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Half-Year Report 2020

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Half-Year Report 2020 STADLER HALF-YEAR REPORT 2020 HALF-YEAR REPORT 2020 HALF-YEAR RESULTS 2020 AT A GLANCE HALF-YEAR RESULTS 2020 AT A GLANCE 0.9 5.0 BILLION CHF MILLION CHF NET REVENUE EBIT Previous year: 1.1 Previous year: 46.9 0.5% 33,000 EBIT MARGIN REGISTERED SHAREHOLDERS AS AT 30 JUNE 2020 Previous year: 4.2% 3.1 BILLION CHF ORDER INTAKE 12,156 Previous year: 2.3 EMPLOYEES WORLDWIDE (average FTE 1 January 2020 to 30 June 2020) Previous year: 10,491 16.8 STADLER – THE SYSTEM PROVIDER OF SOLUTIONS IN BILLION CHF ORDER BACKLOG RAIL VEHICLE CONSTRUCTION WITH HEADQUARTERS 31 December 2019: 15.0 IN BUSSNANG, SWITZERLAND. Stadler Half-Year Report 2020 3 THIS IS WHERE FACTS AND FIGURES COME IN CONTENTS STADLER HALF-YEAR REPORT 2020 2 _ Half-Year Results 2020 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. Development costs 17 _ 8. Other operating income 17 _ 9. Operating result (EBIT) 17 _ 10. Financial result 17 _ 11. Non-operating result 18 _ 12. Work in progress 18 _ 13. Compensation claims from work in progress 19 _ 14. Property, plant and equipment 19 _ 15. Financial liabilities 19 _ 16. Equity 20 _ 17. Changes in scope of consolidation 20 _ 17.1 Changes in 2020 20 _ 17.2 Changes in 2019 20 _ 18. Investments in associates and joint ventures 20 _ 18.1 Changes in 2020 20 _ 18.2 Changes in 2019 21 _ 19. Exchange rates 21 _ 20. Events after the reporting date 21 _ 21. Approval of the consolidated half-year financial statements LOCATIONS AT A GLANCE 4 Stadler Half-Year Report 2020 LOCATIONS AT A GLANCE Stadler builds trains 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 Altenrhein, Canton of St. Gallen St. Margrethen, Canton of St. Gallen Wallisellen, Canton of Zurich (Signalling) Winterthur, Canton of Zurich Biel, Canton of Bern Compo- Wil, Canton of St. Gallen Locations Production nents Service STADLER AROUND THE WORLD STADLER WORLDWIDE (continued) Algeria, Algiers Poland, Warsaw Denmark, Aarhus Poland, Katowice Germany, Berlin Poland, Lodz Germany, Herne Portugal, Poceirão Germany, Essingen Russia, St. Petersburg France, Montceau-les-Mines Sweden, Stockholm The Netherlands, Hengelo Sweden, Västerås The Netherlands, Leeuwarden Serbia, Belgrade The Netherlands, Nieuwegein Spain, Valencia The Netherlands, Twello Spain, Alicante The Netherlands, Venlo Spain, Mallorca The Netherlands, Blerick Spain, Madrid Israel, Kishon Spain, Lleida Italy, Merano Hungary, Szolnok Italy, Sassari/Macomer Hungary, Pustaszabolcs Italy, Bolzano Hungary, Budapest-Istvantelek Italy, Venice/Bologna Hungary, Szombathely Italy, Turin UK, Liverpool Norway, Bergen UK, Glasgow Norway, Oslo UK, Norwich Austria, Vienna UK, Sheffield Poland, Siedlce USA, Salt Lake City Poland, Środa Wielkopolska Belarus, Minsk Stadler locations Light blue areas: countries Stadler trains have been sold to KEY FIGURES Stadler Half-Year Report 2020 5 KEY FIGURES 1st half-year as % of 1st half-year as % of Change in millions of CHF or as noted 2020 net revenue 2019 net revenue in % Stadler Order intake 3,118.0 2,310.3 35% Order backlog1 16,840.3 15,026.1 12% Net revenue 934.7 100.0% 1,115.3 100.0% (16%) Gross margin2 76.7 8.2% 121.2 10.9% (37%) EBITDA3 46.9 5.0% 76.9 6.9% (39%) Operating result (EBIT) 5.0 0.5% 46.9 4.2% (89%) Profit for the period 15.7 1.7% 27.5 2.5% (43%) Earnings per share (in CHF) 0.15 0.27 (43%) Net cash flow from operating activities (200.8) (137.5) Capital expenditure4 96.0 153.9 (38%) Free cash flow5 (309.0) (294.7) Net working capital1,6 287.3 27.4 Work in progress (net)1,7 (375.8) (803.8) Net cash1,8 (417.1) 5.6 Equity ratio1 18.3% 22.3% Staff as FTEs 12,156 10,491 16% “Rolling Stock” segment Order intake 1,917.5 1,707.7 12% Order backlog1 12,758.5 12,254.3 4% Net revenue (third parties) 788.8 84.4% 1,002.0 89.8% (21%) “Service & Components” segment Order