DGAP-News: R. Stahl AG / Key word(s): Half Year Results/Half Year Report 
R. STAHL grows sales significantly in Q2 2021 and is on track to achieve full-year guidance 
2021-08-12 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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R. STAHL grows sales significantly in Q2 2021 and is on track to achieve full-year guidance 
  . Sales increase 8.0% or ?4.8 million year-on-year to ?64.5 million in Q2 2021 (Q2 2020: ?59.7 million) 
  . EBITDA pre exceptionals up 16.8% or ?0.7 million to ?4.5 million (Q2 2020: ?3.9 million) 
  . Exceptionals in the second quarter of 2021 of ?-0.6 million up ?-0.2 million on previous year (Q2 2020: ?-0.3 
    million) 
  . Net profit improves by ?0.8 million to ?-1.2 million (Q2 2020: ?-2.0 million) and earnings per share to ?-0.19 (Q2 
    2020: ?-0.31) 
  . Ongoing recovery in demand in the second quarter leads to further increase in order intake compared to previous 
    quarter to ?65.2 million (Q1 2021: ?63.9 million) 
  . Outlook for FY 2021 confirmed 
Waldenburg, 12 August 2021 - R. STAHL today publishes financial figures for Q2 2021. Thus, the company's business 
development showed a significant recovery over the previous year. Compared to the weak previous year due to COVID-19, 
sales increased by 8.0% to ?64.5 million (Q2 2020: ?59.7 million). The main driver behind this development was a 
reduction in inventories of finished goods, while in the previous year pandemic-related delays in acceptance led to an 
increase in inventories. Sales growth also led to an increase in earnings before interest, taxes, depreciation and 
amortization (EBITDA) pre exceptionals of ?0.7 million, or 16.8%, to ?4.5 million in the second quarter of 2021 (Q2 
2020: ?3.9 million), resulting in an EBITDA margin pre exceptionals of 7.0% (Q2 2020: 6.5%). At ?-0.6 million (Q2 2020: 
?-0.3 million), exceptionals were slightly above the previous year as a result of higher severance payments. Net profit 
was up ?0.8 million to ? 1.2 million in the second quarter of 2021 (Q2 2020: ?-2.0 million). This corresponds to 
earnings per share of ?-0.19 (Q2 2020: ?-0.31). 
"Following a soft start into the year 2021, we increasingly see a revitalization of our markets in our daily business 
and to some extent in large projects as expected", said Dr Mathias Hallmann, CEO of R. STAHL. "In fact, the strong 
recovery of the global economy is currently resulting in supply bottlenecks of various of our key raw materials and 
thus increasing our procurement risks. Nevertheless, from our today's perspective, we are confident that we will 
achieve our goals for fiscal year 2021", Dr Hallmann added. 
Business development in Q2 2021 
The positive sales development was primarily driven by significant growth in Asia/Pacific and Germany. R. STAHL 
generated sales of ?16.4 million Germany in the second quarter (Q2 2020: ? 15.0 million), an increase of 9.6%. In 
addition to the cyclical increase in in-vestment activity, this development also reflects a resurgence in major 
projects, particularly in the chemical and pharmaceutical industries, also benefiting the mechanical engineering 
sector. At ?28.4 million, sales in the Central region - which consists of Africa and Europe excluding Germany - were at 
roughly the level of the previous year (Q2 2020: ?28.6 million) in the quarter under review and continued to be buoyed 
by day-to-day business and short-term customer requirements. Development in the Americas region, where sales were also 
largely unchanged year-on-year at ?5.3 million, a dip of 3.2% (Q2 2020: ?5.4 million), primarily reflects the ongoing 
reluctance to invest in the oil and gas sector there. The Asia/Pacific region posted significant growth, with sales 
increasing by 34.8% to ?14.4 million (Q2 2020: ?10.7 million). This was mainly due to sales from major orders in the 
order backlog. 
Order intake increased by 7.5% to ?65.2 million in the second quarter of 2021 (Q2 2020: ?60.7 million). The recovery 
first seen in the previous quarter thus continued (Q1 2021: ?63.9 million; Q4 2020: ?53.3 million). Order backlog 
decreased slightly to ?67.9 million at 30 June 2021, compared with the end of the previous quarter (31 March 2021: 
?68.9 million), but remained well above the low level at the beginning of the year (31 December 2020: ?64.5 million). 
Development of earnings, financial and asset position in Q2 2021 
Total operating performance was up 2.4 % to ?63.2 million in the second quarter of 2021 (Q2 2020: ?61.7 million). 
Reflected here is the reduction in inventories of finished goods and work in progress in the reporting quarter of ?-2.6 
million (Q2 2020: increase in inventories of ?0.9 million) as a result of increased shipments. 
The cost of materials decreased by 0.7% to ?-20.7 million in the reporting period (Q2 2020: ?-20.9 million), resulting 
in an improved cost of materials ratio of 32.8% of total operating performance compared with the previous year (Q2 
2020: 33.8% of total operating performance). 
Personnel expenses increased by 3.1% to ?-30.2 million in the reporting period (Q2 2020: ?-29.3 million), mainly due to 
increased exceptionals. The low level of the prior year also reflects early reductions in bonus provisions in the 
second quarter. 
The balance of other operating income and other operating expenses fell by about 4% to ? -8.2 million in the second 
quarter of 2021 (Q2 2020: ?-8.0 million). Higher costs for software licenses and certification services were only 
partially offset by favorable changes in foreign exchange rates and reversals of provisions. 
Depreciation and amortization in the reporting period of ?-4.2 million was at the level of the previous year (Q2 2020: 
?-4.2 million). 
Overall, EBIT improved by ?0.4 million year-on-year to ?-0.2 million in the second quarter of 2021 (Q2 2020: ?-0.6 
million). 
Equity improved by ?1.8 million year-on- year to ?49.9 million (31 December 2020: ?48.1 million). This mainly reflects 
the beneficial effects of changes in foreign exchange rates and unrealized gains from pensions. As a result, the equity 
ratio increased to 19.3% year-on-year (31 December 2020: 18.8%). Net debt (excluding pension provisions and lease 
liabilities) increased to ?13.2 million at the end of the reporting period (31 December 2020: ?5.8 million), mainly as 
a result of the negative net profit and the increase in working capital. 
Business and earnings development in H1 2021 
In the first half of 2021, R. STAHL generated sales of ?122.7 million, down 1.7% year-on-year (6M 2020: ?124.8 
million). The downward trend was especially influenced by the strong first quarter of the previous year, which saw 
achievement of the highest quarterly sales since the beginning of 2020 despite a significant increase in inventories of 
finished goods and work in progress. 
EBITDA pre exceptionals was down ?1.4 million or 16.6% to ?7.2 million (6M 2020: ?8.6 million). This corresponds to an 
EBITDA margin pre exceptionals of 5.9% (6M 2020: 6.9%). Net profit fell by ?1.1 million to ?-3.7 million (6M 2020: 
?-2.6 million), equivalent to earnings per share of ?-0.58 (6M 2020: ?-0.41). 
Outlook for FY 2021 
In the course of the unscheduled price adjustment effective 1 July 2021, R. STAHL raised the sales forecast for 2021 to 
a range between ?254 million and ?260 million on 10 June 2021, while the outlook for EBITDA pre exceptionals remained 
unchanged at a range between ?17 million and ?19 million. The company continues to stand by this estimate subject to 
the condition that the currently increased procurement risks for some raw materials do not worsen and lead to an 
additional negative impact on our supply capability. 
 
