AI Terminal
R. Stahl AG
Quarterly Report • May 8, 2024
344_10-q_2024-05-08_6f0c8d20-695a-4ef2-86c6-7cd24c3844e7.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
Quarterly Statement 01
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/IR News and Publications/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.
Alternative performance indicators
The alternative performance indicators EBITDA pre exceptionals and EBITDA margin pre exceptionals that are used in this report are not defined by international accounting standards. R. STAHL uses these indicators to improve the comparability of its business performance over time. EBITDA pre exceptionals is derived from earnings before interest, taxes, depreciation and amortization (EBITDA) less adjustments classified as exceptionals (restructuring charges, non-scheduled depreciation and amortization, charges for design and implementation of IT-projects, M&A costs, profit and loss from deconsolidation transactions as well as profit and loss from the disposal of noncurrent assets no longer required for business operations). EBITDA margin pre exceptionals describes EBITDA pre exceptionals in percentage of sales.
Rounding differences and rates of change
Percentages and figures in this report may include rounding differences. The sign of the rates of change is based on mathematical considerations: Improvements are marked with "+", deteriorations with "-".
Rates of change > +100% are shown as > +100%, rates of change < -100% as "n/a" (not applicable).
Quarterly Statement
of R. STAHL Aktiengesellschaft for the period 1 January 2024 through 31 March 2024
CONTENTS
3 Key figures 4 Group management report 10 Consolidated financial statements 16 Selected explanatory notes 19 Financial calendar and contact / imprint
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Key figures
| ë million | Q1 2024 | Q1 2023 | Change in % |
|---|---|---|---|
| Sales | 84.7 | 78.1 | +8.5 |
| Germany | 20.2 | 22.0 | -8.1 |
| Central region1) | 40.0 | 33.8 | +18.2 |
| Americas | 10.7 | 8.0 | +26.4 |
| Asia/Pacific | 14.4 | 14.3 | +1.2 |
| EBITDA pre exceptionals2) | 8.4 | 10.4 | -18.9 |
| EBITDA margin pre exceptionals2) | 9.9% | 13.3% | |
| EBITDA | 8.3 | 10.3 | -19.2 |
| EBIT | 4.1 | 6.1 | -33.4 |
| Net profit | 2.1 | 3.9 | -45.2 |
| Earnings per share (in ë) | 0.33 | 0.60 | -45.0 |
| Order intake | 92.3 | 96.7 | -4.6 |
| Order backlog as of 31 March | 122.0 | 125.7 | -2.9 |
| Cash flow from operating activities | -0.7 | -5.5 | +87.3 |
| Free cash flow | -4.3 | -8.7 | +50.7 |
| Depreciation and amortization | 4.3 | 4.2 | +1.3 |
| Capital expenditures | 3.6 | 3.1 | +13.8 |
| 31 March 2024 | 31 Dec. 2023 | Change in % | |
| Balance sheet total | 279.9 | 271.4 | +3.1 |
| Equity | 70.1 | 67.7 | +3.5 |
| Equity ratio | 25.1% | 25.0% | |
| Net financial debt 3) | 44.2 | 38.8 | +14.0 |
| Net financial debt incl. lease liabilities | 60.5 | 55.4 | +9.2 |
| Employees4) | 1,743 | 1,721 | +1.3 |
1) Africa and Europe without Germany
2)Exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for de-
signing and implementing IT projects,
M&A costs, profit and loss from deconsolidation transactions as well as profit and loss from the
disposal of assets no longer required for business operations.
3) Without pension provisions and without lease liabilities.
4) Without apprentices
> Key figures
- -> Group management report
- -> Consolidated financial statements
- → Selected explanatory notes
- -> Financial calendar and Contact / Imprint
Group management report
- · Sales up 8.5% in the first quarter of 2024 to € 84.7 million (Q1 2023: € 78.1 million).
