Stabilus SE · XETR:STM
Stabilus — Q3 FY2022 Earnings Presentation
32 slides from Stabilus's earnings presentation, Aug 1, 2022
Slide 1: Q3 FY2022 Results
Q3 FY2022 RESULTS AUGUST 1, 2022 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: Agenda
AGENDA 1 SIGNIFICANT EVENTS 2 FINANCIAL RESULTS 3 RESULTS BY OPERATING SEGMENT 4 OUTLOOK 5 APPENDIX 3
Slide 4: Significant Events
STABILUS SIGNIFICANT EVENTS o erodes i eeFf eae eeeerveriet
Slide 5: Operational Update: Key highlights in Q3 FY2022
OPERATIONAL UPDATE Key highlights in Q3 FY2022 › Double-digit revenue growth of 18.5% y/y, resulting in the revenue guidance increase to €1,070m for the full year › Strong Powerise business in the APAC region: APAC’s revenue up by 53.1% y/y, with triple-digit revenue growth of 140.2% y/y in the APAC
Slide 6: New Chief Financial Officer
NEW CHIEF FINANCIAL OFFICER Stefan Bauerreis, CFO CV › Born 1972, German citizen › Professional background › Since June 2022: Stabilus Group, CFO › 2000 – 2022: Schaeffler Group, various management positions in finance: › CFO of the Europe region › CFO of the Germany region › Head of Corporate Accou
Slide 7: Extraordinary General Meeting
EXTRAORDINARY GENERAL MEETING PLEASE VOTE Two EGMs on August 11, 2022 › Two EGMs on August 11, 2022, by written resolution only, due to COVID-19 legislation in Luxembourg › Agenda: resolutions on authorized capital (up to 10% of total shares), relocation of the registered office to Germany, approval
Slide 8: Refinancing of Senior Facilities
REFINANCING OF SENIOR FACILITIES SECURING FINANCIAL RESOURCES FOR GROWTH AND ACQUISITIONS Debt structure as of June 30, 2022 – principal amounts (€m) Comments › In addition to €150m promissory notes issued in FY21 and FY22 600.0 (€95m + €55m), in June 2022, Stabilus replaced existing senior loans wi
Slide 9: Financial Results
STABILUS FINANCIAL RESULTS o erodes i eeFf eae eeeerveriet
Slide 10: Q3 FY2022 Financial Results
Q3 FY2022 FINANCIAL RESULTS › Revenue at €271.1m (vs. €228.7m in Q3 FY21), + €42.4m or + 18.5% y/y Revenue › Acquisition effect: 0% y/y, currency translation effect: 6.0% y/y, organic growth: 12.5% y/y › Adj. EBIT at €37.9m (vs. €30.9m in Q3 FY21), + 22.7% y/y Adj. EBIT › Adj. EBIT margin at 14.0% (
Slide 11: Key Figures Q3 FY2022
KEY FIGURES Q3 FY2022 Revenue (€m) Adj. EBIT (€m) % organic growth % margin + 18.5% + 12.5% 13.5% 14.0% + 22.7% 271.1 228.7 37.9 APAC 30.9 APAC AMERICAS AMERICAS EMEA EMEA Q3 FY21 Q3 FY22 Q3 FY21 Q3 FY22 Profit (€m) Adj. FCF (€m) % revenue % revenue 7.0% 9.0% 13.2% 9.9% + 52.8% - 11.6% 24.3 30.3 26.
Slide 12: Key Figures 9M FY2022
KEY FIGURES 9M FY2022 Revenue (€m) Adj. EBIT (€m) % organic growth % margin + 12.4% + 8.4% 14.3% 13.4% + 5.3% 796.0 708.1 101.1 106.5 APAC APAC AMERICAS AMERICAS EMEA EMEA 9M FY21 9M FY22 9M FY21 9M FY22 Profit (€m) Adj. FCF (€m) % revenue % revenue 7.9% 8.6% 11.4% 5.6% + 21.9% - 45.2% 68.5 81.0 56.
