The Swiss manufacturer Stadler received numerous new orders worth a total of CHF 4.33 billion (EUR 3.9 billion) last year despite the pandemic, with a decrease of 15 percent in order intake compared to 2019. Company’s net profit increased to CHF 138.4 million (EUR 124.57 million) in the past financial year compared to the prior-year period (CHF 128.5 million; EUR 115.66 million).
Although there have been delays in the awarding of significant individual contracts due to the coronavirus crisis and appeals brought by competitors, the company has not perceived a collapse in demand. No ongoing orders were cancelled, or tenders suspended. The delays caused by coronavirus were only partially compensated for and a total of 465 vehicles were delivered, more than in 2019 when 444 vehicles were delivered. The vehicles that could not be delivered due to coronavirus are largely completed and ready for homologation and customer acceptance.
The order backlog rose to more than CHF 16 billion (EUR 14.4 billion), ensuring solid basic capacity utilisation for Stadler.
After a 16 percent decline in revenue in the first half of 2020 compared to the same period of the previous year, revenue in the second half of the year increased by 3.1 percent compared to the second half of 2019. As a result, the full-year revenue of CHF 3.08 billion (EUR 2.77 billion) was only slightly below the record result achieved in 2019 (CHF 3.2 billion; EUR 2.89 billion).
The operating result in terms of EBIT declined accordingly in comparison with the previous year and stood at CHF 156.1 million (EUR 140.5 million), from CHF 193.7 million (EUR 174.34 million) in 2019.
In the second half of the year, Stadler was able to increase profitability from 0.5 to 7 percent compared to the first half of 2020, resulting in an EBIT margin of 5.1 percent for the full year.
The order intake on the Rolling Stock segment amounted to CHF 2.88 billion (EUR 2.6 billion) in the 2020 financial year. The decrease of around 33 percent compared with the previous is due to an exceptionally high basis of comparison in 2019 as well as to delays in the awarding of significant individual contracts that had been expected in 2020. On this segment, the order backlog decreased slightly to CHF 12 billion (EUR 10.8 billion) at the end of 2020. Following the year-on-year decline in revenue of more than 20 percent in the first half of 2020, revenue on this sector the second half of the year was up slightly on the previous year’s level rising to CHF 1.95 billion (EUR 1.75 billion). However, due to delayed deliveries, the full-year revenue of CHF 2.74 billion (EUR 2.46 billion) was 6.7 percent below the previous year’s figure of CHF 2.94 billion (EUR 2.64 billion).
Order intake in the Service & Components reporting segment was CHF 1.46 billion (EUR 1.3 billion) in 2020, 75 percent above the previous year’s level (CHF 830 million; EUR 747 million).
Since 2016, the Swiss manufacturer Stadler is developing its signalling division. In 2020, its Guardia ETCS solution received approval to operate in Poland. There, the system is used in the Flirt trains of the railway operator Koleje Mazowickie. In Switzerland, the system will be used for the first time in BLS’s new Flirt trains, which were unveiled to the public in 2020. ETCS projects are also under way in other countries, including Hungary, Slovenia, Italy and Germany.
Last year, the company has invested CHF 288 million (EUR 259.2 million) in growth, including the development and expansion of its sites. In Switzerland, Stadler moved into the new production plant in St. Margrethen. Total investments amount to over CHF 86 million (EUR 77.4 million), CHF 36.6 million (EUR 32.94 million) of which were made in 2020. In Germany, the expansion of the new production hall is progressing with an investment volume of up to EUR 70 million, EUR 42.6 million of which were incurred in 2020. In Poland, Stadler expanded its commissioning capacities with a new hall at the Siedlce site at a cost of CHF 9.6 million (EUR 8.64 million). Production capacities at the plant in Minsk and in Szolnok, Hungary, were also increased with investments of CHF 12 million (EUR 10.8 million) and 11.4 million (EUR 10.2 million) respectively. In Hungary, Stadler is also investing CHF 28.8 million (EUR 25.9 million) in the construction of a new hall for the overhaul of bogies.
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