Quarterly Report • Aug 11, 2022
Quarterly Report
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INTERIM REPORT HALF-YEAR 2022
This report is available in German and English. 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 mathematical aspects: improvements are indicated by a plus "+" sign, deteriorations by a "-" sign. Rates of change > +100% are shown as >+100%, rates of change < -100% as "n/a" (not applicable).
| Q2 | Q 2 | Change | Change | |||
|---|---|---|---|---|---|---|
| in $\epsilon$ million | 2022 | 2021 | in $%$ | 6M 2022 | 6M 2021 | in $%$ |
| Sales | 67.7 | 64.5 | $+4.9$ | 128.7 | 122.7 | $+4.9$ |
| Germany | 17.8 | 16.4 | $+8.7$ | 34.7 | 31.0 | $+11.9$ |
| Central region 1) | 29.1 | 28.4 | $+2.2$ | 57.3 | 56.7 | $+1.1$ |
| Americas | 8.5 | 5.3 | $+61.9$ | 14.9 | 10.1 | $+48.6$ |
| Asia/Pacific | 12.3 | 14.4 | $-14.9$ | 21.8 | 25.0 | $-12.8$ |
| EBITDA pre exceptionals 2} | 3.9 | 4.5 | $-13.5$ | 7.0 | 7.2 | $-3.2$ |
| EBITDA margin pre exceptionals 2} | 5.8% | 7.0% | 5.4% | 5.9% | ||
| EBITDA | 3.5 | 4.0 | $-11.8$ | 6.4 | 6.6 | $-2.5$ |
| FBIT | $-0.6$ | $-0.2$ | n/a | $-1.8$ | $-1.7$ | $-3.9$ |
| Net profit | $-0.9$ | $-1.2$ | $+27.8$ | $-6.3$ | $-3.7$ | $-69.1$ |
| Earnings per share (in $\epsilon$ ) | $-0.13$ | $-0.19$ | $+31.6$ | $-0.97$ | $-0.58$ | $-67.2$ |
| Order intake | 76.9 | 65.2 | $+17.8$ | 152.0 | 129.2 | $+17.7$ |
| Order backlog as of 30 June | 95.1 | 67.9 | $+40.1$ | |||
| Cash flow from operating activities | 8.4 | 3.6 | $>+100$ | 1.3 | 2.2 | $-44.2$ |
| Depreciation and amortization | 4.1 | 4.2 | $-0.9$ | $-0.9$ | 8.3 | $-1.2$ |
| Capital expenditures | 3.1 | 3.5 | $-11.0$ | 6.6 | 6.7 | $-0.9$ |
| 30 June 2022 |
31 Dec. 2021 |
Change in $%$ |
||||
| Balance sheet total | 259.7 | 246.0 | $+5.6$ | |||
| Equity | 61.0 | 49.8 | $+22.6$ | |||
| Equity ratio | 23.5% | 20.2% | ||||
| Net financial debt 3) | 23.2 | 18.3 | $+27.1$ | |||
| Net financial debt incl. lease liabilities | 45.2 | 41.4 | $+9.1$ | |||
| Employees 4) | 1,658 | 1,672 | $-0.8$ |
» Africa and Europe without Germany.
»Exceptionals: restructuring charges, non-scheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs as well as profit and loss from the
disp
«Without apprentices.
OF R. STAHL AKTIENGESELLSCHAFT FOR THE PERIOD 1 JANUARY 2022 THROUGH 30 JUNE 2022
Chief Operating Officer, Bernardo Kral, is stepping down from his position effective 30 June 2022 and leave the company at his own request. The search for a suitable successor has already been initiated. Until the appointment of his successor, CEO Dr. Mathias Hallmann will assume the management of the Group as sole member of the Executive Board.
For financial year 2022, the forecast from April 2022 has been defined more precisely. Sales are expected to be in the range of $\epsilon$ 270 - $\epsilon$ 275 million, with EBITDA pre exceptionals of $\epsilon$ 18 - $\epsilon$ 21 million. The equity ratio is expected to improve significantly compared to 2021. Due to the ongoing high liquidity requirements, free cash flow will be in the high singledigit negative million euro range.
R. STAHL's business development in the second quarter of 2022 shows an overall improvement compared to the previous year despite the ongoing Russia-Ukraine conflict as well as growing inflation risks and the associated negative impact on the global economy.
While in the previous year, the effects regarding the COVID-19 pandemic were still predominant, in the second quarter of 2022 - as was already the case in the three previous quarters - the negative impact
with regard to interrupted or disrupted supply chains and the associated price increases overshadowed R. STAHL's business recovery. It was possible to compensate for raw material price increases to a large extent through corresponding price adjustments. Sales were up 4.9% year-on-year to € 67.7 million ( $Q2 2021$ : $\epsilon$ 64.5 million), due in particular to continued strong demand in the chemical and pharmaceutical industries.