Slide 13: Results by Operating Segment
RESULTS BY 3 OPERATING SEGMENT 13
Slide 14: EMEA
EMEA Q3 FY2022 Revenue (€m) Comments % organic growth + 0.9% + 1.9% › Light vehicle production (LVP) in Europe, Middle East and Africa in Q3 FY22 at 4.5m units, - 3.9% vs. Q3 FY21 117.3 118.4 › EMEA’s revenue up by €1.1m or 0.9% y/y to €118.4m in Q3 FY22, IND organically + 1.9% y/y 65.2 65.0 APR 21.
Slide 15: Americas
AMERICAS Q3 FY2022 Revenue (€m) Comments % organic growth + 29.4% + 15.2% › Light vehicle production (LVP) in Americas in Q3 FY22 at 4.3m units, + 11.9% vs. Q3 FY21 97.6 75.4 › Americas’ revenue up by €22.2m or 29.4% y/y, currency IND 35.3 translation effect at 14.2%, organic growth at 15.2% y/y 28.
Slide 16: APAC
APAC Q3 FY2022 Revenue (€m) Comments % organic growth + 53.1% + 41.3% › Light vehicle production (LVP) in Asia-Pacific in Q3 FY22 at 10.0m units, - 2.6% vs. Q3 FY21 55.1 36.0 5.3 › APAC‘s revenue up by €19.1m or 53.1% to €55.1m in in Q3 FY22, 28.1 currency translation effect at 11.8%, organic growth
Slide 17: Revenue by Business Unit
REVENUE BY BUSINESS UNIT Q3 FY2022 Revenue (€m) Comments %organic growth + 18.5% + 12.5% › Global light vehicle production (LVP) in Q3 FY22 with 18.8m units on the level of Q3 FY21, i.e., flat y/y 271.1 › With organic growth of 1.9% in Automotive Gas Spring and 40.8% 228.7 in Automotive Powerise bot
Slide 18: Industrial Revenue by Market Segment
INDUSTRIAL REVENUE BY MARKET SEGMENT Q3 FY2022 Industrial revenue Comments Q3 FY21: €99.1m Q3 FY22: €105.6m › Industrial revenue at €105.6m, up by 6.6% or €6.5m y/y 17% 19% › The growth in industrial business was primarily driven by market 37% 37% segments Energy, Construction, Industrial Machinery
Slide 19: Outlook
STABILUS OUTLOOK eere aa peeegverrern 19
Slide 20: Outlook
OUTLOOK Guidance Comments FY2021 Actual FY2022 Guidance › Global light vehicle production (LVP) in FY2022 (Oct 2021 - Sept 2022) expected to be slightly, 0.5%, above the prior-year level: 80.0m in FY22 vs. 79.6m in FY21. (Source: IHS Markit, July 2022) Revenue €937.7m c. €1,070m › Stabilus has furth
Slide 21: Appendix
STABILUS APPENDIX ee ee ee) per eaerert 21
Slide 22: Revenue and Adjusted EBIT Margin by Quarter
REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER adjusted EBIT margin in % revenue in €m 20.0% 18.9% 21.1% 17.3% 17.7% 17.1% 17.2% 18.3% 13.9% 15.9% 19.0% 15.6% 16.0% 14.9% 15.4% 17.1% 17.4% 13.0% 14.1% 15.3% 14.7% 14.0% 13.7% 16.1% 13.7% 14.7% 16.1% 14.0% 13.4% 15.3% 13.5% 13.9% 14.8% 14.9% 13.1% 13.0%1
Slide 23: Revenue Overview: Three Months Ended June 30, 2022
REVENUE OVERVIEW THREE MONTHS ENDED JUNE 30, 2022 Revenue (€m) Q3 FY2021 Q3 FY2022 Change % change Acquisition effect Currency effect Organic growth Actual Actual Automotive Gas Spring 30.5 29.7 (0.8) (2.6)% - 0.0% (2.6)% Automotive Powerise 21.6 23.7 2.1 9.7% - (0.5)% 10.2% Industrial 65.2 65.0 (0.
