Stabilus SE

Investor Presentation • Nov 12, 2021

¹ MOTION CONTROL

FY2021 PRELIMINARY RESULTS

NOVEMBER 12, 2021

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 person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation.

While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company's current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as "anticipate," "believe", "estimate", "expect", "intend", "plan", "project" and "target". No obligation is assumed to update any such statement.

Numbers were rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.

AGENDA

OPERATIONAL UPDATE

FINANCIAL RESULTS

RESULTS BY OPERATING SEGMENT

OUTLOOK

APPENDIX

OPERATIONAL UPDATE

M&A: SYNAPTICON

MOTION SOFTWARE COMPETENCE

FINANCIAL RESULTS

Revenue	› Revenue at €937.7m (vs. €822.1m in FY2020), + €115.6m or + 14.1% y/y › Acquisition effect: 0% y/y, currency translation effect: - 2.3% y/y, organic growth: + 16.4% y/y › Rebound in all regions and all business units in FY2021
Adj. EBIT	› Adj. EBIT at €135.0m (vs. €96.7m in FY2020), + 39.6% y/y › Adj. EBIT margin at 14.4% (vs. 11.8% in FY2020)
Profit	› Profit at €73.8m (vs. €30.0m in FY2020) › Profit margin at 7.9% (vs. 3.6% in FY2020)
Adj. FCF	› Adj. FCF (i.e., FCF before acquisitions) = FCF: there were no payments for acquisitions in FY2021 › After reduction of factoring by €11.2m, adj. FCF at €88.6m (vs. €62.3m in FY2020), i.e., 9.4% of revenue (vs. 7.6% in FY2020); without the factoring reduction adj. FCF would have been at €99.8m
Net leverage ratio	› Net leverage ratio at 0.6x (vs. 1.2x as of end FY2020) › Net financial debt at €107.0m (vs. €172.3m as of end FY2020)
Outlook	› Forecast for FY2022: revenue of €940m - €990m with an adjusted EBIT margin of 14% - 15%

KEY FIGURES

Q4 FY2021

KEY FIGURES

FY20 FY21

FY2021

deferred tax)

(inventory)

FY20 FY21

RESULTS BY OPERATING SEGMENT

10

Revenue (€m) Comments

Adj. EBIT (€m)

• › Light vehicle production (LVP) in Europe, Middle East and Africa in FY21 at 19.2m units, i.e., + 5.1% vs. FY20
• › EMEA's revenue up by €52.9m or 12.9% y/y to €464.0m in FY21, organic growth at 13.9% y/y
• › Organic growth in Automotive Gas Spring division 10.1% y/y and in Automotive Powerise 12.6% y/y: Powerise y-o-y growth driven by higher production for e.g., Aston Martin DBX, BMW: X1, X3, 4 series, 5-series; Daimler EQS; VW Group: Audi: A3, A5, e-tron (EV), Q2; Porsche: Macan, Taycan (EV); Seat: Cupra Formentor, Skoda: Enyaq (EV), Octavia; VW: Passat, Transporter, T-Roc
• › Noticeable gain of Industrial business in EMEA: Industrial revenue up by 15.2% to €247.9m in FY21 (vs. 215.2m in FY20); organic growth at 16.3% y/y: rebound in all market segments except for Energy & Construction and Aerospace, Marine & Rail
• › Adj. EBIT margin improved to 14.4%, corresponding to higher sales, better fixed cost absorption, aided by stringent cost management

AMERICAS

FY2021

Revenue (€m) Comments

Adj. EBIT (€m)

• › Light vehicle production (LVP) in Americas in FY21 at 16.3m units, i.e., + 7.0% vs. FY20
• › Americas' revenue up by €23.9m or 8.0% y/y, currency translation effect at (5.1)%, organic growth at 13.1% y/y
• › Organic growth in Automotive Gas Spring division at 9.9% y/y and in Automotive Powerise at 16.8% y/y; Powerise growth particularly due to higher production for e.g., BMW: X3, X4; Ford: Everest, Expedition, Lincoln Nautilus; GM XT6, Hyundai Santa Fe, Lucid Air (EV), Rivian R1T (EV, pickup truck) ,Tesla: Model 3 (EV), Model Y (EV); Stellantis Group: Dodge Durango, Jeep Grand Cherokee; VW Group: Audi: Q5, Q5 Sportback
• › Americas' Industrial revenue up by €4.9m or 4.6% y/y, organic growth at 11.9% y/y: strong growth in Distributors, Independent Aftermarket, E-commerce (DIAMEC) as well as in the Commercial Vehicles subsegment, partially offset by softer development in other segments
• › Adj. EBIT margin on the prior year's level (13.5% in FY21 vs. 13.5% in FY20), reflecting adverse product mix and higher material cost

