Stabilus SE · XETR:STM
Stabilus — Q3 FY2018 Earnings Presentation
29 slides from Stabilus's earnings presentation, Aug 6, 2018
Slide 1: Q3 FY2018 Results
Q3 FY2018 RESULTS August 6, 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: Q3 FY2018 highlights
Q3 FY2018 highlights Fiscal year-end September Revenue up by 7.2% to €250.2m (+€16.7m vs. Q3 FY17) Asia / Pacific and RoW up by 34.3% y/y, Europe up by 10.0% y/y, NAFTA ‘suffers’ from the weak $: - 3.7% y/y Revenue Automotive Powerise + 12.6% y/y, Vibration & Velocity Control + 8.0% y/y, Commercial
Slide 6: Strong operating performance in Q3 FY2018 (y-o-y)
Stabilus shows strong operating performance in Q3 FY2018 (y-o-y) Revenue (€m) Adj. EBIT (€m) % margin 250.2 FX: (7.7) 15.8% 233.5 15.2% w/o FX: 257.9 39.5 + 10.4% 35.6 Q3 FY17 Q3 FY18 Q3 FY17 Q3 FY18 Profit (€m) FCF (€m) % margin % revenue 16.1% 10.1% 10.5% 13.1% 25.3 40.4 24.6 30.5 Q3 FY17 Q3 FY18
Slide 7: Strong operating performance in 9M FY2018 (y-o-y)
Stabilus shows strong operating performance in 9M FY2018 (y-o-y) Revenue (€m) Adj. EBIT (€m) 731.7 FX: (28.9) % margin 15.4% 689.1 15.0% w/o FX: 112.7 760.6 103.4 + 10.4% 9M FY17 9M FY18 9M FY17 9M FY18 Profit (€m) FCF (€m) % margin % revenue 9.8% 9.9% 10.0% 7.6% 71.9 69.0 72.6 52.6 9M FY17 9M FY18
Slide 8: Agenda: Results by region
Agenda 1. 2. Results by region 3. 4. 5. 7
Slide 9: Q3 FY2018 revenue and adj. EBIT growth by region
Q3 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 250.2 Growth Growth 39.5 233.5 35.6 32.5 34.3% 24.2 5.9 126.9% 2.6 88.9 (3.7)% 92.3 14.3 (1.4)% w/o FX: 14.5 + 4.7% 128.
Slide 10: 9M FY2018 revenue and adj. EBIT growth by region
9M 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 731.7 Growth 112.7 Growth 689.1 103.4 15.4 42.6% 92.9 22.2% 76.0 10.8 261.9 (2.1)% 39.2 (8.0)% 267.6 42.6 w/o FX: + 8.7%
Slide 11: Europe
Europe Revenue1 (€m) Key highlights Europe car production in Q3 FY18 at 6.0m units, i.e. 128.8 117.1 + 4.7% vs. Q3 FY17 Europe’s revenue increased by 10.0% or €11.7m y/y Q3 FY17 Q3 FY18 The increase was primarily driven by our Capital Adj. EBIT (€m) Goods and automotive business units: Capital Goods
Slide 12: NAFTA
NAFTA Revenue1 (€m) Key highlights y-o-y: (3.7)% NAFTA car production in Q3 FY18 at 4.4m units, i.e. 92.3 88.9 FX:(7.7) - 1.7% vs. Q3 FY17 w/o FX: 96.6 NAFTA’s revenue - 3.7% y/y due to weaker US dollar +4.7% (+4.7% y/y excluding the $/€ currency translation effect) NAFTA’s development in Q3 FY18 wa
Slide 13: Asia / Pacific and RoW
Asia / Pacific and RoW Revenue1 (€m) Key highlights 32.5 Asia/Pacific and RoW car production in Q3 FY18 at 24.2 13.6m units, i.e. + 5.7% vs. Q3 FY17 (China: + 8.5%, Japan/Korea: - 0.6%, South America: + 7.8%) Asia/Pacific and RoW’s revenue increased by 34.3% Q3 FY17 Q3 FY18 The increase was primaril
Slide 14: Agenda: Results by market
Agenda 1. 2. 3. Results by market 4. 5. 13
Slide 15: Q3 FY2018 revenue growth by market / business
Q3 FY2018 revenue growth – by market / business (y-o-y) Revenue by business (€m) Automotive Industrial¹ 250.2 Growth 233.5 89.5 5.5% 84.8 w/o FX: + 8.1% 148.7 160.7 8.1% w/o FX: + 11.8% Q3 FY17 Q3 FY18 % of revenue breakdown Industrial Automotive Industrial Automotive 36% 64% 36% 64% Note: Stabilus
Slide 16: 9M FY2018 revenue growth by market / business
9M FY2018 revenue growth – by market / business (y-o-y) Revenue by business (€m) Automotive Industrial¹ 731.7 Growth 689.1 268.0 8.6% 246.7 w/o FX: + 12.2% 442.4 463.7 4.8% w/o FX: + 9.4% 9M FY17 9M FY18 % of revenue breakdown Industrial Automotive Industrial Automotive 36% 64% 37% 63% Note: Stabilu
