Quarterly Report • Aug 2, 2021
Quarterly Report
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QUARTERLY STATEMENT Q3 FY2021
Profit in % of revenue 7.9% 3.0% Capital expenditure as % of revenue 4.2% 6.3% FCF in % of revenue 11.4% 2.3% Adjusted FCF in % of revenue 11.4% 2.5% Net leverage ratio 0.6x 1.4x
| Three months ended June 30, | Nine months ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | CHANGE | % CHANGE | IN € MILLIONS | 2021 | 2020 | CHANGE | % CHANGE |
| Revenue | 228.7 | 147.0 | 81.7 | 55.6% | Revenue | 708.1 | 599.4 | 108.7 | 18.1% |
| EBIT | 27.4 | (21.8) | 49.2 | >100.0% | EBIT | 90.8 | 30.1 | 60.7 | >100.0% |
| Adjusted EBIT | 30.9 | 5.7 | 25.2 | >100.0% | Adjusted EBIT | 101.1 | 66.8 | 34.3 | 51.3% |
| Profit for the period | 15.9 | (16.4) | 32.3 | >100.0% | Profit for the period | 56.2 | 18.1 | 38.1 | >100.0% |
| Capital expenditure | (29.4) | (37.7) | 8.3 | (22.0)% | |||||
| EBIT as % of revenue | 12.0% | (14.8)% | Free cash flow (FCF) | 81.0 | 13.7 | 67.3 | >100.0% | ||
| Adjusted EBIT as % of revenue | 13.5% | 3.9% | Adjusted FCF | 81.0 | 14.8 | 66.2 | >100.0% | ||
| Profit in % of revenue | 7.0% | (11.2)% | |||||||
| EBIT as % of revenue | 12.8% | 5.0% | |||||||
| Adjusted EBIT as % of revenue | 14.3% | 11.1% | |||||||
| A | |
|---|---|
| INTERIM MANAGEMENT STATEMENT | 3 |
|---|---|
| RESULTS OF OPERATIONS | 4 |
| DEVELOPMENT OF OPERATING SEGMENTS | 10 |
| FINANCIAL POSITION | 13 |
| LIQUIDITY | 14 |
| RISKS AND OPPORTUNITIES | 17 |
| SUBSEQUENT EVENTS | 17 |
| OUTLOOK | 17 |
| C | ADDITIONAL INFORMATION | 22 |
|---|---|---|
| FINANCIAL CALENDAR | 22 | |
| DISCLAIMER | 22 | |
D INFORMATION RESOURCES 23
SUPPLEMENTARY FINANCIAL INFORMATION 18
| CONSOLIDATED STATEMENT OF | |
|---|---|
| COMPREHENSIVE INCOME | 18 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 19 |
| CONSOLIDATED STATEMENT OF CASH FLOWS | 20 |
| SEGMENT REPORTING | 21 |
15
34
for the three and nine months ended June 30, 2021
In accordance with the European Securities and Markets Authority (ESMA) guidelines on Alternative Performance Measures, the Stabilus Group provides a definition, the rationale for use and a reconciliation of APMs used. The Group uses the following APMs: organic growth, adjusted EBIT, free cash flow (FCF), adjusted free cash flow and the net leverage ratio. The calculation of the net leverage ratio is based on net financial debt and adjusted EBITDA, which are also considered APMs.
The APM organic growth is presented because we believe it aids in understanding our operating performance. Organic growth is defined as the reported revenue growth after removing the effects of acquisitions, divestitures and at constant foreign exchange rates. The effects resulting from constant foreign exchange rates are calculated as current year sales converted at current year exchange rates less current year sales converted at prior year exchange rates.
The definitions and required disclosures of all other APMs are provided in the relevant sections of this quarterly statement.
The Stabilus fiscal year 2021 (beginning on October 1, 2020) is still affected by uncertainties of the COVID-19 pandemic. However in the third quarter of fiscal year 2021, the COVID-19 cases decreased in several countries as a consequence of increasing vaccination rates. Stabilus implemented testing and vaccination offers at its sites to support the vaccination of Stabilus employees.
Due to the strong market recovery and the Group's diversified product portfolio, the Stabilus Group's total revenue increased organically by 22.1% in the first nine months of the fiscal year 2021. The positive global development is reflected in the positive development of the markets in which we operate. According to the forecast of IHS Markit from July 2021 the global light-vehicle production is expected to grow in fiscal year 2021 (October 2020 - September 2021) by c. 12%. The Automotive Powerise® business increased organically by 38.6% and the Automotive Gas Spring business increased organically by 23.3%. However, our Industrial business recovered more slowly from the COVID-19 pandemic and shows a mixed picture. The revenue in the Industrial business increased organically by 11.9% (we refer to the development of operating segments on page 10).
At the same time, the strong recovery of the global economy over the last months is leading to material price inflation. The development of material prices in the global supply chain, e.g. steel and plastic, influence our cost base. The shortage of electronic components (semiconductors) impact the production of our automotive customers and our planning stability.
Based on the improved market environment, Stabilus outlook was specified to the upper end of the forecast range raised in April 2021. The full year guidance confirmed revenue of between €930 million and €950 million (before: between €900 million and €950 million) and with an adjusted EBIT margin of between 14% and 15% (before: between 13% and 15%). This is reflecting a continued stabilizing global economy and recovery in the global automotive production without disruptions within the global supply chain and shortages of electronic components (semiconductors).
On March 4, 2021, Stabilus issued its first promissory loan note (Schuldscheindarlehen) with a total volume of €95.0 million, via its subsidiary Stabilus GmbH. The tranches of the promissory loan note with maturities of five and seven years bear variable interest rates. The promissory note loan is part of our long-term financing strategy and grants us flexibility in the implementation of our growth plans. The financial stability of the Stabilus Group is comfortable. Our net leverage ratio is now at 0.6x compared to 1.2x at September 30, 2020 (we refer to net leverage ratio on page 16).
