Quarterly Report • Nov 8, 2022
Quarterly Report
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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).
| $\epsilon$ million | Q 3 2022 |
Q 3 2021 |
Change in $%$ |
9M 2022 | 9M 2021 | Change in $%$ |
|---|---|---|---|---|---|---|
| Sales | 73.8 | 62.1 | $+18.8$ | 202.5 | 184.8 | $+9.6$ |
| Germany | 19.9 | 18.1 | $+10.1$ | 54.6 | 49.1 | $+11.2$ |
| Central region 1) | 29.8 | 24.6 | $+21.0$ | 87.0 | 81.3 | $+7.1$ |
| Americas | 8.7 | 6.1 | $+43.5$ | 23.7 | 16.1 | $+46.7$ |
| Asia/Pacific | 15.4 | 13.4 | $+15.3$ | 37.2 | 38.3 | $-3.0$ |
| EBITDA pre exceptionals 2} | 9.7 | 5.1 | $+89.7$ | 16.6 | 12.3 | $+35.3$ |
| EBITDA margin pre exceptionals 21 | 13.1 % | 8.2 % | 8.2 % | 6.6 % | ||
| EBITDA | 9.1 | 5.0 | $+83.1$ | 15.5 | 11.5 | $+34.4$ |
| EBIT | 5.0 | 0.8 | $>+100$ | 3.2 | $-0.9$ | n/a |
| Net profit | 5.2 | $-0.1$ | n/a | $-1.1$ | $-3.8$ | $+72.2$ |
| Earnings per share (in $\epsilon$ ) | 0.80 | $-0.01$ | n/a | $-0.17$ | $-0.59$ | $+71.2$ |
| Order intake | 80.1 | 63.2 | $+26.7$ | 232.0 | 192.4 | $+20.6$ |
| Order backlog as of 30 September | 100.7 | 68.1 | $+47.8$ | |||
| Cash flow from operating activities | $-6.5$ | 1.1 | n/a | $-5.2$ | 3.3 | n/a |
| Depreciation and amortization | 4.1 | 4.1 | $-1.5$ | 12.3 | 12.4 | $-1.3$ |
| Capital expenditures | 3.2 | 3.9 | $-17.5$ | 9.8 | 10.6 | $-7.0$ |
| 30 Sep. 2022 |
31 Dec. 2021 |
Change in $%$ |
||||
| Balance sheet total | 267.5 | 246.0 | $+8.8$ | |||
| Eauity | 71.3 | 49.8 | $+43.2$ | |||
| Equity ratio | 26.6 % | 20.2 % | ||||
| Net financial debt 3) | 33.7 | 18.3 | $+84.8$ | |||
| Net financial debt incl. lease liabilities | 54.7 | 41.4 | $+32.0$ | |||
| Emplovees 4 | 1,667 | 1,672 | $-0.3$ |
» 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 SEPTEMBER 2022
At the 29th Annual General Meeting on July 13, 2022 all agenda items were approved by a significant majority. In addition to the approval of the actions of the Executive Board and Supervisory Board, BDO AG Wirtschaftsprüfungsgesellschaft, Hamburg, was elected auditor for the current financial year. Shareholders also voted in favor of the compensation systems for the Executive Board and Supervisory Board and a relevant change to the Articles of Association.
R. STAHL's business recovery continued in the third quarter of 2022, with improvements as compared to the previous quarter as well as to the previous year. Ongoing supply chain disruptions, the continuing Russia-Ukraine conflict and advancing inflation, however, were holding back a more dynamic sales development. In the third quarter - as was also the case in previous quarters – the negative impact of interrupted or disrupted supply chains and the associated price increases were dominant factors, while the prior-year quarter was heavily impacted by the effects of the COVID-19 pandemic. Corresponding price adjustments largely compensated for increases in the price of raw materials.
Due to generally higher demand in all sales markets, but from the chemical and pharmaceutical industries in particular, quarterly sales increased by 18.8% yearon-year to €73.8 million (Q3 2021: €62.1 million).
Sales developed positively in all regions. Sales of € 19.9 million were generated in Germany (Q3 2021: € 18.1 million), an increase of 10.1%. In the Central Region - Africa and Europe excluding Germany sales were significantly higher than in the previous year, up 21.0% to € 29.8 million (Q3 2021: $\epsilon$ 24.6 million). In addition to chemicals and pharmaceuticals, the oil and gas industry were also the main drivers of sales growth in this region. Also in the Americas region, the strong market rebound continued in the third quarter. Sales here increased by 43.5% to €8.7 million (Q3 2021: €6.1 million). In this development is mainly due to the ongoing upturn in investment from the oil and gas industry combined with increased demand from the mechanical and plant engineering sectors in particular that contributed to this development. In the Asia/Pacific region, sales increased to € 15.4 million (Q3 2021: € 13.4 million), a 15.3% jump. Growth was characterized by an overall increased demand as a result of the generally lower COVID-19 restrictions.
