Stabilus Se · XETR:STM
Stabilus — FY2014 Earnings Presentation
35 slides from Stabilus's earnings presentation, Dec 2, 2014
Slide 1: Full-year results 2014
Full-year results 2014 December 02, 2014
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: Stabilus participants
Stabilus participants Dietmar Siemssen Mark Wilhelms Andreas Schröder CEO CFO Investor relations 2
Slide 4: Agenda
Agenda 1. FY2014 highlights 2. Business by geography 3. Business by market 4. Outlook 5. Appendix 3
Slide 5: 1. FY2014 highlights
Full-year results 2014 1. FY2014 highlights 1. 2. 3. 4. 5. 4
Slide 6: Highlights FY2014
Highlights FY2014 Fiscal year-end September • Revenue up by 10.3% to €507.3mm (+€47.2mm vs. FY13) • Growth in all regions with NAFTA (+12.0%), Europe (+9.3%), Asia / RoW (+9.7%) Revenue − China standalone up by ~22% to €33.6mm • Powerise up by ~55% to €85.8mm • Adj. EBITDA up by 6.2% to €92.5mm (+€5
Slide 7: Operational achievements in FY2014
Operational achievements in FY2014 • Revenue up by €31mm to €86mm • Penetration of mass market platforms in Europe (e.g. VW Passat and Ford Mondeo) Powerise • 29 active models, thereof 12 launches in 2014 and 20 contracted launches for 2015 (10 in Europe and 10 in NAFTA respectively) • Key business
Slide 8: Stabilus strong operating performance in FY2014 (y-o-y)
Stabilus strong operating performance in FY2014 (y-o-y) Revenue (€mm) Adj. EBITDA1 (€mm) 18.9% 18.2% 507 460 93 87 FY13 FY14 % margin FY13 FY14 Adj. EBIT1 (€mm) FCF2 (Adj. EBITDA-capex) (€mm) 12.8% 12.8% 11.5% 11.2% 65 57 59 53 % margin FY13 FY14 % revenue FY13 FY14 Note: Stabilus fiscal year-end is
Slide 9: Revenue and adj. EBITDA growth – by region (y-o-y)
Revenue and adj. EBITDA growth – by region (y-o-y) Revenue by region1 (€mm) Adj. EBITDA1,2 by region (€mm) Europe NAFTA Asia / RoW Europe NAFTA Asia / RoW Growth Growth 93 507 87 9.7% 12 6.1% 460 63 12 58 23 21 8.1% 177 12.0% 158 9.3% 55 58 267 5.5% 245 FY13 FY14 FY13 FY14 Note: Stabilus fiscal year
Slide 10: Review of revenue performance by quarter
Review of revenue performance by quarter Revenue by quarter FY2013 vs. FY2014 (€mm) FY2013 FY2014 13.6% 7.9% 9.3% 10.6% 130 130 131 116 114 121 120 105 Q1 Q2 Q3 Q4 % growth Note: Stabilus fiscal year-end is September; Financials reflected in the FY14 report have been rounded for presentational reaso
Slide 11: Review of adj. EBITDA development by quarter
Review of adj. EBITDA development by quarter Adj. EBITDA1 by quarter FY2013 vs. FY2014 (€mm) FY2013 FY2014 19.3% 18.8% 20.8% 18.7% 20.1% 18.7% 15.9 % 15.7% 25 25 25 25 23 23 19 17 Q1 Q2 Q3 Q4 % margin Note: Stabilus fiscal year-end is September; Financials reflected in the FY14 report have been roun
Slide 12: Review of adj. EBIT development by quarter
Review of adj. EBIT development by quarter Adj. EBIT1 by quarter FY2013 vs. FY2014 (€mm) FY2013 FY2014 13.9% 13.7% 14.3 % 13.0% 14.1% 13.1% 10.5% 9.4% 18 18 17 17 16 16 12 10 Q1 Q2 Q3 Q4 % margin Note: Stabilus fiscal year-end is September; Financials reflected in the FY14 report have been rounded f
Slide 13: 2. Business by geography
Full-year results 2014 1. 2. Business by geography 2. 3. 4. 5. 12
Slide 14: NAFTA – Revenue growth (y-o-y)
NAFTA – Revenue growth (y-o-y) Revenue (€mm) Key highlights • Strong revenue growth of +12.0% in FY14 − Revenue growth at constant currency of +16.0% 177 158 − €18.8mm revenue growth in Powerise driven by Big Three and BMW − Strong, secured Gas Spring business re-confirms future market share FY13 FY
Slide 15: Asia/RoW – Revenue growth (y-o-y)
Asia/RoW – Revenue growth (y-o-y) Revenue (€mm) Key highlights • Strong revenue growth of +9.7% in FY14 driven by automotive 63 Gas Springs 58 − China growth of +21.7% to €33.6mm revenue − Brazil negative growth of -22.4% (€2.3mm reduction) • Contract wins with local Chinese OEMs confirm growth pote
Slide 16: China Gas spring production expansion
China Gas spring production expansion – Construction of new building for Powerise and Industrial in China 15
Slide 17: Europe – Revenue growth (y-o-y)
Europe – Revenue growth (y-o-y) Revenue (€mm) Key highlights • Revenue growth of +9.3% in FY14 245 267 • Strong performance of Powerise with key platform wins in Europe − Volume vehicle models such as VW Passat and Ford Mondeo − Premium platforms such as Porsche Macan / Cayenne and Audi Q3 FY13 FY14
Slide 18: 3. Business by market
Full-year results 2014 1. 2. 3. Business by market 3. 4. 5. 17
Slide 19: Revenue growth – by business (y-o-y)
