Stabilus Se · XETR:STM
Stabilus — FY2024 Earnings Presentation
27 slides from Stabilus's earnings presentation, Dec 9, 2024
Slide 1: FY2024 Results
FY2024 RESULTS ANALYST & INVESTOR WEB CONFERENCE DECEMBER 9, 2024 M O T I O N C O N T R O L 1
Slide 2: Disclaimer
DISCLAIMER Stabilus SE (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 pe
Slide 3: Key Takeaways
KEY TAKEAWAYS We confirm the preliminary results which were released on November 11, 2024. See 2024 annual report at ir.stabilus.com. Despite the challenging market environment, Stabilus showed a solid performance in FY2024. We will propose a dividend of €1.15 (40% of consolidated net income) to the
Slide 4: Stabilus Group in FY2024
STABILUS GROUP IN FY2024 VERY STRONG ADJ. FCF IN FY2024 Y/Y REVENUE (€M) ADJ. EBIT (€M) PROFIT (€M) ADJ. FCF (€M) % organic growth % margin % revenue % revenue 13.0% 12.0% 8.5% 5.5% 8.8% 10.2% + 7.5% + 0.6% - 0.8% - 30.3% + 23.8% 1,305.9 158.4 157.1 132.8 1,215.3 103.3 107.3 72.0 FY23 FY24 FY23 FY24
Slide 5: Business Development by Market Segment in FY2024
BUSINESS DEVELOPMENT BY MARKET SEGMENT IN FY2024 ICON MARKET SEGMENT % CHANGE Y/Y 3% 2% 4% Automotive (AGS and APR) 2% 8% Distributors, Independent Aftermarket, E- 3% AGS commerce (DIAMEC) 27% Industrial Machinery & Automation (IMA) 217%1 11% FY2024 Commercial Vehicles (CV) 4% €1,305.9m 60%
Slide 6: Outlook for FY2025
OUTLOOK FOR FY2025 FY2024 FY2025 Actual Forecast Revenue €1,305.9m €1.3bn - €1.45bn Adj. EBIT margin 12.0% 11% - 13% Adj. FCF €132.8m €90m - €140m › The market environment continues to be challenging. › The range of our expectations reflects higher macroeconomic and geopolitical uncertainty. › We ex
Slide 7: Key Assumptions for FY2025 Outlook
KEY ASSUMPTIONS FOR FY2025 OUTLOOK GDP1 GROWTH COST INFLATION › c. +3% y/y in CY2024 and CY2025 › material cost (average price for metals, plastics, energy) expected to slightly decrease in FY2025 › labor cost inflation of c. + 5% y/y in FY2025 LVP1 GROWTH MAJOR FX RATES › LVP on prior year’s level
Slide 8: Forecast by Operating Segment (Region)
FORECAST BY OPERATING SEGMENT (REGION) STABILUS GROUP AMERICAS EMEA ASIA-PACIFIC FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Actual Forecast Actual Forecast Actual Forecast Actual Forecast Revenue €1,305.9m €1.3bn - €1.45bn €469.0m €475m-€535m €525.5m €515m-€575m €311.5m €310m-€340m (-0.