Development of order intake in the third quarter of 2022 was once again significantly stronger than that of sales. Orders rose to € 80.1 million (Q3 2021: € 63.2 million), an increase of 26.7%. This development was driven in particular by the sustained recoverv in demand across all regions and sectors.
In the first nine months, R. STAHL generated sales of € 202.5 million, up 9.6% year-on-year (9M 2021: € 184.8 million). The positive development is due in particular to increased demand in the second and third quarters of 2022. In the prior year, the first quarter but also the second quarter, remained heavily impacted by the negative effects of the COVID-19 pandemic. The regions developed positively in the first nine months, with the exception of Asia, with rising demand benefiting the Americas region in particular.
Order intake in the first nine months rose significantly year-on-year by € 39.7 million to € 232.0 million (9M 2021: € 192.4 million), an increase of 20.6%.
The positive development of order intake from the first half of 2022 thus continues unabated. Order backlog in-creased significantly to € 100.7 million (30 September 2021: € 68.1 million).
| $\epsilon$ million | Q3 2022 |
Q3 2021 |
Change in $%$ |
9M 2022 |
9M 2021 |
Change in $%$ |
Share of Group sales in $%$ |
|---|---|---|---|---|---|---|---|
| Germany | 19.9 | 18.1 | $+10.1$ | 54.6 | 49.1 | $+11.2$ | 27 |
| Central Region | 29.8 | 24.6 | $+21.0$ | 87.0 | 81.3 | $+7.1$ | 43 |
| Americas | 8.7 | 6.1 | $+43.5$ | 23.7 | 16.1 | $+46.7$ | 12 |
| Asia/Pacific | 15.4 | 13.4 | $+15.3$ | 37.2 | 38.3 | $-3.0$ | 18 |
| Total | 73.8 | 62.1 | $+18.8$ | 202.5 | 184.8 | $+9.6$ | 100 |
Sales growth of 18.8% led to earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals of $\epsilon$ 9.7 million in the third quarter of 2022, representing a year-on-year increase of $\epsilon$ 4.6 million ( $Q3 2021$ : $\epsilon$ 5.1 million). This growth equates to an EBITDA margin pre exceptionals of 13.1% (Q3 2021: 8.2%). In the third quarter, exceptional items included foreign currency differences of €-0.4 million previously recognized in equity following the deconsolidation of R. STAHL Middle East FZE, Dubai (UAE), which led to a vear-on-vear increase in exceptional items of €-0.4 million (Q3 2021: €-0.1 million). This resulted in EBITDA of $\epsilon$ 9.1 million in the reporting quarter ( $Q3 2021$ : $€ 5.0$ million).
Total operating performance increased by 19.9% to € 76.0 million in the third quarter of 2022 (Q3 2021: € 63.4 million). This was due to the year-on-year increase in inventories of finished goods and work in progress of $\epsilon$ 1.0 million in the reporting quarter (Q3 2021: € 0.0 million), with capitalized own work remaining virtually constant.
The cost of materials in the reporting period rose 22.6% to €-26.9 million (Q3 2021: €-21.9 million), which was more or less in line with sales due to the price adjustments made. The material expense ratio amounted to 35.4% of total output (Q3 2021: 34.6% of total output).
Personnel expenses increased by 8.7% to €-30.4 million in the third quarter of 2022 ( $Q3$ 2021: €-28.0 million), mainly due to salary adjustments and the selective recruitment of employees.
The balance of other operating income and other operating expenses increased by $\epsilon$ 1.1 million to $\epsilon$ -9.6 million in the reporting quarter (Q3 2021: €-8.5 million). At $\epsilon$ -15.5 million, other operating expenses were $\epsilon$ 5.4 million higher than in the prior-year period, mainly due to higher exchange rate losses and increased travel expenses. At the same time, other operating income increased by €4.3 million to €5.9 million (Q3 2021: € 1.6 million), mainly due to higher exchange rate gains.
Amortization of intangible assets and depreciation of property, plant and equipment in the third quarter of 2022 was at the same level as in the previous year at € -4.1 million (Q3 2021: € -4.1 million).
