FY2019 PRELIMINARY RESULTS November 15, 2019
Disclaimer Stabilus S.A. (the “Company“, later “Stabilus”) has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation. While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company’s current knowledge and its expectations and projections about future events and may be identi fied by the context of such statements or words such as “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project” and “target”. No obligation is assumed to update any such statement. 1
Agenda 1. Financial highlights 2. Results by region 3. Results by market 4. Outlook 5. Appendix 2
Agenda 1. Financial highlights 2. 3. 4. 4. 5. 3
FY2019 highlights Fiscal year-end September Revenue at € 951.3m, - 1.2% y/y: Revenue $/ € currency translation (FX): + 2.0% y/y , acquisitions (ACQ): + 1.1% y/y, organic (ORG): - 4.3% y/y Adj. EBIT 1 at € 142.7m (vs. € 149.3m in FY18), - 4.4% y/y (ORG: - 7.6% y/y) Adj. EBIT Adj. EBIT margin at 15.0% (vs. 15.5% in FY18) Profit at € 80.9m in FY19 (vs. € 105.4m in FY18, which included € 11.1m non-recurring positive tax effects) Profit Profit margin at 8.5% (vs. 10.9% in FY18) Earnings per share at € 3.26 (vs. € 4.27 in FY18) Net leverage ratio 1 at 1.0x (vs. 1.1x as of end FY18) Net leverage ratio Net financial debt 1 at € 189.1m, voluntary repayment of € 21.1m debt in Q4 FY2019 Income statements and balance sheets of all three acquisitions (General Aerospace, Clevers and Piston) are Acquisitions included in group’s consolidated financial statements as of September 30, 2019; consolidated income statement contains H2 results of General Aerospace as well as Q4 results of Clevers and Piston FY2020 revenue and adj. EBIT forecasts are at € 970m – € 990m and c. 15%, respectively Outlook Mid- and long-term guidance for average annual revenue growth of 6% till 2025 confirmed Please refer to page 22 of this presentation for further details and assumptions this forecast is based on Note: 1 For definition/calculation of KPIs like adj. EBIT, net leverage ratio etc. refer to appendix and/or our financial reports and quarterly statements under www.ir.stabilus.com. FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. ACQ = acquisition effect, contribution of the acquired entities to group’s revenue and earnings. ORG = organic growth, i.e. growth excluding $/ € currency translation effect (FX) and acquisition effect (ACQ). Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided. 4
Strong performance in Q4, despite challenging market environment Revenue ( € m) Adj. EBIT ( € m) ORG: % margin ORG: 1.7% y/y 15.9% 1.1% y/y 245.6 15.9% 230.8 39.1 36.6 FX: 4.3 ACQ: 6.4 FX: 0.9 ACQ: 1.2 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Profit ( € m) Adj. FCF 1 ( € m) % margin % revenue 16.1% 14.2% 9.6% 12.3% 39.5 32.8 23.5 y-o-y 28.3 € 6.0m lower capex in Q4 FY19 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Note: Capital expenditure: € 13.9 in Q4 FY19 versus € 19.9m in Q4 FY18, i.e. - € 6.0m or -30.2% y/y. FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.11$/ € in Q4 FY19 versus 1.16$/ € in Q4 FY18. ACQ = acquisition effect, contribution of the acquired General Aerospace, Clevers and Piston to group’s revenue and earnings in Q4 FY19. ORG = organic growth, i.e. growth excluding $/ € currency translation effect (FX) and acquisition effect (ACQ). 1 Adj. FCF = FCF before acquisitions, i.e. cash flow from operating activities plus cash flow from investing activities, excluding ‘acquisition of assets and liabilities within business combination, net of cash acquired’ (General Aerospace, Cleve rs and Piston). See appendix for further details. 5
