R. STAHL AG Q3 2023 ANALYSTS' AND INVESTORS' CONFERENCE CALL
7 November 2023 | Waldenburg
DISCLAIMER
This presentation was prepared by R. STAHL AG and is solely for information purposes. It may not be reproduced, distributed or published without the prior consent of R. STAHL AG. This presentation contains forward-looking statements. Such forward-looking statements are based on certain assumptions and expectations at the time they are first made available. They are therefore connected with risks and uncertainties and the actual results may deviate significantly from those described in the future-oriented statements. A number of these risks and uncertainties are determined by factors outside of the realm of influence of R. STAHL AG and cannot be estimated with certainty as of today. These include future market conditions and economic developments, the conduct of other market participants, the achievement of unexpected synergy effects, as well as legal and political decisions. R. STAHL AG is also not obliged to publish corrections to these forward-looking statements in order to reflect results or circumstances arising after the publication date of these materials. It constitutes neither an offer to sell nor a solicitation to buy or subscribe to shares in any country, including the USA. This presentation does not include a public offer of shares; a sales prospectus is not being published.
Rounding differences and rates of change
Percentages and figures may include rounding differences. The signs used to indicate rates of change are based on mathematic aspects:
Rates of change >+100% are shown as >+100%, rates of change <-100% as "n/a" (not applicable).
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 2 |
AGENDA
Summary Q3 2023
Financials Q3 2023
Outlook FY 2023
Appendix
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 3 |
STRONG PROFITABILITY IN Q3 2023
Order intake improves 2.5% yoy to €82.1m; high demand from the Americas
Sales in all regions contribute to a yoy increase of 16.4% to €86.0m
EBITDA pre1) with a plus of 39.7 % to €13.5m resulting in a strong EBITDA pre margin of 15.7% (PY: 13.1%)
Free cash flow improves by €4.8m to €-4.8m (PY: €-9.6m)
Net profit rises by 18.8% to €6.2m (PY: €5.2m) - incl. higher interest expenses and taxes
Earnings per share at €0.96 (PY: €0.80)
- EBITDA pre: EBITDA pre exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for design and implementation of IT projects, M&A costs, profit and loss from deconsolidation as well as profit and loss from the disposal of non-current assets no longer required for business operations)
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 4 |
AGENDA
Summary Q3 2023
Financials Q3 2023
Outlook FY 2023
Appendix
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 5 |
SALES INCREASED BY 16.4% WITH GROWTH IN ALL REGIONS
Share of sales by region Q3 2023
Americas | Regions, €m | Q3 2023 | Q3 2022 | Change | |
11% | |||||
Germany | 21.4 | 19.9 | +7.8% | ||
Asia/ | |||||
Pacific 19% | Central | 39.1 | |||
Q3 2023: | 45% region1) | Central region1) | 29.8 | +31.2% | |
€86.0m | |||||
Americas | 9.0 | 8.7 | +2.7% | ||
25% | |||||
Asia/Pacific | 16.5 | 15.4 | +6.9% | ||
Germany | |||||
Total | 86.0 | 73.8 | +16.4% |
- Central region: Africa and Europe excl. Germany
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 6 |
GOOD SALES DEVELOPMENT ENSURES HIGH PROFITABILITY
Key data of Income Statement
€m | Q3 2023 | Q3 2022 |
Sales | 86.0 | 73.8 |
Other operating income | 1.6 | 5.9 |
Cost of materials | -29.8 | -26.9 |
Personnel cost | -33.6 | -30.4 |
Other operating expenses | -14.5 | -15.5 |
EBIT | 8.4 | 5.0 |
Financial result | -1,2 | 0.4 |
EBT | 7.3 | 5.4 |
Taxes | -1.1 | -0.2 |
Net profit | 6.2 | 5.2 |
Earnings per share in € | 0.96 | 0.80 |
EBITDA | 12.9 | 9.1 |
EBITDA pre1) | 13.5 | 9.7 |
Comments
- Cost of materials ratio improves to 33.4% (PY: 35.4%) supported by price increases
- Personnel cost rise (+10.5%) at a lower rate than the total operating performance
- Financial result declines by €1.6m because of higher interest rates
- EBITDA pre yoy enhances by €3.8m to €13.5m
- Strong EBITDA pre-margin of 15.7% (PY: 13.1%)
- EBITDA pre: EBITDA pre exceptionals (exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for design and implementation of IT projects, M&A costs, profit and loss from deconsolidation as well as profit and loss from the disposal of non-current assets no longer required for business operations)
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 7 |
FREE CASH FLOW IMPROVED IN Q3 DUE TO LOWER BUILD-UP OF WORKING CAPITAL
Key data of Cash Flow Statement
€m | Q3 2023 | Q3 2022 | Change |
Net profit | 6.2 | 5.2 | +1.6 |
Depreciation and amortization | 4.5 | 4.1 | +0.4 |
Other items without cash flow impact | 0.6 | 2.0 | -1.4 |
Cash flow | 12.1 | 9.7 | +2.4 |
Changes in working capital | -13.0 | -16.2 | +3.2 |
Cash flow from operating activities | -0.9 | -6.5 | +5.6 |
Cash flow from investing activities | -3.8 | -3.1 | -0.8 |
Free cash flow | -4.8 | -9.6 | +4.8 |
Cash and cash equivalents (30 September) | 11.1 | 18.4 | -7.3 |
Net debt1) (30 September / 31 Dec.) | 48.4 | 29.2 | +19.2 |
- Cash and Cash equivalents less interest-bearing debt
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023
Comments
- Cash flow rose yoy by €2.4m to €12.1m mainly due to increased net profit
- Cash flow from operating activities improved by €5.6m caused by a lower build-up of working capital (€13.0m) compared to previous year (€16.2m)
- Free cash flow enhanced by €4.8m to €-4.8m
- Net debt increased to €48.4m
8
CONTINUOUS INCREASE IN ORDER INTAKE, SALES AND EARNINGS REFLECTS THE SUCCESS OF OUR STRATEGY
Order intake, sales, EBITDA pre
€m
97 | ||||||||||||||||||||||
89 | 86 | |||||||||||||||||||||
79 | 77 | 80 | 81 | 78 | 77 | 82 | ||||||||||||||||
75 | ||||||||||||||||||||||
74 | 72 | |||||||||||||||||||||
69 | ||||||||||||||||||||||
68 | ||||||||||||||||||||||
65 | 65 65 | |||||||||||||||||||||
64 | 63 62 | 63 | ||||||||||||||||||||
61 60 | 60 | 62 | 61 | |||||||||||||||||||
58 | ||||||||||||||||||||||
55 | 53 | |||||||||||||||||||||
10 | 10 | 9 | 13 | |||||||||||||||||||
5 | 6 | |||||||||||||||||||||
5 | 4 | 5 | 3 | 5 | 5 | 4 | 6 | |||||||||||||||
3 | ||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||
2020 | 2021 | 2022 | 2023 |
Comments
- Continuing strong demand for R. STAHL products
- Flattening of the order volume only temporarily
- Negative effects of disrupted supply chains become smaller
- Sales improve continuously in almost all regions and sectors
- Profitability is on the right track
Order intake Sales EBITDA pre
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 9 |
AGENDA
Summary Q3 2023
Financials Q3 2023
Outlook FY 2023
Appendix
© R. STAHL Q3 2023 Analysts' and Investors' Conference Call - November 07, 2023 | 10 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
R. Stahl AG published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 16:20:50 UTC.