On March 8, 2021, the Stabilus S. A. announced its plan to change the legal form from Société Anonyme (S. A.) into an Societas Europaea (SE) and the subsequent transfer of the registered office from Luxembourg to Germany. The change of the legal form as well as the transfer of the registered office of the Company require the approval of the general meeting of the Company.
The intended change of the legal form into an European Company is due to the increasing international orientation of Stabilus, which has gained in importance following the acquisitions of companies in recent years. The relocation will simplify the Group's structures and thus reduce complexity, which will lead to cost savings and efficiency gains. At the same time, the transfer of the registered office means that in the future both the Group headquarters and the stock exchange listing of Stabilus will be located in Germany. This process is expected to be finalized in the first quarter of the calendar year 2022. Further information on the planned measures can be found at: www.stabilus.com/investors/se.
The tables below set out Stabilus Group's consolidated income statement for the third quarter and the first nine months of the fiscal years 2021 and 2020:
| IN € MILLIONS | 2021 | 2020 | Change | % change |
|---|---|---|---|---|
| Revenue | 228.7 | 147.0 | 81.7 | 55.6% |
| Cost of sales | (161.9) | (112.6) | (49.3) | 43.8% |
| Gross profit | 66.8 | 34.4 | 32.4 | 94.2% |
| Research and development expenses | (10.7) | (8.9) | (1.8) | 20.2% |
| Selling expenses | (20.1) | (42.7) | 22.6 | (52.9)% |
| Administrative expenses | (9.6) | (7.6) | (2.0) | 26.3% |
| Other income | 1.7 | 3.3 | (1.6) | (48.5)% |
| Other expenses | (0.8) | (0.3) | (0.5) | >100.0% |
| Profit from operating activities (EBIT) | 27.4 | (21.8) | 49.2 | >100.0% |
| Finance income | 0.2 | 0.1 | 0.1 | 100.0% |
| Finance costs | (4.5) | (2.6) | (1.9) | 73.1% |
| Profit / (loss) before income tax | 23.1 | (24.3) | 47.4 | >100.0% |
| Income tax income / (expense) | (7.1) | 7.9 | (15.0) | >100.0% |
| Profit / (loss) for the period | 15.9 | (16.4) | 32.3 | >100.0% |
RESULTS OF OPERATIONS
| Nine months ended June 30, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change |
| Revenue | 708.1 | 599.4 | 108.7 | 18.1% |
| Cost of sales | (496.5) | (433.7) | (62.8) | 14.5% |
| Gross profit | 211.6 | 165.7 | 45.9 | 27.7% |
| Research and development expenses | (31.6) | (30.4) | (1.2) | 3.9% |
| Selling expenses | (61.2) | (86.7) | 25.5 | (29.4)% |
| Administrative expenses | (30.5) | (26.0) | (4.5) | 17.3% |
| Other income | 4.8 | 8.1 | (3.3) | (40.7)% |
| Other expenses | (2.3) | (0.6) | (1.7) | >100.0% |
| Profit from operating activities (EBIT) | 90.8 | 30.1 | 60.7 | >100.0% |
| Finance income | 0.6 | 5.1 | (4.5) | (88.2)% |
| Finance costs | (12.1) | (8.4) | (3.7) | 44.0% |
| Profit / (loss) before income tax | 79.3 | 26.8 | 52.5 | >100.0% |
| Income tax income / (expense) | (23.1) | (8.7) | (14.4) | >100.0% |
| Profit / (loss) for the period | 56.2 | 18.1 | 38.1 | >100.0% |
The Group's total revenue developed as follows:
Revenue by region and business unit T_003
| Three months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change | % currency effect % organic growth | |
| EMEA | ||||||
| Automotive Gas Spring | 30.5 | 16.6 | 13.9 | 83.7% | 0.0% | 83.7% |
| Automotive Powerise® | 21.6 | 13.5 | 8.1 | 60.0% | (2.7)% | 62.7% |
| Industrial | 65.2 | 48.0 | 17.2 | 35.8% | (1.3)% | 37.1% |
| Total EMEA1) | 117.3 | 78.1 | 39.2 | 50.2% | (1.3%) | 51.5% |
| Americas | ||||||
| Automotive Gas Spring | 21.1 | 10.2 | 10.9 | 106.9% | (3.2)% | 110.1% |
| Automotive Powerise® | 25.3 | 8.4 | 16.9 | 201.2% | 38.6% | 162.6% |
| Industrial | 28.9 | 23.7 | 5.2 | 21.9% | (10.2)% | 32.1% |
| Total Americas1) | 75.4 | 42.3 | 33.1 | 78.3% | 1.1% | 77.2% |
| APAC | ||||||
| Automotive Gas Spring | 19.4 | 16.0 | 3.4 | 21.3% | (0.8)% | 22.1% |
| Automotive Powerise® | 11.7 | 6.8 | 4.9 | 72.1% | (0.2)% | 72.3% |
| Industrial | 5.0 | 3.9 | 1.1 | 28.2% | 0.9% | 27.3% |
| Total APAC1) | 36.0 | 26.7 | 9.3 | 34.8% | (0.4)% | 35.2% |
| Stabilus Group | ||||||
| Total Automotive Gas Spring | 70.9 | 42.7 | 28.2 | 66.0% | (1.1)% | 67.1% |
| Total Automotive Powerise® | 58.6 | 28.7 | 29.9 | 104.2% | 9.9% | 94.3% |
| Total Industrial | 99.1 | 75.6 | 23.5 | 31.1% | (4.0)% | 35.1% |
| Revenue1) | 228.7 | 147.0 | 81.7 | 55.6% | (0.4)% | 56.0% |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
Total revenue of €708.1 million in the first nine months of fiscal year 2021 increased by €108.7 million or 18.1% compared to the first nine months of fiscal year 2020. The effect from exchange rate changes amounted to €23.8 million, which led to an organic growth of €132.5 million or 22.1% in the first nine months of fiscal year 2021.