Revenue (€m) Comments

Adj. EBIT (€m)

• › Light vehicle production (LVP) in Asia-Pacific in FY21 at 43.9m units, i.e., + 8.9% vs. FY20
• › APAC's revenue grew by €38.8m or 34.8% to €150.2m in FY21, organic growth at 34.3% y/y
• › Organic growth in Automotive Gas Spring division at 21.0% y/y and in Automotive Powerise at 80.3% y/y; Powerise growth driven by higher production for e.g., CHJ Leading Ideal One (EV, full-sized SUV), Ford: Explorer, Lincoln Aviator; Geely: Zeekr 001 (EV), Lynk & Co 05; GM Cadillac XT6, GAC: Trumpchi GM6, GM8, GS4, GS5, Aion LX (EV); Human Horizons HiPhi (EV), Hyundai: Ioniq 5 (EV, CUV), Kia K7; SAIC: MG GS (SUV), Roewe Marvel X (EV, SUV); Tesla: Model 3 (EV), Model Y (EV); Toyota Highlander, VinFast Lux SA2.0, VW: ID. Roomzz (EV, SUV), Teramont X
• › Organic growth of APAC's Industrial revenue at 13.2% y/y growing in all market segments
• › Adj. EBIT margin improved by 370bp, corresponding to higher sales and better production capacity utilization

REVENUE BY BUSINESS UNIT

FY2021

FY2021

Distributors, Independent Aftermarket, E-commerce (DIAMEC) Mobility (M)

Healthcare, Recreation & Furniture (HRF)

Energy, Construction, Industrial Machinery & Automation (ECIMA)

• › Industrial revenue at €377.0m, up by 11.8% or €39.9m y/y
• › The industrial business recovered in Distributors, Independent Aftermarket, E-commerce (DIAMEC) and Mobility market segments, with growth rates of +23% y/y (+ c. €26m y/y) and +21% y/y (+ c. €18m), respectively
• › Healthcare, Recreation & Furniture (HRF) + 1% y/y (+ c. €1m y/y) and Energy, Construction, Industrial Machinery & Automation (ECIMA) -7% y/y (- c. €5m y/y)
• › As a result, the revenue share of DIAMEC and Mobility segments increased to 36% (PY: 33%) and 28% (PY: 26%) of total industrial revenue and of HRF and ECIMA decreased to 19% (PY: 21%) and 17% (PY: 20%), respectively
• › Within Mobility segment the recovery was mainly driven by Commercial Vehicles and within ECIMA by Industrial Machinery & Automation business; the subsegments Aerospace, Marine & Rail and Energy & Construction were impacted by the COVID-19 crisis, showing revenues in FY2021 below the respective prior year's level

OUTLOOK

Guidance			Comments
	FY2021 Actual	FY2022 Guidance
Revenue	€937.7m	€940m - €990m
Adj. EBIT margin	14.4%	14% - 15%

• › Global light vehicle production (LVP) in FY2022 (Oct 2021-Sept 2022) is expected to be flat y/y (i.e., c. 79.3m in FY22 vs. c. 79.5m in FY21). The return to the annual production level of c. 90m is expected for FY2023. (Source: leading forecast institutes, IHS Markit October 2021)
• › The forecast takes into account semiconductor supply issues at several OEMs and price increases for certain raw materials and components.
• › We continue to pursue our long-term strategy, focusing on sustainable, profitable growth, globalization, excellence, innovation as well as team spirit (One Stabilus). Based on the current LVP and GDP assumptions, we strive for organic revenue CAGR 2020-2025 of 6% and the return to an adj. EBIT margin of 15%.

