Stabilus Se · XETR:STM
Stabilus — Q2 FY2015 Earnings Presentation
25 slides from Stabilus's earnings presentation, May 15, 2015
Slide 1: Second quarter results FY2015
Second quarter results FY2015 May 15, 2015
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. Business by region 3. Business by customer market 4. Outlook 5. Appendix 2
Slide 4: 1. Financial highlights
Second quarter results FY2015 1. Financial highlights 1. 2. 3. 4. 5. 3
Slide 5: Highlights Q2 FY2015
Highlights Q2 FY2015 Fiscal year-end September • Sales up by 21.3% to €157.5mm (+€27.7mm vs. Q2 FY14) • Growth in all regions with NAFTA (+30.0%), Asia / Pacific and RoW (+21.9%) as well as Europe (+15.8%) Sales • Growth in all markets with Powerise (+63.8%), Gas Spring (+17.6%), Swivel Chair (+10.6
Slide 6: Stabilus strong operating performance in Q2 FY2015 (y-o-y)
Stabilus strong operating performance in Q2 FY2015 (y-o-y) Revenue (€mm) Adj. EBITDA1 (€mm) % margin 18.6% 19.3% 157.5 129.8 25.0 29.3 Q2 FY14 Q2 FY15 Q2 FY14 Q2 FY15 Adj. EBIT1 (€mm) FCF2 (Adj. EBITDA-capex) (€mm) % margin % Sales 13.8% 13.9% 14.0% 11.2% y-o-y: (3.3)% 21.8 18.2 18.0 17.6 Q2 FY14 Q2
Slide 7: Stabilus strong operating performance in H1 FY2015 (y-o-y)
Stabilus strong operating performance in H1 FY2015 (y-o-y) Revenue (€mm) Adj. EBITDA1 (€mm) % margin 17.7% 17.7% 292.6 51.9 245.9 43.5 H1 FY14 H1 FY15 H1 FY14 H2 FY15 Adj. EBIT1 (€mm) FCF2 (Adj. EBITDA-capex) (€mm) % margin % Sales 12.7% 12.3% 10.3% 10.8% 37.1 30.2 26.6 30.2 H1 FY14 H2 FY15 H1 FY14
Slide 8: 2. Business by region
Second quarter results FY2015 1. 2. Business by region 2. 3. 4. 5. 7
Slide 9: Quarterly revenue and adj. EBITDA growth – by region (y-o-y)
Quarterly revenue and adj. EBITDA growth – by region (y-o-y) Revenue by region1 (€mm) Adj. EBITDA1,2 by region (€mm) Europe NAFTA Asia / Pacific and RoW Europe NAFTA Asia / Pacific and RoW 157.5 Growth Growth 29.3 18.4 21.9% 3.2 52.4% 129.8 25.0 2.1 15.1 8.9 29.0% 57.2 30.0% 6.9 44.0 16.0 17.2 7.5%
Slide 10: NAFTA – Revenue growth (y-o-y)
NAFTA – Revenue growth (y-o-y) Revenue (€mm) Key highlights At incurred FX At constant FX • NAFTA car production in Q2 FY15 at 4.3mm units 57.2 +2.2% vs. previous year 44.0 • NAFTA Q2 revenue increased by 30.0% to €57.2mm 47.4 (36.3% of group revenue vs. 33.9% in Q2 FY14) − Revenue in US$ terms impr
Slide 11: Asia / Pacific and RoW – Revenue growth (y-o-y)
Asia / Pacific and RoW – Revenue growth (y-o-y) Revenue (€mm) Key highlights • Asia/Pacific car production remained constant at 18.4 15.1 ~11.5mm units vs. previous year • Strong year-over-year revenue growth of 21.9% in Q2 FY15 mainly driven by automotive gas springs • China: Q2 FY14 Q2 FY15 − Chin
Slide 12: Europe – Revenue growth (y-o-y)
Europe – Revenue growth (y-o-y) Revenue (€mm) Key highlights • Car production in Q2 FY15 at 5.3mm units +2.1% vs. 81.9 previous year 70.7 • European revenue at €81.9mm in Q2 FY15 (+15.8% vs. previous year), thereof €13.0mm Powerise revenue (vs. €4.7mm in Q2 FY14); H1 FY15 Powerise Q2 FY14 Q2 FY15 re
Slide 13: 3. Business by customer market
Second quarter results FY2015 1. 2. 3. Business by customer market 3. 4. 5. 12
Slide 14: Revenue growth – by business (y-o-y)
