Half-year results 2019 – Stadler on track.

Stadler has achieved sales of 1.1 billion Swiss francs in the first half of 2019. Order intake continued to develop very positively: it amounted in the first half to around 2.3 billion Swiss francs, down around 1.5 billion Swiss francs on the previous year. so that the backlog rises to a new high of 14.4 billion Swiss francs. The bit is by 30 June 2019 at around 46.9 million Swiss francs in the same period last year there were 35.2 million Swiss francs. In the evaluation of the half-year results, it is important to remember that in general in the first half year, about a third of sales incurred in the second half of the year followed by two third.

Stadler has been successfully launched on 12 April 2019 on the Swiss Exchange and is despite economically difficult environment largely on track. The half-year targets were partially exceeded. Order intake for the first half year amounted to 2.3 billion Swiss francs, putting it 1.5 billion Swiss francs on the previous year (an increase of 178 percent). Overall, therefore, as of 30 June 2019, a backlog of 14.4 billion Swiss francs. The consolidated turnover of 1.1 billion Swiss francs and is 40 percent above the previous year. The bit is by 30 June 2019 at 46.9 million Swiss francs in the previous year it was 35.2 million Swiss francs.

The economic environment remains difficult. Currency turmoil and the consequent strengthening of the Swiss franc remain a challenge for Stadler in the second half of the year. Includes in particular the British pound, Swedish and Norwegian krone and the euro significant.

For sales – the two reporting segments rolling stock as well as service and Components – holds that, as a rule in the first half year, about one-third is incurred in the second half of the year followed by the other two thirds. This is due to a very conservative accounting and revenue recognition of orders. It was only when the end of the respective vehicle sales are down. Since traditionally pending in late year, the new timetable, more trains will be put into operation as the first in the second half. This explains the much higher share of sales in the second half. The administrative, sales and development costs, however, fall over the year largely on evenly. This means that the profitability and operating cash flow of the first half of the year usually are significantly lower than in the second half.

Net cash flow from operating activities increased to -137.5 million francs from -156.0 million Swiss francs in the previous year. Free cash flow is -294.7 million Swiss francs compared to -184.8 million Swiss francs in the same period last year. The decrease in free cash flow is mainly due to a higher increase in net working capital 217.6 million Swiss francs (compared with an increase of 198.7 million Swiss francs in the previous year) as well as substantial investments in the amount of 153.9 million Swiss francs (compared to 49.9 million Swiss francs in the previous year) for providing the capacity to handle the high order stock.

Fortunately orders

With the growing population and the trend towards urbanization, the demand for modern and environmentally friendly mobility solutions is increasing worldwide on. This leads to a very pleasing Stadler, continuously growing orders. During the reporting segment rolling stock, order intake amounted in the first half to 1.7 billion Swiss francs. Included therein only jobs in which the legally binding contract signature has taken place and funding on the part of the customer is clarified are. Contracts with ongoing appeal deadlines or financing negotiations not yet booked as order intake Stadler. With 14.4 billion francs so that the order backlog reached a new all-time high.

FLIRT Battery: Innovative charging technology

Special mention is in relation to the orders of the German market. In Germany, orders for several hundred million Swiss francs have been received in the first half. Noteworthy is the contract for the supply of 55 FLIRT Battery for Schleswig-Holstein. Stadler could thus prevail against international competition and within a very short time to bring a new trend-setting technology for charging battery-supported drives on the market. The batteries can be charged on short overhead line sections while driving. This order is evidence of a great deal of confidence in the innovative capacity of the rail vehicle manufacturer.

A strategically important success Stadler achieved in Scandinavia: With the sale of 60 locomotives to the Finnish VR Group’s presence Stadler was there further strengthened.

In the US, Stadler was able to place an order for 127 METRO trains this spring. Stadler was the first major METRO-order in the US and in terms of the number of vehicle units biggest order ever. As the final signing of the contract was because of an objection that could be settled by now, delayed, these orders is expected to be recognized, however, until the second half of the year.

With the awards in Germany, Norway and the USA Stadler has achieved further success in strategically relevant growth markets in the rolling stock.

Currently there are at Stadler about 150 jobs in the processing and the same number in the warranty. In the production of 58 FLIRT for East Anglia is Pönalenrisiken emerging. The approval for the bimodal (BMU) and electric (EMU) trainsets was indeed achieved in record time, however, the decrease delayed date by the customer.

