R. Stahl Aktiengesellschaft · XETR:RSL2

R. Stahl Aktiengesellschaft — R. Stahl — Eigenkapitalforum 2020

64 slides from R. Stahl Aktiengesellschaft's conference presentation, November 2020

1. Slide 1: Technology – Efficiency – Growth

   Technology – Efficiency – Growth Equity Story November 2020

2. Slide 2: Disclaimer

   Disclaimer This presentation was prepared by R. STAHL AG and is solely for information purposes. It may not be reproduced, distributed or published without the prior consent of R. STAHL AG. This presentation contains forward-looking statements. Such forward-looking statements are based on certain as

3. Slide 3: Agenda

   Agenda 1 Company Overview 2 Driving Efficiency – R. STAHL 2020 3 Actual Business Update 4 Preparing for Growth 5 Appendix Equity Story November 2020 3

4. Slide 4: R. STAHL Has a Tradition of More Than 140 Years

   R. STAHL Has a Tradition of More Than 140 Years in Pioneering Mechanical And Electr(on)ical Technologies 1876 Rafael Stahl founded the company 1890 World's first circular loom with electric individual drive 1926 Development and production of explosion-protected, electrical control switches and contr

5. Slide 5: R. STAHL Today – A Leading Global Player With a 100% Focus on Electrical Explosion Protection

   R. STAHL Today – A Leading Global Player With a 100% Focus on Electrical Explosion Protection Global market shares of relevant competitors* Market #2 in Europe in explosion protection, Position #3 worldwide Total Markets Oil & Gas, Chemicals, Pharma, Market &Customers Food & Beverage, Shipbuilding S

6. Slide 6: Explosions Occur When Mixtures of Combustible Substances and Oxygen Meet an Ignition Source

   Explosions Occur When Mixtures of Combustible Substances and Oxygen Meet an Ignition Source Basic principle of explosions 1. Combustible substances Explosive range  Gases (e. g. natural gas, hydrogen etc.)  Liquids (e. g. gasoline, alcohol, solvents etc.) 100 Concentration of 0  Dispersed solids

7. Slide 7: Electrical Explosion Protection is a Niche Application With High Barriers to Entry

   Electrical Explosion Protection is a Niche Application With High Barriers to Entry Global Electric Industry by Application Total market €4.4 tn 1) Total market share of Market Characteristics 12% Automation €1.7 tn 2) electrical explosion key applications 3% Lighting of electrical protection:  Acco

8. Slide 8: We Serve Process Industries That Handle Potentially Explosive Dusts, Liquids And Gases

   We Serve Process Industries That Handle Potentially Explosive Dusts, Liquids And Gases World market by industry sectors – IECEx/ATEX 2017-2022 No impacts from COVID-19 included Other CAGR (2017-2022 E) Oil and gas 2) 16 20 Oil and gas 5.4% Shipbuilding Petrochemical sector 4.8% 5 Chemical industry 3

9. Slide 9: We Are Experts in All Major Technologies Used in Electrical Explosion Protection

   We Are Experts in All Major Technologies Used in Electrical Explosion Protection Position Conceptual approach Solution Technology R. STAHL not part of electrical explosion protection 1. Prevent formation  Avoid combustible substances (replacement) of explosive atmospheres no part of electrical expl

10. Slide 10: R. STAHL Offers a Complete, Innovative And Market Leading Portfolio of Explosion Proof Products

    R. STAHL Offers Its Customers a Complete, Innovative And Market Leading Portfolio of Explosion Proof Products Electromechanical Light fittings & signaling Network & automation Human machine components devices solutions interfaces  Connectors  #1 in LED technology  Field Bus  Displays  Enclosure

11. Slide 11: Our Strong Market Position Is Based on Our Leading Products and Value Adding Systems and Services

    Our Strong Market Position Is Based on Our Leading Products and Value Adding Systems and Services Product offering R. STAHL Components Systems taylormade orders Services cross-selling potential support for Explosion applications and protection maintenance training and consulting market cross-selling

12. Slide 12: We Have a Global Presence to Serve Our International Customers

    We Have a Global Presence to Serve Our International Customers Production and sales network R. STAHL Subsidiaries Asia R. STAHL Ex-Proof Shanghai, China Headquarters R. STAHL (P) Ltd. R. STAHL AG Chennai, India Waldenburg, R. STAHL Co. Ltd. Subsidiaries Americas Germany Seoul, Korea R. STAHL Ltd. R.