APPENDIX

REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER

REVENUE OVERVIEW

THREE MONTHS ENDED SEPTEMBER 30, 2021

Revenue (€m)

	Q4 FY2020 Actual	Q4 FY2021 Prelim	Change	% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	29.6	24.9	(4.7)	(15.9)%	-	0.0%	(15.9)%
Automotive Powerise	24.8	19.9	(4.9)	(19.8)%	-	(1.6)%	(18.2)%
Industrial	50.1	61.0	10.9	21.8%	-	(0.6)%	22.4%
EMEA	104.5	105.8	1.3	1.2%	-	(0.6)%	1.8%
Automotive Gas Spring	26.4	21.9	(4.5)	(17.0)%	-	2.8%	(19.8)%
Automotive Powerise	35.2	27.6	(7.6)	(21.6)%	-	8.8%	(30.4)%
Industrial	22.7	29.9	7.2	31.7%	-	(0.4)%	32.1%
AMERICAS	84.3	79.4	(4.9)	(5.8)%	-	4.7%	(10.5)%
Automotive Gas Spring	19.8	20.6	0.8	4.0%	-	5.0%	(1.0)%
Automotive Powerise	10.0	19.3	9.3	93.0%	-	6.0%	87.0%
Industrial	4.2	4.5	0.3	7.1%	-	4.8%	2.3%
APAC	34.0	44.5	10.5	30.9%	-	5.3%	25.6%
Total Automotive Gas Spring (AGS)	75.8	67.4	(8.4)	(11.1)%	-	2.6%	(13.7)%
Total Automotive Powerise (APR)	70.0	66.8	(3.2)	(4.6)%	-	4.9%	(9.5)%
Total Industrial (IND)	77.0	95.4	18.4	23.9%	-	(0.3)%	24.2%
Total	222.8	229.6	6.8	3.1%	-	2.3%	0.8%

REVENUE OVERVIEW YEAR ENDED SEPTEMBER 30, 2021

Revenue (€m)

	FY2020 Actual	FY2021 Prelim	Change	% change	Acquisition effect	Currency effect	Organic growth
Automotive Gas Spring	111.7	123.0	11.3	10.1%	-	0.0%	10.1%
Automotive Powerise	84.2	93.1	8.9	10.6%	-	(2.0)%	12.6%
Industrial	215.2	247.9	32.7	15.2%	-	(1.1)%	16.3%
EMEA	411.1	464.0	52.9	12.9%	-	(1.0)%	13.9%
Automotive Gas Spring	88.2	91.9	3.7	4.2%	-	(5.7)%	9.9%
Automotive Powerise	105.7	121.0	15.3	14.5%	-	(2.3)%	16.8%
Industrial	105.7	110.6	4.9	4.6%	-	(7.3)%	11.9%
AMERICAS	299.6	323.5	23.9	8.0%	-	(5.1)%	13.1%
Automotive Gas Spring	68.1	82.5	14.4	21.1%	-	0.1%	21.0%
Automotive Powerise	27.1	49.2	22.1	81.5%	-	1.2%	80.3%
Industrial	16.2	18.5	2.3	14.2%	-	1.0%	13.2%
APAC	111.4	150.2	38.8	34.8%	-	0.5%	34.3%
Total Automotive Gas Spring (AGS)	268.0	297.4	29.4	11.0%	-	(1.9)%	12.9%
Total Automotive Powerise (APR)	217.0	263.3	46.3	21.3%	-	(1.8)%	23.1%
Total Industrial (IND)	337.1	377.0	39.9	11.8%	-	(2.9)%	14.7%
Total	822.1	937.7	115.6	14.1%	-	(2.3)%	16.4%

P&L OVERVIEW

THREE MONTHS ENDED SEPTEMBER 30, 2021

P&L (€m)