With the exception of Asia/Pacific, development was positive in all regions. In Germany, sales of €17.8 million were generated (Q2 2021: € 16.4 million), representing an increase of 8.7%. In addition to continued good demand from the chemical industry, sales in the mechanical engineering sector increased further compared with the prior-year quarter. In the Central region - which consists of Africa and Europe excluding Germany - sales of € 29.1 million were slightly higher than in the previous year ( $Q2$ 2021: $€$ 28.4 million). In this region, the chemical industry was also the main driver of the increase in sales. A significant recovery in the markets was evident in the Americas region. Sales increased by 61.9% to €8.5 million ( $Q2$ 2021: € 5.3 million). In particular, the recent return of fracking activities and the associated increased investment on the part of the oil and gas industry contributed to this development. By contrast, sales in the Asia/Pacific region dropped by 14.9% to € 12.3 million (Q2 2021: € 14.4 million), largely due to the prevailing COVID-19 restrictions in large parts of Asia.
Development of order intake in the second quarter of 2022 was significantly more positive than the development of sales. Here, orders rose to € 76.9 million (Q2 2021: € 65.2 million), an increase of 17.8%. This development was driven in particular by the noticeable recovery in demand across all regions and sectors.
In the first half of 2022, R. STAHL generated sales of € 128.7 million, which is a year-on-year increase of 4.9% (6M 2021: € 122.7 million). This positive development is due in particular to the strong second quarter of 2022. In the previous year, the first quarter in particular remained heavily impacted by the negative effects of the COVID-19 pandemic.
Order intake increased significantly year-on-year by € 22.8 million to € 152.0 million (6M 2021; € 129.2 million), an increase of 17.7%. The positive development of order intake from the first quarter of 2022 thus continued into the second quarter of 2022. Order backlog increased significantly to $\epsilon$ 95.1 million (30 June 2021: € 67.9 million).
| $\epsilon$ million | O 2 2022 |
Q 2 2021 |
Change in $%$ |
6M 2022 |
6M 2021 |
Change in % |
Share of Group sales in $%$ |
|---|---|---|---|---|---|---|---|
| Germany | 17.8 | 16.4 | $+8.7$ | 34.7 | 31.0 | $+11.9$ | 27 |
| Central Region | 29.1 | 28.4 | $+2.2$ | 57.3 | 56.7 | $+1.1$ | 44 |
| Americas | 8.5 | 5.3 | $+61.9$ | 14.9 | 10.1 | $+48.6$ | 12 |
| Asia/Pacific | 12.3 | 14.4 | $-14.9$ | 21.8 | 25.0 | $-12.8$ | 17 |
| Total | 67.7 | 64.5 | $+4.9$ | 128.7 | 122.7 | $+4.9$ | 100 |
Sales growth of 4.9%, coupled with rising cost items, resulted in earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals of € 3.9 million in the second quarter of 2022, a decrease of € 0.6 million year-on-year (Q2 2021: € 4.5 million). This resulted in an EBITDA margin pre exceptionals of 5.8% (Q2 2021: 7.0%). At €-0.4 million, exceptionals were slightly below the previous year (Q2 2021: €-0.6 million), resulting in EBITDA of $€ 3.5$ million in the reporting quarter ( $Q2 2021$ : € 4.0 million).
Total operating performance increased by 6.5% to $67.3$ million in the second quarter of 2022 (Q2 2021: € 63.2 million). This was due to the smaller reduction in finished and unfinished goods in the reporting quarter in comparison with the previous year, amounting to €-1.5 million (Q2 2021: €-2.6 million), with capitalized own work remaining virtually constant.
The cost of materials increased by 11.9% to $\epsilon$ -23.2 million in the reporting period (Q2 2021: €-20.7 million) mainly due to price increases. The cost of materials ratio thus increased year-on-year to 34.5% of total output (Q2 2021: 32.8% of total output).
Personnel expenses increased by 4.9% to €-31.7 million in the second quarter of 2022 (Q2 2021: $\epsilon$ -30.2 million), mainly due to higher capacities and a selective build up in headcounts as a result of increased capacity commitment in connection with material bottlenecks and disrupted supply chains.
The balance of other operating income and other operating expenses increased by $\epsilon$ 0.7 million to € -8.9 million in the reporting quarter ( $Q2$ 2021: €-8.2 million). While other operating expenses of €-12.2 million were $∈$ 2.3 million higher than in the previous year, other operating income increased by € 1.7 million to $\in$ 3.3 million (Q2 2021: $\in$ 1.6 million), mainly due to higher exchange rate gains.
Amortization of intangible assets and depreciation of property, plant and equipment amounted to € -4.1 million in the second quarter of 2022, which
was almost on a par with the prior-year period $(O2 2021. € -4.2$ million).
EBIT fell by $\epsilon$ 0.4 million to $\epsilon$ -0.6 million in the reporting period ( $Q2$ 2021: €-0.2 million).