13. Slide 13: Driving Efficiency – R. STAHL 2020

    Agenda 1 Company Overview 2 Driving Efficiency – R. STAHL 2020 3 Actual Business Update 4 Preparing for Growth 5 Appendix Equity Story November 2020 13

14. Slide 14: Until 2017, Even Strong Sales Growth Did Not Prevent Our Margin From Continuous Contraction

    Until 2017, Even Strong Sales Growth Did Not Prevent Our Margin From Continuous Contraction Development of R. STAHL 2008–2019 new CEO started on 01 Jan. 2018 Sales Negative "economies of scale" in Downturn Efficiency EBITDA €m personnel expenses clearly visible in a declining market program 350 R. S

15. Slide 15: Main Causes of Margin Contraction Were Inefficiencies in Organization, Production, Portfolio and Processes

    Main Causes of Margin Contraction Were Inefficiencies in Organization, Production, Portfolio and Processes Analysis of R. STAHL’s former operating model until 2017:  Global production capacities significantly underutilized; responsibilities not clearly defined  Less than 1/5 of all sales items mad

16. Slide 16: We Can Build on a Unique Set of Strengths While Addressing Our Significant Challenges

    We Can Build on a Unique Set of Strengths While Addressing Our Significant Challenges Strengths Challenges Market position Organisation and structures  #2 in Europe, #3 worldwide  Complex global in explosion protection organization  Global presence in all key markets  High product complexity  S

17. Slide 17: In 2018, We Started to Fundamentally Modernize Our Operating Model in All Key Areas

    In 2018, We Started to Fundamentally Modernize Our Operating Model in All Key Areas Efficiency program “R. STAHL 2020“ Sustainable growth Piktogramm Build a central, globally responsible Group organization Piktogramm Optimize product portfolio  organically  through selective Piktogramm Professiona

18. Slide 18: Today, We Have Central And Lean Structures

    Today, We Have Central And Lean Structures Situation 2017 Status Quo  Decentral holding structure with  Matrix organization with globally unclear responsibilities R. STAHL 2020 responsible Group functions  Partially unprofitable sites  Fewer sites with lower costs Structural Improvements  Unnec

19. Slide 19: Optimization of Central Processes Yielded Already Significant Efficiency Improvements

    Optimization of Central Processes Yielded Already Significant Efficiency Improvements Situation 2017 Status Quo  Non-standardized processes in  Globally optimized and increa-singly many areas R. STAHL 2020 standardized processes  Unclear responsibilities  Clear responsibilities Structural Improv

20. Slide 20: Continued Harmonization of IT Systems Will Generate Further Efficiency Gains

    Continued Harmonization of IT Systems Will Generate Further Efficiency Gains Situation 2017 Status Quo  Very heterogenous ERP landscape,  Harmonization of ERP systems interfaces managed manually R. STAHL 2020 towards SAP until 2023 on track,  Different software products for target by end of 2020:

21. Slide 21: „R. STAHL 2020“ Always Paid Off in the Same Year

    Restructuring Costs Related to Efficiency Program „R. STAHL 2020“ Always Paid Off in the Same Year Operational Improvements* Restructuring Costs related to R. STAHL 2020 (Change of EBITDA pre vs. prior year) €m €m 20 20 7.6 16 6.1 16 12 12 9.4 8.6 Total: 8 Total: 8 €17.0m €14.7m 4 4 0 0 2018 2019 20

22. Slide 22: 2019 Was a Good Year for R. STAHL: Slightly Declining Sales, But Further Increasing Profitability

    2019 Was a Good Year for R. STAHL: Slightly Declining Sales, But Further Increasing Profitability Sales EBITDA pre* Net profit €m €m €m -1.9% + 99.9% + 8.3 350 40 10 300 268.5 280.1 274.8 5 30.4 1.3 250 30 0 200 -5 20 150 15.2 -10 -7.0 100 10 -15 5.8 50 -20 0 0 -25 -21.2 2017 2018 2019 2017 2018 201

23. Slide 23: Solid Order Intake Despite Higher Margin Requirements: Material Ratio Improved Again in 2019

    Solid Order Intake Despite Higher Margin Requirements: Material Ratio Improved Again in 2019 Order Intake Material Ratio €m in % of operating performance -210 +0.5% basis points 350 40 37.2 300 284.1 35.9 270.0 271.4 35 33.8 250 200 30 150 100 25 50 0 20 2017 2018 2019 2017 2018 2019 Equity Story No