Key figures of the R. STAHL Group for Q2 2021 pursuant to IFRS 
                                 Q2    Q2 Change             6M      6M Change 
in ? million                   2021  2020   in %           2021    2020   in % 
Sales                          64.5  59.7   +8.0          122.7   124.8   -1.7 
Germany                        16.4  15.0   +9.6           31.0    31.9   -2.6 
Central region^ 1)             28.4  28.6   -0.6           56.7    57.8   -2.0 
Americas                        5.3   5.4   -3.2           10.1    12.7  -20.6 
Asia/Pacific                   14.4  10.7  +34.8           25.0    22.5  +11.0 
EBITDA pre exceptionals^ 2)     4.5   3.9  +16.8            7.2     8.6  -16.6 
EBITDA margin 
pre exceptionals^ 2)           7.0%  6.5%                  5.9%    6.9% 
EBITDA                          4.0   3.6  +11.4            6.6     8.2  -20.2 
EBIT                           -0.2  -0.6  +66.6           -1.7    -0.1    n/a 
Net profit                     -1.2  -2.0  +39.8           -3.7    -2.6  -41.7 
Earnings per share in ?       -0.19 -0.31  +38.7          -0.58   -0.41  -41.5 
Order intake                   65.2  60.7   +7.5          129.2   139.4   -7.4 
Order backlog as of June 30                                67.9    79.7  -14.8 
Cash flow from 
operating activities            3.6   1.5  >+100            2.2     2.5   -9.1 
Depreciation and amortization   4.2   4.2   -0.1            8.3     8.3   -0.7 
Capital expenditures^ 3)        3.5   2.7  +30.4            6.7     5.0  +33.5 
                                                                31 Dec. Change 
                                                   30 June 2021    2020   in % 
Total assets                                              258.1   256.2   +0.7 
Equity                                                     49.9    48.1   +3.7 
Equity ratio                                              19.3%   18.8% 
Net financial debt^ 4)                                     13.2     5.8  >+100 
Net financial debt incl. 
lease liabilities pursuant to IFRS 16                      38.5    33.1  +16.3 
Employees^ 5)                                             1.663   1.690   -1.6

^1) Africa and Europe excl. Germany

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August 12, 2021 01:00 ET (05:00 GMT)