RESULTS OF OPERATIONS
The increase in Group revenue in the first nine months of fiscal year 2021 occurred in all regions, EMEA (€51.5 million or 16.8%, organic growth rate 17.9%) and APAC (€28.3 million or 36.6%, organic growth rate 38.1%). Americas revenue increased by €28.9 million or 13.4%, the region is materially influenced by the weak Mexican peso and US dollar compared to the Euro. Americas organic growth rate was 22.3%.
| Revenue by region and business unit | T_004 |
|---|---|
| Nine months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change | % currency effect % organic growth | |
| EMEA | ||||||
| Automotive Gas Spring | 98.1 | 82.1 | 16.0 | 19.5% | 0.0% | 19.5% |
| Automotive Powerise® | 73.2 | 59.4 | 13.8 | 23.2% | (2.3)% | 25.5% |
| Industrial | 186.9 | 165.2 | 21.7 | 13.1% | (1.2)% | 14.3% |
| Total EMEA1) | 358.2 | 306.7 | 51.5 | 16.8% | (1.1)% | 17.9% |
| Americas | ||||||
| Automotive Gas Spring | 70.0 | 61.8 | 8.2 | 13.3% | (9.8)% | 23.1% |
| Automotive Powerise® | 93.4 | 70.5 | 22.9 | 32.5% | (7.9)% | 40.4% |
| Industrial | 80.7 | 83.0 | (2.3) | (2.8)% | (9.1)% | 6.3% |
| Total Americas1) | 244.2 | 215.3 | 28.9 | 13.4% | (8.9)% | 22.3% |
| APAC | ||||||
| Automotive Gas Spring | 61.9 | 48.3 | 13.6 | 28.2% | (1.8)% | 30.0% |
| Automotive Powerise® | 29.9 | 17.1 | 12.8 | 74.9% | (1.6)% | 76.5% |
| Industrial | 14.0 | 12.0 | 2.0 | 16.7% | (0.2)% | 16.9% |
| Total APAC1) | 105.7 | 77.4 | 28.3 | 36.6% | (1.5)% | 38.1% |
| Stabilus Group | ||||||
| Total Automotive Gas Spring | 230.0 | 192.2 | 37.8 | 19.7% | (3.6)% | 23.3% |
| Total Automotive Powerise® | 196.5 | 147.0 | 49.5 | 33.7% | (4.9)% | 38.6% |
| Total Industrial | 281.6 | 260.2 | 21.4 | 8.2% | (3.7)% | 11.9% |
| Revenue1) | 708.1 | 599.4 | 108.7 | 18.1% | (4.0)% | 22.1% |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
Cost of sales increased from €(443.7) million in the first nine months of fiscal year 2020 by 14.5% to €(496.5) million in first nine months of fiscal year 2021. This increase is generally due to the increased business volume compared to previous year. Material price inflation over the last couple of months, e.g. steel and plastic, is having a negative impact on cost of sales. At the same time, we continue with our stringent cost saving measures, i.e. flexibilization of personnel costs tailored to the requirements of the respective market situation. The prior year includes impairment losses on other intangible assets amounting to €(1.3) million. The cost of sales increase (14.5%) is less than the revenue increase (18.1%), consequently the cost of sales as a percentage of revenue decreased by 230 basis points to 70.1% (PY: 72.4%) and the gross profit margin improved to 29.9% (PY: 27.6%).
R&D expenses (net of R&D cost capitalization) increased from €(30.4) million in the first nine months of fiscal year 2020 by 3.9% to €(31.6) million in the first nine months of fiscal year 2021. The Group continues to invest in engineering activities aimed to develop new products and product applications, e.g. into the development of the Automotive Powerise® product range to open new areas of business for Stabilus. As a percentage of revenue, R&D expenses decreased by 60 basis points to 4.5% (PY: 5.1%). The capitalization of R&D expenses (less related customer contribution) decreased from €(12.4) million in the first nine months of fiscal year 2020 to €(11.2) million in the first nine months of fiscal year 2021. The Group recognized non-recurring impairment charges of €(0.6) million in the first nine months of fiscal year 2021 compared to €(0.7) million in the first nine months of fiscal year 2020.
Selling expenses decreased from €(86.7) million in the first nine months of fiscal year 2020 by (29.4)% to €(61.2) million in the first nine months of fiscal year 2021. This decrease is primarily due to a non-recurring impairment loss on a customer relationship in the prior year in the aerospace business amounting to €(24.4) million. Excluding the effect from this impairment, selling expenses decreased from €(62.3) million in the first nine months of fiscal year 2020 by (1.8)% or €1.1 million to €(61.2) million in the first nine months of fiscal year 2021. Amongst other reasons, this decrease is due to a leaner cost structure, reflecting the merger of the business units Industrial / Capital Goods and Vibration & Velocity initiated in the first quarter of fiscal year 2020, lower travelling costs (€(0.9) million) as well as decreased ongoing amortization of other intangible assets (customer relationship) from the PPA 2019 (€(1.1) million). As a percentage of revenue, selling expenses decreased by 590 basis points to 8.6% (PY: 14.5%). Excluding the prior year impairment effect, selling expenses decreased by 180 basis points to 8.6% (PY: 10.4%).
Administrative expenses increased from €(26.0) million in the first nine months of fiscal year 2020 by 17.3% to €(30.5) million in the first nine months of fiscal year 2021. This increase is driven by the ongoing digital transformation and harmonization of our IT systems especially the change to the SAP-Hana database and to cloud-based solutions (+€2.8 million), as well as increased personnel-related provisions (+€2.3 million). As a percentage of revenue, administrative expenses were unchanged at 4.3% (PY: 4.3%).