24. Slide 24: Actual Business Update

    Agenda 1 Company Overview 2 Driving Efficiency – R. STAHL 2020 3 Actual Business Update 4 Preparing for Growth 5 Appendix Equity Story November 2020 24

25. Slide 25: Before COVID-19, We Had Ambitious Plans for 2020

    Before COVID-19, We Had Ambitious Plans for 2020 World market by industry sectors – IECEx/ATEX 2017-2022 No impacts from COVID-19 included CAGR (2017-2022 E) Oil and gas 5.4% Petrochemical sector 4.8% Target R. STAHL at the Chemical industry 3.1% beginning of 2020: Food industry 3.1% mid-single digi

26. Slide 26: COVID-19 Pandemic Causes a Historic Global Recession, Oil Companies Hit Twice in Volumes and Price

    COVID-19 Pandemic Causes a Historic Global Recession, Oil Companies Hit Twice in Volumes and Price Global Growth Expectations (June 2020) Global Capex Expectations Oil and Gas % GDP Growth US$bn -26% 6 5.4 900 4.2 4.4 3.6 3.9 4 3.5 3.3 3.5 3.2 3.5 3.3 750 -22% 2 600 -20% 0 450 -2 -1.3 -3.6% vs. fina

27. Slide 27: We Have Taken Early Measures to Minimize the Impact of the COVID-19 Pandemic

    We Have Taken Early Measures to Minimize the Impact of the COVID-19 Pandemic on Employee Health and Operations February  Procurement strategy implemented to secure supply 2020 with critical raw materials  Consistent communication to customers started March  Crisis team with medical expertise esta

28. Slide 28: Successfully Managing Turbulent Times

    Successfully Managing Turbulent Times Piktogramm  Effective containment of COVID-19 at our facilities Health  Uninterrupted operations in all sales and production sites (only Chennai (India) closed for some Piktogramm weeks due to country-wide lockdown) Operations  Lost sales in 2020 due to suppl

29. Slide 29: Order Intake in Q3 2020 at Year’s Low

    Order Intake in Q3 2020 at Year’s Low – Customers Continued to Delay Expenditures and Postpone Orders Order intake and order backlog R. STAHL Q1 2019 through Q3 2020 €m Comments Order intake Order backlog  Business in Q3 2020 still heavily 7980 80 impacted by coronavirus pandemic 76 77 74 69 69 687

30. Slide 30: Majority of Large Investment Projects Frozen Until Recently, Signs of Slow Revitalization Since September

    Majority of Large Investment Projects Frozen Until Recently, Signs of Slow Revitalization Since September Example: Status of targeted large investment projects, Middle East Comments Cumulated total project  Solid pipeline of large investment costs projects at the beginning of 2020 Oil Petrochemical

31. Slide 31: 9M 2020: Sales Down 9.7% – Strongest Decline in Q2 and Q3

    9M 2020: Sales Down 9.7% – Strongest Decline in Q2 and Q3 in Regions With High Exposure to Oil and Gas Sales R. STAHL 9M 2020 vs. 9M 2019 by region €m 9M 2020 9M 2019 Change in % Germany Germany 47.3 46.4 +2.0 18% 26% Central region* Central region* 84.6 91.5 -7.5 Americas Americas 18.6 25.4 -26.6 1

32. Slide 32: Robust Sales Quality and Effective Cost Management in 9M 2020

    Robust Sales Quality and Effective Cost Management in 9M 2020 Partially Mitigated Impact of Weak Demand on Profit Key data of Income Statement 9M 2020 vs. 9M 2019 €m 9M 2020 9M 2019 Change in % Comments Sales 184.4 204.3 -9.7  Cost of materials down following Cost of materials -65.5 -71.5 +8.3 weak

33. Slide 33: YoY Decline of Exceptionals in 9M 2020 as Expected

    YoY Decline of Exceptionals in 9M 2020 as Expected Reconciliation of EBITDA pre* to EBITDA 9M 2020 vs. 9M 2019 €m 9M 2020 9M 2019 Change Comments EBITDA pre* 13.6 23.5 -9.9  Lower restructuring charges Exceptionals -0.5 -4.0 +3.5 illustrate progress of structural Restructuring charges -0.5 -4.2 +3.

