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Half-Year Report 2021 Half-Year Results 2020 at a Glance

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Half-Year Report 2021 Half-Year Results 2020 at a Glance STADLER HALBJAHRESBERICHT 2020 HALF-YEAR REPORT 2021 HALF-YEAR RESULTS 2020 AT A GLANCE HALF-YEAR RESULTS 2021 AT A GLANCE 1.4 48.9 BILLION CHF MILLION CHF NET REVENUE EBIT Previous year: 0.9 Previous year: 5.0 3.5% 35,158 EBIT MARGIN REGISTERED SHAREHOLDERS AS AT 30 JUNE 2021 Previous year: 0.5% 31 December 2020: 34,912 3.1 BILLION CHF ORDER INTAKE 12,851 Previous year: 3.1 EMPLOYEES WORLDWIDE (average FTE 1 January to 30 June 2021) Previous year: 12,156 17.9 BILLION CHF STADLER – THE SYSTEM PROVIDER OF SOLUTIONS IN ORDER BACKLOG RAIL VEHICLE CONSTRUCTION WITH HEADQUARTERS 31 December 2020: 16.1 IN BUSSNANG, SWITZERLAND. Stadler Half-Year Report 2021 3 THIS IS WHERE FACTS AND FIGURES COME IN CONTENTS STADLER HALF-YEAR REPORT 2021 2 _ Half-Year Results 2021 at a glance 4 _ Locations at a glance 5 _ Key figures 6 _ Letter to our Shareholders CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS 10 _ Consolidated income statement 11 _ Consolidated balance sheet 12 _ Consolidated cash flow statement 13 _ Consolidated statement of changes in equity NOTES TO THE CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS 14 _ 1. The Stadler Rail Group 14 _ 2. Basis for the preparation of the financial statements 14 _ 3. Management assumptions and estimates 15 _ 4. Seasonal and other influences 15 _ 5. Segment reporting 16 _ 6. Gross margin 17 _ 7. Operating result (EBIT) 17 _ 8. Financial result 17 _ 9. Non-operating result 17 _ 10. Income taxes 18 _ 11. Work in progress 18 _ 12. Compensation claims from work in progress 19 _ 13. Property, plant and equipment 19 _ 14. Financial liabilities 19 _ 15. Equity 20 _ 16. Changes in the scope of consolidation 20 _ 16.1 Changes in 2021 20 _ 16.2 Changes in 2020 20 _ 17. Investments in associated companies 20 _ 17.1 Changes in 2021 20 _ 17.2 Changes in 2020 21 _ 18. Exchange rates 21 _ 19. Events after the reporting date 21 _ 20. Approval of the consolidated half-year financial statements LOCATIONS AT A GLANCE 4 Stadler Half-Year Report 2021 LOCATIONS AT A GLANCE Stadler builds trains, locomotives and light rail vehicles for the whole world. We build rail vehicles in close contact with our customers, thereby setting the course for customer relations that extend beyond the construction period. We listen, we ask, we deliver. Compo- Locations Production nents Service STADLER SWITZERLAND Bussnang, Canton of Thurgau Frauenfeld, Canton of Thurgau Altenrhein, Canton of St. Gallen Compo- St. Margrethen, Canton of St. Gallen Locations Production nents Service Winterthur, Canton of Zurich Biel, Canton of Bern STADLER AROUND THE WORLD (continued) Bern, Canton of Bern Norway, Oslo Lugano, Canton of Ticino Austria, Gmunden Wallisellen, Canton of Zurich (Signalling) Austria, Vienna Wil, Canton of St. Gallen Poland, Siedlce Poland, Środa Wielkopolska STADLER AROUND THE WORLD Poland, Warsaw Algeria, Algiers Poland, Katowice Denmark, Aarhus Poland, Łódź Denmark, Odense Poland, Sochaczew Germany, Berlin Portugal, Entroncamento Germany, Augsburg Portugal, Poceirão Germany, Essingen Russia, St. Petersburg Germany, Herne Russia, Moscow Germany, Jena Sweden, Hagalund Germany, Mannheim Sweden, Stockholm Germany, Rendsburg Sweden, Tillberga Germany, Schönwalde-Glien Sweden, Västerås France, Montceau-les-Mines Serbia, Belgrade Finland, Helsinki Spain, Valencia Georgia, Tbilisi Spain, Alicante Italy, Merano Spain, Mallorca Italy, Sassari/Macomer Spain, Madrid Italy, Bolzano Spain, Lleida Italy, Venice/Bologna Turkey, Kirikkale Italy, Bari Hungary, Szolnok Italy, Cremona Hungary, Pusztaszabolcs Italy, Cosenza Hungary, Budapest-Istvántelek Italy, Turin Hungary, Szombathely Netherlands, Hengelo UK, Cardiff Netherlands, Leeuwarden UK, Glasgow Netherlands, Venlo UK, Liverpool Netherlands, Blerick UK, Newcastle Norway, Dammen UK, Norwich Norway, Bergen USA, Denton USA, Irving Stadler locations Light blue areas: countries Stadler trains have USA, Salt Lake City been sold to Belarus, Minsk KEY FIGURES Stadler Half-Year Report 2021 5 KEY FIGURES 1st half-year as % of 1st half-year as % of Change in millions of CHF or as noted resp. 30.06.2021 net revenue resp. 31.12.2020 net revenue in % Stadler Order intake 3,121.6 3,118.0 0% Order backlog1 17,871.8 16,105.6 11% Net revenue 1,417.7 100.0% 934.7 100.0% 52% Gross margin2 142.0 10.0% 76.7 8.2% 85% EBITDA3 96.0 6.8% 46.9 5.0% 105% Operating result (EBIT) 48.9 3.5% 5.0 0.5% 870% Profit for the period 26.3 1.9% 15.7 1.7% 67% Earnings per share (in CHF) 0.26 0.15 69% Net cash flow from operating activities 10.6 (200.8) Capital expenditure4 97.5 96.0 2% Free cash flow5 (41.1) (309.0) Net working capital1,6 489.5 450.0 Work in progress (net)1,7 (198.9) (317.3) Net cash1,8 (749.5) (608.2) Equity ratio1 16.3% 19.1% Staff as