Revenue growth – by business (y-o-y) Revenue by business (€mm) Automotive Industrial¹ 157.5 Growth 129.8 47.6 7.0% 44.5 109.9 28.8% 85.3 Q2 FY14 Q2 FY15 % of revenue breakdown Industrial Automotive Industrial Automotive 34% 66% 30% 70% Note: Stabilus fiscal year-end is September; 1 Industrial includ
Slide 15: Revenue growth – Automotive business (y-o-y)
Revenue growth – Automotive business (y-o-y) Revenues Key highlights Gas Springs Powerise • Global car production in Q2 FY15 up to 22.5mm 109.9 Growth (+1.3% vs. 22.2mm in the previous year) • Continuing consumer trend towards SUV’s supports 85.3 33.9 63.8% automotive revenue development • Automotiv
Slide 16: Revenue growth – Industrial business (y-o-y)
Revenue growth – Industrial business (y-o-y) Revenues Key highlights Capital Goods Swivel Chair • Growth in industrial business at 7.0% continues to outperform global economic growth 47.6 Growth 44.5 7.3 10.6% • Swivel Chair revenue improvement of 10.6% confirms 6.6 success of the turnaround strateg
Slide 17: 4. Outlook
Second quarter results FY2015 1. 2. 3. 4. Outlook 4. 5. 16
Slide 18: Outlook FY2015: Financial performance
Outlook FY2015: Financial performance FY2014 Actual FY2015 Guidance Sales €507mm €550-560mm % Growth 10.3% 9-10% Sales at constant FX rates of €/$ 1.20 for the year €575-585mm % Growth 14-15% % Adj. EBIT margin 12.8% 12-13% Comments • On track to deliver another record year, achieving ambitious reve
Slide 19: Q&A
STABILUS Q&A 18 STABILUS ...technology gives comfort
Slide 20: Financial calendar
Financial calendar August 17, 2015 • Interim Report Q3 FY2015 December 15, 2015 • Annual Report 2015 Investor Relations Andreas Schröder Phone: +352 286 770 21 E-Mail: [email protected] For further information please visit: www.ir.stabilus.com 19
Slide 21: 5. Appendix
Second quarter results FY2015 1. 2. 3. 4. 5. Appendix 5. 20
Slide 22: P&L overview
P&L overview P&L (€mm) March 2014 March 2015 3 months ended Q2 FY Actual Actual Revenue 129.8 157.5 COGS (96.8) (117.7) Gross Profit 32.9 39.8 % margin 25.3% 25.3% R&D (5.4) (6.1) S&M (9.4) (10.9) G&A (5.0) (6.1) Other income/expenses 0.9 1.4 Adjustments 4.0 3.6 Adj. EBIT 18.0 21.8 % margin 13.9% 13
Slide 23: Balance sheet overview
Balance sheet overview Balance sheet (€mm) September 2014 March 2015 Actual Actual Property, plant and equipment 119.6 128.2 Goodwill 51.5 51.5 Other intangible assets 171.0 170.2 Inventories 49.5 57.1 Trade receivables 56.5 75.5 Other assets 38.7 52.0 Cash 33.5 28.3 Total assets 520.3 562.8 Equity
Slide 24: Cash flow overview (6M ended March 31, 2015)
Cash flow overview (6M ended March 31, 2015) Cash Flow Statement (€mm) March 2014 March 2015 6 months ended H1 FY Actual Actual Cash flow from operating activities 43.8 24.9 Cash flow from investing activities (16.8) (21.6) Cash flow from financing activities (13.6) (10.3) Net increase / (decrease)
Slide 25: External sales by region and customer market (6M ended March 31, 2015)
External sales by region and customer market (6M ended March 31, 2015) External sales (€mm) March 2014 March 2015 6 months ended H1 FY Actual Actual Gas spring 63.7 66.5 Powerise 7.4 24.2 Industrial 48.0 47.7 Swivel chair 10.8 11.5 Europe 129.9 149.9 Gas spring 35.0 44.2 Powerise 30.5 39.2 Industria