34. Slide 34: Over the Past Two Years, We Have Significantly Strengthened the Resilience of Our Business

    Over the Past Two Years, We Have Significantly Strengthened the Resilience of Our Business EBITDA pre break-even* Today, our business is much more robust than in the past: €m  Focus on reasonable margins improved order 270 profitability 260  Central Group organization with clear responsibilities a

35. Slide 35: 9M 2020: Lower Net Profit and Higher Working Capital Weighed on Free Cash Flow

    9M 2020: Lower Net Profit and Higher Working Capital Weighed on Free Cash Flow, Driving Net Debt* Temporarily Up Key data of Cash Flow Statement 9M 2020 vs. 9M 2019 €m 9M 2020 9M 2019 Change Comments Net profit -3.2 2.6 -5.9  Higher non-cash items held back Depreciation and amortization 12.3 13.0 -

36. Slide 36: Outlook Update FY 2020: Soft Sales in 10M 2020 Require Top Line Adjustment

    Outlook Update FY 2020: Soft Sales in 10M 2020 Require Top Line Adjustment, EBITDA Pre* Above Consensus Guidance Sales FY 2020 €m max. 5% max. 5% decline decline -12 to -18 250 260 260 242 274.9 – – – Additional comments FY 2020 275 265 248  Contrary to assumptions in July, demand continued to stay

37. Slide 37: Preparing for Growth

    Agenda 1 Company Overview 2 Driving Efficiency – R. STAHL 2020 3 Actual Business Update 4 Preparing for Growth 5 Appendix Equity Story November 2020 37

38. Slide 38: With Most Efficiency Measures Reaching Maturity, Focus Increasingly Turns to Growth Again

    With Most Efficiency Measures Reaching Maturity, Focus Increasingly Turns to Growth Again Consolidation & house keeping Growth & strategic development Central Group organization Data driven management Complexity reduction Portfolio management Lean fundamentals Lean operations Sales Processes Sales E

39. Slide 39: Market Transparency: Prerequisite for the Right Allocation of Resources

    Market Transparency: Prerequisite for the Right Allocation of Resources Basic strategic decisions Internal Market potential Market insights  Interviews / Questionnaires Prerequisites:  Branch reports  Target  Information system (Trends,  Studies news to responsible staff)  Branches/ Branches i

40. Slide 40: BDM, Listing & Feed: Strategically Preparing Our Markets

    BDM, Listing & Feed: Strategically Preparing Our Markets Project Lifecycle EPC/DCS/ EPC/DCS/ OEM Installation & Conceptual Pre-FEED FEED OEM Operation Maintenance Detailed Commissioning Procurement Engineering OEM End-user Time for R. STAHL Technology  Spec-In to influence Purchasing  Approved Ven

41. Slide 41: Megatrends Drive Technologies and Growth in Our Industry

    Megatrends Drive Technologies and Growth in Our Industry Trends Needs Opportunities for R. STAHL Growing need for energy and food:  Oil expected to reach its peak beyond 2030 Population & prosperity growth  Rising number of people  Growth in chemicals, pharma and  Higher standards of living food

42. Slide 42: Natural Gas Is The Most Eco-friendly Fossil Fuel – And LNG Is Set to Become the Dominating Delivery Mechanism

    Natural Gas Is The Most Eco-friendly Fossil Fuel – And LNG Is Set to Become the Dominating Delivery Mechanism Reduction of CO2 emissions: Climate Change  near-term: low-carbon fossils Relative CO2 emissions by energy source (at equal combustion energy) 100% 80% 60% 40% 20% 0% Coal Oil Natural gas /

43. Slide 43: Explosion Protection Is Key to Hydrogen Technology’s Safety

    Due to the Unique Hazardous Properties of Hydrogen, Explosion Protection Is Key to This Technology’s Safety Reduction of CO2 emissions:  H2 + e-fuels as sustainable energy carrier of the future Climate Change  long-term: carbon-free energy Safety aspects of Hydrogen vs. fossil fuels Value Chain of

44. Slide 44: Example: Hydrogen Fueling Station With Safety Concept and Equipment by R. STAHL

    Example: Hydrogen Fueling Station With Safety Concept and Equipment by R. STAHL Container solution and functional safety concept Example illustration of permanent and temporary hazardous areas Service Concept • Engineering Service • SIL (safety integrity level) verification • Software assistance • D