In the first six months of 2022, EBITDA pre exceptionals decreased by € 0.2 million to € 7.0 million (6M 2021: € 7.2 million). This corresponds to an EBITDA margin pre exceptionals of 5.4% (6M 2021: 5.9%). At €-0.6 million, exceptionals were level with the previous year, resulting in EBITDA of €6.4 million (6M 2021: € 6.6 million).
Total operating performance increased by 7.5% to € 133.9 million in the first half of 2022 (6M 2021: € 124.5 million). While inventories of finished and unfinished goods increased by $\epsilon$ 2.5 million in the reporting period. They had decreased by € 0.8 million in the previous year.
| $\n in$ million | Q 2 2022 |
Q2 2021 |
Change | 6M 2022 |
6M 2021 |
Change | included in income statement under |
|---|---|---|---|---|---|---|---|
| EBITDA pre exceptionals 1) | 3.9 | 4.5 | $-0.6$ | 7.0 | 7.2 | $-0.2$ | |
| Exceptionals 1 | $-0.4$ | $-0.6$ | $+0.1$ | $-0.6$ | $-0.6$ | $+0.1$ | |
| Restructuring charges | $-0.4$ | $-0.6$ | $+0.1$ | $-0.6$ | $-0.6$ | $+0.1$ | |
| Serverance pay | $-0.4$ | $-0.6$ | $+0.1$ | $-0.6$ | $-0.6$ | $+0.1$ | Personnel costs |
| Legal and consulting costs | $\Omega$ | $-0.0$ | $+0.0$ | 0 | $-0.0$ | $+0.0$ | Other operating ex- penses |
| Others | $\Omega$ | 0 | 0 | 0 | $\overline{0}$ | 0 | Other operating ex- penses |
| EBITDA | 3.5 | 4.0 | $-0.5$ | 6.4 | 6.6 | $-0.2$ | |
| Depreciation and amortization | $-4.1$ | $-4.2$ | $+0.0$ | $-8.2$ | $-8.3$ | $+0.1$ | |
| EBIT | $-0.6$ | $-0.2$ | $-0.4$ | $-1.8$ | $-1.7$ | $-0.1$ |
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.
The cost of materials increased by 10.9% to $\epsilon$ -46.8 million (6M 2021: €-42.2 million) in the course of the higher total operating performance, but mainly due to price increases, resulting in a cost of materials ratio of 35.0% of total operating performance (6M 2021: 33.9% of total operating performance).
Personnel expenses increased to €-63.5 million in the first six months of the current year (6M 2021: $\epsilon$ -60.3 million). While the reduction in working time accounts had a mitigating impact in the previous year, the absence of this effect as well as salary adjustments and selective build up in headcounts due to increased capacity commitment in connection with material bottlenecks and disrupted supply chains led to an increase of €3.2 million.
Net other operating expenses and other operating income increased by 11.2% to €-17.2 million (6M 2021: €-15.5 million). This development is mainly attributable to higher travel expenses and an unfavorable exchange rate development.
Amortization of intangible assets and depreciation of property, plant and equipment was at the level of the previous year at €-8.2 million (6M 2021: € -8.3 million).
This resulted in EBIT of $\epsilon$ -1.8 million in the reporting period (6M 2021: €-1.7 million).
The financial result improved by $\epsilon$ 0.3 million to $\epsilon$ -0.1 million in the second quarter of 2022 (Q2 2021: $\epsilon$ -0.4 million). While interest expenses increased by €-0.1 million, the result of ZAVOD Goreltex, which is accounted for using the equity method, improved by € 0.4 million to $\in$ 0.8 million (Q2 2021: $\in$ 0.3 million).
With respect to the first six months of the current year, the financial result decreased by $\epsilon$ -2.8 million to € -3.6 million (6M 2021: € -0.8 million).
In connection with the existing Russia-Ukraine conflict and the downgrading of Russia to noninvestment grade, a partial impairment loss of $\epsilon$ 3.1 million was recognized on the existing investment in ZAVOD Goreltex in Q1 2022. Interest income and
interest expenses of €-1.6 million (6M 2021: €-1.4 million) are included in the financial result.
In comparison with the previous year, earnings before income taxes decreased by $\epsilon$ 0.1 million to $\epsilon$ -0.7 million in the second quarter of 2022 (Q2 2021: €-0.6 million).
