Stabilus SE · XETR:STM
Stabilus — FY2019 Earnings Presentation
32 slides from Stabilus's earnings presentation, Nov 15, 2019
Slide 1: FY2019 Preliminary Results
FY2019 PRELIMINARY RESULTS November 15, 2019
Slide 2: Disclaimer
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
Slide 3: Agenda
Agenda 1. Financial highlights 2. Results by region 3. Results by market 4. Outlook 5. Appendix 2
Slide 4: Agenda: Financial highlights
Agenda 1. Financial highlights 2. 3. 4. 5. 3
Slide 5: FY2019 highlights
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. EBIT1 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.
Slide 6: Strong performance in Q4, despite challenging market environment
Strong performance in Q4, despite challenging market environment Revenue (€m) Adj. EBIT (€m) ORG: % margin ORG: 245.6 1.7% y/y 15.9% 1.1% y/y 15.9% 230.8 39.1 FX: 4.3 36.6 ACQ: 6.4 FX: 0.9 ACQ: 1.2 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Profit (€m) Adj. FCF1 (€m) % margin % revenue 16.1% 14.2% 9.6% 12.3% 3
Slide 7: FY2019 impacted by softer markets in Europe and China
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 962.6 951.3 15.5% 15.0% FX: 18.8 ACQ: 10.4 149.3 142.7 FX: 3.2 ACQ: 1.6 FY18 FY19 FY18 FY19 Profit (€m) Adj. FCF1 (€m) % margin % revenue 10.9% 8.5% 10.4% 9.5% 105.4 100.2 89.9
Slide 8: Agenda: Results by region
Agenda 1. 2. Results by region 3. 4. 5. 7
Slide 9: Q4 FY2019 revenue and adj. EBIT by region
Q4 FY2019 revenue and adj. EBIT by region Revenue by region1 (€m) Adj. EBIT by region (€m) Europe NAFTA Asia / Pacific and RoW Europe NAFTA Asia / Pacific and RoW Change Change 39.1 245.6 230.8 36.6 31.8 5.3% 6.1 32.6% 30.2 4.6 ORG: 4.3% ORG: 30.4% 9.9% 39.7% 94.7 12.6 86.2 ORG: 4.9% 17.6 ORG: 32.5%
Slide 10: FY2019 revenue and adj. EBIT by region
FY2019 revenue and adj. EBIT by region Revenue by region1 (€m) Adj. EBIT by region (€m) Europe NAFTA Asia / Pacific and RoW Europe NAFTA Asia / Pacific and RoW Change Change 149.3 962.6 951.3 142.7 123.1 111.9 (9.1)% 20.0 14.3 (28.5)% ORG: (9.3)% ORG: (29.0)% 348.1 2.6% 51.9 357.3 15.6% 60.0 ORG: (2
Slide 11: Q4 FY2019 – Europe
Q4 FY2019 – Europe Revenue1 (€m) Key highlights ORG: (1.2)% y/y European light vehicle2 production in Q4 FY19 at 4.7m units, i.e. + 0.7% vs. Q4 FY18 119.0 114.3 ACQ: 6.1 Europe’s Q4 revenue increased by €4.7m or 4.1% y/y, mainly due to the contribution of the recently acquired General Aerospace; org
Slide 12: FY2019 – Europe
FY2019 – Europe Revenue1 (€m) Key highlights ORG: (3.9)% y/y European light vehicle2 production in FY19 at 21.4m 491.3 482.1 units, i.e. - 4.0% vs. FY18 ACQ: 10.1 Europe’s FY revenue decreased by €9.2m or 1.9% y/y, i.e. by 3.9% y/y organically Europe’s automotive revenue was impacted by weak automot
Slide 13: Q4 FY2019 – NAFTA
