is possible for R. STAHL AG to exercise a controlling influence.
The scope of consolidation is unchanged over 31 December 2024.
3. ACCOUNTING AND MEASUREMENT METHODS
GENERAL INFORMATION
The interim consolidated financial statements and the comparative figures for the prior-year period were generally prepared on the basis of the accounting and measurement methods applied in the consolidated financial statements for 2024. A description of these principles is published in the
notes to the consolidated financial statements 2024. This can be viewed on the Internet at www.r-stahl.com.
The Group's functional currency is the euro. Unless indicated otherwise, all amounts are stated in thousands of euros (€ 000).
The consolidated financial statements have been prepared using the cost principle. Accounting for derivative financial instruments is the exception to this rule, as these must be accounted for at fair value.
The carrying amounts of cash and cash equivalents, as well as current account loans closely approximate their fair values given the short maturity of these financial instruments. The carrying values of receivables and liabilities are based on historical costs, subject to usual trade credit terms, and also closely approximate their fair values.
The fair value of non-current liabilities is based on currently available interest rates for borrowing with the same maturity and credit rating profiles. The fair values of external liabilities is currently deviate only slightly from the carrying amounts.
To present the reliability of the valuation of financial instruments at fair value in a comparable manner, IFRS introduced a fair-value-hierarchy with the following three levels:
- Valuation on the basis of exchange price or market price for identical assets or liabilities (Level 1).
- Valuation on the basis of exchange price or market price for similar instruments or on the basis of assessment models that are based on market observable input parameters (Level 2).
- Valuation on the basis of assessment models with significant input parameters that are not observable on the market (Level 3).
The derivative financial instruments measured at fair value of the R. STAHL Group are valued in accordance with the fair value hierarchy Level 1, 2 and 3.
In the first three months of 2025, there were no reclassifications among the individual fair value hierarchies.
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
CASH FLOW STATEMENT
In accordance with IAS 7, the cash flow statement shows how the R. STAHL Group's flow of funds developed over the reporting period.
Cash and cash equivalents shown in the cash flow statement comprise cash on hand, cheques, and credit balances with banks. The item also includes securities with original maturities of up to three months.
EARNINGS PER SHARE
Earnings per share are calculated by dividing consolidated net profit – excluding non-controlling interests – by the average number of shares. Diluted earnings per share correspond to earnings per share.
4. SALES IN ACCORDANCE WITH IFRS 15
Sales presented in the income statement includes both sales from contracts with customers and sales not within the scope of IFRS 15.
A breakdown of sales by sales source is shown below:
| € 000 | 3M 2025 | 3M 2024 |
|---|---|---|
| Sales from contracts with customers | 73,076 | 84,453 |
| Rental income from investment property |
254 | 254 |
| Total | 73,330 | 84,707 |
A breakdown of sales by time of recognition is shown below :
| € 000 | 3M 2024 | 3M 2024 | |
|---|---|---|---|
| At a specific time | 70,635 | 81,951 | |
| Over a specific period | 2,695 | 2,756 | |
| Total | 73,330 | 84,707 |
Sales are recognized over a specified period with a high probability of occurrence within a period of one to two months.
5. FINANCIAL INSTRUMENTS
R. STAHL mainly accounts for derivative financial instruments at fair value. For this reason, a detailed reconciliation statement for the carrying amounts and fair values for the individual classes is not provided for reasons of materiality.
The fair values of derivative financial instruments are as follows:
| € 000 | 31 March 2025 | 31 Dec. 2024 |
|---|---|---|
| Positive market values | ||
| Currency derivatives without hedging relationship |
13 | 0 |
| Negative market values | ||
| Currency derivatives without hedging relationship |
78 | 200 |
| Interest rate derivatives without a hedging relationship |
383 | 399 |
6. NUMBER OF EMPLOYEES
The number of employees at the 31 March 2025 reporting date was 1,732 (31 December 2024: 1,743), not including apprentices.
7. CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
There were no significant changes to contingent liabilities and other financial obligations compared with 31 December 2024.
8. REPORT ON SIGNIFICANT RELATED PARTY TRANSACTIONS
There were no significant transactions with related parties in the reporting period.
9. EVENTS AFTER THE BALANCE SHEET DATE
There were no significant events after the balance sheet date.
Waldenburg, 6 May 2025
R. Stahl Aktiengesellschaft
Dr. Mathias Hallmann Tobias Popp
Chief Executive Officer / CEO Chief Commercial Officer / CCO
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact/Imprint
Financial Calendar 2O25
3 Juni 32nd Annual General Meeting
7 August Interim Report H1 2025
4 November
Quarterly Statement Q3 2025
Contact / Imprint
R. STAHL AG Investor Relations Judith Schäuble T: +49 7942 943 13 96 [email protected]
R. STAHL Aktiengesellschaft Am Bahnhof 30 74638 Waldenburg (Württ.) www.r-stahl.com