EBIT increased by $\epsilon$ 4.2 million to $\epsilon$ 5.0 million in the reporting period (Q3 2021: € 0.8 million).
In the first nine months of 2022, EBITDA pre exceptionals increased 35.3% to € 16.6 million (9M 2021: € 12.3 million), resulting in an EBITDA margin pre exceptionals of 8.2% (9M 2021: 6.6%).
At $\epsilon$ -1.1 million, special items were higher than in the previous year, resulting in EBITDA of € 15.5 million (9M 2021: € 11.5 million).
| $\epsilon$ million | Q3 2022 |
Q 3 2021 |
Change | 9M 2022 |
9M 2021 |
Change | included in income statement under |
|---|---|---|---|---|---|---|---|
| EBITDA pre exceptionals 1) | 9.7 | 5.1 | $+4.6$ | 16.6 | 12.3 | $+4.3$ | |
| Exceptionals 1 | $-0.6$ | $-0.1$ | $-0.4$ | $-1.1$ | $-0.8$ | $-0.4$ | |
| Restructuring charges | $-0.1$ | $-0.1$ | $-0.0$ | $-0.7$ | $-0.8$ | $+0.0$ | |
| Serverance pay | $-0.1$ | $-0.1$ | $-0.0$ | $-0.7$ | $-0.7$ | $+0.0$ | Personnel costs |
| Legal and consulting costs | $\Omega$ | $\Omega$ | 0 | 0 | $-0.0 -$ | $+0.0$ | Other operating ex- penses |
| Others | $-0.4$ | $\Omega$ | $-0.4$ | $-0.4$ | $\overline{0}$ | $-0.4$ | Other operating ex- penses |
| EBITDA | 9.1 | 5.0 | $+4.1$ | 15.5 | 11.5 | $+4.0$ | |
| Depreciation and amortization | $-4.1$ | $-4.1$ | $+0.1$ | $-12.3$ | $-12.4$ | $+0.2$ | |
| EBIT | 5.0 | 0.8 | $+4.2$ | 3.2 | $-0.9$ | $+4.1$ |
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
Total operating performance increased by 11.7% to $\epsilon$ 209.8 million in the first nine months of the vear (9M 2021: € 187.9 million). Inventories of finished and unfinished goods increased by $\epsilon$ 3.6 million in the reporting period, whereas they had declined by $\epsilon$ 0.8 million in the previous year.
In the wake of the higher total operating performance, however, the cost of materials rose by 14.9% to €-73.7 million (9M 2021: €-64.1 million). This corresponds to a cost of materials ratio of 35.1% of total operating performance (9M 2021: 34.1% of total operating performance).
Personnel expenses increased to $\epsilon$ -93.8 million in the first nine months of the current year (9M 2021: €-88.3 million). While short-time working programs and the reduction of working time accounts had a favorable effect in the previous year, the absence of these effects as well as salary adjustments and the selective recruitment of new employees led to an increase of € 5.6 million.
Net other operating expenses and other operating income increased by € 2.8 million to €-26.8 million $(9M 2021: \epsilon$ -24.0 million). This development is primarily attributable to higher travel expenses. Exchange rate effects had a positive impact on the bottom line.
Amortization of intangible assets and depreciation of property, plant and equipment was at the level of the previous year at €-12.3 million (9M 2021: €-12.4 million).
This resulted in EBIT of $\epsilon$ 3.2 million in the reporting period (9M 2021: €-0.9 million).
The financial result improved by $\epsilon$ 0.8 million to $\epsilon$ 0.4 million in the third quarter of 2022 ( $Q3$ 2021: $€ -0.3$
million). Interest expenses increased by $\epsilon$ -0.1 million to $\epsilon$ -0.8 million (Q3 2021: $\epsilon$ -0.7 million) as a result of the higher utilization of loans. Earnings from company of ZAVOD Goreltex accounted for using the equity method improved by € 0.9 million to € 1.3 million (Q3 2021: € 0.4 million).
In the first nine months of the current year, the financial result was down $\epsilon$ -2.0 million to $\epsilon$ -3.2 million $(9M 2021: \epsilon -1.2 \text{ million})$ . While the result from the existing investment in ZAVOD Goreltex increased sharply year-on-year in the first nine months, the investment was partially written down in the amount of € 3.1 million as a result of the Russia-Ukraine conflict and the downgrading of Russia to non-investment grade in the first quarter of 2022.
Interest income and interest expenses are included in the financial result with a net balance of $\epsilon$ -2.4 million (9M 2021: €-2.1 million).