As a result of the reduced financial result, earnings before income taxes amounted to €-5.4 million (6M 2021: $\epsilon$ -2.6 million) in the first six months of the current year.
| $\epsilon$ million | Q2 2022 |
02 2021 |
Change | 6M 2022 |
6M 2021 |
Change |
|---|---|---|---|---|---|---|
| EBIT | $-0.6$ | $-0.2$ | $-0.4$ | $-1.8$ | $-1.7$ | $-0.1$ |
| Financial result | $-0.1$ | $-0.4$ | $+0.3$ | $-3.6$ | $-0.8$ | $-2.8$ |
| Earnings before income taxes | $-0.7$ | $-0.6$ | $-0.1$ | $-5.4$ | $-2.6$ | $-2.8$ |
| Income taxes | $-0.2$ | $-0.6$ | $+0.4$ | $-0.9$ | $-1.2$ | $+0.3$ |
| Net profit | $-0.9$ | $-1.2$ | 0.3 | $-6.3$ | $-3.7$ | $-2.6$ |
| thereof | ||||||
| attributable to other shareholders | $+0.0$ | $\Omega$ | $+0.0$ | $-0.0$ | $-0.0$ | $+0.0$ |
| attributable to shareholders of R. STAHL AG | $-0.9$ | $-1.2$ | 0.3 | $-6.3$ | $-3.7$ | $-2.6$ |
| Earnings per share (in $\epsilon$ ) | $-0.13$ | $-0.19$ | 0.06 | $-0.97$ | $-0.58$ | $-0.39$ |
| Average number of shares outstanding (weighted, in million units) |
6.44 | 6.44 | 0 | 6.44 | 6.44 | 0 |
Income taxes amounted to $\epsilon$ -0.2 million in the second quarter of 2022 (Q2 2021: € -0.6 million). Of this amount, $\epsilon$ -0.4 million was attributable to effective taxes and $\epsilon$ 0.3 million to deferred taxes.
Income taxes of €-0.9 million (6M 2021: €-1.2 million) were incurred in the first six months of the reporting year. These are divided into €-0.6 million effective taxes and $\epsilon$ -0.3 million deferred taxes.
Consolidated net profit increased in the second quarter 2022 by € 0.3 million to €-0.9 million $(Q2 2021: \epsilon$ -1.2 million). This corresponds to earnings per share of € -0.13 (Q2 2021: € -0.19).
In the first half of 2022, the consolidated result fell by € 2.6 million to $\epsilon$ -6.3 million (6M 2021: $\epsilon$ -3.7 million). Earnings per share amount to €-0.97 (6M 2021: $\in -0.58$ ).
The balance sheet total of the R. STAHL Group increased to € 259.7 million as of 30 June 2022 compared to the end of the previous year (31 December 2021: € 246.0 million).
Non-current assets thus decreased by $\epsilon$ 11.1 million as of the balance sheet date. The decrease is mainly attributable to deferred tax assets resulting from the change in the discount rate used to measure pension obligations, the partial impairment loss on Russian atequity investments, and the reversal of non-current cash investments.
There was an increase of $\epsilon$ 24.8 million in current assets to € 116.0 million as of 30 June 2022 compared with the end of the previous year (31 December 2021: € 91.2 million). In addition to increased inventories of critical raw materials and an increase in inventories of finished and unfinished goods, higher cash and cash equivalents in particular led to an increase in current assets
Non-current liabilities decreased by € 25.2 million to $\epsilon$ 95.2 million at the end of the reporting period (31 December 2021: € 120.4 million), mainly due to lower provisions for pension obligations, which decreased by $\epsilon$ 24.5 million in the reporting period as a result of the increase in the discount rate.
In the case of current liabilities, there was an increase of € 27.7 million to € 103.5 million as of 30 June 2022 compared with the end of the previous year (31 December 2021: € 75.8 million). This was mainly due to an increase in the utilization of interest-bearing loans and other liabilities.
Equity improved by $\epsilon$ 11.3 million compared with the end of the previous year to € 61.0 million (31 December 2021: € 49.8 million). The positive equity effect from lower provisions for pension obligations compensated for the negative consolidated net income. This resulted in an equity ratio of 23.5% compared with 20.2% as of 31 December 2021.
Balance sheet total € 259.7 million
Cash flow was down by $\epsilon$ 2.9 million year-on-year to $\epsilon$ 0.3 million in the reporting quarter (Q2 2021: $\epsilon$ 3.2 million). The decline is attributable in particular to higher other non-cash income and expenses. Due to the lower working capital, there was an increase in cash flow from operating activities of $\epsilon$ 4.8 million to $\epsilon$ 8.4 million in the second quarter of 2022 (Q2 2021; $£ 36$ million)
Investments in intangible assets were at a slightly reduced level of € 1.9 million (Q2 2021: € 2.4 million). Together with investments in property, plant and equipment of €1.2 million ( $Q2$ 2021: €1.1 million), cash flow from investing activities amounted to € 3.0 million in the second quarter of 2022 ( $Q$ 2 2021: € 3.5 million). Overall, free cash flow of € 5.3 million was generated in the reporting quarter, an increase of € 5.2 million compared to the previous year ( $Q2$ 2021: $\in$ 0.1 million).