Other income decreased from €8.1 million in the first nine months of fiscal year 2020 by €(3.3) million to €4.8 million in the first nine months of fiscal year 2021. This decrease is due to a non-recurring effect of €2.8 million from an anticipated purchase price adjustment related to the acquisition of General Aerospace GmbH in the prior year, which was partly offset by a reimbursement related to the acquisition of SKF Group entities in 2016 amounting to €1.6 million in the current fiscal year. Furthermore, the prior year includes foreign currency translation gains from the operating business amounting to €3.5 million.
Other expenses increased from €(0.6) million in the first nine months of fiscal year 2020 by €(1.7) million to €(2.3) million in the first nine months of fiscal year 2021. This mainly comprises foreign currency translation losses from the operating business amounting to €(2.0) million, primarily occurred in Americas.
Finance income decreased from €5.1 million in the first nine months of fiscal year 2020 by €(4.5) million to €0.6 million in the first nine months of fiscal year 2021. The prior year includes net foreign exchange gains amounting to €4.7 million from the translation of intragroup loans, cash and cash equivalents as well as from other financial liabilities (lease liabilities).
Finance costs increased from €(8.4) million in the first nine months of fiscal year 2020 by €(3.7) million to €(12.1) million in the first nine months of fiscal year 2021. The increase mainly results from net foreign exchange losses amounting to €(3.0) million and from increased interest expenses on financial liabilities as described below.
Finance costs contain primarily ongoing interest expense. Interest expense in the first nine months of fiscal year 2021 of €(8.6) million (PY: €(8.0) million) especially related to the term-loan facility, of which €(3.7) million (PY: €(3.7) million) is cash interest. In addition, an amount of €(4.9) million (PY: €(4.3) million) is due to the amortization of debt issuance cost and the amortization of the adjustment of the carrying value using the effective interest rate method. Thereof €(1.5) million (PY: €(0.9) million) relates to a prepayment of the term-loan facility in March 2021, which led to a derecognition of unamortized debt issuance costs and unamortized adjustments of the carrying value.
Income tax expense increased from €(8.7) million in the first nine months of fiscal year 2020 by €(14.4) million to €(23.1) million in the first nine months of fiscal year 2021, especially due to the improved operating performance compared to prior year. The effective tax rate in the first nine months of fiscal year 2021 is 29.1% (PY: 32.5%). The higher tax rate in the first nine months of fiscal year 2020 relates to withholding taxes charged on higher intra-group dividend payments mainly from Mexico, US and China.
The following tables show a reconciliation of EBIT (earnings before interest and taxes) to adjusted EBIT for the third quarter and the first nine months of the fiscal years 2021 and 2020:
| Three months ended June 30, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change |
| Profit from operating activities (EBIT) | 27.4 | (21.8) | 49.2 | >100.0% |
| PPA adjustments – depreciation and amortization | 3.5 | 4.6 | (1.1) | (23.9)% |
| PPA adjustments – impairment on intangible assets | – | 25.7 | (25.7) | n/a |
| Purchase price adjustment | – | (2.8) | 2.8 | n/a |
| Adjusted EBIT | 30.9 | 5.7 | 25.2 | >100.0% |
| Nine months ended June 30, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change |
| Profit from operating activities (EBIT) | 90.8 | 30.1 | 60.7 | >100.0% |
| PPA adjustments – depreciation and amortization | 10.3 | 13.8 | (3.5) | (25.4)% |
| PPA adjustments – impairment on intangible assets | – | 25.7 | (25.7) | n/a |
| Purchase price adjustment | – | (2.8) | 2.8 | n/a |
| Adjusted EBIT | 101.1 | 66.8 | 34.3 | 51.3% |
Adjusted EBIT represents EBIT, adjusted for exceptional non-recurring items (e.g. restructuring or one-time advisory costs) and depreciation / amortization of fair value adjustments from purchase price allocations (PPAs).
Adjusted EBIT is presented because we believe it helps understanding our operating performance.
The PPA adjustments for depreciation and amortization in the first nine months of fiscal year 2021 amounted to €10.3 million (PY: €13.8 million). Of that amount, €3.5 million (PY: €5.2 million) stem from the April 2010 PPA, which decreased due to the full amortization of unpatented technology, and €6.1 million (PY: €6.3 million) result from the June 2016 PPA. Furthermore, €0.7 million (PY: €2.3 million) relate to the acquisitions in fiscal year 2019, which decreased due to lower amortization as a consequence of the impairment of customer relationship (€(25.7) million) in prior year.
The prior year PPA adjustment for impairment on other intangible assets, especially customer relationship, in the first nine months of fiscal year 2020 amounted to €25.7 million, and, an adjustment amounting to €(2.8) million relates to an anticipated purchase price reduction from the acquisition of General Aerospace GmbH.
The Stabilus Group is organized and managed primarily on a regional level. The three reportable operating segments of the Group are EMEA (Europe, Middle East and Africa), Americas (North and South America) and APAC (Asia Pacific).