- · Order intake with a slight 4.6% year-on-year decline to € 92.3 million in the first quarter of 2024.
- · EBITDA pre exceptionals down at € 8.4 million (Q1 2023: € 10.4 million).
- · Net profit of € 2.1 million is € 1.7 million below the previous year (Q1 2023: € 3.9 million). Earnings per share at € 0.33 (01 2023: € 0.60).
- · Free cash flow improves by € 4.4 million to € -4.3 million (Q1 2023: € -8.7 million). Increase in net financial liabilities to € 44.2 million.
million). By contrast, the Asia/Pacific region recorded a year-on-year increase of just 1.2% to € 14.4 million in the first quarter of 2024 (Q1 2023: € 14.3 million).
Demand for R. STAHL's products and services remained high in the first quarter of 2024. Although order intake saw a slight year-on-year decline of 4.6% to € 92.3 million (Q1 2023: € 96.7 million), it remains at a high level. While the order situation in the Central region remained virtually unchanged, order intake from Germany (-10.6%), America (-6.2%) and Asia (-7.3%) declined. The volume of orders from the chemical industry in particular fell significantly, while the LNG and petrochemical industries as well as the nuclear sector provided positive momentum. Due to the high demand in the first quarter of 2024, order backlog increased compared to the level at the beginning of the year to € 122.0 million (31 December 2023: € 115.1 million)
| UNUUR JALES DI RESIUN | ||||
|---|---|---|---|---|
| € million | 01 2024 |
01 2023 |
Change in % |
Share of Group sales in % |
| Germany | 20.2 | 22.0 | -8.1 | 24 |
| Central Region | 40.0 | 33.8 | +18.2 | 47 |
| Americas | 10.1 | 8.0 | +26.4 | 12 |
| Asia/Pacific | 14.4 | 14.3 | +1.2 | 17 |
78.1
+8.5
100
84.7
BUSINESS DEVELOPMENT
SALES AND ORDER INTAKE
Demand for electronic explosion protection was strong in the first quarter of 2024 While supply chains remained partially disrupted in the previous year, there were no significant restrictions in the first quarter of 2024. Sales were driven by orders from all sectors. Increased demand led to year-on-year sales growth of 8.5% to € 84.7 million in the first quarter of 2024 (Q1 2023: € 78.1 million).
R. STAHL recorded double-digit growth rates in the Central region and the Americas region in the first quarter of 2024, while growth in Germany and Asia/Pacific was below average. In Germany, sales were down 8.1% to € 20.2 million (Q1 2023: € 22.0 million). In the Central region - which consists of Africa and Europe excluding Germany - sales increased by 18.2% to € 40.0 million (Q1 2023: € 33.8 million). The Americas region contributed to this growth with a 26.4% increase in sales to € 10.7 million (Q1 2023: € 8.0
EBITDA AND EBIT
Total
DOUD CALEC DV DECION
Earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals showed a year-on-year decline of € 2.0 million to € 8.4 million in the first quarter of 2024 (Q1 2023: € 10.4 million), with a margin of 9.9% (Q1 2023: 13.3%). At € -0.1 million, exceptional items remained at the same low level as in the previous year, resulting in EBITDA of € 8.3 million (Q1 2023: € 10.3 million).
Quarterly Statement Q1 2024
Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Total operating performance increased by 11.7% to ë 91.7 million in the first quarter of 2024 (Q1 2023: ë 82.1 million) and thus 3.2 percentage points more than sales (+8.5%). As a result of a large number of orders being processed and awaiting delivery, inventories of finished and unfinished goods increased significantly compared to the previous year to ë 6.1 million (Q1 2023: ë 2.9 million). Own work capitalized, which was mainly attributable to development projects, amounted to ë 1.0 million, which was ë 0.1 million lower than in the previous year (Q1 2023: ë 1.1 million). The cost of materials in the reporting period rose 18.3% to ë -33.0 million (Q1 2023: ë -27.9 million). The cost of materials ratio recorded a year-on-year increase to 35.9% of total operating performance (Q1 2023: 33.9% of total operating performance). This development is due to the substantial change in inventories, which are valued at production cost and therefore without a profit margin.