Cash flow from financing activities decreased in the second quarter of 2022 compared with the previous year to €-3.9 million, mainly due to the increased repayment of interest-bearing financial liabilities of $\epsilon$ -2.5 million in the reporting quarter. By contrast, only a minor amount of interest-bearing financial debt was taken up in the second quarter of 2022.
As of 30 June 2022, the R. STAHL Group had cash and cash equivalents of € 20.4 million at its disposal as of 30 June 2022 (31 December 2021: € 6.3 million). Compared to the previous year, cash and cash equivalents thus decreased by $\epsilon$ 1.5 million (Q2 2021; $$21.9$ million).
In the first six months of the reporting year, cash flow decreased by € 2.1 million to € 2.9 million (6M 2021: € 5.0 million) due to the lower consolidated net income. Working capital increased by €1.7 million in the reporting period. On the one hand, the inventory position was expanded and, on the other hand, trade pavables increased, with these effects almost offsetting each other. This resulted in cash flow from operating activities of €1.3 million (6M 2021: €2.2 million). Together with cash flow from investing activities of $\epsilon$ -3.3 million, which was $\epsilon$ 3.4 million lower than in the previous year (6M 2021: $\epsilon$ -6.7 million) due to the reversal of a long-term cash investment, this resulted
in a free cash flow of $\epsilon$ -2.0 million in the first six months of the reporting year (6M 2021: €-4.4 million).
Due to the $\epsilon$ 8.3 million higher utilization of loans, cash flow from financing activities increased by € 9.7 million to € 15.8 million (6M 2021: € 6.1 million).
Net debt (excluding pension provisions and lease liabilities) increased by $\epsilon$ 5.0 million to $\epsilon$ 23.2 million as of 30 June 2022 compared to the beginning of the year (31 December 2021: € 18.3 million) due to negative net profit and higher working capital.
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 2021 starting on page 39 continue to apply unchanged.
We first presented our assessment of the expected development of the R. STAHL Group in the current year in detail in the Forecast of the Annual Report 2021, which was published on 13 April 2022, starting on page 75. Accordingly, we assumed - based on the economic development forecast and the recent increase in order intake - a low double-digit percentage growth in sales for 2022 compared to the previous year. Against the backdrop of higher material prices and the fraught supply chain situation, we expected that the resulting burdens could not be fully passed on to customers, which is why EBITDA pre exceptionals was also expected to improve by a low double-digit percentage in the financial year. Uncertainties surrounding this sales and earnings growth related mainly to the Russia-Ukraine conflict and our 25% interest in ZAVOD Goreltex. Based on the assumption of a constant interest rate level for the measurement of pension provisions, we expected a slight overall decline in the equity ratio. Due to increasing capital expenditures for both property, plant and equipment and development projects, we expected a moderately negative free cash flow and an increase in net debt. The forecast is now specified as follows:
For 2022, we expect sales to increase to € 270 -€ 275 million. For the full year, we anticipate EBITDA pre exceptionals of between € 18 - € 21 million. Due to the continuing high liquidity requirements, we anticipate free cash flow at the end of the year to be in
the high single-digit negative million euro range. With regard to the equity ratio, we expect a significant increase, which is mainly attributable to the rising interest rate level for the measurement of pension provisions. This forecast is based on the assumptions that gas supplies in Europe are secure, global supply chains are increasingly normalizing, and that it will continue to be possible to pass on cost increases consistently.
| $\epsilon$ million | July 2022 | April 2022 | 2021 |
|---|---|---|---|