Slide 17: Q3 FY2018 revenue growth – Automotive business
Q3 FY2018 revenue growth – Automotive business (y-o-y) Revenue (€m) Key highlights Gas Spring Powerise Global car production in Q3 FY18 at 24.0m, 160.7 i.e. + 4.0% vs. Q3 FY17 148.7 FX: (3.1) Automotive revenue + 8.1% y/y (+ 11.8% without $/€ currency translation effect) 71.6 Automotive Gas Spring r
Slide 18: Q3 FY2018 revenue growth – Industrial business
Q3 FY2018 revenue growth – Industrial business (y-o-y) Revenue (€m) Key highlights Capital Goods Vibration & Velocity Control Commercial Furniture Industrial revenue increased by 5.5% (8.1% excluding $/€ currency translation effect) 89.5 84.8 7.9 FX: (0.1) Excluding $/€ currency translation effect C
Slide 19: Agenda: Outlook
Agenda 1. 2. 3. 4. Outlook 4. 5. 18
Slide 20: 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 confirmed: c. 8.8% organic revenue growth, i.e. ~
Slide 21: Agenda: Appendix
Agenda 1. 2. 3. 4. 5. Appendix 20
Slide 22: Revenue by region and customer market (3M ended June 30, 2018)
Revenue by region and customer market (3M ended June 30, 2018) External revenue (€m) Q3 FY2017 Q3 FY2018 Change % change Actual Actual Automotive Gas Spring 37.8 40.8 3.0 7.9% Automotive Powerise 26.1 29.2 3.1 11.9% Industrial / Capital Goods 33.8 38.2 4.4 13.0% Vibration & Velocity Control 13.1 14.
Slide 23: Revenue by region and customer market (9M ended June 30, 2018)
Revenue by region and customer market (9M ended June 30, 2018) External revenue (€m) 9M FY2017 9M FY2018 Change % change Actual Actual Automotive Gas Spring 112.8 119.7 6.9 6.1% Automotive Powerise 75.1 83.5 8.4 11.2% Industrial / Capital Goods 100.4 113.2 12.8 12.7% Vibration & Velocity Control 39.
Slide 24: P&L overview (3M ended June 30, 2018)
P&L overview (3M ended June 30, 2018) P&L (€m) Q3 FY2017 Q3 FY2018 Change % change Actual Actual Revenue 233.5 250.2 16.7 7.2% COGS (167.4) (177.0) (9.6) 5.7% Gross Profit 66.1 73.2 7.1 10.7% % margin 28.3% 29.3% R&D (9.0) (10.1) (1.1) 12.2% S&M (15.8) (20.4) (4.6) 29.1% G&A (9.3) (9.4) (0.1) 1.1% O
Slide 25: P&L overview (9M ended June 30, 2018)
P&L overview (9M ended June 30, 2018) P&L (€m) 9M FY2017 9M FY2018 Change % change Actual Actual Revenue 689.1 731.7 42.6 6.2% COGS (487.9) (512.7) (24.8) 5.1% Gross Profit 201.2 219.0 17.8 8.8% % margin 29.2% 29.9% R&D (27.6) (31.8) (4.2) 15.2% S&M (56.4) (61.2) (4.8) 8.5% G&A (27.1) (28.8) (1.7) 6
Slide 26: Balance sheet overview
Balance sheet overview Balance sheet (€m) Sept 2017 June 2018 Change % change Actual Actual Property, plant and equipment 169.7 170.7 1.0 0.6% Goodwill 194.2 194.9 0.7 0.4% Other intangible assets 268.9 250.6 (18.3) (6.8)% Inventories 85.3 86.6 1.3 1.5% Trade receivables 105.1 126.2 21.1 20.1% Other
Slide 27: Cash flow overview and free cash flow (3M)
Cash flow overview and free cash flow (3M ended June 30, 2018) Cash Flow Statement (€m) Q3 FY2017 Q3 FY2018 Change % change Actual Actual Cash flow from operating activities 40.8 48.6 7.8 19.1% Cash flow from investing activities (10.3) (8.2) 2.1 (20.4)% Cash flow from financing activities (1.8) (1.
Slide 28: Cash flow overview and free cash flow (9M)
Cash flow overview and free cash flow (9M ended June 30, 2018) Cash Flow Statement (€m) 9M FY2017 9M FY2018 Change % change Actual Actual Cash flow from operating activities 85.4 98.9 13.5 15.8% Cash flow from investing activities (32.8) (27.0) 5.8 (17.7)% Cash flow from financing activities (31.8)
Slide 29: www.stabilus.com
STABILUS www.stabilus.com