	Q4 FY2020 Actual	Q4 FY2021 Prelim	Change	% change
Revenue	222.8	229.6	6.8	3.1%
Cost of sales	(156.9)	(160.9)	(4.0)	2.5%
Gross Profit	65.9	68.7	2.8	4.2%
% margin	29.6%	29.9%
R&D expenses	(10.3)	(11.2)	(0.9)	8.7%
Selling expenses	(19.4)	(20.5)	(1.1)	5.7%
Administrative expenses	(9.5)	(7.9)	1.6	(16.8)%
Other income/expenses	(0.6)	1.4	2.0	<(100.0)%
EBIT	26.1	30.5	4.4	16.9%
% margin	11.7%	13.3%
Finance income/costs	(5.5)	(1.8)	3.7	(67.3)%
EBT	20.6	28.7	8.1	39.3%
% margin	9.2%	12.5%
Income tax	(8.7)	(11.1)	(2.4)	27.6%
Profit	11.9	17.7	5.7	48.7%
% margin	5.3%	7.7%
EPS in €	0.48	0.70	0.22	45.8%

• › Gross profit margin at 29.9% in Q4 FY21 (vs. 29.6% in Q4 FY20), despite material price inflation
• › Net finance costs down by €3.7m mainly due to net fx gains in Q4 FY21 (vs. net fx losses in Q4 FY20) and redemption of senior loans

P&L OVERVIEW

YEAR ENDED SEPTEMBER 30, 2021

P&L (€m)

	FY2020 Actual	FY2021 Prelim	Change	% change
Revenue	822.1	937.7	115.6	14.1%
Cost of sales	(590.6)	(657.4)	(66.8)	11.3%
Gross Profit	231.5	280.3	48.8	21.1%
% margin	28.2%	29.9%
R&D expenses	(40.6)	(42.8)	(2.2)	5.4%
Selling expenses	(106.1)	(81.7)	24.4	(23.0)%
Administrative expenses	(35.5)	(38.4)	(2.9)	8.2%
Other income/expenses	6.9	3.9	(3.0)	(43.5)%
EBIT	56.1	121.3	65.2	>100.0%
% margin	6.8%	12.9%
Finance income/costs	(8.8)	(13.3)	(4.5)	51.1%
EBT	47.4	108.0	60.6	>100.0%
% margin	5.8%	11.5%
Income tax	(17.4)	(34.3)	(16.9)	97.1%
Profit	30.0	73.8	43.8	>100.0%
% margin	3.6%	7.9%
EPS in €	1.27	2.97	1.70	>100.0%

• › Gross profit margin at 29.9% in FY21 (vs. 28.2% in FY20)
• › R&D expenses up by €2.2m or 5.4% y/y; capitalized R&D expenses down by €1.2m y/y in FY21 (€16.1m in FY21 vs. €17.3m in FY20)
• › Cost of sales and selling expenses in Q3 of the previous fiscal year included a one-off, non-cash write-down (impairment) of customer relationships in aerospace business, as a result of the Covid-19 crisis: the impairment of intangibles assets amounted to €25.7m, €24.4m thereof were included in the selling expenses and €1.3m in the cost of sales
• › Net finance costs up by €4.5m mainly due net fx losses, redemption of senior loans and issuance of promissory note
• › Income tax up by €16.9m as a consequence of higher EBT, the tax rate as a percentage of EBT decreased from 36.7% in FY20 to 31.8% in FY21

EBIT ADJUSTMENTS

THREE AND TWELVE MONTHS ENDED SEPTEMBER 30, 2021

Adjusted EBIT (€m)

	Q4 FY2020 Actual	Q4 FY2021 Prelim	Change	% change
EBIT	26.1	30.5	4.4	16.9%
PPA adj. -impairment	-	-	-	n/a
PPA adj. - D&A (2010 PPA)	1.7	1.1	(0.6)	(35.3)%
PPA adj. - D&A (2016 PPA)	2.1	2.0	(0.1)	(4.8)%
PPA adj. - D&A (2019 PPA)	0.3	0.2	(0.1)	(33.3)%
PPA adj. – purchase price GA	(0.2)	-	0.2	(100.0)%
Total adjustments	3.9	3.3	(0.6)	(15.4)%
Adjusted EBIT	29.9	33.8	3.9	13.0%
% margin	13.4%	14.7%

	FY2020 Actual	FY2021 Prelim	Change	% change
EBIT	56.1	121.3	65.2	>100.0%
PPA adj. -impairment	25.7	-	(25.7)	(100.0)%
PPA adj. - D&A (2010 PPA)	7.0	4.7	(2.3)	(32.9)%
PPA adj. - D&A (2016 PPA)	8.4	8.2	(0.2)	(2.4)%
PPA adj. - D&A (2019 PPA)	2.5	0.9	(1.6)	(64.0)%
PPA adj. – purchase price GA	(3.0)	-	3.0	(100.0)%
Total adjustments	40.6	13.8	(26.8)	(66.0)%
Adjusted EBIT	96.7	135.0	38.3	39.6%
% margin	11.8%	14.4%

