Quarterly Report • May 18, 2021
Quarterly Report
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This report is available in German and English language. Both versions can also be found online on our corporate website www.r-stahl.com under Corporate/Investor Relations/Financial Reports. It contains forward-looking statements based on assumptions and estimates of R. STAHL's management. Although we assume that the expectations of these forward-looking statements are realistic, we cannot guarantee that these expectations will prove to be correct. The assumptions 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 products, 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.
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 as well as profit and loss from the disposal of non-current assets no longer required for business operations). EBITDA margin pre exceptionals describes EBITDA pre exceptionals in percentage of sales.
Percentages and figures in this report may include rounding differences. The signs used to indicate rates of change are based on economic aspects. Improvements are indicated by a "+" sign, deteriorations by a "-" sign. Rates of change >+100% are shown as >+100%, rates of change <-100% as "n/a" (not applicable).
| Key Figures | |||
|---|---|---|---|
| in € million | Q1 2021 | Q1 2020 | Change in % |
| Sales | 58.2 | 65.1 | -10.6 |
| Germany | 14.6 | 16.9 | -13.4 |
| Central region 1) | 28.2 | 29.2 | -3.3 |
| Americas | 4.8 | 7.2 | -33.8 |
| Asia/Pacific | 10.5 | 11.8 | -10.6 |
| EBITDA pre exceptionals | 2.7 | 4.7 | -44.0 |
| EBITDA margin pre exceptionals | 4.6% | 7.3% | |
| EBITDA | 2.6 | 4.7 | -44.3 |
| EBIT | -1.5 | 0.5 | n/a |
| Net profit | -2.5 | -0.6 | n/a |
| Earnings per share in € | -0.39 | -0.10 | n/a |
| Order intake | 63.9 | 78.8 | -18.8 |
| Order backlog as of March 31 | 68.9 | 79.9 | -13.7 |
| Cash flow from operating activities | -1.3 | 0.9 | n/a |
| Depreciation and amortization | 4.1 | 4.2 | -1.3 |
| Capital expenditures | 3.2 | 2.3 | +37.1 |
| 31 March 2021 |
31 Dec. 2020 |
Change in % |
|
| Total assets | 255.5 | 256.2 | -0.3 |
| Equity | 51.4 | 48.1 | +6.7 |
| Equity ratio | 20.1 % | 18.8 % | |
| Net financial debt 2) | 11.6 | 5.8 | +99.5 |
| Net financial debt incl. lease liabilities pursuant to IFRS 16 | 38.2 | 33.1 | +15.4 |
| Employees 3) | 1,679 | 1,690 | -0.7 |
1) Africa and Europe excl. Germany
2) excl. pension provision and excluding lease liabilities
3) excl. apprentices
of R. Stahl Aktiengesellschaft for the period 1 January 2021 through 31 March 2021
Changes in the Executive Board and Supervisory Board of R. STAHL
R. STAHL is setting a course for ongoing consistent implementation of its strategic agenda with personnel changes to the Executive Board and Supervisory Board. Jürgen Linhard, member of the Executive Board of R. STAHL AG, left the company for personal reasons as of 31 March 2021. Furthermore, Rudolf Meier, member of the Supervisory Board and the Administrative Committee of R. STAHL AG, has stepped down from his position prematurely as of 15 April 2021.
As in the prior three quarters, R. STAHL's business development in Q1 2021 was again clearly impacted by the effects of the COVID 19 pandemic. The low order backlog at
By contrast, order intake in the first quarter of 2021 was significantly higher than sales. In fact, orders declined by 18.8% to €63.9 million compared to the very strong previous year (Q1 2020: €78.8 million). Compared to the previous quarter, however, this represents an increase of 20% (Q4 2020: €53.3 million). This encouraging performance was driven in particular by follow-up material requirements from major projects, catch-up effects from postponed procurement activities as well as maintenance and repair orders for production equipment in operation. As a result, order backlog increased to €68.9 million compared with the level at the beginning of the year (31 December 2020: €64.5 million).
| in € million | Q1 2021 | Q1 2020 | Change in % |
in % of Group sales |
|---|---|---|---|---|
| Germany | 14.6 | 16.9 | -13.4 | 25 |
| Central region | 28.2 | 29.2 | -3.3 | 49 |
| Americas | 4.8 | 7.2 | -33.8 | 8 |
| Asia/Pacific | 10.5 | 11.8 | -10.6 | 18 |
| Total | 58.2 | 65.1 | -10.6 | 100 |
€11.8 million).
