STADLER RAIL AG HALF-YEAR REPORT 2023
2 Stadler Half-Year Report 2023
HALF-YEAR RESULTS 2023 AT A GLANCE
1.3
BILLION CHF
NET REVENUE
Previous year: 1.5
4.7
BILLION CHF
ORDER INTAKE
Previous year: 6.0
25.4
47.5
MILLION CHF
EBIT
Previous year: 66.8
3.7%
EBIT MARGIN
Previous year: 4.5%
13,743
EMPLOYEES WORLDWIDE
(average FTE 1 January to 30 June 2023) Previous year: 13, 092
BILLION CHF ORDER BACKLOG
31 December 2022: 22.0
STADLER - THE SYSTEM PROVIDER OF
MOBILITY SOLUTIONS IN RAIL VEHICLE CONSTRUCTION, SERVICE AND SIGNALLING
Stadler Half-Year Report 2023 3
KEY FIGURES
1st half-year | as % of | 1st half-year | as % of | Change | |||||
in millions of CHF or as noted | resp. 30.06.2023 | net revenue | resp. 31.12.2022 | net revenue | in % | ||||
Stadler | |||||||||
Order intake | 4,663.7 | 5,973.7 | (22%) | ||||||
Order backlog 1 | 25,429.8 | 21,983.7 | 16% | ||||||
Net revenue | 1,288.6 | 100.0% | 1,471.7 | 100.0% | (12%) | ||||
Gross margin 2 | 156.3 | 12.1% | 143.7 | 9.8% | 9% | ||||
EBITDA 3 | 100.4 | 7.8% | 117.8 | 8.0% | (15%) | ||||
Operating result (EBIT) | 47.5 | 3.7% | 66.8 | 4.5% | (29%) | ||||
Profit for the period | 25.8 | 2.0% | 2.4 | 0.2% | 967% | ||||
Earnings per share (in CHF) | 0.26 | 0.01 | |||||||
Net cash flow from operating activities | 344.4 | 67.3 | 412% | ||||||
Capital expenditure 4 | 125.1 | 83.3 | 50% | ||||||
Free cash flow 5 | 303.4 | 91.3 | 232% | ||||||
Net working capital 1, 6 | (485.4) | (157.4) | |||||||
Work in progress (net) 1, 7 | (1,128.1) | (808.1) | |||||||
Net cash 1, 8 | (57.8) | (230.8) | |||||||
Equity 1 | 717.4 | 779.1 | |||||||
Staff as FTEs | 13,743 | 13,092 | 5% | ||||||
"Rolling Stock" segment | |||||||||
Order intake | 3,559.3 | 4,895.8 | (27%) | ||||||
Order backlog 1 | 19,596.1 | 17,047.9 | 15% | ||||||
Net revenue (third parties) | 1,047.6 | 81.3% | 1,252.8 | 85.1% | (16%) | ||||
"Service & Components" segment | |||||||||
Order intake | 1,067.5 | 1,062.2 | 0% | ||||||
Order backlog 1 | 5,645.1 | 4,765.7 | 18% | ||||||
Net revenue (third parties) | 214.6 | 16.7% | 204.2 | 13.9% | 5% | ||||
"Signalling" segment | |||||||||
Order intake | 37.0 | 15.7 | 135% | ||||||
Order backlog 1 | 188.6 | 170.1 | 11% | ||||||
Net revenue (third parties) | 26.4 | 2.0% | 14.6 | 1.0% | 81% | ||||
- As at 30 June 2023 resp. 31 December 2022
- Gross margin is calculated as net revenue less cost of goods sold and services provided
- EBITDA is calculated as the sum of EBIT and depreciation and amortisation
- Capital expenditure is calculated as the sum of investments in property, plant and equipment and intangible assets
- Free cash flow is calculated as EBITDA less capital expenditure less change in net working capital
- 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
- Work in progress (net) is calculated as work in progress (asset) less liabilities from work in progress
- Net cash is calculated as cash and cash equivalents less current and non-current financial liabilities
4Stadler Half-Year Report 2023
SUSTAINABLE MOBILITY -
TRAIN AFTER TRAIN
Stadler has been building rail vehicles for 80 years and also provides solutions in the areas of service and signalling technology. The "Rolling Stock" segment focuses on the development, design and production of high-speed, intercity and regional trains, locomotives, metros, light rail vehicles and passenger coaches. With innovative solutions in the "Signalling" segment, Stadler supports the interplay between vehicles and infrastructure. The "Service & Components" segment offers customers a variety of services, ranging from the supply of individual spare parts, vehicle repairs, modernisation and overhauls to complete full-service packages. This ensures that after delivery, the vehicles continue to meet our customers' most demanding requirements in terms of reliability, availability and environmental sustainability over their entire life cycle of
30 years on average.
Every step of the way, Stadler does its best to make sure that wherever they are in the world, passengers get to their destination safely, quickly and in comfort. On the following pages, you can learn everything worth knowing about Stadler's business activities in the first half-year 2023, presented in a transparent manner.
Stadler Half-Year Report 2023 5
THIS IS WHERE FACTS AND FIGURES COME IN
CONTENTS
STADLER HALF-YEAR REPORT 2023 2 _ Half-yearresults 2023 at a glance 3 _ 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. Other operating income
17_ 8. Operating result (EBIT)
17_ 9. Financial result
17_ 10. Income taxes
18_ 11. Work in progress
19_ 12. Compensation claims from work in progress 19_ 13. Property, plant and equipment
19_ 14. Financial liabilities
20_ 15. Equity
20_ 16. Changes in the scope of consolidation 20_ 16.1 Changes in 2023
23_ 16.2 Changes in 2022
23_ 17. Investments in associated companies
23_ 17.1 Changes in 2023
24_ 17.2 Changes in 2022
24_ 18. Exchange rates
24_ 19. Events after the reporting date
24_ 20. Approval of the consolidated half-year financial statements
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Disclaimer
Stadler Rail AG published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 04:57:10 UTC.