Personnel expenses in the reporting period rose 10.2% to ë -36.0 million (Q1 2023: -32.7 million) due to salary adjustments as a result of collective bargaining agreements and the recruitment of new employees.
The balance of other operating income and other operating expenses increased by ë 3.2 million to ë -14.5 million in the first quarter of 2024 (Q1 2023: ë -11.3 million). In this context, other operating income decreased by ë 1.0 million to ë 1.9 million, mainly due to lower exchange rate gains from currency translation (Q1 2023: ë 2.9 million). Other operating expenses increased by ë -2.2 million to ë -16.4 million (Q1 2023: ë -14.2 million). In addition to higher expenses for services and temporary work, consulting costs incurred in connection with the EXcelerate strategy program also increased.
At ë -4.3 million, amortization of intangible assets and depreciation of property, plant and equipment in the first quarter of 2024 was slightly higher than in the prior-year period (Q1 2023: ë -4.2 million).
EBIT (earnings before interest and taxes) amounted to ë 4.1 million in the reporting period (Q1 2023: ë 6.1 million).
RECONCILIATION OF EBITDA PRE EXCEPTIONALS TO EBIT
| ë million | Q1 2024 |
Q1 2023 |
Change | in income statement contai ned in |
|---|---|---|---|---|
| EBITDA pre exceptionals1) | 8.4 | 10.4 | -2.0 | |
| Exceptionals 1) | -0.1 | -0.1 | 0.0 | |
| Restructuring charges | -0.1 | -0.1 | 0.0 | |
| Severance pay | -0.1 | -0.1 | 0.0 | Personnel costs |
| Legal and consultancy costs | 0 | 0 | 0 | Other operating expenses |
| Other expenses | 0 | 0 | 0 | Other operating expenses and other operating income |
| EBITDA | 8.3 | 10.3 | -2.0 | |
| Depreciation and amortization | -4.3 | -4.2 | -0.1 | |
| EBIT | 4.1 | 6.1 | -2.0 | |
1)Exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs, profit and loss from deconsolidation transactions as well as profit and loss from the disposal of assets no longer required for business operations.
→ Key figures
- -> Group management report
- → Consolidated financial statements
- → Selected explanatory notes
- → Financial calendar and Contact / Imprint
FINANCIAL RESULT
The financial result declined by € -0.9 million to € -1.7 million in the first quarter of 2024 (Q1 2023: € -0.8 million). Due to the loss of material influence with regard to the 25% investment in ZAVOD Goreltex, St. Petersburg, Russia, which was accounted for using the equity method in the previous year, the corresponding contribution to earnings is no longer included (Q1 2023: € 0.7 million). Interest income and interest expenses of € -1.7 million (Q1 2023: € - 1.5 million) are included in the financial result. The increase in the balance is due primarily to higher loan utilization.
EARNINGS BEFORE INCOME TAXES
Compared to the prior year, earnings before income taxes were down by € -3.0 million to € 2.3 million in the first quarter of 2024 (Q1 2023: € 5.3 million).
INCOME TAXES
Income taxes amounted to € -0.2 million in the first quarter of 2024 (Q1 2023: € -1.4 million). Of that amount, € -0.5 million related to effective taxes and € -0.3 million to deferred taxes.
