Stabilus Se · XETR:STM
Stabilus — Q3 FY2015 Earnings Presentation
27 slides from Stabilus's earnings presentation, Aug 17, 2015
Slide 1: Third quarter results FY2015
Third quarter results FY2015 August 17, 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
Third quarter results FY2015 1. Financial highlights 1. 2. 3. 4. 5. 3
Slide 5: Highlights Q3 FY2015
Highlights Q3 FY2015 Fiscal year-end September • Revenue up by 23.2% to €160.4mm (+€30.2mm vs. Q3 FY14) • Growth in all regions with NAFTA (+35.1%), Asia / Pacific and RoW (+21.5%) as well as Europe (+16.2%) Revenue • Growth in all markets with Powerise (+58.9%), Swivel Chair (+22.6%), Gas Spring (+
Slide 6: Stabilus strong operating performance in Q3 FY2015 (y-o-y)
Stabilus strong operating performance in Q3 FY2015 (y-o-y) Revenue (€mm) Adj. EBITDA1 (€mm) % margin 17.1% 18.8% 160.4 130.2 24.5 27.5 Q3 FY14 Q3 FY15 Q3 FY14 Q3 FY15 Adj. EBIT1 (€mm) FCF2 (Adj. EBITDA-capex) (€mm) % margin % revenue 12.3% 13.7% 12.1% 9.9% y-o-y: 0.6% 17.9 19.8 15.7 15.8 Q3 FY14 Q3
Slide 7: Stabilus strong operating performance in 9M FY2015 (y-o-y)
Stabilus strong operating performance in 9M FY2015 (y-o-y) Revenue (€mm) Adj. EBITDA1 (€mm) % margin 17.5% 18.1% 453.0 376.1 79.4 68.0 9M FY14 9M FY15 9M FY14 9M FY15 Adj. EBIT1 (€mm) FCF2 (Adj. EBITDA-capex) (€mm) % margin % revenue 12.6% 12.8% 10.2% 11.2% 56.9 48.1 42.3 46.0 9M FY14 9M FY15 9M FY1
Slide 8: 2. Business by region
Third 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 160.4 Growth Growth 19.2 27.5 21.5% 130.2 24.5 3.8 15.2% 15.8 3.3 60.0 35.1% 6.4 0.0% 6.4 44.4 17.4 16.8% 81.2
Slide 10: NAFTA – Revenue growth (y-o-y)
NAFTA – Revenue growth (y-o-y) Revenue1 (€mm) Key highlights At incurred FX At constant FX • NAFTA car production in Q3 FY15 at 4.5mm units, i.e. 60.0 +2.5% vs. previous year 44.4 • NAFTA Q3 revenue increased by 35.1% to €60.0mm 48.6 (37.4% of group revenue vs. 34.1% in Q3 FY14) • Revenue in US$ ter
Slide 11: Asia / Pacific and RoW – Revenue growth (y-o-y)
Asia / Pacific and RoW – Revenue growth (y-o-y) Revenue1 (€mm) Key highlights • Asia/Pacific and RoW car production in Q3 FY15 at 19.2 12.3mm units, i.e. -1.1% vs. previous year 15.8 • Strong year-over-year revenue growth of 21.5% in Q3 FY15 mainly driven by automotive gas springs • China: China’s Q
Slide 12: China: Increasing share of SUV sales offers potential for more gas springs
China: Increasing share of SUV sales offers potential for more gas springs China car sales (mm units) Key highlights • Growth of China’s automobile market − Automobile market growth shows a 6.2% CAGR or 4.5mm units increase over the next three years 22.6 24.0 25.7 27.1 • Gas spring sales should outp
Slide 13: Europe – Revenue growth (y-o-y)
Europe – Revenue growth (y-o-y) Revenue1 (€mm) Key highlights • Car production in Q3 FY15 at 5.3mm units, i.e. -1.9% 81.2 69.9 vs. previous year • Europe’s Gas Spring revenue increased by 3.9% to €34.6mm in Q3 FY15 (in 9M FY15 up to €101.1mm, +4.2% yoy) Q3 FY14 Q3 FY15 • European Powerise revenue mo
Slide 14: 3. Business by customer market
Third quarter results FY2015 1. 2. 3. Business by customer market 3. 4. 5. 13
Slide 15: Revenue growth – by business (y-o-y)
Revenue growth – by business (y-o-y) Revenue by business (€mm) Automotive Industrial¹ 160.4 Growth 130.2 48.8 13.2% 43.1 111.5 28.0% 87.1 Q3 FY14 Q3 FY15 % of revenue breakdown Industrial Automotive Industrial Automotive 33% 67% 30% 70% Note: Stabilus fiscal year-end is September; 1 Industrial inclu