• › PPA adjustments comprise depreciation and amortization of step-ups and intangible assets acquired during 2010, 2016 and 2019 acquisitions
• › The decrease of the depreciation & amortization related to 2010 PPA and of the corresponding EBIT adjustment is the consequence of unpatented technology being fully amortized (useful life of 10 years)
• › The decrease of the depreciation & amortization related to 2019 PPA and of the corresponding EBIT adjustment is the consequence of the Q3 FY20's impairment of customer relationships in aerospace business by €25.7m

BALANCE SHEET OVERVIEW SEPTEMBER 30, 2021

Balance sheet (€m)

	Sept 2020 Actual	Sept 2021 Prelim	Change	% change
Property, plant and equipm.	229.8	223.1	(6.7)	(2.9)%
Goodwill	207.7	208.1	0.4	0.2%
Other intangible assets	229.3	222.6	(6.7)	(2.9)%
Inventories	97.2	136.9	39.7	40.8%
Trade receivables	117.1	136.7	19.6	16.7%
Other assets	40.1	46.0	5.9	14.7%
Cash	162.4	193.2	30.8	19.0%
Total assets	1,083.6	1,166.6	83.0	7.7%
Equity incl. minorities	469.6	544.3	74.7	15.9%
Debt (incl. accrued interest)	322.4	294.8	(27.6)	(8.6)%
Pension plans	57.0	54.7	(2.3)	(4.0)%
Deferred tax liabilities	43.7	47.7	4.0	9.2%
Trade payables	71.1	90.4	19.3	27.1%
Other liabilities	119.9	134.7	14.8	12.3%
Total equity and liabilities	1,083.6	1,166.6	83.0	7.7%
Net leverage ratio	1.2x	0.6x

• › Property, plant and equipment down by €6.7m due to scheduled depreciation, partially offset by additions to equipment/ machinery (capex); other intangible assets down by €6.7m mainly due to scheduled amortization, partially offset by capitalized R&D costs (capex)
• › Inventories up by €39.7m due to higher stock of raw materials and supplies (+ €19.2m y/y), work in progress (+ €7.1m y/y), finished products (+ €10.0m y/y) and merchandise (+ €3.4m y/y) – larger buffers as mitigation of supply chain risks and short-notice customer call-off changes
• › Cash up by €30.8m: see FY21 cash flow overview on following pages
• › Debt down by €27.6m primarily due to the redemption of senior facilities, partly offset by the issue of €95m promissory note (Schuldschein)
• › Trade payables up by €19.3m, corresponding to higher production level
• › Other liabilities up by €14.8m, largely due to higher provisions for warranties, employee related costs and other risks

CASH FLOW OVERVIEW THREE MONTHS ENDED SEPTEMBER 30, 2021

Cash Flow Statement (€m)

	Q4 FY2020 Actual	Q4 FY2021 Prelim	Change	% change
Cash flow from operating activities	56.8	19.2	(37.6)	(66.2)%
Cash flow from investing activities	(9.3)	(11.6)	(2.3)	24.7%
Cash flow from financing activities	3.8	(54.1)	(57.9)	<(100.0)%
Net increase / (decrease) in cash	51.3	(46.4)	(97.7)	<(100.0)%
Effect of movements in exchange rates	(2.9)	1.2	4.1	<(100.0)%
Cash as of beginning of the period	114.0	238.4	124.4	>100.0%
Cash as of end of the period	162.4	193.2	30.8	19.0%

Adj. FCF (€m)

	Q4 FY2020 Actual	Q4 FY2021 Prelim	Change	% change
Cash flow from operating activities	56.8	19.2	(37.6)	(66.2)%
Cash flow from investing activities	(9.3)	(11.6)	(2.3)	24.7%
Free cash flow	47.5	7.6	(39.9)	(84.0)%
Adjustments	-	-	-	n/a
Adj. FCF	47.5	7.6	(39.9)	(84.0)%