FTEs 12,851 12,156 6% “Rolling Stock” segment Order intake 2,843.3 1,917.5 48% Order backlog1 13,595.0 11,995.6 13% Net revenue (third parties) 1,238.2 87.3% 788.8 84.4% 57% “Service & Components” segment Order intake 278.4 1,200.5 (77%) Order backlog1 4,276.8 4,110.0 4% Net revenue (third parties) 179.6 12.7% 145.9 15.6% 23% 1 As at 30 June 2021 resp. 31 December 2020 2 Gross margin is calculated as net revenue less cost of goods sold and services provided 3 EBITDA is calculated as the sum of EBIT and depreciation and amortisation 4 Capital expenditure is calculated as the sum of investments in property, plant and equipment and intangible assets 5 Free cash flow is calculated as EBITDA less capital expenditure less change in net working capital 6 Net working capital is calculated by subtracting the sum of trade payables, liabilities from work in progress, other current liabilities, current provisions and deferred income and accrued expenses from the sum of trade receivables, inventories, work in progress, other current receivables, compensation claims from work in progress and accrued income and deferred expenses 7 Work in progress (net) is calculated as work in progress (asset) less liabilities from work in progress 8 Net cash is calculated as cash and cash equivalents less current and non-current financial liabilities LETTER TO OUR SHAREHOLDERS 6 Stadler Half-Year Report 2021 — Letter to our Shareholders POSITIVE TREND CONTINUES FOR STADLER IN THE FIRST HALF-YEAR Peter Spuhler Chairman of the Board and Group CEO a. i. Letter to our Shareholders — Stadler Half-Year Report 2021 7 Dear Shareholders, Stadler recorded an order intake of 3.1 billion Swiss francs in Stadler is also making inroads into new drive technologies the first half of 2021, which represents stable development at a in addition to its existing well-rounded, broad product port- high level compared to the same period of the previous year folio. Stadler is developing its first hydrogen train for the (H1 2020: 3.1 billion Swiss francs). This does not take into rail operator of San Bernardino County in California. Nahver- account decisions for the awarding of individual major projects kehrsverbund Schleswig-Holstein in northern Germany or- originally expected before the end of June. At 17.9 billion Swiss dered 55 battery-powered trains back in 2019 after Stadler francs, the order backlog nonetheless reached a new record emerged as the winner of Germany’s first green technology high (31 December 2020: 16.1 billion Swiss francs). tender. Following a three-year research phase which came to an end in March 2021, Stadler successfully completed the The impact of the coronavirus crisis on supply chains, approval research project launched in 2018 to develop and test battery and delivery procedures as well as on the service business technologies in the rail vehicle sector. During the three-year continues to be felt. Nevertheless, Stadler managed to build on trial phase, the FLIRT battery-powered train used as a test its recovery in the second half of 2020 and continued to make up vehicle far exceeded initial expectations with a proven range of for the delays caused by the pandemic in the acceptance of new 185 kilometres when functioning on battery alone. vehicles. In addition, the service business was given further impetus. Overall, this led to a significant increase in revenue of “SERVICE & COMPONENTS” SEGMENT 52 percent to 1.4 billion Swiss francs compared to 0.9 billion Incoming orders in the “Service & Components” reporting Swiss francs in the same period last year. segment amounted to 278.4 million Swiss francs in the first half of 2021. The decrease compared to the same period of the “ROLLING STOCK” SEGMENT previous year (H1 2020: 1.2 billion Swiss francs) is mainly due to In the “Rolling Stock” reporting segment, order intake in the the high order intake resulting from two large orders placed in first half of the year amounted to 2.8 billion Swiss francs, up the first half of 2020. In the strategically important service 48 percent on the same period of the previous year. The business, order backlog in turn increased by 4 percent to 4.3 order backlog grew by 13 percent in relation to the end of billion Swiss francs compared to the end of 2020 (31 December 2020, reaching a new record high of 13.6 billion Swiss francs 2020: 4.1 billion Swiss francs) and thus continues to contribute (31 December 2020: 12.0 billion Swiss francs). just under a quarter of Stadler’s total order backlog. Thanks to successful deliveries of new vehicles and catch-up Revenue in the “Service & Components” segment experienced effects following delays caused by the pandemic, the “Rolling another double-digit increase of 23 percent to 179.6 million Stock” reporting segment generated revenue of 1.2 billion Swiss Swiss francs compared to the first half of 2020 (H1 2020: francs in the first half of 2021.
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