NET PROFIT/EARNINGS PER SHARE
In the first quarter of 2024, net profit compared with the prior-year quarter declined by € 1.8 million to € 2.1 million (Q1 2023: € 3.9 million). Earnings per share were lower at € 0.33 (Q1 2023: € 0.60).
| € million | 01 2024 |
01 2023 |
Change |
|---|---|---|---|
| EBIT | 4.1 | 6.1 | -2.0 |
| Financial result | -1.7 | -0.8 | -0.9 |
| Earnings before income taxes | 2.3 | 5.3 | -3.0 |
| Income taxes | -0.2 | -1.4 | +1.2 |
| Net profit | 2.1 | 3.9 | -1.8 |
| thereof attributable to other shareholders not applicable |
0.0 | -0.0 | +0.0 |
| thereof attributable to shareholders of R. STAHL AG |
2.1 | 3.9 | -1.8 |
| Earnings per share (in €) | 0.33 | 0.60 | -0.27 |
| Average number of shares outstanding (weighted, in million units) |
6.44 | 6.44 | 0 |
RECONCILIATION OF EBIT TO EARNINGS PER SHARE
ASSET POSITION
BALANCE SHEET STRUCTURE
The R. STAHL Group's balance sheet total increased by € 8.5 million to € 279.9 million as of 31 March 2024 compared to the end of the previous year (31 December 2023: € 271.4 million).
At the balance sheet date, non-current assets increased by € 0.1 million to € 138.0 million (31 December 2023: € 137.9 million) mainly due to increased property, plant and equipment and deferred tax assets.
Current assets amounted to € 141.9 million as of 31 March 2024 (31 December 2023: € 133.5 million), an increase of € 8.4 million. While receivables
7
→ Key figures
- -> Group management report
- → Consolidated financial statements
- → Selected explanatory notes
- → Financial calendar and Contact / Imprint
remained at a similar level due to the increase in factoring volume, inventories of work in progress and finished goods in particular increased by € 6.1 million due to orders in progress and orders awaiting delivery.
Non-current liabilities decreased by € 1.1 million to € 91.3 million at the end of the reporting period (31 December 2023: € 92.5 million). Provisions for pension obligations decreased by € 0.9 million due to an increase in the discount rate to an average of 3.63% (31 December 2023: 3.55%) and lease liabilities decreased by € 0.6 million.
In the case of current liabilities, there was an increase of € 7.2 million to € 118.4 million as of 31 March 2024 compared with the end of the previous year (31 December 2022: € 111.2 million). Higher deferred liabilities and increased loan utilization were the main factors contributing to this development. This was offset by other liabilities, which were reduced by € 2.8 million.
Consolidated equity improved by € 2.4 million in the first quarter of 2024 compared to the end of the prior year to € 70.1 million (31 December 2023: € 67.7 million). Net profit had a positive impact of € 2.1 million; other comprehensive income was positively influenced by currency translation and the decrease in pension obligations. The equity ratio amounted to 25.1% as of 31 March 2024 (31 December 2023: 25.0%).
- 8
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
> Key figures
- -> Group management report
- → Consolidated financial statements
- → Selected explanatory notes
- -> Financial calendar and Contact / Imprint
FINANCIAL POSITION
Cash flow decreased by € -3.1 million to € 6.7 million in the first quarter of 2024 due to the lower net income, deferred taxes and lower other non-cash income and expenses (Q1 2023: € 9.8 million). Working capital was at € -7.4 million (Q1 2023: -15.3 million), which means that it increased less than in the previous year. The resulting cash flow from operating activities was € -0.7 million, compared with € -5.5 million in the same period of the previous year.
Investments in intangible assets and property, plant and equipment were higher than in the previous year at € 3.6 million (Q1 2023: € 3.1 million). Free cash flow thus increased by € 0.4 million to € -3.6 million (Q1 2023: € -3.1 million). Overall, free cash flow in the reporting quarter was € -4.3 million or € 4.4 million above the prior-year figure (Q1 2023: € -8.7 million).
Cash flow from financing activities decreased year-on-year to € 4.0 million in the first quarter 2024 (Q1 2023: € 7.9 million). This was mainly due to lower interest-bearing financial debt and higher loan repayments. Lease liabilities of € 1.0 million were repaid in the first quarter of 2024, a lower figure than in the previous year.