The tables below show the development of our operating segments for the third quarter and the first nine months of the fiscal years 2021 and 2020:
| Three months ended June 30, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change |
| EMEA | ||||
| External revenue1) | 117.3 | 78.1 | 39.2 | 50.2% |
| Intersegment revenue1) | 6.1 | 5.1 | 1.0 | 19.6% |
| Total revenue1) | 123.4 | 83.2 | 40.2 | 48.3% |
| Adjusted EBIT | 15.7 | 1.8 | 13.9 | >100.0% |
| as % of total revenue | 12.7% | 2.2% | ||
| as % of external revenue | 13.4% | 2.3% | ||
| Americas | ||||
| External revenue1) | 75.4 | 42.3 | 33.1 | 78.3% |
| Intersegment revenue1) | 6.2 | 5.0 | 1.2 | 24.0% |
| Total revenue1) | 81.6 | 47.3 | 34.3 | 72.5% |
| Adjusted EBIT | 9.7 | (0.4) | 10.1 | >100.0% |
| as % of total revenue | 11.9% | (0.8)% | ||
| as % of external revenue | 12.9% | (0.9)% | ||
| APAC | ||||
| External revenue1) | 36.0 | 26.7 | 9.3 | 34.8% |
| Intersegment revenue1) | 0.1 | – | 0.1 | n/a |
| Total revenue1) | 36.1 | 26.7 | 9.4 | 35.2% |
| Adjusted EBIT | 5.5 | 4.3 | 1.2 | 27.9% |
| as % of total revenue | 15.2% | 16.1% | ||
| as % of external revenue | 15.3% | 16.1% |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
T_007
| Nine months ended June 30, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change |
| EMEA | ||||
| External revenue1) | 358.2 | 306.7 | 51.5 | 16.8% |
| Intersegment revenue1) | 22.3 | 19.2 | 3.1 | 16.1% |
| Total revenue1) | 380.5 | 325.9 | 54.6 | 16.8% |
| Adjusted EBIT | 50.0 | 30.8 | 19.2 | 62.3% |
| as % of total revenue | 13.1% | 9.5% | ||
| as % of external revenue | 14.0% | 10.0% | ||
| Americas | ||||
| External revenue1) | 244.2 | 215.3 | 28.9 | 13.4% |
| Intersegment revenue1) | 18.3 | 16.5 | 1.8 | 10.9% |
| Total revenue1) | 262.5 | 231.8 | 30.7 | 13.2% |
| Adjusted EBIT | 34.3 | 27.9 | 6.4 | 22.9% |
| as % of total revenue | 13.1% | 12.0% | ||
| as % of external revenue | 14.0% | 13.0% | ||
| APAC | ||||
| External revenue1) | 105.7 | 77.4 | 28.3 | 36.6% |
| Intersegment revenue1) | 0.2 | 0.1 | 0.1 | 100.0% |
| Total revenue1) | 105.9 | 77.5 | 28.4 | 36.6% |
| Adjusted EBIT | 16.8 | 8.1 | 8.7 | >100.0% |
| as % of total revenue | 15.9% | 10.5% | ||
| as % of external revenue | 15.9% | 10.5% |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
DEVELOPMENT OF OPERATING SEGMENTS
The external revenue generated by our companies located in the EMEA region increased from €306.7 million in the first nine months of fiscal year 2020 by 16.8% or €51.5 million to €358.2 million in the first nine months of fiscal year 2021. The currency translation effect amounted to €(3.4) million, resulting in an organic growth rate of 17.9%. Growth was driven by our Automotive Powerise® business which increased from €59.4 million by 23.2% or €13.8 million to €73.2 million. Organic growth rate of the Automotive Powerise® was 25.5%. Our Automotive Gas Spring business grew from €82.1 million by 19.5% or €16.0 million to €98.1 million. The organic growth of the Automotive Gas Spring business was 19.5%. The Automotive business market recovery increased against the backdrop of the COVID-19 pandemic in the prior year, which is reflected in the increasing light-vehicle production and new car registrations in EMEA. Our business also benefits from the various stimulus programs from governments to support the recovery of the economy, but the market environment is still challenging through the uncertainties in the global supply chain and shortages of electronic components (semiconductors). The Industrial business increased from €165.2 million by 13.1% or €21.7 million to €186.9 million, organically the growth rate of the Industrial business was 14.3%. The recovery of the Industrial business from the first half of fiscal year 2021 continues in the third quarter, which reflects the strong demand in our broad product portfolio with double digit growth rates in the market subsegments commercial vehicles and distributors, independent aftermarket and e-commerce. The subsegment aerospace, marine & rail is still weak in comparison to prior year. The adjusted EBIT of the EMEA segment increased by 62.3% or €19.2 million and the adjusted EBIT margin, i.e. adjusted EBIT in percent of external revenue, increased in the first nine months of fiscal year 2021 to 14.0% (PY: 10.0%).
The external revenue of our companies located in Americas increased from €215.3 million in the first nine months of fiscal year 2020 by 13.4% or €28.9 million to €244.2 million in the first nine months of fiscal year 2021. The currency translation effect amounted to €(19.3) million resulting in an organic growth rate of 22.3% and especially stems from the weak Mexican peso and US dollar. The Automotive Powerise® business increased from €70.5 million by 32.5% or €22.9 million to €93.4 million and organically 40.4%. The Automotive Gas Spring business increased from €61.8 million by 13.3% or €8.2 million to €70.0 million. The organic growth rate was 23.1%. The Automotive industry is recovering in the US, especially with a strong demand for our Powerise® products. The light-vehicle market in the region was further supported by customer discounts of various OEMs and by government grants to support the economy, but the light-vehicle market is flattening in the third quarter of fiscal year 2021 through the shortages of electronic components (semiconductors). Our Industrial business decreased from €83.0 million by (2.8)% or €(2.3) million to €80.7 million whereas organically the Industrial business increased by 6.3% or €5.3 million. The Industrial market in the region recovered slowly from the COVID-19 pandemic and is almost behind the market expectations in all sectors in which we operate. In our third quarter, especially in June, the market appreciations increased in the subsegments commercial vehicles and distributors, independent aftermarket and e-commerce. The adjusted EBIT of the segment Americas increased by 22.9% or €6.4 million, and the adjusted EBIT margin increased in the first nine months of fiscal year 2021 to 14.0% (PY: 13.0%).