intake 1,200.5 602.6 99% Order backlog1 4,081.8 2,771.8 47% Net revenue (third parties) 145.9 15.6% 113.3 10.2% 29% 1 As at 30 June 2020 resp. 31 December 2019 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 2020 — Letter to our Shareholders STRONGER POSITION ENTERING SECOND HALF OF THE YEAR DESPITE CORONA CRISIS Peter Spuhler Executive Chairman of the Board and Group CEO a. i. Letter to our Shareholders — Stadler Half-Year Report 2020 7 Dear Shareholders Despite the coronavirus crisis, Stadler was not affected by “SERVICE & COMPONENTS” SEGMENT a slump in demand in the first half of 2020 and continued to Incoming orders in the “Service Components” reporting segment enjoy a leading market position. No current orders were can- amounted to 1.2 billion Swiss francs in the first half of 2020, celled, and in the first half of 2020 Stadler received new orders almost double the previous year’s level. This brings the order with a total value of 3.1 billion Swiss francs, 1.2 billion of which backlog in the “Service & Components” segment to 4.1 billion concern the Service & Components division. This represents an Swiss francs, which now accounts for almost a quarter of overall increase of 35 per cent in relation to the same period of Stadler’s order backlog. The “Service & Components” reporting the previous year. The order backlog thereby rose by a further segment generated net revenue of 145.9 million Swiss francs in 12 per cent in relation to year-end 2019 to a record 16.8 billion the first half of the year. Thanks to this 29 per cent increase, Swiss francs, over 4 billion of which concern the “Service & Com- revenue is therefore well above the level seen in first half of ponents” segment. 2019, but significantly below the company’s own expectations. Since long-term service contracts are generally paid for on the In contrast to the very solid order situation, however, net rev- basis of the kilometres covered by the vehicles, the substantially enue, profitability and cash flow at Stadler were significantly reduced timetables of rail operators have had a direct impact on impacted by the coronavirus crisis. In particular, there were revenue in the “Service & Components” segment. interruptions in the supply chains and travel restrictions for employees, customers and regulatory authorities. The substan- EBIT, NET PROFIT AND CASH FLOW tially reduced timetables of rail operators also resulted in lower IMPACTED BY COVID-19 than expected revenue in the “Service & Components” segment. EBIT for the first half of 2020 stood at 5 million Swiss francs Overall, net revenue in the reporting period fell to 934.7 million (0.5 per cent EBIT margin), compared to 46.9 million (4.2 per cent Swiss francs, a decline of 16 per cent in relation to the first half EBIT margin) in the same period of the previous year. The decline of 2019. Also, the temporary closing of the factory in Valencia in profitability is mainly due to lower volumes resulting from and the significant slowdown of the production capacity in coronavirus-related shifts in revenue and interruptions to supply Salt Lake City also had a negative impact on net revenues. chains. Net revenue in the “Service & Components” segment also fell short of the capacities provided, which entail ongoing costs. “ROLLING STOCK” SEGMENT This was due to the reduction of public transport time tables In the “Rolling Stock” reporting segment, order intake in the and the resulting decline in the number of kilometres travelled. first half of the year amounted to 1.9 billion Swiss francs, up 12 per cent on the same period of the previous year. The order Stadler’s business is generally subject to strong seasonality, backlog also grew by 4 per cent in relation to the end of 2019, which typically leads to significantly higher revenue, profitabi lity reaching a new record high of 12.8 billion Swiss francs.
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