45. Slide 45: Digitalization: We Already Have a Wide Range of Digital Solutions

    Digitalization: We Already Have a Wide Range of Digital Solutions Example of R. STAHL‘s solutions today Control and visualization of process or integration in existing Asset Management System (AMS) Communication protocols: Profinet ModbusTCP Connectivity infrastructure EthernetIP Others Physical lay

46. Slide 46: R. STAHL Already Offers Digital Solutions to Control Light and Heating Systems

    R. STAHL Already Offers Digital Solutions to Control Light and Heating Systems Example: X-Connect (R. STAHL Tranberg)  R. STAHL is supplier for the first fully electric and autonomous container ship without emissions  Fully automated control of light and heating systems  Control staff can be loca

47. Slide 47: Digitalization Also Provides Huge Opportunities in Smart Manufacturing

    Digitalization Also Provides Huge Opportunities in Smart Manufacturing Status & Outlook  RFID for automatic serial number recording  Mobile data logging in logistics  Digital manufacturing documents in conjunction with CAE project  Requirements analysis for MES system  Requirements analysis ass

48. Slide 48: Appendix

    Agenda 1 Company Overview 2 Driving Efficiency – R. STAHL 2020 3 Actual Business Update 4 Preparing for Growth 5 Appendix Equity Story November 2020 48

49. Slide 49: Our Efficiency Measures Are Well Under Way

    Our Efficiency Measures Are Well Under Way Current status of R. STAHL 2020 Piktogram  New Group organization established as of 1 April, 2018 Central Group organization m  All key positions filled  Product variety reduced by ~50% Product portfolio  No loss of sales or customers  Standardized ris

50. Slide 50: Successful Execution of Efficiency Measures Drove Margin

    Successful Execution of Efficiency Measures Drove Margin Sales & margin development R. STAHL H1 2017 through H2 2019 EBITDA pre* €m excl. IFRS 16 in % of sales 160 20 Tausende 144 142 140 132 136 136 133 120 15 12.2 100 9.8 80 10 60 6.1 9.2 4.1 4.7 7.3 40 5 20 0.1 0 0 H1 2017 H2 2017 H1 2018 H2 2018

51. Slide 51: FY 2019: Delivered on Repeatedly Lifted EBITDA pre Guidance

    FY 2019: Delivered on Repeatedly Lifted EBITDA pre* Guidance Guidance EBITDA pre* vs Actual FY 2019 €m 28 – 30 >30 30.4 26 – 29 Additional comments 15.4  Sales of €275m in FY 2019 at the lower end of the guidance corridor of €275m to €280m  FY 2019 includes €7.6m tailwind FY 2018 Outlook Outlook O

52. Slide 52: FY 2019: Sales Down 1.9% – Decline in Project Business

    FY 2019: Sales Down 1.9% – Decline in Project Business Mitigated by Higher Component Sales Sales R. STAHL FY 2019 vs. FY 2018 by region €m FY 2019 FY 2018 Change Germany Germany 62.5 70.3 -11.1% 21% 23% Central region* Central region* 120.9 116.1 +4.1% Americas Americas 34.5 31.2 +10.6% FY 2019: 12%

53. Slide 53: FY 2019: Strongly Improved Profit Due to Better Product Mix and Efficiency Gains

    FY 2019: Strongly Improved Profit Due to Better Product Mix and Efficiency Gains, Additional Support from IFRS 16 Key data of Income Statement €m FY 2019 FY 2018 Change Comments Sales 274.8 280.1 -1.9%  Cost of materials ratio improved Other operating income 13.7 13.8 -0.4% 210 basis points yoy to

54. Slide 54: FY 2019 Lower Restructuring Charges Illustrate Maturity of Efficiency Measures

    FY 2019 Lower Restructuring Charges Illustrate Maturity of Efficiency Measures – Further Decline Expected in 2020 Reconciliation of EBITDA to EBITDA pre* €m FY 2019 FY 2018 Change Comments EBITDA pre* 30.4 15.2 +15.2  Declining restructuring charges Exceptionals* -6.0 -6.2 +0.2 indicate good progre

55. Slide 55: FY 2019: Solid Free Cash Flow Lowered Net Debt Further

    FY 2019: Solid Free Cash Flow Lowered Net Debt Further Key data of Cash Flow Statement €m FY 2019 FY 2018 Change Comments Net profit 1.3 -7.0 +8.3  Improved profitability and a €7.1m Depreciation and amortization 18.9 13.6 +5.3 positive impact from IFRS 16 drove Changes in deferred taxes 1.0 -0.2 +