Earnings before taxes increased by $\epsilon$ 4.9 million to € 5.4 million in the third quarter of 2022 (Q3 2021: $\in$ 0.5 million).
As a result of the lower financial result, earnings before taxes amounted to €0.1 million (9M 2021: $\epsilon$ -2.1 million) in the first nine months of the current vear.
| $\epsilon$ million | Q3 2022 |
Q 3 2021 |
Change | 9M 2022 |
9M 2021 |
Change |
|---|---|---|---|---|---|---|
| EBIT | 5.0 | 0.8 | $+4.2$ | 3.2 | $-0.9$ | $+4.1$ |
| Financial result | 0.4 | $-0.3$ | $+0.8$ | $-3.2$ | $-1.2$ | $-2.0$ |
| Earnings before income taxes | 5.4 | 0.5 | $+4.9$ | 0.1 | $-2.1$ | $+2.1$ |
| Income taxes | $-0.2$ | $-0.6$ | $+0.4$ | $-1.1$ | $-1.8$ | 0.6 |
| Net profit | 5.2 | $-0.1$ | $+5.3$ | $-1.1$ | $-3.8$ | $+2.8$ |
| thereof | ||||||
| attributable to other shareholders | 0.0 | $-0.0$ | $+0.0$ | $+0.0$ | $-0.0$ | $+0.0$ |
| attributable to shareholders of R. STAHL AG | 5.2 | $-0.1$ | $+5.3$ | $-1.1$ | $-3.8$ | $+2.7$ |
| Earnings per share (in $\epsilon$ ) | 0.80 | $-0.01$ | $+0.81$ | $-0.17$ | $-0.59$ | $+0.42$ |
| Average number of shares outstanding (weighted, in million units) |
6.44 | 6.44 | 0 | 6.44 | 6.44 | 0 |
Income taxes decreased by $\epsilon$ 0.4 million to $\epsilon$ -0.2 million in the third quarter of 2022 ( $Q3$ 2021: €-0.6 million). Of this total, €-0.1 million was attributable to effective taxes and $\epsilon$ -0.1 million was attributable to deferred taxes.
In the first nine months of the reporting year, income taxes of €-1.1 million (9M 2021: €-1.8 million) were incurred. These are divided into €-0.7 million in effective taxes and $\epsilon$ -0.4 million in deferred taxes.
In the third quarter of 2022, net profit improved by € 5.3 million to € 5.2 million (Q3 2021: € -0.1 million). This corresponds to earnings per share of $\epsilon$ 0.80 $(Q3 2021. \in 0.01)$ .
Net profit improved by $\epsilon$ 2.8 million to $\epsilon$ -1.1 million in the first nine months (9M 2021: €-3.8 million). Earnings per share increased to €-0.17 (9M 2021: $\in$ -0.59).
As of 30 September 2022, the balance sheet total of the R. STAHL Group increased to € 267.5 million compared to the end of the previous year (31 December 2021: € 246.0 million).
Non-current assets fell € 9.8 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 reversal of non-current cash investments and lower right-of-use assets.
By contrast, current assets were up $\epsilon$ 31.4 million compared with the end of the previous year to € 122.6 million as of 30 September 2022 (31 December 2021: € 91.2 million). In addition to increased inventories of critical raw materials, an increase in inventories of finished and unfinished goods as well as higher trade receivables, higher cash and cash equivalents in particular led to an increase in current assets.
Non-current liabilities decreased by € 31.5 million At the end of the reporting period, non-current liabilities decreased by € 31.5 million to € 88.9 million (31 December 2021: € 120.4 million), mainly due to lower provisions for pension obligations, which decreased by $\epsilon$ 31.3 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 €31.6 million to €107.4 million as of 30 September 2022 compared with the end of the previous year (31 December 2021: € 75.8 million). This was mainly attributable to the higher utilization of interest-bearing loans and accrued liabilities.
Compared with the end of the previous year, equity improved by € 21.5 million to € 71.3 million (31 December 2021: €49.8 million). The combination of the positive equity effect from lower provisions for pension obligations and the negative consolidated net income was able to compensate for this. This resulted in an equity ratio of 26.6% compared to 20.2% as of 31 December 2021.
30 September 2022
In the reporting quarter, cash flow increased by $\epsilon$ 5.4 million year-on-year to €9.7 million (Q3 2021: €4.3 million). The increase is primarily attributable to the higher net profit as well as increases in other income and expenses with no impact on cash flow. Due to the significant increase in working capital, there was a decrease in cash flow from operating activities of $\epsilon$ -7.6 million to $\epsilon$ -6.5 million in the third quarter of 2022 (Q3 2021: € 1.1 million).