Slide 9: Further Parameter Expectations for FY2025
FURTHER PARAMETER EXPECTATIONS FOR FY2025 HOUSEKEEPING ITEMS NON-RECURRING ITEMS / CAPEX1 DESTACO INTEGRATION PPA1 (EBIT ADJUSTMENTS) › PPA D&A1: c. €35m in FY2025 (thereof › total capex of c. 6% of revenue (thereof c. › c. €2m-€3m integration costs in FY2025 c. €20m Destaco PPA D&A) €60m invest in
Slide 10: Q&A Session
Q&A SESSION M O T I O N C O N T R O L 10
Slide 11: Appendix
APPENDIX M O T I O N C O N T R O L 11
Slide 12: Revenue and Adjusted EBIT Margin by Quarter
REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER 21.1% 21.3% 20.4% 20.0% 19.9% adjusted EBIT margin in % revenue in €m 19.0% 18.9% 18.1% 17.4% 16.1% 17.7% 17.1% 17.3% 16.8% 16.9% 13.9% 16.1% 15.6% 15.5% 15.9% 15.3% 16.0% 15.3% 13.0% 14.1% 14.7% 14.3% 15.0% 14.7% 13.7% 13.5% 14.0% 12.3% 13.0% 13.1% 12.4%1
Slide 13: Revenue: Three Months Ended September 30, 2024
REVENUE THREE MONTHS ENDED SEPTEMBER 30, 2024 REVENUE (€M) Q4 FY2023 Q4 FY2024 Change % change Acquisition effect Currency effect Organic growth Actual Actual Automotive Gas Spring 30.0 29.4 (0.6) (2.0)% 2.5% (5.0)% 0.5% Automotive Powerise 26.3 25.5 (0.8) (3.0)% 0.0% (0.5)% (2.5)% Industrial Compon
Slide 14: Revenue: Year Ended September 30, 2024
REVENUE YEAR ENDED SEPTEMBER 30, 2024 REVENUE (€M) FY2023 FY2024 Change % change Acquisition effect Currency effect Organic growth Actual Actual Automotive Gas Spring 120.2 124.5 4.3 3.6% 6.6% (1.2)% (1.8)% Automotive Powerise 113.1 111.5 (1.6) (1.4)% 0.0% (0.8)% (0.6)% Industrial Components 263.3 2
Slide 15: Adjusted EBIT
ADJUSTED EBIT THREE AND TWELVE MONTHS ENDED SEPTEMBER 30, 2024 ADJUSTED EBIT (€M) Q4 FY2023 Q4 FY2024 Change % change Acquisition effect Currency effect Organic change Actual Actual EMEA 19.3 10.7 (8.6) (44.6)% 14.0% 0.5% (59.1)% AMERICAS 10.0 15.9 5.9 59.0% 54.0% (7.0)% 12.0% APAC 13.9 15.3 1.4 10.
Slide 16: P&L and Adjusted EBIT: Three Months
P&L AND ADJUSTED EBIT THREE MONTHS ENDED SEPTEMBER 30, 2024 P&L (€M) ADJUSTED EBIT (€M) Q4 FY2023 Q4 FY2024 Q4 FY2023 Q4 FY2024 Change % change Change % change Actual Actual Actual Actual Revenue 307.5 336.3 28.8 9.4% EBIT 32.6 22.9 (9.7) (29.8)% Cost of sales (227.7) (245.8) (18.1) 7.9% PPA adj. -
Slide 17: P&L and Adjusted EBIT: Year Ended September 30, 2024
P&L AND ADJUSTED EBIT YEAR ENDED SEPTEMBER 30, 2024 P&L (€M) ADJUSTED EBIT (€M) FY2023 FY2024 FY2023 FY2024 Change % change Change % change Actual Actual Actual Actual Revenue 1,215.3 1,305.9 90.6 7.5% EBIT 137.1 113.3 (23.8) (17.4)% Cost of sales (894.1) (963.6) (69.5) 7.8% PPA adj. - D&A 14.4 30.3
Slide 18: Balance Sheet
BALANCE SHEET SEPTEMBER 30, 2024 BALANCE SHEET (€M) Sept 2023 Sept 2024 Change % change Actual Actual Property, plant and equipm. 247.2 300.3 53.1 21.5% Goodwill 236.6 540.0 303.4 >100.0% Other intangible assets 230.0 477.9 247.9 >100.0% Other investments 6.0 6.0 - 0.0% Inventories 177.3 223.6 46.3
Slide 19: Cash Flow: Three Months