Revenue growth – by business (y-o-y) Revenue by business (€mm) Automotive Industrial¹ Growth 507 460 167 2.8% 162 341 298 14.4% FY13 FY14 % of revenue breakdown Industrial Automotive Industrial Automotive 35% 65% 33% 67% Note: Stabilus fiscal year-end is September; Detailed segmental financials refl
Slide 20: Revenue growth – Automotive business (y-o-y)
Revenue growth – Automotive business (y-o-y) Revenue (€mm) Key highlights Gas Springs Powerise • Strong performance despite challenging macro environment − Global car production up ~3% from 85mm to 87mm units y-o-y1 Growth 341 − European car production up ~3% from 19.5mm to 20.0mm units y-o-y1 298 8
Slide 21: Revenue growth – Industrial business (y-o-y)
Revenue growth – Industrial business (y-o-y) Revenue (€mm) Key highlights Capital Goods Swivel Chair • Solid growth in Capital Goods in spite of difficult end-market dynamics Growth − Global GDP growth of 2.7%1 167 162 − European GDP growth of 1.3%1 24 (4.0%) 25 − Key end markets such as agriculture
Slide 22: New product launches
New product launches Drop gate damper improves quality appearance Dampening of solar panel movements Supporting comfort needs Height adjustable mattress eases service in hotels 21
Slide 23: 4. Outlook
Full-year results 2014 1. 2. 3. 4. Outlook 4. 5. 22
Slide 24: Strategic priorities for FY 2015
Strategic priorities for FY 2015 • Further implement and expand Asia growth plan Asia • Fully establish and expand local production and sales force capabilities • Expand local business in Powerise and Industrial • Further capitalize on extremely strong end-market momentum Powerise • Winning key plat
Slide 25: Potential refinancing of senior secured notes
Potential refinancing of senior secured notes Description of senior secured notes and impacts from refinancing • Refinancing of senior secured notes Status quo • Today's total outstanding, pre interest, of €257mm • Interest rate of 7.75% fixed until June 2018 • Early redemption fee from June 2015 to
Slide 26: Q&A
STABILUS Q&A 25 STABILUS ...technology gives comfort
Slide 27: Financial calendar
Financial calendar December 15, 2014 • Publication of full year results for fiscal year 2014 (Annual Report 2014) February 18, 2015 • Annual General Meeting for fiscal year 2014 Investor Relations Andreas Schröder Phone: +352 286 770 21 E-Mail: investors@stabilus.com For further information please v
Slide 28: 5. Appendix
Full-year results 2014 1. 2. 3. 4. 5. Appendix 4. 27
Slide 29: P&L overview
P&L overview P&L (€mm) 2013 2014 Actual Actual Revenue 460 507 COGS (350) (388) Gross Profit 110 120 R&D (18) (20) S&M (39) (39) G&A (21) (33) Other income/expenses 3 3 Adjustments 24 34 Adj. EBIT 59 65 Depreciation & amortization (exc. PPA) 28 27 Adj. EBITDA 87 93 Advisory1 6 18 Restructuring / Ram
Slide 30: Balance sheet overview
Balance sheet overview Balance sheet (€mm) 2013 2014 Actual Actual Property, plant and equipment 116 120 Goodwill 51 51 Other intangible assets 176 171 Inventories 46 50 Trade receivables 68 56 Other assets1 110 39 Cash 22 33 Total assets 589 520 Equity incl. minorities 80 76 Debt (incl. accrued int
Slide 31: Cash flow statement overview
Cash flow statement overview Cash flow statement (€mm) 2013 2014 Actual Actual Adj. EBITDA1 87 93 Capital expenditures (34) (36) Change in working capital (3) 17 Change in other assets and liabilities, provisions etc. (6) 7 Adjusted operating cash flow before tax 44 81 Net payments for redemption of
Slide 32: Review of revenue performance by quarter
Review of revenue performance by quarter Revenue by quarter FY2013 vs. FY2014 (€mm) % growth / FY2013 / FY2014 13.6% 7.9% 9.4% 130 130 131 10.6% 121 120 116 114 105 43 42 45 37 43 41 41 37 Industrial 85 87 89 79 73 78 79 68 Automotive Q1 Q2 Q3 Q4 Note: Stabilus fiscal year-end is September 31
Slide 33: NAFTA – Review of revenue performance by quarter
NAFTA – Review of revenue performance by quarter Revenue by quarter FY2013 vs. FY2014 (€mm) % growth FY2013 FY2014 12.5% 9.1% 18.2% 8.0% 44 48 43 41 42 35 38 36 Q1 Q2 Q3 Q4 Note: Stabilus fiscal year-end is September 32
Slide 34: Asia/RoW – Review of revenue performance by quarter
Asia/RoW – Review of revenue performance by quarter Revenue by quarter FY2013 vs. FY2014 (€mm) % growth FY2013 FY2014 28.0% 12.2% 3.9% 4.6% 24 20 19 18 15 16 16 16 Q1 Q2 Q3 Q4 Note: Stabilus fiscal year-end is September 33
Slide 35: Europe – Review of revenue performance by quarter
Europe – Review of revenue performance by quarter Revenue by quarter FY2013 vs. FY2014 (€mm) % growth FY2013 FY2014 8.7% 7.7% 7.8% 11.7% 70 68 64 65 62 58 59 52 Q1 Q2 Q3 Q4 Note: Stabilus fiscal year-end is September 34