Comments

› Capex in Q4 FY21 at €11.1m (vs. €9.9m in Q4 FY20), + 12.1% y/y

• › Cash inflow from operating activities down by €37.6m essentially due to negative effect from higher net working capital, incl. reduction of the sales of receivables program (factoring) by €8.6m in Q4 FY21
• › Cash outflow for financing activities up by €57.9m essentially due to the €50m redemption of senior facilities (vs. €0m in Q4 FY20) and no receipts under revolving credit facility in Q4 FY21 (vs. €7.3m in Q4 of the previous year)
• › As a result of substantially lower cash inflow from operating activities and higher cash outflow for investing activities (i.e., higher capex), the adj. FCF at €7.6m in Q4 FY21 vs. €47.5m in Q4 FY20; in Q4 FY21 there were no payments for acquisitions, and consequently no adjustments to FCF, adj. FCF (i.e., FCF before acquisitions) equals FCF

CASH FLOW OVERVIEW YEAR ENDED SEPTEMBER 30, 2021

Cash Flow Statement (€m)

	FY2020 Actual	FY2021 Prelim	Change	% change
Cash flow from operating activities	108.9	129.0	20.1	18.5%
Cash flow from investing activities	(47.7)	(40.4)	7.3	(15.3)%
Cash flow from financing activities	(31.9)	(60.5)	(28.6)	89.7%
Net increase / (decrease) in cash	29.3	28.2	(1.1)	(3.8)%
Effect of movements in exchange rates	(5.9)	2.6	8.5	<(100.0)%
Cash as of beginning of the period	139.0	162.4	23.4	16.8%
Cash as of end of the period	162.4	193.2	30.8	19.0%

Adj. FCF (€m)

	FY2020 Actual	FY2021 Prelim	Change	% change
Cash flow from operating activities	108.9	129.0	20.1	18.5%
Cash flow from investing activities	(47.7)	(40.4)	7.3	(15.3)%
Free cash flow	61.2	88.6	27.4	44.8%
Adjustments	1.1	-	(1.1)	(100.0)%
Adj. FCF	62.3	88.6	26.3	42.2%

Comments

› Capex in FY21 at €40.5m (vs. €47.6m in FY20), - 14.9% y/y

• › Cash inflow from operating activities up by €20.1m essentially due to higher earnings, partly offset by the negative effect from higher net working capital, including the reduction of the sale of receivables program (factoring) by €11.2m in FY21
• › Cash outflow for financing activities up by €28.6m essentially due to higher redemption of senior facilities (+ €137.3m y/y senior loan and revolver), partially offset by receipts from the issue of €95m promissory note (Schuldschein) and by €14.8m lower dividend payment y/y
• › As a result of higher cash inflow from operating activities and lower cash outflow for investing activities (i.e., lower capex), the adj. FCF increased from €62.3m in FY20 to €88.6m in FY21; without the factoring reduction by €11.2m, adj. FCF would have been at €99.8m; in FY21 there were no payments for acquisitions, and consequently no adjustments to FCF, adj. FCF (i.e., FCF before acquisitions) equals FCF

CURRENCY EXCHANGE RATES YEAR ENDED SEPTEMBER 30, 2021

Closing and average currency exchange rates
1 EURO in	ISO code	Closing rate September 2020	Closing rate September 2021	Average rate FY2020	Average rate FY2021	Average rate % change
Australian dollar	AUD	1.6438	1.6095	1.6525	1.5905	(3.8)%
Argentine peso	ARS	89.1154	114.3838	73.3367	107.4239	46.5%
Brazilian real	BRL	6.6308	6.2631	5.4205	6.3953	18.0%
Chinese yuan (renminbi)	CNY	7.9720	7.4847	7.8460	7.7803	(0.8)%
South Korean won	KRW	1,368.5100	1,371.5800	1,337.3401	1,348.7593	0.9%
Mexican peso	MXN	26.1848	23.7439	23.7171	24.1861	2.0%
Romanian leu	RON	4.8725	4.9475	4.8118	4.9016	1.9%

Turkish lira TRY 9.0990 10.2981 7.2972 9.6238 31.9% United States dollar USD 1.1708 1.1579 1.1199 1.1957 6.8%

MOTION CONTROL

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