| Sales | 270 - 275 | low double-digit growth |
248.1 |
| EBITDA pre exceptionals 1) | $18 - 21$ | low double-digit growth |
17.9 |
| Free cash flow | high single-digit negative million euro amount |
slightly negative | $-6.3$ |
| Equity ratio | significant increase | slightly declining | 20.2% |
™ 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 lo
1 January to 30 June
| € 000 | Q 2 2022 |
Q 2 2021 |
Change in $%$ |
6M 2022 |
6M 2021 |
Change in $%$ |
|---|---|---|---|---|---|---|
| Sales | 67,698 | 64,531 | $+4.9$ | 128,684 | 122,704 | +4.9 |
| Change in finished and unfinished products | $-1,529$ | $-2.634$ | $+42.0$ | 2,526 | $-802$ | n/a |
| Own work capitalized | 1,163 | 1,302 | $-10.7$ | 2,657 | 2.602 | $+2.1$ |
| Total operating performance | 67,332 | 63,199 | $+6.5$ | 133,867 | 124,504 | $+7.5$ |
| Other operating income | 3.271 | 1,611 | $> +100$ | 5,407 | 4.750 | $+13.8$ |
| Cost of materials | $-23,226$ | $-20,749$ | $-11.9$ | $-46,794$ | $-42,181$ | $-10.9$ |
| Personnel costs | $-31,713$ | $-30,246$ | $-4.9$ | $-63.468$ | $-60,294$ | $-5.3$ |
| Depreciation and amortization | $-4,121$ | $-4,160$ | $+0.9$ | $-8,176$ | $-8.273$ | $+1.2$ |
| Other operating expenses | $-12,177$ | $-9.860$ | $-23.5$ | $-22,616$ | $-20,219$ | $-11.9$ |
| Earnings before financial result and in- come tax (EBIT) |
$-634$ | $-205$ | n/a | $-1.780$ | $-1,713$ | $-3.9$ |
| Result from companies consolidated using the equity method |
763 | 344 | $>+100$ | 1,099 | 565 | $+94.5$ |
| Investment result | $\mathbf 0$ | $\overline{0}$ | 0 | $-3.071$ | 0 | n/a |
| Interest and similar income | 8 | 11 | $-27.3$ | 14 | 35 | $-60.0$ |
| Interest and similar expense | $-829$ | $-735$ | $-12.8$ | $-1.637$ | $-1,441$ | $-13.6$ |
| Financial result | -58 | -380 | $+84.7$ | -3,595 | $-841$ | n/a |
| Earnings before taxes | $-692$ | -585 | $-18.3$ | $-5.375$ | $-2.554$ | n/a |
| Income taxes | $-172$ | $-611$ | $+71.8$ | $-911$ | $-1.163$ | $+21.7$ |
| Net profit/loss | $-864$ | $-1,196$ | $+27.8$ | $-6.286$ | $-3,717$ | $-69.1$ |
| thereof attributable to other shareholders | 3 | $\mathbf 0$ | n/a | $-10$ | $-12$ | $+16.7$ |
| thereof attributable to shareholders of R. STAHL AG |
$-867$ | $-1.196$ | $+27.5$ | $-6.276$ | $-3.705$ | $-69.4$ |
| Earnings per share in € | $-0.13$ | $-0.19$ | $+31.6$ | $-0.97$ | $-0.58$ | $-67.2$ |
1 January to 30 June
| $\epsilon$ 000 | Q 2 2022 |
Q 2 2021 |
Change in $%$ |
6M 2022 |
6M 2021 |
Change in $%$ |
|---|---|---|---|---|---|---|
| Net profit | -864 | $-1.196$ | $+27.8$ | $-6,286$ | $-3.717$ | $-69.1$ |
| Gains/losses from currency translations of foreign subsidiaries, recognized in equity |
$-216$ | $-546$ | $+60.4$ | 282 | 798 | $-64.7$ |
| Deferred taxes on gains/losses from currency translations |
0 | 0 | n/a | $\mathbf{0}$ | 0 | n/a |
| Currency translation differences after tax- es |
$-216$ | $-546$ | $+60.4$ | 282 | 798 | $-64.7$ |
| Other comprehensive income with reclas- sification of profit for the period |
$-216$ | -546 | $+60.4$ | 282 | 798 | $-64.7$ |
| Gains/losses from the subsequent measure- ment of pension obligations, recognized in equity |
13.862 | 430 | $> +100$ | 24,501 | 6,391 | $> +100$ |
| Deferred taxes from pension obligations | $-4.099$ | $-127$ | n/a | $-7.245$ | $-1.700$ | n/a |
| Other comprehensive income without re- classification to profit for the period |
9,763 | 303 | $>+100$ | 17,256 | 4,691 | $> +100$ |
| Other comprehensive income (valuation differences recognized directly in equity) |
9,547 | $-243$ | n/a | 17,538 | 5.489 | $>+100$ |
| thereof attributable to other shareholders | $-11$ | 5 | n/a | 13 | 13 | 0.0 |
| thereof attributable to shareholders of R. STAHL AG |
9.558 | $-248$ | n/a | 17,525 | 5.476 | $> +100$ |
| Total comprehensive income after tax | 8,683 | $-1,439$ | n/a | 11,252 | 1,772 | $>+100$ |
| thereof attributable to other shareholders | -8 | 5 | n/a | 3 | $\mathbf{1}$ | $>+100$ |
| thereof attributable to shareholders of R. STAHL AG |
8,691 | $-1,444$ | n/a | 11,249 | 1,771 | $> +100$ |
i.