At €-1.8 million ( $Q3$ 2021: €-2.5 million), investments in intangible assets were slightly below the level of the previous year. In combination with investments in property, plant and equipment of €-1.4 million $(Q3 2021: \epsilon$ -1.4 million), cash flow from investing activities in the third quarter of 2022 amounted to $\epsilon$ -3.1 million (Q3 2021: €-3.7 million). Overall, free cash flow of $\epsilon$ -9.6 million was generated in the reporting quarter ( $Q3$ 2021: $\varepsilon$ -2.6 million).
Cash flow from financing activities increased in the third quarter of 2022 compared to the previous year to €7.0 million mainly due to the increased use of interest-bearing loans in the amount of €8.8 million in the reporting quarter. Cash outflow for the payment of lease liabilities was almost at the level of the previous year.
As of 30 September 2022, the R. STAHL Group had cash and cash equivalents of € 18.4 million at its disposal (31 December 2021: € 6.3 million). Compared to the previous year, cash and cash equivalents thus decreased by € 2.0 million (Q3 2021: € 20.4 million).
In the first nine months of the reporting year, cash flow rose by € 3.3 million to € 12.6 million (9M 2021: $\epsilon$ 9.3 million) due to the increase in net profit and higher depreciation and amortization. Working capital increased by $\epsilon$ 17.9 million in the reporting period (9M 2021: € 5.9 million). The primary driver of this development was the strong increase in inventories. Trade payables and other liabilities also increased as of the reporting date. This resulted in a cash flow from operating activities of $\epsilon$ -5.2 million (9M 2021: $\epsilon$ 3.3 million). Together with a cash flow from investing activities of $\epsilon$ -6.3 million, which was $\epsilon$ 4.1 million lower than in the previous year (9M 2021: €-10.4 million), mainly as a result of the winding up of a longterm cash investment, this resulted in a free cash flow of $\epsilon$ -11.6 million in the first nine months of the reporting year (9M 2021: €-7.1 million).
Due to the $\epsilon$ 15.5 million higher utilization of loans, cash flow from financing activities increased by € 15.7 million to € 22.8 million (9M 2021: € 7.1 mil- $\ln 2$
Net debt (not including pension provisions and lease liabilities) increased by € 15.4 million to € 33.7 million as of 30 September 2022 compared to the beginning of the year (31 December 2021: € 18.3 million), mainly due to the 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 was elaborated as follows in the context of the half-year reporting:
For 2022, we expect sales to increase to € 270 - $\epsilon$ 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.
In the course of third-quarter reporting, we have again fine-tuned our free cash flow guidance and now expect free cash flow to be in the low double-digit negative million euro range.
| October | July | |||
|---|---|---|---|---|
| $\epsilon$ million | 2022 | 2022 | April 2022 | 2021 |
| Sales | $270 - 275$ | $270 - 275$ | low double-digit growth |
248.1 |
| EBITDA pre exceptionals 1) | $18 - 21$ | $18 - 21$ | low double-digit growth |
17.9 |
| Free cash flow | low double-digit negative million euro range |
high single-digit negative million euro amount |
slightly negative | $-6.3$ |
| Equity ratio | significant in- crease |
significant in- crease |
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 longer required for business operations.