CASH FLOW THREE MONTHS ENDED SEPTEMBER 30, 2024 CASH FLOW STATEMENT (€M) Q4 FY2023 Q4 FY2024 Change % change Actual Actual Cash flow from operating activities 40.2 74.7 34.5 85.8% Cash flow from investing activities (36.3) (22.0) 14.3 (39.4)% Cash flow from financing activities (11.2) (80.7) (69.5)
Slide 20: Cash Flow: Year Ended September 30, 2024
CASH FLOW YEAR ENDED SEPTEMBER 30, 2024 CASH FLOW STATEMENT (€M) FY2023 FY2024 Change % change Actual Actual Cash flow from operating activities 178.1 197.0 18.9 10.6% Cash flow from investing activities (81.4) (717.4) (636.0) >100.0% Cash flow from financing activities (66.4) 440.7 507.1 <(100.0)%
Slide 21: LVP Development / Forecast: Quarterly View
LVP DEVELOPMENT / FORECAST QUARTERLY VIEW: Q1 FY24 – Q4 FY25 Light vehicle production in million units 13.3% Growth rate y/y in % 10.5% 4.5% 5.4% 8.2% 3.0% 4.3% 1.2% 0.2% 0.2% -1.0% 0.0% 1.7% 1.1% 4.3% 0.7% -2.4% -1.8% 0.0% 0.1% -4.5% 0.3% -0.7% -0.4% -4.5% -2.3% -3.6% -3.4% -4.9% -8.5% -8.2% -9.9%
Slide 22: LVP Development / Forecast: Yearly View
LVP DEVELOPMENT / FORECAST YEARLY VIEW: FY2023 – FY2025 Light vehicle production in million units Growth rate y/y in % 2.5% 2.2% 1.3% 0.1% 0.3% -0.7% -0.9% -4.7% 88.2 89.3 89.4 49.9 51.2 52.3 World APAC 18.4 18.5 18.3 AMER 19.9 19.7 18.8 EMEA FY2023 FY2024 FY2025 Source: leading market forecast inst
Slide 23: Net Debt Further Reduced Q/Q to €668.4m in Q4 FY24
NET DEBT FURTHER REDUCED Q/Q - TO €668.4M IN Q4 FY24 NET DEBT REDUCED BY €51.8M IN THE LAST SIX MONTHS › Net leverage ratio stable at 2.8 and well below 3.0. Net debt 2.8 2.8 2.8 reduced by €51.8m in the last six months. 2.5 › Our goal is to reduce net leverage ratio well below 2.0 within the next t
Slide 24: NWC Reduced to 19.1% of Revenue in Q4 FY24
NWC REDUCED TO 19.1% OF REVENUE IN Q4 FY24 › NWC/revenue ratio at 19.1%, incl. Destaco’s NWC and 23.1% proforma LTM revenue. 22.5% › The increase from 17.6% in Q1 FY24 to a level above 20% in the following quarters due to 21.1% the consolidation / inclusion of 20.7% Destaco and Destaco’s 19.6% 20.3%
Slide 25: Capex Will Facilitate Future Growth with Innovative New Products
CAPEX WILL FACILITATE FUTURE GROWTH WITH INNOVATIVE NEW PRODUCTS SUCH AS DOOR ACTUATORS › In FY2023 and FY2024 capex returned to the usual, historical level of c. 6% of revenue. › Investment focus in FY2024: radar technology, smart door actuation and automation of production facilities. 6.1% 6.3% 5.
Slide 26: Acronyms and Abbreviations
ACRONYMS AND ABBREVIATIONS Adj. Adjusted FX Foreign exchange, currency effect AGS Automotive Gas Spring FY Fiscal year AMR Aerospace, Marine & Rail GDP Gross domestic product APAC Asia-Pacific HRF Health, Recreation & Furniture APR Automotive Powerise IMA Industrial Machinery & Automation bp Basis p
Slide 27: Contact Stabilus IR
M O T I O N C O N T R O L Experience Stabilus motion control virtually Contact Stabilus IR GROUP.STABILUS.COM/BUSINESS-PARK-MEDIA IR.STABILUS.COM 27