Stadler reports record order backlog in first half results

STADLER says it partially exceeded targets for the year in its first half results released on September 3, with the value of orders received surpassing SFr 2.3bn ($US 2.3bn), which is around SFr 1.5bn above the figure reported in the first half of 2018.

Stadler generated revenue of SFr 1.1bn in the first half, a 40% increase on the same period of 2018, while Ebit was SFr 46.9m, up from SFr 35.2m in 2018. Stadler says that around one third of net revenues are generated in the first half of the year due to the company not accounting for revenue until a train enters service and the majority of new trains entering service at the December timetable change.

For rolling stock, Stadler’s orders in the first half of the year were worth a total of SFr 1.7bn and the manufacturer’s order backlog now stands at SFr 14.4bn, a new record. Highlights include the sale of 55 battery-electric Flirt Akku multiple units for Schleswig-Holstein in Germany. The company also reported new orders worth SFr 602.6m in its Service and Components division, including a contract to maintain over 100 trains operated by Vy in Norway, the company’s largest ever such order.

Stadler says its positive financial performance is in spite of difficult economic conditions, geopolitical turbulence and the delayed delivery of vehicles to British franchisee, Greater Anglia. “Currency distortions and the associated strengthening of the Swiss franc will remain a challenge for Stadler in the second half of the year,” the company says. “Pound sterling, the Swedish krona, the Norwegian krone and the euro are of particular importance.”

Despite these conditions, Stadler expects to report net revenue of SFr 3.5bn and an Ebit margin of 7% for the full financial year.

IPO

Stadler also reports that its IPO on the Six Swiss Exchange on April 12 was a great success. The company says the share price has performed well since the first day of trading and had increased by 15% from the opening price of SFr 38. On June 30 Stadler had more than 27,000 shareholders with around 20% holding no more than 50 shares.

A total of 40.25 million shares, or 40.25% of the share capital, was placed in the course of the IPO, accounting for SFr 1.5bn. Mr Peter Spuhler, Stadler chairman, holds 39.7% of Stadler’s share capital directly and indirectly via PCS Holding. A further 10% is held by the German RAG Foundation.