Stabilus SE · XETR:STM
Stabilus — Q2 FY2018 Earnings Presentation
28 slides from Stabilus's earnings presentation, May 7, 2018
Slide 1: Q2 FY2018 Results
Q2 FY2018 RESULTS May 7, 2018
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: Q2 FY2018 highlights
Q2 FY2018 highlights Fiscal year-end September Revenue up by 2.5% to €251.0m (+€6.1m vs. Q2 FY17) Asia / Pacific and RoW up by 17.6% y/y, Europe up by 4.8% y/y, NAFTA ‘suffers’ from the weak $: - 4.6% y/y Revenue Capital Goods + 11.3% y/y, Vibration & Velocity Control + 6.0% y/y, Automotive Powerise
Slide 6: Strong operating performance in Q2 FY2018 (y-o-y)
Stabilus shows strong operating performance in Q2 FY2018 (y-o-y) Revenue (€m) Adj. EBIT (€m) % margin 251.0 FX: (13.6) 15.7% 244.9 15.7% w/o FX: 39.3 264.6 38.4 + 8.0% Q2 FY17 Q2 FY18 Q2 FY17 Q2 FY18 Profit (€m) FCF (€m) % margin % revenue 6.7% 10.2% 6.2% 6.0% 1 16.8 25.6 15.3 1 (4.3) net fx 14.6 lo
Slide 7: Strong operating performance in H1 FY2018 (y-o-y)
Stabilus shows strong operating performance in H1 FY2018 (y-o-y) Revenue (€m) Adj. EBIT (€m) 481.5 % margin 15.2% FX: (21.2) 455.5 14.9% w/o FX: 73.2 502.7 67.8 + 10.4% H1 FY17 H1 FY18 H1 FY17 H2 FY18 Profit (€m) FCF (€m) % margin 9.8% % revenue 6.5% y-o-y: 6.5% 9.7% 4.9% 1 31.5 47.3 1 44.4 22.1 8.3
Slide 8: Agenda: Results by region
Agenda 1. 2. Results by region 3. 4. 5. 7
Slide 9: Q2 FY2018 revenue and adj. EBIT growth – by region
Q2 FY2018 revenue and adj. EBIT growth – by region (y-o-y) Revenue by region1 (€m) Adj. EBIT by region (€m) Europe NAFTA Asia / Pacific and RoW Europe NAFTA Asia / Pacific and RoW 251.0 Growth Growth 244.9 39.3 38.4 25.0 29.4 17.6% 3.2 4.4 37.5% 89.4 (4.6)% 12.5 (20.9)% 93.7 15.8 4.8% 22.5 15.4% 126
Slide 10: H1 FY2018 revenue and adj. EBIT growth – by region
H1 FY2018 revenue and adj. EBIT growth – by region (y-o-y) Revenue by region1 (€m) Adj. EBIT by region (€m) Europe NAFTA Asia / Pacific and RoW Europe NAFTA Asia / Pacific and RoW 481.5 Growth 73.2 Growth 455.5 67.8 60.4 16.6% 9.5 15.9% 51.8 8.2 173.0 (1.3)% 24.9 (11.4)% 175.3 28.1 248.1 8.6% 38.8 2
Slide 11: Europe
Europe Revenue1 (€m) Key highlights 132.2 Europe car production in Q2 FY18 at 5.9m units, i.e. 126.1 + 0.9% vs. Q2 FY17 Europe’s revenue increased by 4.8% y/y The increase was primarily driven by our Capital Q2 FY17 Q2 FY18 Goods revenue which grew by 12.8% to €41.5m (Q2 Adj. EBIT (€m) FY17: €36.8m)
Slide 12: NAFTA
NAFTA Revenue1 (€m) Key highlights y-o-y: (4.6)% FX:(13.6) NAFTA car production in Q2 FY18 at 4.4m units, i.e. 93.7 89.4 w/o FX: - 2.6% vs. Q2 FY17 103.0 +9.9% NAFTA’s revenue - 4.6% y/y due to weaker US dollar (+9.9% y/y excluding the $/€ currency translation effect) NAFTA’s development in Q2 FY18
Slide 13: Asia / Pacific and RoW
Asia / Pacific and RoW Revenue1 (€m) Key highlights 29.4 Asia/Pacific and RoW car production in Q2 FY18 at 25.0 13.9m units, i.e. - 0.8% vs. Q2 FY17 (China: - 3.1%, Japan/Korea: - 1.4%, South America: + 11.5%) Asia/Pacific and RoW’s revenue increased by 17.6% The increase was primarily driven by our
Slide 14: Agenda: Results by market
Agenda 1. 2. 3. Results by market 4. 5. 13
Slide 15: Q2 FY2018 revenue growth – by market / business
Q2 FY2018 revenue growth – by market / business (y-o-y) Revenue by business (€m) Automotive Industrial¹ 251.0 Growth 244.9 9.0% 87.7 95.6 (1.1)% 157.1 155.4 Q2 FY17 Q2 FY18 % of revenue breakdown Industrial Automotive Industrial Automotive 36% 64% 38% 62% Note: Stabilus fiscal year-end is September.
