DGAP-News: R. Stahl AG / Key word(s): Quarterly / Interim Statement 
Following a soft first quarter, R. STAHL expects to return to sales growth again in 2021 
2021-05-11 / 07:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Following a soft first quarter, R. STAHL expects to return to sales growth again in 2021 
- Sales of EUR58.2 million in Q1 2021, still down 10.6% or EUR6.9 million year-on-year (Q1 2020: EUR65.1 million) 
- EBITDA pre exceptionals declines by EUR2.1 million to EUR2.7 million (Q1 2020: EUR4.7 million) - ongoing cost adjustments 
continue to noticeably cushion impact of weak sales development 
- Net profit decreases by EUR1.9 million to EUR-2.5 million (Q1 2020: EUR-0.6 million) and earnings per share to EUR-0.39 (Q1 
2020: EUR-0.10) 
- Negative net profit and ongoing strategy implementation lead to temporary slight increase in net financial debt to 
EUR11.6 million 
- First signs of market recovery: Demand up by about 13% to EUR63.9 million in Q1 2021 compared with the average of the 
three prior quarters 
- Forecast for 2021 detailed: Sales between EUR250 million and EUR256 million, EBITDA pre exceptionals between EUR17 million 
and EUR19 million 
 
Waldenburg, 11 May 2021 - R. STAHL today publishes full figures for Q1 2021. As already reported, sales declined 10.6% 
to EUR58.2 million (Q1 2020: EUR65.1 million). Still, the business performance was impacted by the COVID-19 pandemic and 
the resulting low order backlog at the beginning of the year. The sales decline of EUR6.9 million led to a decrease of 
earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals, which, due to targeted 
measures that included labor capacity adjustments, was limited to a decline of EUR2.1 million to EUR2.7 million (Q1 2020: 
EUR4.7 million). This resulted in an EBITDA margin pre exceptionals of 4.6% (Q1 2020: 7.3%). Net profit fell EUR1.9 million 
to EUR-2.5 million (Q1 2020: EUR-0.6 million), equivalent to earnings per share of EUR-0.39 (Q1 2020: EUR-0.10). 
Development of sales and order intake in Q1 2021 
Sales declined in all regions in the first quarter 2021. In Germany, sales of EUR14.6 million were generated (Q1 2020: 
EUR16.9 million), a drop of 13.4%. This development mainly reflected the decline in international investment projects, 
which was also evident in weaker business in the German machinery sector. By contrast, sales in the Central region - 
which consists of Africa and Europe excluding Germany - fell by a moderate 3.3% year-on-year to EUR28.2 million in the 
reporting quarter (Q1 2020: EUR29.2 million). The comparatively high share of sales in customer industries not directly 
affected by the decline in demand in the oil and gas sector had a stabilizing effect. By contrast, there was an 
entirely different trend in the Americas region, where the reluctance to invest in the oil and gas sector resulted in a 
33.8% year-on-year drop in sales to EUR4.8 million (Q1 2020: EUR7.2 million). This also impacted the Asia/Pacific region. 
In addition, the postponement of major projects had a negative impact on the development of sales in this region, which 
resulted in an overall decline in sales of 10.6% to EUR10.5 million (Q1 2020: EUR11.8 million). 
In contrast, order intake in the first quarter of 2021 was significantly higher than sales. In fact, orders declined by 
18.8% to EUR63.9 million compared to the very strong previous year (Q1 2020: EUR78.8 million). Compared to the previous 
quarter, however, this represents an increase of 20% (Q4 2020: EUR53.3 million). This encouraging performance was driven 
in particular by follow-up material requirements from major projects, catch-up effects from postponed procurement 
activities as well as maintenance and repair orders for production equipment in operation. As a result, order backlog 
increased to EUR68.9 million compared with the level at the beginning of the year (31 December 2020: EUR64.5 million). 
Development of earnings, financial and asset position in Q1 2021 
The EUR6.9 million drop in sales also led to a decline in earnings before interest, taxes, depreciation and amortization 
(EBITDA) pre exceptionals in Q1 2021 which, due to targeted measures that included labor capacity adjustments, was 
limited to a decline of EUR2.1 million to EUR2.7 million (Q1 2020: EUR4.7 million). This resulted in an EBITDA margin pre 
exceptionals of 4.6% (Q1 2020: 7.3%). At  
+100% are shown as >+100%, rates of change <-100% as "n/a" (not applicable). 
 
Key figures R. STAHL Group 
                                                                                                   Change 
In EUR million                                                            Q1 2021          Q1 2020     in % 
Sales                                                                      58.2             65.1    -10.6 
Germany                                                                    14.6             16.9    -13.4 
Central region^ 1)                                                         28.2             29.2     -3.3 
Americas                                                                    4.8              7.2    -33.8 
Asia/Pacific                                                               10.5             11.8    -10.6

(MORE TO FOLLOW) Dow Jones Newswires

May 11, 2021 01:01 ET (05:01 GMT)