| € 000 | 30 June 2022 |
31 Dec. 2021 |
Change |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 47,572 | 46,512 | $+1,060$ |
| Property, plant & equipment | 77,216 | 78,039 | -823 |
| Investments in associated companies | 9,208 | 11,180 | -1,972 |
| Other financial assets | 31 | 3,307 | $-3,276$ |
| Other assets | 2,072 | 1,801 | $+271$ |
| Investment property | 4,395 | 4,499 | $-104$ |
| Deferred taxes | 3,206 | 9,418 | $-6,212$ |
| Non-current assets | 143,700 | 154,756 | -11,056 |
| Inventories and prepayments | 49,431 | 39,635 | +9,796 |
| Trade receivables | 34,477 | 35,879 | -1,402 |
| Contract receivables | 37 | 520 | -483 |
| Income tax claims | 1,765 | 392 | $+1,373$ |
| Other receivables and other assets | 9,904 | 8,480 | $+1,424$ |
| Cash and cash equivalents | 20,389 | 6,342 | +14,047 |
| Current assets | 116,003 | 91,248 | +24,755 |
| Total assets | 259,703 | 246,004 | +13,699 |
| EQUITY AND LIABILITIES | |||
| Share capital | 16,500 | 16,500 | 0 |
| Capital reserve | 13,457 | 13,457 | 0 |
| Retained earnings | 48,863 | 55,139 | $-6,276$ |
| Accumulated other comprehensive income | $-18,018$ | $-35,543$ | $+17,525$ |
| Equity attributable to shareholders of R. STAHL AG | 60,802 | 49,553 | +11,249 |
| Non-controlling interests | 216 | 213 | +3 |
| Equity | 61,018 | 49,766 | $+11,252$ |
| Pension provisions | 70,991 | 95,485 | -24,494 |
| Other provisions | 2,497 | 2.522 | $-25$ |
| Interest-bearing financial liabilities | 1,749 | 2,424 | -675 |
| Lease liabilities | 16,003 | 17,322 | $-1,319$ |
| Other liabilities | 60 | 63 | -3 |
| Deferred taxes | 3,916 | 2,611 | $+1,305$ |
| Non-current liabilities | 95,216 | 120,427 | $-25,211$ |
| Provisions | 7,643 | 8,193 | -550 |
| Trade payables | 20,755 | 18,896 | $+1,859$ |
| Interest-bearing financial liabilities | 41,849 | 22,177 | +19,672 |
| Lease liabilities | 5,990 | 5,858 | $+132$ |
| Deferred liabilities | 13,458 | 12,417 | $+1,041$ |
| Income tax liabilities | 910 | 599 | $+311$ |
| Other liabilities | 12,864 | 7,671 | $+5,193$ |
| Current liabilities | 103,469 | 75,811 | $+27,658$ |
| Total equity and liabilities | 259,703 | 246,004 | +13,699 |
1 January to 30 June
| € 000 | Ο2 2022 |
02 2021 |
Change | 6M 2022 |
6M 2021 |
Change |
|---|---|---|---|---|---|---|
| Net profit | -864 | $-1,196$ | $+332$ | -6,286 | $-3,717$ | $-2.569$ |
| Depreciation, amortization and impairment of non-current assets |
4,120 | 4,160 | -40 | 11,246 | 8,273 | $+2,973$ |
| Changes in non-current provisions | -36 | -9 | $-27$ | -26 | $-11$ | $-15$ |
| Changes in deferred taxes | $-258$ | 430 | -688 | 301 | 809 | -508 |
| Equity valuationg | $-763$ | $-344$ | -419 | $-1,099$ | $-565$ | $-534$ |
| Other income and expenses without cash flow impact |
$-1,916$ | 192 | -2,108 | $-1,228$ | 250 | -1,478 |
| Result from the disposal of non-current as- sets |
-1 | -19 | +18 | 30 | $-23$ | +53 |
| Cash flow | 282 | 3,214 | $-2,932$ | 2,938 | 5.016 | $-2,078$ |
| Changes in current provisions | $-75$ | -286 | $+211$ | $-525$ | $-1,023$ | +498 |
| Changes in inventories, trade receivables and other non-capex or non-financial assets |
$-1,549$ | 675 | $-2,224$ | -9,447 | $-1.695$ | -7,752 |
| Changes in trade payables and other non- capex or non-financial liabilities not attributa- ble to investing or financing activities |
9,693 | $-15$ | $+9,708$ | 8,290 | $-49$ | $+8,339$ |
| Changes in working capital | 8.069 | 374 | $+7.695$ | $-1,682$ | $-2,767$ | $+1.085$ |
| Cash flow from operating activities | 8,351 | 3.588 | +4,763 | 1,256 | 2,249 | -993 |
| Cash outflow for capex on intangible assets | $-1,923$ | $-2,365$ | $+442$ | $-4,029$ | $-4,320$ | $+291$ |
| Cash outflow for capex on property, plant & equipment |
$-1,153$ | $-1,091$ | -62 | $-2,584$ | $-2,355$ | $-229$ |
| Cash inflow from disposals of property, plant & equipment and investment property |
12 | -33 | +45 | 31 | $-13$ | $+44$ |
| Cash inflow from disposals of non-current fi- nancial assets |
43 | 1 | +42 | 3,313 | 1 | $+3,312$ |
| Cash flow from investing activities | $-3,021$ | $-3.488$ | +467 | $-3,269$ | -6,687 | +3,418 |
| Free cash flow | 5,330 | 100 | +5,230 | $-2,013$ | -4,438 | $+2,425$ |
| Cash outflow for the down payment of lease liabilities |
$-1,563$ | $-1,611$ | +48 | $-3,148$ | $-3,280$ | +132 |