DEVELOPMENT OF OPERATING SEGMENTS
The external revenue of our companies located in APAC increased from €77.4 million in the first nine months of fiscal year 2020 by 36.6% or €28.3 million to €105.7 million in the first nine months of fiscal year 2021. The currency translation effect amounted to €(1.2) million resulting in an organic growth rate of 38.1%. This strong increase was especially driven by the Automotive Gas Spring business which increased from €48.3 million by 28.2% or €13.6 million to €61.9 million, while the organic growth rate was 30.0%. The Automotive Powerise® business increased from €17.1 million by 74.9% or €12.8 million to €29.9 million, organically the growth rate was 76.5%. Especially the Chinese light-vehicle market showed a strong growth compared to the prior year, according to the information by the China Association of Automobile Manufactures (CAAM) for the period January until June 2021. The sales of passenger cars increased by 27.0% compared to the same period in 2020, but with declined sales in June 2021 (-11.1%) compared to June 2020. Industrial business increased from €12.0 million by 16.7% or €2.0 million to €14.0 million, organic growth rate was 16.9%. The adjusted EBIT of the segment APAC increased by 107.4% or €8.7 million, and the adjusted EBIT margin increased in the first nine months of fiscal year 2021 to 15.9% (PY: 10.5%).
| IN € MILLIONS | June 30, 2021 | Sept 30, 2020 | Change | % change |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | 667.5 | 678.2 | (10.7) | (1.6)% |
| Current assets | 511.6 | 405.4 | 106.2 | 26.2% |
| Total assets | 1,179.1 | 1,083.6 | 95.5 | 8.8% |
| Equity and liabilities | ||||
| Total equity | 523.5 | 469.6 | 53.9 | 11.5% |
| Non-current liabilities | 471.0 | 425.5 | 45.5 | 10.7% |
| Current liabilities | 184.6 | 188.4 | (3.8) | (2.0)% |
| Total liabilities | 655.6 | 614.0 | 41.6 | 6.8% |
| Total equity and liabilities | 1,179.1 | 1,083.6 | 95.5 | 8.8% |
The Group's balance sheet total increased from €1,083.6 million as of September 30, 2020, by 8.8% or €95.5 million to €1,179.1 million as of June 30, 2021.
Our non-current assets decreased from €678.2 million as of September 30, 2020, by (1.6)% or €(10.7) million to €667.5 million as of June 30, 2021. This reduction is driven by the ongoing amortization of €(20.5) million on other intangible assets mainly from purchase price allocations and by the ongoing depreciation of €(26.7) million on property, plant and equipment. Furthermore, non-current assets were further reduced by foreign exchange rate related carrying value adjustments, e.g. a decrease in goodwill of €(1.1) million. This was partly offset by investments of €17.6 million in fixed assets for ongoing capacity expansion projects as well as €11.8 million for intangible assets.
Current assets increased from €405.4 million as of September 30, 2020, by 26.2% or €106.2 million to €511.6 million as of June 30, 2021. This was primarily driven by an increased cash balance (+€76.0 million), attributable to the cash inflow from the promissory note loan amounting to €95.0 million as well as driven by the strong operating free cash flow, which was partly offset by a prepayment of the term-loan facility amounting to €(47.4) million in March 2021 and by the dividend payment amounting to €(12.4) million paid out in February 2021. In addition, inventories increased by €27.2 million in order to secure our global supply chain and to ensure our ability to facilitate the rising demand. Furthermore, other assets increased by €8.8 million due to increased VAT receivables (+€5.1 million) and increased deferred charges (+€3.5 million) as well as trade accounts receivable (+€1.9 million). This increase was partly offset by a decrease in current tax assets by €(3.8) million due to a tax reimbursement related to the US restructuring in fiscal year 2018 and by a
decrease of other financial assets by €(3.9) million due to the cash inflow from the anticipated purchase price adjustment related to the acquisition of General Aerospace GmbH.
The Group's equity increased from €469.6 million as of September 30, 2020, by 11.5% or €53.9 million to €523.5 million as of June 30, 2021. This increase mainly results from the profit of €56.2 million as well as from the other comprehensive income, which increased by €10.7 million. This comprises unrealized actuarial gains on pensions (net of tax) amounting to €1.2 million and unrealized gains from foreign currency translation amounting to €9.5 million. This increase was partly offset by the dividend payment to our shareholders amounting to €(12.4) million in the second quarter of fiscal year 2021.
Non-current liabilities liabilities increased from €425.5 million as of September 30, 2020, by 10.7% or €45.5 million to €471.0 million as of June 30, 2021. This increase especially relates to the issue of a promissory note loan amounting to €95.0 million, partly offset by a prepayment of the term-loan facility amounting to €(47.4) million in March 2021. Furthermore, the pension liabilities decreased by €(2.5) million as a consequence of the increased discount rate (June 30, 2021: 1.41% versus September 30, 2020: 1.14%).
Current liabilities decreased from €188.4 million as of September 30, 2020, by (2.0)% or €(3.8) million to €184.6 million as of June 30, 2021. Financial liabilities decreased by €(30.2) million due to the full repayment of the revolving credit facility. The overall decrease was almost offset by increased trade accounts payable by €8.9 million and by increased provisions by €11.1 million (personnel-related expenses +€4.3 million and warranties +€4.6 million), as a consequence of the increased business volume in the first nine months of fiscal year 2021. In addition, other liabilities increased by €5.1 million due to vacation expenses (+€2.7 million) and outstanding costs (€+1.8 million).
| Nine months ended June 30, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2021 | 2020 | Change | % change |
| Cash flow from operating activities | 109.8 | 52.1 | 57.7 | >100.0% |
| Cash flow from investing activities | (28.8) | (38.4) | 9.6 | (25.0)% |
| Cash flow from financing activities | (6.4) | (35.7) | 29.3 | (82.1)% |
| Net increase / (decrease) in cash | 74.6 | (22.0) | 96.6 | >100.0% |
| Effect of movements in exchange rates on cash held | 1.4 | (3.0) | 4.4 | >100.0% |
| Cash as of beginning of the period | 162.4 | 139.0 | 23.4 | 16.8% |
| Cash as of end of the period | 238.4 | 114.0 | 124.4 | >100.0% |
Cash flow from operating activities increased from €52.1 million in the first nine months of fiscal year 2020 by €57.7 million to €109.8 million in the first nine months of fiscal year 2021. The increase is mainly due to the improved operating performance compared to the prior year as well as from lower income tax payments of €10.0 million, including a tax reimbursement of €3.0 million from the US restructuring in fiscal year 2018. To mitigate risks in the global supply chain, Stabilus invested into inventories.