The €6.9 million drop in sales also led to a decline in earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals in Q1 2021 which, due to targeted measures that included personnel cost adjustments, was limited to a decline of €2.1 million to €2.7 million (Q1 2020: €4.7 million). This resulted in an EBITDA margin pre exceptionals of 4.6% (Q1 2020: 7.3%). At <€-0.1 million, exceptionals remained at a very low level (Q1 2020: €-0.1 million), resulting in EBITDA of €2.6 million in the reporting quarter (Q1 2020: €4.7 million).
Total performance decreased by 12.7% to €61.3 million in the first quarter of 2021 (Q1 2020: €70.2 million). Reflected here is the reduction in inventories of finished goods and work in progress of €-2.3 million as a result of increased shipments.
Cost of materials decreased by 11.7% to €-21.4 million in the reporting period (Q1 2020: €-24.3 million), resulting in what continues to be a low cost of materials ratio that is at 35.0% of total performance – only slightly higher year-onyear (Q1 2020: 34.5% of total performance).
Personnel expenses fell by 4.7% to €-30.0 million in the reporting period (Q1 2020: €-31.5 million), mainly due to temporarily reduced working hours at the Waldenburg site.
The balance of other operating income and other operating expenses decreased by 26.0% to €-7.2 million in the first quarter of 2021 (Q1 2020: €-9.8 million). This was mainly attributable to lower travel expenses, lower legal and consulting fees, lower expenses for temporary workers and favorable changes in foreign exchange rates.
Amortization of intangible assets and depreciation of property, plant and equipment was largely unchanged compared with the previous year. In the reporting period, these amounted to €-4.1 million (Q1 2020: €-4.2 million).
This resulted in negative EBIT of €-1.5 million in the reporting period (Q1 2020: €0.5 million). EBIT was thus € 2.0 million below the level of the previous year
| in € million | Q1 2021 | Q1 2020 | Change | included in income statement under |
|---|---|---|---|---|
| EBITDA pre exceptionals | 2.7 | 4.7 | -2.1 | |
| Exceptionals 1) | -0.0 | -0.1 | 0.0 | |
| Restructuring charges | -0.0 | -0.1 | 0.0 | |
| Severance pay | -0.0 | -0.0 | -0.0 | Personnel costs |
| Legal and consulting costs | 0.0 | 0.0 | 0.0 | Other operating expenses |
| Others | 0.0 | 0.0 | 0.0 | Other operating expenses |
| EBITDA | 2.6 | 4.7 | -2.1 | |
| Depreciation and amortization | -4.1 | -4.2 | 0.1 | |
| EBIT | -1.5 | 0.5 | -2.0 |
At €-0.5 million, the financial result in the first quarter of 2021 was at the level of the previous year (Q1 2020: €-0.4 million). This mainly includes the result of ZADOV Goreltex, which is accounted for using the equity method, in the amount of €0.2 million (Q1 2020: €0.4 million) as well as interest and similar expenses in the amount of €-0.7 million (Q1 2020: €-0.8 million).
Earnings before income taxes decreased by €2.1 million year-on-year to €-2.0 million in the first quarter of 2021 (Q1 2020: €0.1 million).
Income taxes amounted to €-0.6 million in the first quarter of 2021 (Q1 2020: €-0.7 million). Of that amount, €-0.2 million related to effective taxes and €-0.4 million to deferred taxes.
In the first quarter of 2021, net profit fell by €1.9 million to € -2.5 million (Q1 2020: € -0.6 million). This corresponds to earnings per share of €-0.39 (Q1 2020: €-0.10).
| in € million | Q1 2021 | Q1 2020 | Change |
|---|---|---|---|
| EBIT | -1.5 | 0.5 | -2.0 |
| Financial result | -0.5 | -0.4 | -0.1 |
| Earnings before income taxes | -2.0 | 0.1 | -2.1 |
| Income taxes | -0.6 | -0.7 | +0.2 |
| Net profit | -2.5 | -0.6 | -1.9 |
| thereof attributable to other shareholders |
-0.0 | 0.0 | -0.0 |
| attributable to shareholders of R. STAHL AG | -2.5 | -0.6 | -1.9 |
| Earnings per share (in €) | -0.39 | -0.10 | -0.29 |
| Average number of shares outstanding (weighted, in million units) |
6.44 | 6.44 | 0 |
The R. STAHL Group's balance sheet total decreased slightly to €255.5 million as of 31 March 2021, compared to the end of the previous year (31 December 2020: €256.2 million).
