Stabilus SE · XETR:STM
Stabilus — FY2018 Earnings Presentation
30 slides from Stabilus's earnings presentation, Nov 16, 2018
Slide 1: FY2018 Preliminary Results
FY2018 PRELIMINARY RESULTS November 16, 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: FY2018 highlights
FY2018 highlights Fiscal year-end September Revenue up by 5.8% to €962.6m (+€52.6m vs. FY17); revenue growth w/o FX: +8.8% y/y Asia / Pacific and RoW up by 19.5% y/y, Europe up by 7.7% y/y, NAFTA - 0.7% y/y (+ 7.0% y/y w/o FX) Revenue Automotive Powerise + 10.3% y/y, Commercial Furniture + 8.6% y/y,
Slide 6: Strong operating performance in Q4 FY2018 (y-o-y)
Stabilus shows strong operating performance in Q4 FY2018 (y-o-y) Revenue (€m) Adj. EBIT (€m) % margin 230.8 FX: 1.6 15.9% 15.5% 220.9 w/o FX: 229.2 36.6 + 3.8% 34.2 Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 Profit (€m) FCF (€m) % margin % revenue 14.2% 12.3% 4.6% 11.4% 28.3 32.8 25.2 10.2 Q4 FY17 Q4 FY18 Q4 F
Slide 7: Strong operating performance in FY2018 (y-o-y)
Stabilus shows strong operating performance in FY2018 (y-o-y) Revenue (€m) Adj. EBIT (€m) 962.6 FX: (27.3) % margin 15.5% 910.0 15.1% w/o FX: 149.3 989.9 137.6 + 8.8% FY17 FY18 FY17 FY18 Profit (€m) FCF (€m) % margin % revenue 10.4% 10.9% 8.7% 8.5% 105.4 100.2 79.2 77.8 FY17 FY18 FY17 FY18 Note: FX
Slide 8: Agenda: Results by region
Agenda 1. 2. Results by region 3. 4. 5. 7
Slide 9: Q4 FY2018 revenue and adj. EBIT growth – by region
Q4 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 Growth Growth 230.8 36.6 220.9 34.2 30.2 11.9% 27.0 4.6 24.3% 3.7 86.2 3.7% 12.6 0.8% 83.1 12.5 w/o FX: + 1.8% 114.3 3.1
Slide 10: FY2018 revenue and adj. EBIT growth – by region
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 Growth Growth 962.6 149.3 910.0 137.6 19.5% 123.1 20.0 37.9% 103.0 14.5 (0.7)% (5.8)% 348.1 51.9 350.7 55.1 w/o FX: w/o FXe
Slide 11: FY2018 – Europe
FY2018 – Europe Revenue1 (€m) Key highlights Europe car production in FY18 at 22.4m units, i.e. 491.3 456.3 + 2.2% vs. FY17 Europe’s revenue increased by 7.7% or €35.0m y/y The increase was primarily driven by our Capital FY17 FY18 Goods and Powerise business units: Capital Goods Adj. EBIT (€m) reve
Slide 12: FY2018 – NAFTA
FY2018 – NAFTA Revenue1 (€m) Key highlights NAFTA car production in FY18 at 16.9m units, i.e. y-o-y: (0.7)% FX: (27.3) - 2.1% vs. FY17 350.7 348.1 w/o FX: NAFTA’s revenue - 0.7% y/y due to weaker US dollar 375.4 +7.0% in FY18 (+7.0% y/y excluding the $/€ currency translation effect) NAFTA’s developm
Slide 13: FY2018 – Asia / Pacific and RoW
FY2018 – Asia / Pacific and RoW Revenue1 (€m) Key highlights 123.1 Asia/Pacific and RoW car production in FY18 at 103.0 56.7m units, i.e. + 1.5% vs. FY17 (China: + 1.0%, Japan/Korea: - 3.1%, South America: + 11.0%) Asia/Pacific and RoW’s revenue increased by 19.5% FY17 FY18 The increase was primaril
Slide 14: Agenda: Results by market
Agenda 1. 2. 3. Results by market 4. 5. 13
Slide 15: Q4 FY2018 revenue growth – by market / business
Q4 FY2018 revenue growth – by market / business (y-o-y) Revenue by business (€m) Automotive Industrial¹ Growth 230.8 220.9 83.9 5.4% 79.6 w/o FX: + 4.6% 146.9 4.0% 141.3 w/o FX: + 3.3% Q4 FY17 Q4 FY18 % of revenue breakdown Industrial Automotive Industrial Automotive 36% 64% 36% 64% Note: Stabilus f
Slide 16: FY2018 revenue growth – by market / business
FY2018 revenue growth – by market / business (y-o-y) Revenue by business (€m) Automotive Industrial¹ 962.6 Growth 910.0 7.9% 352.0 326.3 w/o FX: + 10.4% 4.6% 583.7 610.6 w/o FX: + 7.9% FY17 FY18 % of revenue breakdown Industrial Automotive Industrial Automotive 36% 64% 37% 63% Note: Stabilus fiscal
Slide 17: FY2018 revenue growth – Automotive business
FY2018 revenue growth – Automotive business (y-o-y) Revenue (€m) Key highlights Gas Spring Powerise Global car production in FY18 at 96.0m, i.e. + 1.0% 610.6 583.7 vs. FY17 FX: (10.7) Automotive revenue + 4.6% y/y (+ 7.9% without $/€ currency translation effect) 268.3 243.2 Automotive Gas Spring rev