Service business on the rise

Order intake in the Services segment and Components is located in the first half of 2019 at 602.6 million Swiss francs, which is significantly higher than last year. In May Stadler Service was able to conclude a contract for the maintenance of more than 100 trains, the railway company Vy in Norway. It is the largest single fleet, Stadler has ever contracted. The modernization and refit Stadler Service won two large orders from Bogestra and Netinera in Germany. In terms of volume rather small, but very important jobs in the context of digitization, the orders for the installation of Stadler diagnostic system are (RDS).

Since June Stadler Service successfully carries out the integrated full service for GoAhead in passenger operations in Germany. And the UK Stadler takes over after the delivery of 52 new METRO trains for Merseytravel in Liverpool also for 35 years, the responsibility for maintenance of the trains at the ultramodern new depot in Liverpool Kirkdale.

Signalling growing in importance

Since 2016 with Stadler the continuous development of proprietary signaling area in transition. At the Signaling-Wallisellen several teams of highly qualified engineers in the implementation of the Signaling strategy for the products-gauge railways, light railways and metro. Initial successes have already been set last year: developed by Stadler with MERMEC joint venture Angelstar ETCS train control system GUARDIA comes with the new FLIRT trains of BLS used. Currently projects are under way in Poland, Hungary, Slovenia, Italy and Germany. In addition, other projects are emerging and the approval of Stadler GUARDIA is currently being sought in nine countries. Beginning in 2020 Stadler signaling is transferred to a separate legal entity.

Capacity expansion in all regions

In its home market Switzerland Stadler is building a new production plant in St. Margrethen. The work is progressing according to plan, so that the first halls are available towards the end of 2019. With the new production site production conditions in the Competence Center for Double-unit trains are – still in Altenrhein – optimized and enhance the competitiveness of Stadler. The investment of over 85 million Swiss francs is a clear commitment to Switzerland as the location and in the border region.

In the US, Stadler was in the spring move into the new facility in Salt Lake City, in May of this year’s opening was celebrated officially. The investment volume amounted to approximately CHF 60 million (gross). The plant is designed for 350 jobs.

In Germany, the site in Berlin Pankow is a new production hall, which is optimally aligned to the needs of the competence center for metro and urban rail, metro vehicles, expanded. The new operating concept also includes the construction of the production facility addition at a later stage optimized surfaces for logistics and commissioning.

Stadler Service has also built in Herne a depot for the maintenance of the Rhine-Ruhr S-Bahn and put into operation. The investment amounted to over 30 million Swiss francs. Poland Stadler Service has built a new depot in Lodz for 7 million Swiss francs and will continue in September 2019 the maintenance work at the new location.

Successful IPO

Since April 12, 2019, Stadler Rail AG is listed on the Swiss stock exchange SIX Swiss Exchange. The highly regarded IPO can be recognized as a great success. The course has developed well since the first trading day. Compared with the issue price of 38 francs, it increased by over 15 percent on June 28, 2019. The stock is very broad: By June 30, 2019 was one of Stadler over 27,000 shareholders, including a large proportion of small shareholders and’s shareholders. About 20 percent of the shareholders do not own more than 50 shares.

After exercise of the over-allotment option total 40’250’000 existing shares and 40.25 percent of the share capital have been placed in the IPO of Stadler. The placement volume corresponded to 1.5 billion Swiss francs. Peter Spuhler holds directly and indirectly through the PCS Holding AG 39.7 percent of the share capital of Stadler. Another ten percent is held by the German RAG Foundation. The cost of the IPO process will fully borne by the selling shareholder.

Changes in management

The Board of Directors and the Executive Committee have undergone some changes in the first half of 2019, which were largely a consequence of a planned long in generational change. So Jure Mikolčić took over the management of the Division Germany on 1 February of 2019. Mark Bernstein took over on June 1, 2019 from Markus Sauerbruch management of the plant in Altenrhein. Sales chief Peter Jenelten has also handed over his office to Ansgar Brockmeyer in May and has changed after 19 years in the PCS Holding in Frauenfeld. At the General Assembly in March 2019 Barbara Egger-Jenzer, former Councilor Berner, the first woman to the Board of Stadler. In mid-July had Stadler unfortunately the death of the highly valued, longtime Board member Dr. Werner Müller (since 2003), former German Federal Minister of Economics, take note.


Stadler is well positioned in a growing, but economically difficult market environment. The first half went as expected. However, currently Stadler sees challenges due to adverse exchange rate movements, the slowdown in economic growth, geopolitical turmoil and the belated acceptance of vehicles on behalf of East Anglia faced. In light of the developments in the first half Stadler goes out for the full year at constant exchange rates revenues in the amount of 3.5 billion Swiss francs and an EBIT margin in the amount of 7 percent.