As of 31 March 2024, the R. STAHL Group had cash and cash equivalents of € 11.1 million at its disposal (31 December 2022: € 11.5 million). Compared with the first quarter of 2023, cash and cash equivalents decreased by € 3.9 million (Q1 2023: € 15.0 million).
As a result of the negative free cash flow, net debt (excluding pension provisions and lease liabilities) increased by € 5.4 million to € 44.2 million as of 31 March 2024 compared with the level at the beginning of the year (31 December 2023: € 38.8 million).
OPPORTUNITIES AND RISKS
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 2023 starting on page 41 continue to apply unchanged.
OUTLOOK
We first presented our assessment of the expected development of the R. STAHL Group in the current year in detail in the Outlook of the Annual Report 2023, which was published on 17 April 2024, starting on page 81. Accordingly, based on the overall economic and sector-specific development forecast together with the full order books, we expect sales growth in 2024 as compared to the previous year to be in the low single-digit percentage range to between € 335 million and € 350 million. Assuming cost efficiency remains the same, we expect earnings to develop in line with 2023. We see supply-side bottlenecks and further price increases only in isolated cases, if at all, which is why a stable materials ratio is expected. Against this backdrop, we expect EBITDA pre exceptionals to be between € 35 million and € 45 million in the 2024 financial year and a significant improvement in net profit. Assuming a constant interest rate level for the valuation of pension obligations, we expect an increase in the equity ratio for financial year 2024. In terms of free cash flow, we expect a mid single-digit positive million euro amount. We also expect net debt to decline. Overall, we continue to adhere to these assessments
- → Key figures
- → Group management report
- → Consolidated financial statements
- → Selected explanatory notes
- → Financial calendar and Contact / Imprint
Consolidated financial statements
CONSOLIDATED INCOME STATEMENT
1 January to 31 March
| € thousand € | Q1 2024 | Q1 2023 | Change in % |
|---|---|---|---|
| Sales | 84,707 | 78,057 | 48.5 |
| Change in finished and unfinished products | 6,072 | 2,909 | >+100 |
| Own work capitalized | 966 | 1,137 | -15.0 |
| Total operating performance | 91,745 | 82,103 | +11.7 |
| Other operating income | 1,933 | 2,894 | -33.2 |
| Cost of materials | -32,953 | -27,867 | -18.3 |
| Personnel costs | -35,981 | -32,651 | -10.2 |
| Depreciation and amortization | -4,283 | -4,229 | -1.3 |
| Other operating expenses | -16,407 | -14,161 | -15.9 |
| Earnings before financial result and income taxes (EBIT) | 4,054 | 6,089 | -33.4 |
| Result from companies consolidated using the equity method | O | 663 | n/a |
| Investment result | O | 0 | n/a |
| Interest and similar income | 51 | 24 | >+100 |
| Interest and similar expense | -1,795 | -1,494 | -20.1 |
| Financial result | -1,744 | -807 | n.a. |
| Earnings before taxes | 2,310 | 5,282 | -56.3 |
| Income taxes | -192 | -1,415 | +86.4 |
| Net profit | 2,118 | 3,867 | -45.2 |
| thereof attributable to other shareholders | 10 | -26 | n.a. |
| thereof attributable to shareholders of R. STAHL AG | 2,108 | 3,893 | -45.9 |
| Earnings per share in € | 0.33 | 0.60 | -45.0 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1 January to 31 March
| ë thousand ë | Q1 2024 | Q1 2023 | Change in % |
|---|---|---|---|
| Net profit | 2,118 | 3,867 | -45.2 |
| Gains/losses from currency translations of foreign subsidiaries, recognized in equity | -251 | -2,139 | 88.3 |