Slide 18: FY2018 revenue growth – Industrial business
FY2018 revenue growth – Industrial business (y-o-y) Revenue (€m) Key highlights Capital Goods Vibration & Velocity Control Commercial Furniture Industrial revenue increased by 7.9% (10.4% 352.0 326.3 excluding $/€ currency translation effect) 30.4 FX: (0.4) 28.0 FX: (3.1) Excluding $/€ currency tran
Slide 19: Agenda: Outlook
Agenda 1. 2. 3. 4. Outlook 4. 5. 18
Slide 20: Outlook
Outlook FY2018 Actual FY2019 Guidance € million percent Revenue €962.6m (@ 1.19 $/€) ~ €1,010m (@ 1.19 $/€) ~ 5% y/y (at constant $/€ rate) % Adj. EBIT margin 15.5% ~ 15.5% Comments Revenue outlook for FY2019: c. 5% y/y at constant avg. $/€ rate vs. FY18 of 1.19 to approx. €1,010m; STAR 2025 mid- an
Slide 21: Agenda: Appendix
Agenda 1. 2. 3. 4. 5. Appendix 20
Slide 22: Revenue by region and customer market (3M ended Sept 30, 2018)
Revenue by region and customer market (3M ended Sept 30, 2018) External revenue (€m) Q4 FY2017 Q4 FY2018 Change % change Actual Preliminary Automotive Gas Spring 37.4 35.2 (2.2) (5.9)% Automotive Powerise 25.0 25.5 0.5 2.0% Industrial / Capital Goods 30.3 33.4 3.1 10.2% Vibration & Velocity Control
Slide 23: Revenue by region and customer market (year ended Sept 30, 2018)
Revenue by region and customer market (year ended Sept 30, 2018) External revenue (€m) FY2017 FY2018 Change % change Actual Preliminary Automotive Gas Spring 150.2 154.9 4.7 3.1% Automotive Powerise 100.1 109.0 8.9 8.9% Industrial / Capital Goods 130.7 146.6 15.9 12.2% Vibration & Velocity Control 5
Slide 24: P&L overview (3M ended Sept 30, 2018)
P&L overview (3M ended Sept 30, 2018) P&L (€m) Q4 FY2017 Q4 FY2018 Change % change Actual Preliminary Revenue 220.9 230.8 9.9 4.5% COGS (149.2) (158.8) (9.6) 6.4% Gross Profit 71.7 72.0 0.3 0.4% % margin 32.5% 31.2% R&D (10.6) (10.0) 0.6 (5.7)% S&M (24.0) (20.1) 3.9 (16.3)% G&A (8.3) (9.6) (1.3) 15.
Slide 25: P&L overview (year ended Sept 30, 2018)
P&L overview (year ended Sept 30, 2018) P&L (€m) FY2017 FY2018 Change % change Actual Preliminary Revenue 910.0 962.6 52.6 5.8% COGS (637.2) (671.4) (34.2) 5.4% Gross Profit 272.9 291.2 18.3 6.7% % margin 30.0% 30.3% R&D (38.2) (42.0) (3.8) 9.9% S&M (80.4) (81.3) (0.9) 1.1% G&A (35.3) (38.5) (3.2) 9
Slide 26: Balance sheet overview
Balance sheet overview Balance sheet (€m) Sept 2017 Sept 2018 Change % change Actual Preliminary Property, plant and equipment 169.7 179.2 9.5 5.6% Goodwill 194.2 195.2 1.0 0.5% Other intangible assets2 268.9 247.2 (21.7) (8.1)% Inventories 85.3 90.8 5.5 6.4% Trade receivables 105.1 111.3 6.2 5.9% O
Slide 27: Cash flow overview and free cash flow (3M ended Sept 30, 2018)
Cash flow overview and free cash flow (3M ended Sept 30, 2018) Cash Flow Statement (€m) Q4 FY2017 Q4 FY2018 Change % change Actual Preliminary Cash flow from operating activities 36.5 46.6 10.1 27.7% Cash flow from investing activities (11.3) (18.3) (7.0) 61.9% Cash flow from financing activities (5
Slide 28: Cash flow overview and free cash flow (year ended Sept 30, 2018)
Cash flow overview and free cash flow (year ended Sept 30, 2018) Cash Flow Statement (€m) FY2017 FY2018 Change % change Actual Preliminary Cash flow from operating activities 121.9 145.5 23.6 19.4% Cash flow from investing activities (44.1) (45.3) (1.2) 2.7% Cash flow from financing activities (83.7
Slide 29: Notes re pensions and leasing
Notes re pensions and leasing Notes Pensions and similar obligations In FY2018 new demographic tables were issued in Germany (Heubeck Mortality Table 2018G) Changed assumptions for the calculation of pension obligations as of Sept 30, 2018: discount rate of 2.00% in FY18 (vs. 1.87% in FY17), Heubeck
Slide 30: www.stabilus.com
STABILUS www.stabilus.com