| Cash inflow from interest-bearing liabilities | 168 | 6,545 | $-6,377$ | 21,892 | 13,598 | $+8,294$ |
| Cash outflow for repayment of interest- bearing liabilities |
$-2,457$ | $-348$ | -2,109 | $-2,896$ | $-4.204$ | +1,308 |
| Cash flow from financing activities | $-3,852$ | 4,586 | $-8,438$ | 15,848 | 6,114 | $+9,734$ |
| Changes in cash and cash equivalents | 1,478 | 4,686 | $-3,208$ | 13,835 | 1,676 | $+12,159$ |
| Foreign exchange and valuation-related changes in cash and cash equivalents |
154 | -65 | $+219$ | 212 | 335 | $-123$ |
| Cash and cash equivalents at the beginning of the period |
18,757 | 17,244 | $+1,513$ | 6,342 | 19,854 | $-13,512$ |
| Cash and cash equivalents at the end of the period |
20,389 | 21,865 | $-1,476$ | 20,389 | 21,865 | -1,476 |
1 January to 30 June
| Share capital |
Capital reserves |
Retained earnings |
Currency trans- lation |
Unreal- ized gains/ losses from pensions |
Total accumu- lated other com- pre- hen- sive income |
Total | Non- control- ling interests |
Equity |
|---|---|---|---|---|---|---|---|---|
| 16,500 | 13,457 | 60,046 | $-6,197$ | $-35,897$ | $-42,094$ | 47,909 | 234 | 48,143 |
| $-3,705$ | $-3,705$ | $-12$ | $-3,717$ | |||||
| 785 | 4.691 | 5.476 | 5,476 | 13 | 5,489 | |||
| $-3,705$ | 785 | 4,691 | 5,476 | 1,771 | 1 | 1,772 | ||
| 0 | 0 | |||||||
| 16,500 | 13,457 | 56,341 | $-5,412$ | $-31,206$ | -36,618 | 49,680 | 235 | 49,915 |
| 16,500 | 13,457 | 55,139 | $-4,474$ | $-31,069$ | $-35,543$ | 49,553 | 213 | 49,766 |
| $-6.276$ | $\mathbf 0$ | $-6,276$ | $-10$ | $-6,286$ | ||||
| 269 | 17,256 | 17,525 | 17,525 | 13 | 17,538 | |||
| $-6,276$ | 269 | 17,256 | 17,525 | 11,249 | 3 | 11,252 | ||
| 0 | ||||||||
| 16,500 | 13,457 | 48,863 | $-4,205$ | $-13,813$ | $-18,018$ | 60,802 | 216 | 61,018 |
| Equity attributable to shareholders Accumulated other comprehensive income |
The interim financial statements for the R. STAHL 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 2021.
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 2021. A description of these principles is published in the notes to the consolidated financial statements 2021. This can be viewed on our website 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:
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 six months of 2022, 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 | 6M 2022 | 6M 2021 |
|---|---|---|
| Sales from contracts with cus- tomers |
128,177 | 122,197 |
| Rental income from investe- ment property |
507 | 507 |
| Total | 128,684 | 122,704 |
$\in 000$
Total
At a specific time
to two months.
Over a specific period
A breakdown of sales by time of recognition is shown below:
6M 2022
122,972
128,684
5,712
6M 2021
116,687
122,704
6,017
There have been no significant changes to contingent liabilities and other financial obligations compared with 31 December 2021.
There were no significant transactions with related parties in the reporting period.
Waldenburg, 11 August 2022
R. Stahl Aktiengesellschaft
5. FINANCIAL INSTRUMENTS
Sales are recognized over a specified period with a high probability of occurrence within a period of one
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 | 30 June 2022 |
31 Dec. 2021 |
|---|---|---|
| Positive market values | ||
| Currency derivatives without hedging relationship |
0 | |
| Negative market values | ||
| Currency derivatives without hedging relationship |
-66 | -49 |
The number of employees at the 30 June 2022 reporting date 1,658 (31 December 2021: 1,672) not including apprentices.
I attest - to the best of my knowledge - that the Interim Consolidated Financial Statements in accordance with applicable reporting principles give a true and fair view of the Group's asset, financial, and earnings position, and that the Interim Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the rest of the financial year.
Waldenburg, 11 August 2022
R. Stahl Aktiengesellschaft
Dr. Mathias Hallmann CEO
10 November Interim report as of 30 September 2022
28 - 29 November German Equity Forum
Judith Schäuble Investor Relations T: +49 7942 943 13 96 F: +49 7942 943 40 13 96 [email protected]
R. STAHL Aktiengesellschaft Am Bahnhof 30 74638 Waldenburg (Württ.) www.r-stahl.com
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