Non-current assets decreased by €1.2 million as of the balance sheet date, mainly as a result of the decrease in deferred tax assets primarily attributable to the change in the discount rate used to valuate pension provisions.
There was a slight increase of €0.5 million in current assets to €103.7 million as of 31 March 2020 compared with the end of the previous year (31 December 2020: €103.2 million). Declining cash and cash equivalents were offset for the most part by an increase in inventories and trade receivables.
Non-current liabilities decreased by €7.1 million to €130.7 million by the end of the reporting period (31 December 2020: €137.8 million), mainly due to lower provisions for pension obligations which decreased by €6.0 million in the reporting period as a result of an increase in the discount rate. Lease liabilities also fell slightly by €0.7 million while interest-bearing loans declined by €0.3 million.
There was an increase of €3.2 million in current liabilities to €73.4 million as of 31 March 2021 compared with the end of the previous year (31 December 2021: €70.3 million). This was mainly due to an increase in the utilization of loans and higher accrued liabilities.
Equity improved by €3.2 million year-on-year to €51.4 million (31 December 2021: €48.1 million). This mainly reflects the beneficial effects of changes in foreign exchange rates and lower provisions for pension obligations. As a result, the equity ratio increased to 20.1% compared to the beginning of the year (31 December 2020: 18.8%).
Negative net profit led to a year-on-year reduction in cash flow of €2.3 million to € 1.8 million in the reporting quarter (Q1 2020: €4.1 million). At €-3.1 million, working capital remained nearly unchanged year-on-year (Q1 2020: €-3.2 million). There were various offsetting effects in the reporting quarter: a lower increase in inventories was countered mainly by a decrease in prepayments received and a
reduction in trade payables. In the prior year, pandemic-related delays in deliveries resulted in a significant increase in inventories, and a higher share of sales from major projects led to increased advance prepayments received. Overall, there was a decrease in cash flow from operating activities of €2.3 million to €-1.3 million in the first quarter of 2021 (Q1 2020: €0.9 million).
In line with our strategic goal of maintaining and expanding our technology leadership, we increased spending on innovation projects in the reporting quarter. Compared
to the previous year, this was reflected in an increase of €0.8 million in investments in intangible assets to € 2.0 million (Q1 2020: €1.2 million). Cash flow from investing activities in the first quarter of 2021 increased to €3.2 million (Q1 2020: €2.2 million). Overall, free cash flow in the reporting quarter was €-4.5 million, corresponding to €3.2 million below the prior-year figure (Q1 2020: €-1.3 million).
Cash flow from financing activities decreased year-onyear to €1.5 million in Q1 2021, mainly due to lower borrowings of interest-bearing financial liabilities (Q1 2020: €3.8 million). There was a slight year-on-year decline in the repayment of lease liabilities.
As of 31 March 2021, the R. STAHL Group had cash and cash equivalents of €17.2 million at its disposal (31 December 2020: €19.9 million). Compared to the previous year, cash and cash equivalents thus increased by €0.3 million (Q1 2020: €17.0 million).
The negative free cash flow resulted in an increase in net debt (excluding pension provisions and leasing liabilities) of €5.8 million to €11.6 million at the end of the reporting quarter compared with the level at the beginning of the year (31 December 2020: €5.8 million).
All R. STAHL subsidiaries regularly prepare an opportunity and risk 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 2020 starting on page 46 continue to apply unchanged.
We first presented our assessment of R. STAHL group's expected development in the current year in detail in the forecast beginning on page 78 of the Annual Report 2020, which was published on 16 April 2021. Accordingly, supported by a significant recovery in all relevant key markets, we anticipated year-on-year sales growth in the low single-digit percentage range for 2021, a development that should gain momentum in the course of the year. In this regard, the continued systematic implementation of our strategic agenda will result in a slight year-on-year decline in EBITDA pre exceptionals. This would lead to a slight reduction in the equity ratio for the year as a whole if the valuation of our pension provisions remains unchanged. We did not anticipate any significant change with regard to the very comfortable liquidity position we had at the beginning of the year. We continue to stand by this assessment and now detail it as follows:
For 2021, we expect sales to increase to between €250 million and € 256 million, with a weaker first half of the year followed by a significantly stronger second half. We expect EBITDA pre exceptionals for the full year to be between €17 million and €19 million.