Slide 24: Revenue Overview: Nine Months Ended June 30, 2022
REVENUE OVERVIEW NINE MONTHS ENDED JUNE 30, 2022 Revenue (€m) 9M FY2021 9M FY2022 Change % change Acquisition effect Currency effect Organic growth Actual Actual Automotive Gas Spring 98.1 86.6 (11.5) (11.7)% - 0.0% (11.7)% Automotive Powerise 73.2 69.4 (3.8) (5.2)% - (1.1)% (4.1)% Industrial 186.9
Slide 25: P&L Overview: Three Months Ended June 30, 2022
P&L OVERVIEW THREE MONTHS ENDED JUNE 30, 2022 P&L (€m) Comments Q3 FY2021 Actual Q3 FY2022 Actual Change % change › Gross profit margin 1pp lower y/y, as a consequence of material Revenue 228.7 271.1 42.4 18.5% and energy cost inflation, and a time lag of offsetting measures › Cost of sales (161.9)
Slide 26: P&L Overview: Nine Months Ended June 30, 2022
P&L OVERVIEW NINE MONTHS ENDED JUNE 30, 2022 P&L (€m) Comments 9M FY2021 Actual 9M FY2022 Actual Change % change › Gross profit margin 2pp lower y/y, as a consequence of material Revenue 708.1 796.0 87.9 12.4% price inflation and the time lag of offsetting measures › Cost of sales (496.5) (574.2) (7
Slide 27: EBIT Adjustments
EBIT ADJUSTMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2022 Adjusted EBIT (€m) Comments Q3 FY2021 Actual Q3 FY2022 Actual Change % change › PPA adjustments comprise depreciation and amortization of EBIT 27.4 34.4 7.0 25.5% step-ups and intangible assets acquired during 2010, 2016 and PPA adj. - D&A (
Slide 28: Balance Sheet Overview
BALANCE SHEET OVERVIEW JUNE 30, 2022 Balance sheet (€m) Comments Sept 2021 Actual June 2022 Actual Change % change › Other investments comprise Company’s interest in Synapticon (12% of total shares at the time of acquisition) and Cultraro (32% Property, plant and equipm. 223.1 226.6 3.5 1.6% of tota
Slide 29: Cash Flow Overview: Three Months Ended June 30, 2022
CASH FLOW OVERVIEW THREE MONTHS ENDED JUNE 30, 2022 Cash Flow Statement (€m) Comments Q3 FY2021 Actual Q3 FY2022 Actual Change % change › Cash inflow from operating activities roughly on the prior year’s Cash flow from operating activities 39.9 39.1 (0.8) (2.0)% level: €39.1m in Q3 FY22 vs. €39.9m i
Slide 30: Cash Flow Overview: Nine Months Ended June 30, 2022
CASH FLOW OVERVIEW NINE MONTHS ENDED JUNE 30, 2022 Cash Flow Statement (€m) Comments 9M FY2021 Actual 9M FY2022 Actual Change % change › Cash inflow from operating activities down by €34.7m essentially Cash flow from operating activities 109.8 75.1 (34.7) (31.6)% due to higher net working capital Ca
Slide 31: Currency Exchange Rates
CURRENCY EXCHANGE RATES NINE MONTHS ENDED JUNE 30, 2022 Closing and average currency exchange rates Closing rate Closing rate Average rate Average rate Average rate 1 EURO in ISO code June 2021 June 2022 9M FY2021 9M FY2022 % change Australian dollar AUD 1.5853 1.5099 1.5858 1.5368 (3.1)% Argentine
Slide 32: Motion Control
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