1 January to 30 September
| € 000 | Q 3 2022 |
Q3 2021 |
Change in % |
9M 2022 |
9M 2021 |
Change in % |
|---|---|---|---|---|---|---|
| Sales | 73,821 | 62,139 | $+18.8$ | 202,505 | 184,843 | $+9.6$ |
| Change in finished and unfinished products | ||||||
| 1,037 | 39 | $>+100$ | 3,563 | $-763$ | n/a | |
| Own work capitalized | 1,100 | 1,174 | $-6.3$ | 3,757 | 3,776 | $-0.5$ |
| Total operating performance | 75,958 | 63,352 | $+19.9$ | 209,825 | 187,856 | $+11.7$ |
| Other operating income | 5.938 | 1,629 | $>+100$ | 11,345 | 6.379 | $+77.8$ |
| Cost of materials | $-26,877$ | $-21.926$ | $-22.6$ | $-73,671$ | $-64.107$ | $-14.9$ |
| Personnel costs | $-30.379$ | $-27.959$ | $-8.7$ | $-93.847$ | $-88.253$ | $-6.3$ |
| Depreciation and amortization | $-4.081$ | $-4.143$ | $+1.5$ | $-12,257$ | $-12,416$ | $+1.3$ |
| Other operating expenses | $-15,544$ | $-10.127$ | $-53.5$ | $-38,160$ | $-30,346$ | $-25.7$ |
| Earnings before financial result and in- come tax (EBIT) |
5,015 | 826 | $> +100$ | 3,235 | -887 | n/a |
| Result from companies consolidated using the equity method |
1,255 | 363 | $>+100$ | 2,354 | 928 | $> +100$ |
| Investment result | 0 | $\Omega$ | n/a | $-3,071$ | 0 | n/a |
| Interest and similar income | 9 | 32 | $-71.9$ | 23 | 67 | $-65.7$ |
| Interest and similar expense | $-833$ | $-722$ | $-15.4$ | $-2,470$ | $-2,163$ | $-14.2$ |
| Financial result | 431 | $-327$ | n/a | $-3,164$ | $-1.168$ | n/a |
| Earnings before taxes | 5,446 | 499 | $>+100$ | 71 | $-2.055$ | n/a |
| Income taxes | $-220$ | $-598$ | $+63.2$ | $-1.131$ | $-1.761$ | $+35.8$ |
| Net profit/loss | 5,226 | -99 | n/a | $-1,060$ | $-3.816$ | $+72.2$ |
| thereof attributable to other shareholders | 24 | $-13$ | n/a | 14 | $-25$ | n/a |
| thereof attributable to shareholders of R. STAHL AG |
5,202 | $-86$ | n/a | $-1,074$ | $-3.791$ | $+71.7$ |
| Earnings per share in $\epsilon$ | 0.80 | $-0.01$ | n/a | $-0.17$ | $-0.59$ | $+71.2$ |
1 January to 30 September
| € 000 | Ω3 2022 |
Q 3 2021 |
Change in $%$ |
9M 2022 |
9M 2021 |
Change in $%$ |
|---|---|---|---|---|---|---|
| Net profit | 5.226 | -99 | n/a | $-1,060$ | $-3.816$ | $+72.2$ |
| Gains/losses from currency translations of foreign subsidiaries, recognized in equity |
513 | 367 | $+39.8$ | 795 | 1,165 | $-31.8$ |
| Deferred taxes on gains/losses from currency translations |
0 | $\mathbf{0}$ | n/a | 0 | $\Omega$ | n/a |
| Currency translation differences after tax- es. |
513 | 367 | $+39.8$ | 795 | 1,165 | $-31.8$ |
| Other comprehensive income with reclas- sification of profit for the period |
513 | 367 | $+39.8$ | 795 | 1.165 | $-31.8$ |
| Gains/losses from the subsequent measure- ment of pension obligations, recognized in equity |
6.384 | $-1,416$ | n/a | 30,885 | 4.975 | $> +100$ |
| Deferred taxes from pension obligations | $-1,891$ | 418 | n/a | $-9,136$ | $-1,282$ | n/a |
| Other comprehensive income without re- classification to profit for the period |
4.493 | -998 | n/a | 21,749 | 3.693 | $>+100$ |
| Other comprehensive income (valuation differences recognized directly in equity) |
5.006 | $-631$ | n/a | 22,544 | 4,858 | $>+100$ |
| thereof attributable to other shareholders | $-7$ | $-7$ | 0.0 | 6 | 6 | 0.0 |
| thereof attributable to shareholders of R. STAHL AG |
5,013 | $-624$ | n/a | 22,538 | 4.852 | $> +100$ |
| Total comprehensive income after tax | 10,232 | $-730$ | n/a | 21,484 | 1,042 | $>+100$ |
| thereof attributable to other shareholders | 17 | $-20$ | n/a | 20 | $-19$ | n/a |
| thereof attributable to shareholders of R. STAHL AG |
10,215 | $-710$ | n/a | 21,464 | 1,061 | $> +100$ |
| € 000 | 30 Sep. 2022 |
31 Dec. 2021 |
Change |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 47,808 | 46,512 | $+1,296$ |
| Property, plant & equipment | 76,624 | 78,039 | $-1,415$ |