Slide 16: Revenue growth – Automotive business (y-o-y)
Revenue growth – Automotive business (y-o-y) Revenue Key highlights Gas Spring Powerise 111.5 Growth • Global car production in Q3 FY15 down to 22.1mm (-0.5% vs. 22.2mm in the previous year) 34.8 58.9% 87.1 • Automotive Gas Spring business with 17.6% revenue increase continues to outperform vehicle
Slide 17: Revenue growth – Industrial business (y-o-y)
Revenue growth – Industrial business (y-o-y) Revenue Key highlights Capital Goods Swivel Chair • Growth in industrial business at 13.2% continues to 48.8 Growth outperform global economic growth 43.1 7.6 22.6% 6.2 • Swivel Chair revenue improvement of 22.6% confirms success of the turnaround strateg
Slide 18: 4. Outlook
Third quarter results FY2015 1. 2. 3. 4. Outlook 4. 5. 17
Slide 19: Outlook FY2015: Financial performance
Outlook FY2015: Financial performance FY2014 Actual FY2015 Guidance Revenue €507mm €600mm % Growth 10.3% 18.3% % Adj. EBIT margin 12.8% 12-13% Comments • On track to deliver another record year, achieving ambitious revenue and EBIT targets • Strong European results support solid sector outlook • Pow
Slide 20: Q&A
STABILUS Q&A 19 STABILUS ...technology gives comfort
Slide 21: Financial calendar
Financial calendar November 27, 2015 • Preliminary Financial Results FY2015 December 21, 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 20
Slide 22: 5. Appendix
Third quarter results FY2015 1. 2. 3. 4. 5. Appendix 5. 21
Slide 23: P&L overview
P&L overview P&L (€mm) June 2014 June 2015 3 months ended Q3 FY Actual Actual Revenue 130.2 160.4 COGS (97.9) (122.6) Gross Profit 32.2 37.8 % margin 24.7% 23.6% R&D (4,9) (5.3) S&M (9.9) (11.4) G&A (18.2) (6.0) Other income/expenses 0.3 0.5 Adjustments 18.3 4.2 Adj. EBIT 17.9 19.8 % margin 13.7% 12
Slide 24: Balance sheet overview
Balance sheet overview Balance sheet (€mm) Refinancing in June 2015 September 2014 June 2015 Actual Actual • Old financial structure (until June 16, 2015): Property, plant and equipment 119.6 128.0 Goodwill 51.5 51.5 − High-yield bond due 2018 with the remaining €256.1 Other intangible assets 171.0
Slide 25: Cash flow overview (9M ended June 30, 2015)
Cash flow overview (9M ended June 30, 2015) Cash Flow Statement (€mm) June 2014 June 2015 9 months ended 9M FY Actual Actual Cash flow from operating activities 58.1 46.6 Cash flow from investing activities (25.7) (33.4) Cash flow from financing activities (32.2) (21.9) Net increase / (decrease) in
Slide 26: External revenue by region and customer market (3M ended June 30, 2015)
External revenue by region and customer market (3M ended June 30, 2015) External revenue (€mm) June 2014 June 2015 3 months ended Q3 FY Actual Actual Gas Spring 33.3 34.6 Powerise 6.2 14.0 Industrial 25.1 26.3 Swivel Chair 5.3 6.3 Europe 69.9 81.2 Gas Spring 18.3 25.4 Powerise 15.7 20.7 Industrial 9
Slide 27: External revenue by region and customer market (9M ended June 30, 2015)
External revenue by region and customer market (9M ended June 30, 2015) External revenue (€mm) June 2014 June 2015 9 months ended 9M FY Actual Actual Gas Spring 97.0 101.1 Powerise 13.6 38.2 Industrial 73.1 74.0 Swivel Chair 16.1 17.8 Europe 199.8 231.1 Gas Spring 53.3 69.6 Powerise 46.2 59.9 Indust