Cash outflow for investing activities decreased from €(38.4) million in the first nine months of fiscal year 2020 by €9.6 million or (25.0)% to €(28.8) million in the first nine months of fiscal year 2021. This is due to lower capital expenditures for property, plant and equipment decreasing by €7.0 million from €(24.6) million to €(17.6) million and for intangible assets decreasing by €1.3 million from €(13.1) million to €(11.8) million. In prior year €(1.1) million was paid in relation to the acquisition of Piston.
Cash flow from financing activities strongly decreased from €(35.7) million in the first nine months of fiscal year 2020 by €29.3 million or (82.1)% to €(6.4) million in the first nine months of fiscal year 2021. This was mainly attributable to the cash inflow from the promissory note loan of €95.0 million offset by the partial repayment of the term-loan facility amounting to €(47.4) million (PY: €(20.0) million) and of our financial liabilities (especially the revolving credit facility) amounting to €(31.3) million. In addition, the decrease was partly offset by lower dividends of €(12.4) million (PY: €(27.2) million) paid to our shareholders in February 2021.
Free cash flow (FCF) is defined as the total of cash flow from operating and investing activities. The Group considers FCF as an essential alternative performance measure as it aids in the evaluation of the Group´s ability to generate cash that can be used, among others, for further investments.
The following table sets out the composition of FCF:
| IN € MILLIONS | Nine months ended June 30, | % change | ||
|---|---|---|---|---|
| 2021 | 2020 | Change | ||
| Cash flow from operating activities | 109.8 | 52.1 | 57.7 | >100.0% |
| Cash flow from investing activities | (28.8) | (38.4) | 9.6 | (25.0)% |
| Free cash flow | 81.0 | 13.7 | 67.3 | >100.0% |
Adjusted free cash flow is defined as the total of cash flow from operating and investing activities before acquisitions. The adjusted free cash flow increased from €14.8 million in the first nine months of fiscal year 2020 to €81.0 million in the first nine months of fiscal year 2021. In fiscal year 2021 no comparable payment for acquisitions have been made.
| IN € MILLIONS | Nine months ended June 30, | % change | ||
|---|---|---|---|---|
| 2021 | 2020 | Change | ||
| Cash flow from operating activities | 109.8 | 52.1 | 57.7 | >100.0% |
| Cash flow from investing activities before acquisitions | (28.8) | (37.3) | 8.5 | (22.8)% |
| Adjusted FCF | 81.0 | 14.8 | 66.2 | >100.0% |
The net leverage ratio is defined as net financial debt divided by adjusted EBITDA for the last twelve months (adjusted EBITDA LTM).
Net financial debt is the nominal amount of financial debt, i.e. current and non-current financial liabilities, less cash and cash equivalents. Adjusted EBITDA is defined as adjusted EBIT before depreciation / amortization and before exceptional non-recurring items (e.g. restructuring or one-time advisory costs).
The net leverage ratio is presented because we believe it is a useful indicator to evaluate the Group's debt leverage and financing structure.
The net leverage ratio decreased from 1.4x for the twelve months ending June 30, 2020, to 0.6x for the twelve months ending June 30, 2021 (September 30, 2020, at 1.2x). Further details are set out in the following tables:
| IN € MILLIONS | June 30, 2021 | June 30, 2020 | Change | % change |
|---|---|---|---|---|
| Financial debt | 350.4 | 328.2 | 22.2 | 6.8% |
| Cash and cash equivalents | (238.4) | (114.0) | (124.4) | >100.0% |
| Net financial debt | 112.0 | 214.2 | (102.2) | (47.7)% |
| Adjusted EBITDA (LTM ended June 30) | 181.7 | 155.2 | 26.5 | 17.1% |
| Net leverage ratio1) | 0.6x | 1.4x |
1) The net leverage ratio is defined as net financial debt divided by adjusted EBITDA for the last twelve months.
| Adjusted EBITDA (LTM ended June 30) | T_014 |
|---|---|
| IN € MILLIONS | June 30, 2021 | June 30, 2020 |
|---|---|---|
| Financial liabilities (non-current) | 338.7 | 291.7 |
| Financial liabilities (current) | 4.1 | 24.1 |
| Adjustment carrying value | 7.5 | 12.4 |
| Financial debt | 350.4 | 328.2 |
| IN € MILLIONS | June 30, 2021 | June 30, 2020 | Change | % change |
|---|---|---|---|---|
| Profit from operating activities (EBIT) | 116.8 | 67.4 | 49.4 | 73.3% |
| Depreciation | 35.6 | 34.0 | 1.6 | 4.7% |
| Amortization | 29.5 | 34.2 | (4.7) | (13.7)% |
| PPA adjustments – impairment on intangible assets | – | 25.7 | (25.7) | n/a |
| EBITDA | 181.9 | 161.3 | 20.6 | 12.8% |
| Purchase price adjustment | (0.2) | (6.1) | 5.9 | (96.7)% |
| Adjusted EBITDA | 181.7 | 155.2 | 26.5 | 17.1% |
The COVID-19 pandemic is still affecting the macroeconomic environment and the global economy is characterized by the consequential uncertainties, which bear various risks for Stabilus as well. The Group continues with its global multidisciplinary crisis management team to monitor and analyze the situation on a weekly basis on a local and a global level and is taking actions to address and mitigate identified risks. The risks of material prices in the global supply chain, e.g. steel and plastic, as well as the shortage of electronic components (semiconductors) having negative impacts on the business of the Group. Furthermore, Stabilus emphasizes a very strict monitoring of cost, liquidity as well as impairment risks. All employees are well informed about safety measures in business and private life and the further using of home office reduces the risk of the virus spreading further.