| Investments in associated companies | 10,463 | 11,180 | $-717$ |
| Other financial assets | 30 | 3,307 | $-3,277$ |
| Other assets | 2,288 | 1,801 | $+487$ |
| Investment property | 4,343 | 4,499 | -156 |
| Deferred taxes | 3,385 | 9,418 | -6,033 |
| Non-current assets | 144,941 | 154,756 | $-9,815$ |
| Inventories and prepayments | 52,546 | 39,635 | $+12,911$ |
| Trade receivables | 39,892 | 35,879 | +4,013 |
| Contract receivables | 51 | 520 | -469 |
| Income tax claims | 1,782 | 392 | +1,390 |
| Other receivables and other assets | 9,944 | 8,480 | +1,464 |
| Cash and cash equivalents | 18,383 | 6,342 | $+12,041$ |
| Current assets | 122,598 | 91,248 | +31,350 |
| Total assets | 267,539 | 246,004 | $+21.535$ |
| EQUITY AND LIABILITIES | |||
| Share capital | 16,500 | 16,500 | 0 |
| Capital reserve | 13,457 | 13,457 | 0 |
| Retained earnings | 54,065 | 55,139 | $-1,074$ |
| Accumulated other comprehensive income | $-13,005$ | $-35,543$ | +22,538 |
| Equity attributable to shareholders of R. STAHL AG | 71,017 | 49,553 | +21,464 |
| Non-controlling interests | 233 | 213 | +20 |
| Equity | 71,250 | 49,766 | +21,484 |
| Pension provisions | 64,141 | 95,485 | -31,344 |
| Other provisions | 2,182 | 2,522 | -340 |
| Interest-bearing financial liabilities | 1,458 | 2,424 | $-966$ |
| Lease liabilities | 14,934 | 17,322 | $-2,388$ |
| Other liabilities | 59 | 63 | -4 |
| Deferred taxes | 6,119 | 2,611 | $+3,508$ |
| Non-current liabilities | 88,893 | 120,427 | -31,534 |
| Provisions | 7,982 | 8,193 | $-211$ |
| Trade payables | 15,877 | 18,896 | $-3,019$ |
| Contract liabilities | 349 | 0 | $+349$ |
| Interest-bearing financial liabilities | 50,659 | 22,177 | $+28,482$ |
| Lease liabilities | 6,045 | 5,858 | $+187$ |
| Deferred liabilities | 16,145 | 12,417 | +3,728 |
| Income tax liabilities | 1,002 | 599 | +403 |
| Other liabilities | 9,337 | 7,671 | $+1,666$ |
| Current liabilities | 107,396 | 75,811 | +31,585 |
| Total equity and liabilities | 267,539 | 246,004 | +21,535 |
1 January to 30 September
| € 000 | Q3 2022 |
Q3 2021 |
Change | 9M 2022 |
9M 2021 |
Change |
|---|---|---|---|---|---|---|
| Net profit | 5,226 | -99 | $+5,325$ | $-1,060$ | $-3,816$ | +2,756 |
| Result from the disposal of consolidated company |
418 | 0 | +418 | 418 | 0 | $+418$ |
| Depreciation, amortization and impairment of non-current assets |
4,082 | 4,143 | -61 | 15,328 | 12,416 | $+2,912$ |
| Changes in non-current provisions | -789 | 11 | -800 | $-815$ | 0 | $-815$ |
| Changes in deferred taxes | 120 | 298 | $-178$ | 421 | 1,107 | -686 |
| Equity valuation | $-1,255$ | $-363$ | $-892$ | $-2,354$ | $-928$ | $-1,426$ |
| Other income and expenses without cash flow impact |
1,953 | 321 | $+1,632$ | 725 | 571 | $+154$ |
| Result from the disposal of non-current as- sets |
-74 | $-36$ | $-38$ | -44 | -59 | $+15$ |
| Cash flow | 9,681 | 4,275 | +5,406 | 12,619 | 9,291 | +3,328 |
| Changes in current provisions | 348 | $-299$ | +647 | $-177$ | $-1,322$ | $+1,145$ |
| Changes in inventories, trade receivables and other non-capex or non-financial assets |
$-11,335$ | 28 | $-11.363$ | $-20,782$ | $-1.667$ | $-19, 115$ |
| Changes in trade payables and other non- capex or non-financial liabilities not attributa- ble to investing or financing activities |
$-5,198$ | $-2.909$ | -2,289 | 3,092 | $-2,958$ | +6,050 |
| Changes in working capital | $-16.185$ | $-3,180$ | -13,005 | -17,867 | $-5,947$ | -11,920 |
| Cash flow from operating activities | $-6.504$ | 1,095 | $-7,599$ | $-5,248$ | 3,344 | $-8,592$ |
| Cash outflow for capex on intangible assets | $-1.821$ | $-2,453$ | +632 | $-5,850$ | $-6,773$ | +923 |
| Cash outflow for capex on property, plant & equipment |
$-1.385$ | $-1,432$ | +47 | $-3,969$ | $-3,787$ | $-182$ |
| Cash inflow from disposals of property, plant & equipment and investment property |