Q4 FY2019 – NAFTA Revenue1 (€m) Key highlights ORG: 94.7 4.9% y/y NAFTA’s light vehicle2 production in Q4 FY19 at 86.2 FX: 4.3 4.0m units, i.e. - 0.4% vs. Q4 FY18 NAFTA’s Q4 revenue + 9.9% y/y (+4.9% y/y organically, i.e. excl. $/€ currency translation effect) Growth in industrial business units, Ca
Slide 14: FY2019 – NAFTA
FY2019 – NAFTA Revenue1 (€m) Key highlights ORG: 357.3 (2.8)% y/y NAFTA’s light vehicle2 production in FY19 at 16.7m 348.1 units, i.e. - 1.2% vs. FY18 FX: 18.8 NAFTA’s revenue + 2.6% y/y (- 2.8% y/y organically, i.e. excluding the $/€ currency translation effect) NAFTA’s revenue development in FY19:
Slide 15: Q4 FY2019 – Asia / Pacific and RoW
Q4 FY2019 – Asia / Pacific and RoW Revenue1 (€m) Key highlights ORG: 4.3% y/y APAC/ROW’s light vehicle2 production in Q4 FY19 at 12.5m units, i.e. - 5.5% vs. Q4 FY18 (China - 5.3%, 31.8 30.2 Japan/Korea + 4.4%, South America - 4.7%) ACQ: 0.3 In Q4, APAC/ROW’s revenue grew organically by 4.3%; €0.3m
Slide 16: FY2019 – Asia / Pacific and RoW
FY2019 – Asia / Pacific and RoW Revenue1 (€m) Key highlights ORG: 123.1 (9.3)% y/y APAC/ROW’s light vehicle2 production in FY19 at 111.9 52.0m units, i.e. - 7.8% vs. FY18 (China - 12.7%, ACQ: 0.3 Japan/Korea + 4.2%, South America - 3.9%) APAC/ROW’s revenue decreased by €11.2m or 9.1% y/y Revenue dev
Slide 17: Agenda: Results by market
Agenda 1. 2. 3. Results by market 4. 5. 16
Slide 18: Q4 FY2019 revenue by market / business
Q4 FY2019 revenue by market / business Revenue by business (€m) Automotive Industrial¹ Change 245.7 230.8 98.0 16.8% 83.9 ORG: 7.5% 146.9 147.7 0.5% ORG: (1.4)% Q4 FY18 Q4 FY19 % of revenue breakdown Industrial Automotive Industrial Automotive 36% 64% 40% 60% Note: Stabilus fiscal year-end is Septem
Slide 19: FY2019 revenue by market / business
FY2019 revenue by market / business Revenue by business (€m) Automotive Industrial¹ 962.6 Change 951.3 352.0 369.9 5.1% ORG: 0.5% 610.6 581.4 (4.8)% ORG: (6.9)% FY18 FY19 % of revenue breakdown Industrial Automotive Industrial Automotive 37% 63% 39% 61% Note: Stabilus fiscal year-end is September. 1
Slide 20: FY2019 – Automotive business
FY2019 – Automotive business Revenue (€m) Key highlights Gas Spring Powerise Global light vehicle1 production in FY19 at 90.1m ORG: 610.6 581.4 (6.9)% y/y units, i.e. - 5.8% vs. FY18 ORG: Automotive revenue - 4.8% y/y (- 6.9% y/y (9.4)% y/y organically, i.e. excl. $/€ currency translation effect) FX
Slide 21: FY2019 – Industrial business
FY2019 – Industrial business Revenue (€m) Key highlights Capital Goods Vibration & Velocity Control Global GDP growth forecast at c. 2.6% - 3.0% for ORG: CY2019; weak international trade and industrial 0.5% y/y 369.9 production, trade tensions between major economies 352.0 ORG: (1.6)% y/y Industrial
Slide 22: Agenda: Outlook
Agenda 1. 2. 3. 4. Outlook 4. 5. 21
Slide 23: Outlook