| in € million | May 2021 | April 2021 | 2020 |
|---|---|---|---|
| Sales | 250 – 256 | low single-digit percentage growth | 246.5 |
| EBITDA pre exceptionals | 17 – 19 | slightly declining | 19.0 |
| Free cash flow | ~6 | stable | 5.7 |
| Equity ratio | >18% | slighty declining | 18.8% |
| Change | |||
|---|---|---|---|
| in €000 | Q1 2021 | Q1 2020 | in % |
| Sales | 58,173 | 65,104 | -10.6 |
| Change in finished and unfinished products | 1,832 | 4,108 | -55.4 |
| Other own work capitalized | 1,300 | 1,022 | +27.2 |
| Total operating performance | 61,305 | 70,234 | -12.7 |
| Other operating income | 3,139 | 3,371 | -6.9 |
| Cost of materials | -21,432 | -24,259 | +11.7 |
| Personnel costs | -30,048 | -31,537 | +4.7 |
| Other operating expenses | -10,359 | -13,134 | +21.1 |
| Earnings before financial result, income taxes and depreciation and amortization (EBITDA) |
2,605 | 4,675 | -44.3 |
| Depreciation and amortization | -4,113 | -4,169 | +1.3 |
| Earnings before financial result and income taxes (EBIT) | -1,508 | 506 | n/a |
| Result from companies consolidated using the equity method | 221 | 385 | -42.6 |
| Investment result | 0 | 0 | 0 |
| Interest and similar income | 24 | 42 | -42.9 |
| Interest and similar expenses | -706 | -835 | +15.4 |
| Financial result | -461 | -408 | -13.0 |
| Earnings before income taxes | -1,969 | 98 | n/a |
| Income taxes | -552 | -734 | +24.8 |
| Net profit | -2,521 | -636 | n/a |
| thereof attributable to other shareholders | -12 | 4 | n/a |
| thereof attributable to shareholders of R. STAHL AG | -2,509 | -640 | n/a |
| Earnings per share in € | -0.39 | -0.10 | n/a |
| in €000 | Q1 2021 | Q1 2020 | Change in % |
|---|---|---|---|
| Net profit | -2,521 | -636 | n/a |
| Gains/losses from currency translation of foreign subsidiaries, recognized in equity |
1,344 | -2,674 | n/a |
| Deferred taxes on gains/losses from currency translation | 0 | 0 | 0 |
| Currency translation differences after taxes | 1,344 | -2,674 | n/a |
| Other comprehensive income with reclassifications to profit for the period | 1,344 | -2,674 | n/a |
| Gains/losses from the subsequent measurement of pension obligations, recog | |||
| nized in equity | 5,961 | 6,700 | -11.0 |
| Deferred taxes from pension obligations | -1,573 | -1,956 | +19.6 |
| Other comprehensive income without reclassifications to | |||
| profit for the period | 4,388 | 4,744 | -7.5 |
| Other comprehensive income | |||
| (valuation differences recognized directly in equity) | 5,732 | 2,070 | >+100 |
| thereof attributable to other shareholders | 8 | -87 | n/a |
| thereof attributable to shareholders of R. STAHL AG | 5,724 | 2,157 | >+100 |
| Total comprehensive income after taxes | 3,211 | 1,434 | >+100 |
| thereof attributable to other shareholders | -4 | -83 | +95.2 |
| thereof attributable to shareholders of R. STAHL AG | 3,215 | 1,517 | >+100 |
| in €000 | 31 March 2021 |
31 Dec. 2020 |
Change |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 44,077 | 43,260 | 817 |
| Property, plant & equipment | 80,052 | 80,348 | -296 |
| Investments in associated companies | 10,024 | 9,803 | 221 |
| Other financial assets | 32 | 32 | 0 |
| Other assets | 1,654 | 1,497 | 157 |
| Investment property | 4,655 | 4,707 | -52 |
| Deferred taxes | 11,302 | 13,358 | -2,056 |
| Non-current assets | 151,796 | 153,005 | -1,209 |
| Inventories and prepayments | 39,283 | 36,938 | 2,345 |
| Trade receivables | 37,170 | 36,718 | 452 |
| Contract receivables | 609 | 637 | -28 |
| Income tax claims | 136 | 471 | -335 |
| Other receivables and other assets | 9,258 | 8,614 | 644 |
| Cash and cash equivalents | 17,244 | 19,854 | -2,610 |
| Current assets | 103,700 | 103,232 | 468 |
| Total assets | 255,496 | 256,237 | -741 |