| Deferred taxes on gains/losses from currency translations | 0 | 0 | n/a |
| Currency translation differences after taxes | -251 | -2,139 | 88.3 |
| Other comprehensive income with reclassification to profit for the period | -251 | -2,139 | 88.3 |
| Gains/losses from the subsequent measurement of pension obligations, recognized in equity | 768 | -1,030 | n/a |
| Deferred taxes from pension obligations | -232 | 305 | n/a |
| Other comprehensive income without reclassification to profit for the period | 536 | -725 | n/a |
| Other comprehensive income (valuation differences recognized directly in equity) | 285 | -2,864 | n/a |
| thereof attributable to other shareholders | -1 | -12 | +91.7 |
| thereof attributable to shareholders of R. STAHL AG | 286 | -2,852 | n/a |
| Total comprehensive income after taxes | 2,403 | 1,003 | >+100 |
| thereof attributable to other shareholders | 9 | -38 | n/a |
| thereof attributable to shareholders of R. STAHL AG | 2,394 | 1,041 | >+100 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED BALANCE SHEET
| ë thousand ë | 31 March 2024 | 31 Dec. 2023 | Change |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 48,059 | 48,626 | -567 |
| Property, plant and equipment | 77,284 | 77,048 | +236 |
| Investments in associated companies | 0 | 0 | 0 |
| Other financial Assets | 150 | 90 | +60 |
| Other non-current assets | 3,426 | 3,294 | +132 |
| Investment property | 4,032 | 4,084 | -52 |
| Deferred taxes | 5,063 | 4,742 | +321 |
| Non-current assets | 138,014 | 137,884 | +130 |
| Inventories and prepayments | 71,651 | 63,756 | +7,895 |
| Trade receivables | 43,220 | 43,387 | -167 |
| Contract receivables | 53 | 17 | +36 |
| Income tax claims | 1,673 | 1,697 | -24 |
| Other receivables and other assets | 14,197 | 13,103 | +1,094 |
| Cash and cash equivalents | 11,056 | 11,534 | -478 |
| Current assets | 141,850 | 133,494 | +8,356 |
| Total assets | 279,864 | 271,378 | +8,486 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED BALANCE SHEET
| ë thousand ë | 31 March 2024 | 31 Dec. 2023 | Change |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Share capital | 16,500 | 16,500 | 0 |
| Capital reserve | 13,457 | 13,457 | 0 |
| Retained earnings | 59,388 | 57,280 | +2,108 |
| Accumulated other comprehensive income | -19,393 | -19,679 | +286 |
| Equity attributable to shareholders of R. STAHL AG | 69,952 | 67,558 | +2,394 |
| Non-controlling interests | 169 | 160 | +9 |
| Equity | 70,121 | 67,718 | +2,403 |
| Pension provisions | 68,307 | 69,188 | -881 |
| Other provisions | 2,440 | 2,406 | +34 |
| Interest-bearing loans | 3,390 | 3,435 | -45 |
| Lease liabilities | 12,292 | 12,854 | -562 |
| Other liabilities | 30 | 0 | +30 |
| Deferred taxes | 4,872 | 4,584 | +288 |
| Non-current liabilities | 91,331 | 92,467 | -1,136 |
| Other provisions | 7,345 | 7,777 | -432 |
| Trade payables | 19,780 | 19,451 | +329 |
| Contract liabilities | 187 | 217 | -30 |
| Interest-bearing loans | 51,909 | 46,903 | +5,006 |
| Lease liabilities | 3,942 | 3,747 | +195 |
| Deferred liabilities | 23,245 | 17,961 | +5,284 |
| Income tax liabilities | 1,315 | 1,681 | -366 |
| Other liabilities | 10,689 | 13,456 | -2,767 |
| Current liabilities | 118,412 | 111,193 | +7,219 |
| Total equity and liabilities | 279,864 | 271,378 | +8,486 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED CASH FLOW STATEMENT
1 January to 31 March
| ë thousand ë | Q1 2024 | Q1 2023 | Change |
|---|---|---|---|
| Net profit | 2,118 | 3,867 | -1,749 |
| Depreciation, amortization and impairment of non-current assets | 4,283 | 4,229 | +54 |