Outlook FY2019 FY2020 Guidance Preliminary € million percent ~ 2% – 4% y/y Revenue €951.3m €970m – €990m (0% FX, c. 1% ACQ, c. 1%-3% ORG) Adj. EBIT margin 15.0% ~ 15% Comments Based on light vehicle1 production forecast of 88.3m vehicles for FY2020 (i.e. 88.8m for CY2019, 89.0m for CY2020), outlook
Slide 24: Agenda: Appendix
Agenda 1. 2. 3. 4. 5. Appendix 23
Slide 25: Revenue by region and customer market (3M ended Sept 30, 2019)
Revenue by region and customer market (3M ended Sept 30, 2019) External revenue (€m) Q4 FY2018 Q4 FY2019 Change % change Actual Preliminary Automotive Gas Spring 35.2 33.8 (1.4) (4.0)% Automotive Powerise 25.5 24.6 (0.9) (3.5)% Industrial / Capital Goods 39.7 41.4 1.7 4.3% Vibration & Velocity Contr
Slide 26: Revenue by region and customer market (year ended Sept 30, 2019)
Revenue by region and customer market (year ended Sept 30, 2019) External revenue (€m) FY2018 FY2019 Change % change Actual Preliminary Automotive Gas Spring 154.9 145.4 (9.5) (6.1)% Automotive Powerise 109.0 98.1 (10.9) (10.0)% Industrial / Capital Goods 172.1 175.0 2.9 1.7% Vibration & Velocity Co
Slide 27: P&L overview (3M ended Sept 30, 2019)
P&L overview (3M ended Sept 30, 2019) P&L (€m) Q4 FY2018 Q4 FY2019 Change % change Actual Preliminary Revenue 230.8 245.6 14.8 6.4% COGS (158.8) (172.0) (13.2) 8.3% Gross Profit 72.0 73.6 1.6 2.2% % margin 31.2% 30.0% R&D (10.0) (10.1) (0.1) 1.0% S&M (20.1) (22.1) (2.0) 10.0% G&A (9.6) (9.4) 0.2 (2.
Slide 28: P&L overview (year ended Sept 30, 2019)
P&L overview (year ended Sept 30, 2019) P&L (€m) FY2018 FY2019 Change % change Actual Preliminary Revenue 962.6 951.3 (11.3) (1.2)% COGS (671.4) (675.0) (3.6) 0.5% Gross Profit 291.2 276.4 (14.8) (5.1)% % margin 30.3% 29.1% R&D (42.0) (39.2) 2.8 (6.7)% S&M (81.3) (84.2) (2.9) 3.6% G&A (38.5) (35.7)
Slide 29: Balance sheet overview
Balance sheet overview Balance sheet (€m) Key highlights Sept 2018 Sept 2019 Change % change Actual Prelim Property, plant and equipm. Assets and liabilities of acquired entities 179.2 199.9 20.7 11.6% Goodwill General Aerospace, Clevers and Piston are 195.2 214.8 19.6 10.0% included in the group’s
Slide 30: Cash flow overview and free cash flow (3M ended Sept 30, 2019)
Cash flow overview and free cash flow (3M ended Sept 30, 2019) Cash Flow Statement (€m) Q4 FY2018 Q4 FY2019 Change % change Actual Preliminary Cash flow from operating activities 46.6 53.1 6.5 13.9% Cash flow from investing activities (18.3) (15.7) 2.6 (14.2)% Cash flow from financing activities (1.
Slide 31: Cash flow overview and free cash flow (year ended Sept 30, 2019)
Cash flow overview and free cash flow (year ended Sept 30, 2019) Cash Flow Statement (€m) FY2018 FY2019 Change % change Actual Preliminary Cash flow from operating activities 145.5 145.4 (0.1) (0.1)% Cash flow from investing activities (45.3) (96.9) (51.6) >100.0% Cash flow from financing activities
Slide 32: www.stabilus.com
STABILUS www.stabilus.com