| EQUITY AND LIABILITIES | |||
| Share capital | 16,500 | 16,500 | 0 |
| Capital reserves | 13,457 | 13,457 | 0 |
| Retained earnings | 57,537 | 60,046 | -2,509 |
| Accumulated other comprehensive income | -36,370 | -42,094 | 5,724 |
| Equity attributable to shareholders of R. STAHL AG | 51,124 | 47,909 | 3,215 |
| Non-controlling interests | 230 | 234 | -4 |
| Equity | 51,354 | 48,143 | 3,211 |
| Pension provisions | 97,170 | 103,149 | -5,979 |
| Other provisions | 2,060 | 2,048 | 12 |
| Interest-bearing financial liabilities | 8,442 | 8,781 | -339 |
| Lease liabilities | 20,349 | 21,050 | -701 |
| Other liabilities | 67 | 64 | 3 |
| Deferred taxes | 2,615 | 2,729 | -114 |
| Non-current liabilities | 130,703 | 137,821 | -7,118 |
| Provisions | 7,938 | 8,632 | -694 |
| Trade payables | 12,154 | 13,805 | -1,651 |
| Interest-bearing financial liabilities | 20,450 | 16,913 | 3,537 |
| Lease liabilities | 6,189 | 6,189 | 0 |
| Deferred liabilities | 15,980 | 12,394 | 3,586 |
| Income tax liabilities | 689 | 772 | -83 |
| Other liabilities | 10,039 | 11,568 | -1,529 |
| Current liabilities | 73,439 | 70,273 | 3,166 |
| Total equity and liabilities | 255,496 | 256,237 | -741 |
| in €000 | Q1 2021 |
Q1 2020 |
Change |
|---|---|---|---|
| Net profit | -2,521 | -636 | -1,885 |
| Depreciation, amortization and impairment | |||
| of non-current assets | 4,113 | 4,169 | -56 |
| Changes in non-current provisions | -2 | 11 | -13 |
| Changes in deferred taxes | 379 | 393 | -14 |
| Equity valuation | -221 | -385 | +164 |
| Other income and expenses without cash flow impact | 58 | 657 | -599 |
| Result from the disposal of non-current assets | -4 | -99 | +95 |
| Cash flow | 1,802 | 4,110 | -2,308 |
| Changes in current provisions | -737 | -619 | -118 |
| Changes in inventories, trade receivables and other non-capex or non-financial assets |
-2,370 | -7,766 | +5,396 |
| Changes in trade payables and other non-capex or non-financial liabilities not at | |||
| tributable to investing of financing activities | -34 | 5,200 | -5,234 |
| Changes in working capital | -3,141 | -3,185 | +44 |
| Cash flow from operating activities | -1,339 | 925 | -2,264 |
| Cash outflow for capex in intangible assets | -1,955 | -1,153 | -802 |
| Cash outflow for capex on property, plant & equipment | -1,264 | -1,195 | -69 |
| Cash inflow from the disposals of property, plant & equipment and real estate held as a financial investment |
20 | 122 | -102 |
| Cash flow from investing activities | -3,199 | -2,226 | -973 |
| Free cash flow | -4,538 | -1,301 | -3,237 |
| Distribution to/contribution from minority shareholders | 0 | 0 | 0 |
| Cash outflow for down payment of lease liabilities | -1,669 | -1,838 | +169 |
| Cash inflow from interest-bearing liabilities | 7,053 | 11,783 | -4,730 |
| Cash outflow for repayment of interest-bearing liabilities | -3,856 | -6,170 | +2,314 |
| Cash flow from financing activities | 1,528 | 3,775 | -2,247 |
| Changes in cash and cash equivalents | -3,010 | 2,474 | -5,484 |
| Foreign exchange and valuation-related changes in cash and cash equivalents |
400 | -453 | +853 |
| Cash and cash equivalents at the beginning of the period | 19,854 | 14,966 | +4,888 |
| Cash and cash equivalents at the end of the period | 17,244 | 16,987 | +257 |
| Equity attributable to shareholders | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Accumulated other comprehensive Income |
|||||||||
| Re | Unrealized | Total accu mulated other |
Non | ||||||
| Sub | tained | Currency | gains/ | compre | control | ||||
| scribed | Capital | earn | trans | losses from | hensive | ling in | |||
| in €000 | capital | reserves | ings | lation | pensions | income | Total | terests | Equity |
| 1 Jan. 2020 | 16,500 | 13,457 | 63,555 | -3,358 | -32,163 | -35,521 | 57,991 | 449 | 58,440 |
