STADLER has reported a net profit of SFr 138.4m ($US 149m) for the 2020 financial year, rising 8% year-on-year compared with SFr 128.5m in 2019. 

This was despite a 4% fall in net revenue to SFr 3.1bn in 2020, down from SFr 3.2bn in 2019. Stadler notes that revenue fell 16% in the first half of 2020, compared with the same period in 2019 due to the economic impact of the coronavirus pandemic. However, revenue growth in the second half of the year reached 3.1% compared with the same period in 2019. 

Stadler also reported an Ebit of SFr 156.1m for 2020, down 19% compared with SFr 193.7m in 2019, with an overall Ebit margin of 5.1%, down from 6.1% in 2019, again primarily due to the pandemic. Despite this, Stadler notes that Ebit margins increased significantly in the second half of the year to 7% compared with a 0.5% margin in the first half. 

Stadler reported an order intake of SFr 4.3bn in 2020 despite delays to the awarding of major contracts due to the pandemic. This was 15% below the exceptionally high SFr 5.1bn order intake recorded in 2019. The multi-year order backlog stands at over SFr 16bn.  

Stadler cites the pandemic for a range of challenges to its business in 2020, which placed a burden on operating cash flow. This included disruptions to supply chain, travel restrictions and forced quarantines that it says cost the company an estimated 25,000 working days, as well as a negative impact on productivity due to the implementation of Covid anti-transmission precautions.

However, due to the introduction of immediate measures such as accelerated commissioning and acceptance processes as well as strict optimisation programmes, Stadler has succeeded in partially compensating for the delays suffered in the first half. Production at all plants is now largely back to normal, and Stadler was able to deliver 465 trains, LRVs and locomotives during the year. Vehicles which could not be delivered due to coronavirus are now largely complete and ready for commissioning and customer acceptance. 

Stadler says that providing that the pandemic situation improves, it anticipates a strong order intake and significant growth in revenue and profits in 2021. Stadler hopes to make up time lost on ongoing contracts, with medium-term financial targets also confirmed subject to the normalisation of economic conditions.