| Changes in non-current provisions | -77 | -71 | -6 |
| Changes in deferred taxes | -280 | 965 | -1,245 |
| Equity valuation | 0 | -663 | +663 |
| Other income and expenses without cash flow impact | 556 | 1,417 | -861 |
| Result from the disposal of non-current assets | 88 | 10 | +78 |
| Cash flow | 6,688 | 9,754 | -3,066 |
| Changes in current provisions | -439 | -368 | -71 |
| Changes in inventories, trade receivables and other non-capex or non-financial assets | -9,443 | -17,557 | +8,114 |
| Changes in trade payables and other non-capex or non-financial liabilities not attributable to investing or financing activities |
2,492 | 2,629 | -137 |
| Changes in working capital | -7,390 | -15,296 | +7,906 |
| Cash flow from operating activities | -702 | -5,542 | +4,840 |
| Cash outflow for capex on intangible assets | -1,248 | -1,823 | +575 |
| Cash outflow for capex on property, plant & equipment | -2,308 | -1,302 | -1,006 |
| Cash inflow from disposals of property, plant & equipment and investment property | 48 | 1 | +47 |
| Cash outflow for capex on non-current financial assets | -60 | 0 | -60 |
| Cash flow from investing activities | -3,568 | -3,124 | -444 |
| Free cash flow | -4,270 | -8,666 | +4,396 |
| Cash outflow for the repayment of lease liabilities | -1,028 | -1,559 | +531 |
| Cash inflow from interest-bearing liabilities | 10,374 | 11,508 | -1,134 |
| Cash outflow for repayment of interest-bearing liabilities | -5,389 | -2,043 | -3,346 |
| Cash flow from financing activities | 3,957 | 7,906 | -3,949 |
| Changes in cash and cash equivalents | -313 | -760 | +447 |
| Foreign exchange and valuation-related changes in cash and cash equivalents | -165 | -339 | +174 |
| Cash and cash equivalents at the beginning of the period | 11,534 | 16,060 | -4,526 |
| Cash and cash equivalents at the end of the period | 11,056 | 14,961 | -3,905 |
- 15
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
1 January to 31 March
| Capital re ë thousand ë Share capital |
Retained serves earnings |
Currency | Accumulated other comprehensive income Unrealized gains / los ses from |
Total accumulated other |
|||
|---|---|---|---|---|---|---|---|
| translation | pension obli gations |
comprehen sive income |
Total | Non-control ling interests |
Equity | ||
| 1 January 2023 16,500 13,457 |
57,085 | -6,130 | -9,765 | -15,895 | 71,147 | 194 | 71,341 |
| Net profit | 3,893 | 3,893 | -26 | 3,867 | |||
| Accumulated other com prehensive income |
-2,127 | -725 | -2,852 | -2,852 | -12 | -2,864 | |
| Total comprehensive in come |
3,893 | -2,127 | -725 | -2,852 | 1,041 | -38 | 1,003 |
| Dividend distribution | 0 | 0 | |||||
| 31 March 2023 16,500 13,457 |
60,978 | -8,257 | -10,490 | -18,747 | 72,188 | 156 | 72,344 |
| 1 January 2024 16,500 13,457 |
57,280 | -6,333 | -13,346 | -19,679 | 67,558 | 160 | 67,718 |
| Net profit | 2,108 | 2,108 | 10 | 2,118 | |||
| Accumulated other com prehensive income |
-250 | 536 | 286 | 286 | -1 | 285 | |
| Total comprehensive in come |
2,108 | -250 | 536 | 286 | 2,394 | 9 | 2,403 |
| Dividend distribution | 0 | 0 | |||||
| 31 March 2024 16,500 13,457 |
59,388 | -6,583 | -12,810 | -19,393 | 69,952 | 169 | 70,121 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Selected explanatory notes
1. ACCOUNTING IN ACCORDANCE WITH INTERNATI-ONAL FINANCIAL REPORTING STANDARDS (IFRS)
The interim financial statements for the R. STAHL AG Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as applicable in the EU and in compliance with IAS 34 "Interim Financial Reporting". The interim consolidated financial statements have not been audited.