| Net profit | -640 | -640 | 4 | -636 | |||||
| Accumulated other comprehensive in come |
-2,587 | 4,744 | 2,157 | 2,157 | -87 | 2,070 | |||
| Total comprehen sive income |
-640 | -2,587 | 4,744 | 2,157 | 1,517 | -83 | 1,434 | ||
| Dividend distribution |
0 | 0 | |||||||
| 31 Mar. 2020 | 16,500 | 13,457 | 62,915 | -5,945 | -27,419 | -33,364 | 59,508 | 366 | 59,874 |
| 1 Jan. 2021 | 16,500 | 13,457 | 60,046 | -6,197 | -35,897 | -42,094 | 47,909 | 234 | 48,143 |
| Net profit | -2,509 | -2,509 | -12 | -2,521 | |||||
| Accumulated other comprehensive in come |
1,336 | 4,388 | 5,724 | 5,724 | 8 | 5,732 | |||
| Total comprehen sive income |
-2,509 | 1,336 | 4,388 | 5,724 | 3,215 | -4 | 3,211 | ||
| Dividend distribution |
0 | 0 | |||||||
| 31 Mar. 2021 | 16,500 | 13,457 | 57,537 | -4,861 | -31,509 | -36,370 | 51,124 | 230 | 51,354 |
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.
In addition to R. STAHL AG, the interim consolidated financial statements include 31 domestic and foreign companies for which it is possible for R. STAHL AG to exercise a controlling influence.
Enterprises over which the Company can exercise substantial influence are included in the consolidated financial statements as associates using the equity method. Since 2016, ZAVOD Goreltex Co. Ltd, Saint Petersburg, Russia, has been included in the consolidated financial statements as an associate using the equity method. The scope of consolidation is unchanged over 31 December 2020.
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 2020. A description of these principles is published in the notes to the consolidated financial statements 2020. 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 exclusively in accordance with the fair value hierarchy Level 2.
In the first three months of 2021, there were no reclassifications among the individual fair value hierarchies.
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 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.
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 | Q1 2021 |
Q1 2020 |
|---|---|---|
| Sales from contracts with cus tomers |
57,919 | 64,850 |
| Rental income from real estate held as financial investments |
254 | 254 |
| Total | 58,173 | 64,104 |
A breakdown of sales by time of recognition is shown below:
| €000 | Q1 2021 |
Q1 2020 |
|---|---|---|
| At a specific time | 55,293 | 61,646 |
| Over a specific period | 2,880 | 3,458 |
| Total | 58,173 | 65,104 |
Sales are recognized over a specified period with a high probability of occurrence within a period of one to two months.
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.
Waldenburg, 11 May 2021 R. Stahl Aktiengesellschaft
Dr Mathias Hallmann CEO
The fair values of derivative financial instruments are as follows:
| €000 | 31 March 2021 |
31 Dec. 2020 |
|---|---|---|
| Positive market values | ||
| Currency derivatives without hedging relationship |
25 | 130 |
| Negative market values | ||
| Currency derivatives without hedging relationship |
-9 | -16 |
The number of employees at the 31 March 2021 reporting date was 1,679 (31 December 2020: 1,690) not including apprentices.
There have been no significant changes to contingent liabilities and other financial obligations compared with 31 December 2020.
There were no significant transactions with related parties in the reporting period.
28th Annual General Meeting
Interim Report H1 2021
Interim Report Q3 2021
Dr. Thomas Kornek Senior Vice President Investor Relations & Corporate Communications T: +49 7942 943 13 95 F: +49 7942 943 40 13 95 [email protected]
R. Stahl Aktiengesellschaft Am Bahnhof 30 74638 Waldenburg (Württ.) www.r-stahl.com
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