110 | 164 | -54 | 141 | 151 | $-10$ |
| Cash inflow from disposals of non-current fi- nancial assets |
41 | 1 | $+40$ | 3,354 | 2 | $+3,352$ |
| Increase / decrease in current financial assets | $\mathbf{0}$ | $\overline{2}$ | $-2$ | 0 | $\overline{2}$ | $-2$ |
| Cash flow from investing activities | $-3,055$ | $-3,718$ | +663 | $-6,324$ | $-10,405$ | +4,081 |
| Free cash flow | $-9.559$ | $-2.623$ | -6,936 | -11,572 | $-7,061$ | -4,511 |
| Cash outflow for the down payment of lease liabilities |
$-1,570$ | $-1,628$ | $+58$ | $-4.718$ | $-4,908$ | $+190$ |
| Cash inflow from interest-bearing liabilities | 8,772 | 3,516 | $+5,256$ | 28,583 | 13,117 | +15,466 |
| Cash outflow for repayment of interest- bearing liabilities |
$-252$ | $-865$ | $+613$ | -1,067 | $-1,072$ | +5 |
| Cash flow from financing activities | 6,950 | 1,023 | +5,927 | 22,798 | 7,137 | +15,661 |
| Changes in cash and cash equivalents | $-2,609$ | $-1,600$ | -1,009 | 11,226 | 76 | $+11.150$ |
| Foreign exchange and valuation-related changes in cash and cash equivalents |
603 | 145 | +458 | 815 | 480 | +335 |
| Cash and cash equivalents at the beginning of the period |
20,389 | 21,865 | -1,476 | 6,342 | 19,854 | $-13,512$ |
| Cash and cash equivalents at the end of the period |
8,383 | 20,410 | $-2,027$ | 18,383 | 20,410 | $-2,027$ |
1 January to 30 September
| Share capital |
Capital reserves |
Retained earnings |
Currency trans- lation |
Unreal- ized qains/ 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 |
| $-3,791$ | $-3,791$ | $-25$ | $-3,816$ | |||||
| 1,159 | 3.693 | 4,852 | 4,852 | 6 | 4,858 | |||
| $-3,791$ | 1,159 | 3.693 | 4,852 | 1,061 | $-19$ | 1,042 | ||
| $\mathbf 0$ | $\Omega$ | |||||||
| 16,500 | 13,457 | 56,255 | $-5.038$ | $-32,204$ | $-37,242$ | 48,970 | 215 | 49,185 |
| 16,500 | 13,457 | 55,139 | $-4,474$ | $-31,069$ | -35,543 | 49,553 | 213 | 49,766 |
| $-1,074$ | 0 | $-1,074$ | 14 | $-1,060$ | ||||
| 789 | 21,749 | 22,538 | 22,538 | 6 | 22,544 | |||
| $-1.074$ | 789 | 21,749 | 22,538 | 21,464 | 20 | 21,484 | ||
| $\overline{0}$ | ||||||||
| 16,500 | 13,457 | 54,065 | $-3,685$ | $-9,320$ | $-13,005$ | 71,017 | 233 | 71,250 |
| 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 30 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. In the reporting quarter, the investment R. STAHL Middle East FZE, Dubai (UAE) was deconsolidated.
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 nine 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 | 9M 2022 | 9M 2021 |
|---|---|---|
| Sales from contracts with cus- tomers |
201,744 | 184,082 |
| Rental income from investe- ment property |
761 | 761 |
| Total | 202,505 | 184,843 |
$\in 000$
Total
At a specific time
Over a specific period
A breakdown of sales by time of recognition is shown below:
9M 2022
193,770
8,735
202,505
9M 2021
176,233
184,843
8,610
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, 27 October 2022
R. Stahl Aktiengesellschaft
high probability of occurrence within a period of one to two months.
Sales are recognized over a specified period with a
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 Sep. 2022 |
31 Dec. 2021 |
|---|---|---|
| Positive market values | ||
| Currency derivatives without hedging relationship |
0 | |
| Negative market values | ||
| Currency derivatives without hedging relationship |
-74 |
The number of employees at the 30 September 2022 reporting date 1,667 (31 December 2021: 1,672) not including apprentices.
February Preliminary figures for FY 2022
April Annual Report FY 2022
10. May Interim Report Q1 2023 29. June 30th Annual General Meeting
August Interim Report H1 2023
November Interim Report Q3 2023
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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