3. ACCOUNTING AND MEASUREMENT METHODS
GENERAL INFORMATION
The interim consolidated financial statements and the comparative figures for the prior-year period were generally prepared on the basis of the accounting and measurement methods applied in the consolidated financial statements for 2023. A description of these principles is published in the notes to the consolidated financial statements 2023. 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 (ë 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.
2. SCOPE OF CONSOLIDATION
In addition to R. STAHL AG, the interim consolidated financial statements include 29 domestic and foreign companies for which it is possible for R. STAHL AG to exercise a controlling influence.
The scope of consolidation is unchanged over 31 December 2023.
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:
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
- 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 2024, there were no reclassifications among the individual fair value hierarchies.
CASH FLOW STATEMENT
In accordance with IAS 7, the cash flow statement shows how the R. STAHL Group's flow of funds developed over the reporting period.
Cash and cash equivalents shown in the cash flow statement comprise cash on hand, cheques, and credit balances with banks. The item also includes securities with original maturities of up to three months.
EARNINGS PER SHARE
Earnings per share are calculated by dividing consolidated net profit - excluding non-controlling interests - by the average number of shares. Diluted earnings per share correspond to earnings per share.
4. SALES IN ACCORDANCE WITH IFRS 15
Sales presented in the income statement includes both sales from contracts with customers and sales not within the scope of IFRS 15.
A breakdown of sales by sales source is shown below:
| ë thousand ë | 3M 2024 | 3M 2023 |
|---|---|---|
| Sales from contracts with customers | 84,453 | 77,803 |
| Rental income from investment property |
254 | 254 |
| Total | 84,707 | 78,057 |
A breakdown of sales by time of recognition is shown below:
| ë thousand ë | 3M 2024 | 3M 2023 |
|---|---|---|
| At a specific time | 81,951 | 74,754 |
| Over a specific period | 2,756 | 3,303 |
| Total | 84,707 | 78,057 |
Sales are recognized over a specified period with a high probability of occurrence within a period of one to two months.
Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
5. FINANCIAL INSTRUMENTS
R. STAHL mainly accounts for derivative financial instruments at fair value. For this reason, a detailed reconciliation statement for the carrying amounts and fair values for the individual classes is not provided for reasons of materiality.
8. REPORT ON SIGNIFICANT RELATED PARTY TRANSACTIONS
There were no significant transactions with related parties in the reporting period.
9. EVENTS AFTER THE BALANCE SHEET DATE
The fair values of derivative financial instruments are as follows:
| ë thousand ë | 31 March 2024 | 31 Dec. 2023 |
|---|---|---|
| Positive market values | ||
| Currency derivatives without hedging relations hip |
51 | 49 |
| Negative market values | ||
| Currency derivatives without hedging relation ship |
35 | 0 |
There were no significant events after the balance sheet date.
Waldenburg, 8 May 2024
R. Stahl Aktiengesellschaft
6. NUMBER OF EMPLOYEES
The number of employees at the 31 March 2023 reporting date was 1,743 (31 December 2023: 1,721), not including apprentices.
Dr. Mathias Hallmann Chairman of the Executive Board / CEO
- CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
There were no significant changes to contingent liabilities and other financial obligations compared with 31 December 2023.
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Financial Calendar 2O24
27 June 31st Annual General Meeting
8 August Interim Report H1 2024
6 November Quarterly Statement Q3 2024
Contact / Imprint
R. STAHL AG Investor Relations Judith Schäuble 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