FY2019 impacted by softer markets in Europe and China Revenue ( € m) Adj. EBIT ( € m) ORG: % margin ORG: (4.3)% y/y (7.6)% y/y 15.5% 15.0% 962.6 951.3 FX: 18.8 149.3 ACQ: 10.4 142.7 FX: 3.2 ACQ: 1.6 FY18 FY19 FY18 FY19 Profit ( € m) Adj. FCF 1 ( € m) % margin % revenue 9.5% 8.5% 10.9% 10.4% 100.2 105.4 89.9 y-o-y 11.1 non- 80.9 € 9.0m recurring higher positive capex tax effects in FY19 FY18 FY19 FY18 FY19 Note: Capital expenditure: € 56.5m in FY19 versus € 47.5m in FY18, i.e. + € 9.0m or +18.9% y/y. FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.13$/ € in FY19 versus 1.19$/ € in FY18. ACQ = acquisition effect, contribution of the acquired General Aerospace, Clevers and Piston to group’s revenue and earnings in FY19. ORG = organic growth, i.e. growth excluding $/ € currency translation effect (FX) and acquisition effect (ACQ). 1 Adj. FCF = FCF before acquisitions, i.e. cash flow from operating activities plus cash flow from investing activities, excluding ‘acquisition of assets and liabilities within business combination, net of cash acquired’ (General Aerospace, Cleve rs and Piston). See appendix for further details. 6
Agenda 1. 2. Results by region 3. 4. 4. 5. 7
Q4 FY2019 revenue and adj. EBIT by region Revenue by region 1 ( € m) Adj. EBIT by region ( € m) Europe NAFTA Asia / Pacific and RoW Europe NAFTA Asia / Pacific and RoW Change Change 39.1 245.6 36.6 230.8 6.1 31.8 5.3% 32.6% 4.6 30.2 ORG: 30.4% ORG: 4.3% 9.9% 39.7% 94.7 12.6 86.2 17.6 ORG: 4.9% ORG: 32.5% 4.1% 19.3 (19.7)% 119.0 114.3 15.5 ORG: (1.2)% ORG: (25.4)% Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Note: Stabilus fiscal year-end is September. Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided. FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.11$/ € in Q4 FY19 versus 1.16$/ € in Q4 FY18. ACQ = acquisition effect, contribution of the acquired General Aerospace, Clevers and Piston to group’s revenue and earnings in Q4 FY19. ORG = organic growth, i.e. growth excluding $/ € currency translation effect (FX) and acquisition effect (ACQ). 1 Billed-from view, without intersegment revenue. 8
FY2019 revenue and adj. EBIT by region Revenue by region 1 ( € m) Adj. EBIT by region ( € m) Europe NAFTA Asia / Pacific and RoW Europe NAFTA Asia / Pacific and RoW Change Change 149.3 962.6 951.3 142.7 (9.1)% 123.1 20.0 111.9 14.3 (28.5)% ORG: (9.3)% ORG: (29.0)% 2.6% 51.9 348.1 357.3 15.6% 60.0 ORG: (2.8)% ORG: 9.4% (1.9)% 77.4 491.3 (11.6)% 482.1 68.4 ORG: (3.9)% ORG: (13.6)% FY18 FY19 FY18 FY19 Note: Stabilus fiscal year-end is September. Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided. FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.13$/ € in FY19 versus 1.19$/ € in FY18. ACQ = acquisition effect, contribution of the acquired General Aerospace, Clevers and Piston to group’s revenue and earnings in FY19. ORG = organic growth, i.e. growth excluding $/ € currency translation effect (FX) and acquisition effect (ACQ). 1 Billed-from view, without intersegment revenue. 9
Q4 FY2019 – Europe Revenue 1 ( € m) Key highlights ORG: European light vehicle 2 production in Q4 FY19 at (1.2)% y/y 4.7m units, i.e. + 0.7% vs. Q4 FY18 119.0 114.3 Europe’s Q4 revenue increased by € 4.7m or 4.1% ACQ: 6.1 y/y, mainly due to the contribution of the recently acquired General Aerospace; organically, the revenue decreased by 1.2% y/y Europe’s automotive revenue in Q4 FY19 continues Q4 FY18 Q4 FY19 to be impacted by weak automotive markets Adj. EBIT ( € m) Growth in industrial business: Capital Goods (+0.8% ORG: % margin (25.4)% y/y y/y organically and + € 1.4m y/y from ACQ, i.e. 16.9% 13.0% Piston), Vibration & Velocity Control (+2.9% y/y organically and + € 4.7m from ACQ, i.e. General 19.3 Aerospace) 15.5 ACQ: 1.1 Higher gross margin pressure led to lower adj. EBIT margin of 13.0% in Q4 FY19 (vs. 16.9% in Q4 FY18) Q4 FY18 Q4 FY19 Note: Stabilus fiscal year-end is September. ACQ = acquisition effect, contribution of the acquired entities to Europe’s revenue and earnings in Q4 FY19. ORG = organic growth, i.e. growth excluding $/ € currency translation effect (FX) and acquisition effect (ACQ). 1 External revenue only. 2 light vehicles = passenger cars and light commercial vehicles (<6t). 10
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