For Stadler, 2019 was marked by spectacular growth not only in terms of incoming orders but also in rolling stock delivery, compared to the previous year. Incoming orders amounted CHF 5.1 billion (EUR 4.8 billion), an increase of CHF 700 million (EUR 658 million) than in 2018. Of this amount, more than CHF 833 million (EUR 783.4 million) were attributable to the Service and Components segment, well above the previous year’s level. Stdaler’s order backlog also rose to a record of CHF 15 billion (EUR 14.1 billion).
The manufacturer has delivered 444 trains and locomotives, representing an 80 percent increase compared to the previous year. Seven fleets of vehicles which have received approval in various countries and now started regular passenger operations, including the Giruno high-speed train for SBB and the double-decker train for Mälardalstrafiks in Sweden.
In the financial year of 2019 Stadler achieved growth in revenue of 60 percent compared to the previous year, generating revenue of CHF 3.2 billion (EUR 3 billion), against CHF 2 billion (EUR 1.9 billion) in 2018. Stadler says that due to postponements in projects, primarily Greater Anglia, revenue in the reporting period was lower than expected, which also weighed on the result.
Stadler’s EBIT margin was 6.1 percent, lower than in the previous year, and failed to meet expectations. Postponements and additional costs for individual orders had a significant impact on the result. As a result of the record order intake, EBIT was also affected by higher than expected sales expenses. In the same way, exchange rate movements, particularly between the Swiss franc and the Norwegian krone and Swedish krona, had a negative effect on the operating result.
To ensure the delivery and the high standard of quality of the ordered trains, the Swiss company has extended its capacity at several locations and staff expansion in Switzerland, Germany, Spain and Belarus. In 2019, significant investments were again made at various locations to expand capacity. After growth-related above-average investments in net working capital and delays in individual projects, net cash flow from operating activities amounted to -CHF 186.8 million (EUR 175.7 million), compared to -CHF 193.3 million (EUR 181.8 million) in the previous year.
Also, in 2019, Stadler has successfully entered new markets. On the Asian market, the company has signed a contract to deliver Taiwan 34 diesel-electric locomotives and has signed a JV agreement with PT Inka in Indonesia. It has also signed the very first service contract in the U.S. and it has signed the largest single order for vehicles – with MARTA, for the supply of 127 metro trains, with options for 50 additional trains. In May a new assembly plant in Salt Lake City (Utah) was inaugurated.
Since April 2019, Stadler Rail AG has been listed on the SIX Swiss Exchange, with IPO seen as a great success.
The share price has performed well since the first day of trading. As at 31 December 2019 it had increased by more than 27 percent in relation to the issue price of CHF 38. Stadler had over 30,000 shareholders, including a large number of small shareholders. Around 20 percent of the shareholders own no more than 50 shares.
After exercising the over-allotment option, a total of 40,250,000 existing shares, or 40.25 percent of the share capital, were placed in the course of Stadler’s IPO. The placement volume corresponded to CHF 1.53 billion (EUR 1.4 billion).
For the current financial year, Stadler once again expects growth in revenue in the double digits, assuming that the currency situation remains stable, and anticipates a similar result to 2019.
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