DGAP-News

R. STAHL publishes results for fiscal year 2015 - Seite 2

industries promoted growth of 4.6 % in order intake closing at EUR 68.7
million (previous year: EUR 65.7 million).

In fiscal year 2015, sales rose by 1.4 % to EUR 312.9 million (previous
year: EUR 308.5 million). The key growth driver for sales was the
Asia-Pacific region where revenues increased to EUR 75.1 million (previous
year: EUR 56.4 million). The significant growth of 33.0 % compensated for
slight declines in sales in other regions.
Sales in the central region fell by 6.2 % to EUR 124.4 million (previous
year: EUR 132.6 million) due particularly to the weak order situation in
northern Europe. However, R. STAHL distribution panels became part of the
most northerly LNG liquefaction plant of the world located in Russia. In
the Americas, sales of EUR 49.1 million remained below last year's figures
(previous year: EUR 52.8 million). In South America, the weak economic
climate and political instability dampened demand. In order to generate
synergies in Brasil, R. STAHL forged a partnership with steute do Brasil,
the Brazilian subsidiary of steute Schaltgeräte GmbH & Co. KG at the end of
2015. In Germany sales amounted to EUR 64.4 million and was down 3.6 %
compared to the previous year (previous year: EUR 66.8 million).

One-off expenses for cost-cutting measures affected earnings
In 2015, EBIT amounted to EUR 3.9 million (previous year: EUR 18.3 million)
and was thus 78.6 % down on the previous year. As a proportion of sales
revenue, the EBIT margin reached 1.2 % (previous year: 5.9 %). Pre-tax
earnings totaled to EUR 0.7 million (previous year: EUR 14.7 million). In
line with the expansion programme realized between 2011 - 2015, R. STAHL
increased capacities to pave the way for further growth. Due to the
dampened demand of the upstream market, pressure on fixed cost increased.
In order to secure R. STAHL's competitiveness in a challenging market, the
Executive Board adopted a cost-cutting programme. Part of this package of
measures was to adapt capacities to the current market situation. 222 jobs
were made redundant in the most socially compatible manner possible. Some
employment contacts will terminate in 2016 which is why the results for
fiscal year 2015 only partially reflect the redundancies. Personnel
expenses increased by 6.2 % to EUR 128.6 million (previous year: EUR 121.1
million) due to severance payments. Also part of the package was to reduce
material and production cost. The cost-cutting programme caused one-off
expenses of EUR 7.5 million - 0.5 million less than planned. Adjusted for