Slide 16: Q2 FY2018 revenue growth – Automotive business
Q2 FY2018 revenue growth – Automotive business (y-o-y) Revenue (€m) Key highlights Gas Spring Powerise Global car production in Q2 FY18 at 24.2m, y-o-y: (1.1)% i.e. - 0.7% vs. Q2 FY17 157.1 155.4 Automotive revenue - 1.1% y/y (+ 4.8% without $/€ FX: (5.3) currency translation effect) y/y: 3.4% 65.6
Slide 17: Q2 FY2018 revenue growth – Industrial business
Q2 FY2018 revenue growth – Industrial business (y-o-y) Revenue (€m) Key highlights Capital Goods Vibration & Velocity Control Commercial Furniture Industrial revenue increased by 9.0% (13.9% 95.6 excluding $/€ currency translation effect) 87.7 7.6 FX: (0.2) 7.5 Excluding $/€ currency translation eff
Slide 18: Agenda: Outlook
Agenda 1. 2. 3. 4. Outlook 4. 5. 17
Slide 19: Outlook
Outlook FY2017 Actual FY2018 Guidance € million percent ~ €990m (@ 1.10 $/€) ~ 8.8% growth (organic, at constant $/€ rate) Revenue €910.0m (@ 1.10 $/€) ~ €960m (@ 1.20 $/€) ~ 5.5% y/y % Adj. EBIT margin 15.1% ~ 15.5% Comments Revenue guidance FY2018 increased from c. 7.1% to c. 8.8% organic revenue
Slide 20: Agenda: Appendix
Agenda 1. 2. 3. 4. 5. Appendix 19
Slide 21: Revenue by region and customer market (3M ended March 31, 2018)
Revenue by region and customer market (3M ended March 31, 2018) External revenue (€m) Q2 FY2017 Q2 FY2018 Change % change Actual Actual Automotive Gas Spring 41.3 41.5 0.2 0.5% Automotive Powerise 27.4 27.8 0.4 1.5% Industrial / Capital Goods 36.8 41.5 4.7 12.8% Vibration & Velocity Control 14.5 14.
Slide 22: Revenue by region and customer market (6M ended March 31, 2018)
Revenue by region and customer market (6M ended March 31, 2018) External revenue (€m) H1 FY2017 H1 FY2018 Change % change Actual Actual Automotive Gas Spring 75.0 78.9 3.9 5.2% Automotive Powerise 49.0 54.3 5.3 10.8% Industrial / Capital Goods 66.6 75.0 8.4 12.6% Vibration & Velocity Control 26.0 27
Slide 23: P&L overview (3M ended March 31, 2018)
P&L overview (3M ended March 31, 2018) P&L (€m) Q2 FY2017 Q2 FY2018 Change % change Actual Actual Revenue 244.9 251.0 6.1 2.5% COGS (169.7) (172.8) (3.1) 1.8% Gross Profit 75.2 78.2 3.0 4.0% % margin 30.7% 31.2% R&D (10.7) (11.6) (0.9) 8.4% S&M (20.6) (20.3) 0.3 (1.5)% G&A (8.8) (10.4) (1.6) 18.2% O
Slide 24: P&L overview (6M ended March 31, 2018)
P&L overview (6M ended March 31, 2018) P&L (€m) H1 FY2017 H1 FY2018 Change % change Actual Actual Revenue 455.5 481.5 26.0 5.7% COGS (320.5) (335.7) (15.2) 4.7% Gross Profit 135.1 145.8 10.7 7.9% % margin 29.7% 30.3% R&D (18.6) (21.7) (3.1) 16.7% S&M (40.6) (40.8) (0.2) 0.5% G&A (17.8) (19.4) (1.6)
Slide 25: Balance sheet overview
Balance sheet overview Balance sheet (€m) Sept 2017 March 2018 Change % change Actual Actual Property, plant and equipment 169.7 169.2 (0.5) (0.3)% Goodwill 194.2 191.9 (2.3) (1.2)% Other intangible assets 268.9 253.8 (15.1) (5.6)% Inventories 85.3 85.4 0.1 0.1% Trade receivables 105.1 126.6 21.5 20
Slide 26: Cash flow overview and free cash flow (3M ended March 31, 2018)
Cash flow overview and free cash flow (3M ended March 31, 2018) Cash Flow Statement (€m) Q2 FY2017 Q2 FY2018 Change % change Actual Actual Cash flow from operating activities 28.3 25.7 (2.6) (9.2)% Cash flow from investing activities (13.0) (8.9) 4.1 (31.5)% Cash flow from financing activities (17.5
Slide 27: Cash flow overview and free cash flow (6M ended March 31, 2018)
Cash flow overview and free cash flow (6M ended March 31, 2018) Cash Flow Statement (€m) H1 FY2017 H1 FY2018 Change % change Actual Actual Cash flow from operating activities 44.6 50.3 5.7 12.8% Cash flow from investing activities (22.5) (18.8) 3.7 (16.4)% Cash flow from financing activities (30.0)
Slide 28: www.stabilus.com
STABILUS www.stabilus.com