56. Slide 56: Improved Margins And Focused Cash Management Drove Down Net Debt by ~€18m

    Improved Margins And Focused Cash Management Drove Down Net Debt* by ~€18m to Low Single Digits in 2019 Quarterly net debt* development of R. STAHL – 1 January 2017 through 31 December 2019 27.5 23.0 21.8 20.4 Ø = 20.9 18.4 18.1 16.9 Δ ~ 18 8.4 5.5 3.3 4.2 2.6 2.5 Ø = 3.2 31 Dec. 31 Mar. 30 June 30

57. Slide 57: Major Impacts of IFRS 16 on R. STAHL’s Financial Statements and KPIs in FY 2019

    Major Impacts of IFRS 16 on R. STAHL’s Financial Statements and KPI’s in FY 2019 Income Statement & Cash Flow Statement Balance Sheet €m FY 2019 €m 31 Dec., 2019 Other operating expenses +7.6 Assets Depreciation & amortization -5.5 Property, plant & equipment +34.1 Financial result -1.0 Deferred tax

58. Slide 58: Q3 2020: Managing Tough Times

    Q3 2020: Managing Tough Times Sales flat qoq at €60m (- €12m yoy) – customers continue to minimize expenditures and safeguard cash Tight cost control to defend profitability: EBITDA pre* halved to €5m Exceptionals further down yoy to €-0.1m, EPS declined to €-0.09 Order backlog of €74m at end of Q3

59. Slide 59: Q3 2020: Sales Dropped 16.4% in Q3 2020

    Q3 2020: Sales Dropped 16.4% in Q3 2020 – Soft Demand in Compares to a Strong Prior Year Sales R. STAHL Q3 2020 vs. Q3 2019 by region €m Q3 2020 Q3 2019 Change in % Germany Germany 15.5 15.7 -1.7 19% 26% Central region* Central region* 26.8 31.8 -15.8 Americas Americas 6.0 9.6 -37.9 10% Q3 2020: Asi

60. Slide 60: Q3 2020: Cost Containment Measures Dampened Impact of Softer Demand on Profitability

    Q3 2020: Cost Containment Measures Dampened Impact of Softer Demand on Profitability Key data of Income Statement Q3 2020 vs. Q3 2019 €m Q3 2020 Q3 2019 Change in % Comments Sales 59.6 71.3 -16.4  Cost of materials closely followed Cost of materials -20.4 -24.4 +16.3 lower sales, indicating continu

61. Slide 61: Q3 2020: Exceptionals Continued to Decline as Planned

    Q3 2020: Exceptionals Continued to Decline as Planned Reconciliation of EBITDA pre* to EBITDA Q3 2020 vs. Q3 2019 €m Q3 2020 Q3 2019 Change Comments EBITDA pre* 5.0 10.4 -5.4  Lower restructuring charges Exceptionals -0.1 -1.4 +1.3 illustrate progress of structural Restructuring charges -0.1 -1.5 +

62. Slide 62: Q3 2020: Focus on Cash Supports Continued Solid Liquidity Position

    Q3 2020: Focus on Cash Supports Continued Solid Liquidity Position Key data of Cash Flow Statement Q3 2020 vs. Q3 2019 €m Q3 2020 Q3 2019 Change Comments Net profit -0.6 3.3 -3.9  Net profit in Q3 2020 included non- Depreciation and amortization 4.0 4.4 -0.4 cash relevant expenses: Changes in defer

63. Slide 63: Issuer, Contact and Additional Information

    Issuer, Contact and Additional Information Issuer and Contact Additional Information Financial Calendar R. STAHL AG ISIN DE000A1PHBB5 2020 Am Bahnhof 30 Nov 16-18 Eigenkapitalforum (virtual) 74638 Waldenburg WKN A1PHBB Germany www.r-stahl.com Deutsche Boerse RSL2 Investor Relations Ticker Bloomberg

64. Slide 64: R. STAHL Am Bahnhof 30 74638 Waldenburg, Germany

    R. STAHL Am Bahnhof 30 74638 Waldenburg, Germany T +49 7942 943-0 | F +49 7942 943-4333 | r-stahl.com

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