We also refer to the Group Management Report and the audited consolidated financial statements as of and for the fiscal year ended September 30, 2020, for the general risk-related disclosures.
As of July 29, 2021, there were no further events or developments that could have materially affected the measurement and presentation of the Group's assets and liabilities as of June 30, 2021.
Based on the improved market environment, Stabilus outlook was specified to the upper end of the forecast range raised in April 2021. The full year guidance confirmed revenue of between €930 million and €950 million (before: between €900 million and €950 million) and with an adjusted EBIT margin of between 14% and 15% (before: between 13% and 15%). This is reflecting a continued stabilizing global economy and recovery in the global automotive production without disruptions within the global supply chain and shortages of electronic components (semiconductors).
Luxembourg, July 29, 2021
Dr. Michael Büchsner Mark Wilhelms Andreas Schröder Andreas Sievers
Management Board
A INTERIM MANAGEMENT STATEMENT B SUPPLEMENTARY FINANCIAL INFORMATION C ADDITIONAL INFORMATION D INFORMATION RESOURCES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
as of and for the three and nine months ended June 30, 2021
for the three and nine months ended June 30, 2021 (unaudited)
| Consolidated statement of comprehensive income | T_015 | |
|---|---|---|
| Three months ended June 30, | Nine months ended June 30, | ||||
|---|---|---|---|---|---|
| IN € THOUSANDS | 2021 | 2020 | 2021 | 2020 | |
| Revenue | 228,688 | 147,025 | 708,095 | 599,367 | |
| Cost of sales | (161,865) | (112,620) | (496,492) | (433,723) | |
| Gross profit | 66,823 | 34,405 | 211,603 | 165,644 | |
| Research and development expenses | (10,673) | (8,943) | (31,587) | (30,350) | |
| Selling expenses | (20,057) | (42,709) | (61,200) | (86,716) | |
| Administrative expenses | (9,551) | (7,583) | (30,506) | (26,029) | |
| Other income | 1,689 | 3,318 | 4,824 | 8,120 | |
| Other expenses | (783) | (291) | (2,357) | (598) | |
| Profit from operating activities | 27,448 | (21,803) | 90,777 | 30,071 | |
| Finance income | 174 | 95 | 581 | 5,136 | |
| Finance costs | (4,537) | (2,590) | (12,069) | (8,422) | |
| Profit / (loss) before income tax | 23,085 | (24,298) | 79,289 | 26,785 | |
| Income tax income / (expense) | (7,144) | 7,879 | (23,083) | (8,725) | |
| Profit / (loss) for the period | 15,941 | (16,419) | 56,206 | 18,060 | |
| thereof attributable to non-controlling interests | 155 | (1,767) | 123 | (1,533) | |
| thereof attributable to shareholders of Stabilus | 15,786 | (14,652) | 56,083 | 19,593 | |
| Other comprehensive income / (expense) | |||||
| Foreign currency translation difference1) | 597 | (4,813) | 9,496 | (24,727) | |
| Unrealized actuarial gains and losses2) | 348 | (2,310) | 1,172 | 3,730 | |
| Other comprehensive income / (expense), net of taxes | 945 | (7,123) | 10,668 | (20,997) | |
| Total comprehensive income / (expense) for the period | 16,886 | (23,542) | 66,874 | (2,937) | |
| thereof attributable to non-controlling interests | (68) | (1,767) | (2,410) | (1,533) | |
| thereof attributable to shareholders of Stabilus | 16,954 | (21,775) | 69,284 | (1,404) | |
| Earnings per share (in €): | |||||
| basic | 0.64 | (0.59) | 2.27 | 0.79 | |
| diluted | 0.64 | (0.59) | 2.27 | 0.79 |
1) Item that may be reclassified ('recycled') to profit and loss at a future point in time when specific conditions are met.
2) Item that will not be reclassified to profit and loss.
The accompanying notes form an integral part of these consolidated financial statements.
as of June 30, 2021 (unaudited)
Consolidated statement of financial position T_016
| IN € THOUSANDS | June 30, 2021 | Sept 30, 2020 | |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment | 226,321 | 229,809 | |
| Goodwill | 206,560 | 207,661 | |
| Other intangible assets | 220,380 | 229,251 | |
| Other assets | 1,041 | 281 | |
| Deferred tax assets | 13,221 | 11,149 | |
| Total non-current assets | 667,523 | 678,151 | |
| Inventories | 124,424 | 97,237 | |
| Trade accounts receivable | 118,988 | 117,071 | |
| Current tax assets | 5,780 | 9,591 | |
| Other financial assets | 3,407 | 7,274 | |
| Other assets | 20,603 | 11,816 | |
| Cash and cash equivalents | 238,378 | 162,431 | |
| Total current assets | 511,580 | 405,420 | |
| Total assets | 1,179,103 | 1,083,571 |
| IN € THOUSANDS | June 30, 2021 | Sept 30, 2020 |
|---|---|---|
| Equity and liabilities | ||
| Issued capital | 247 | 247 |
| Capital reserves | 225,848 | 225,848 |
| Retained earnings | 331,435 | 287,702 |
| Other reserves | (38,919) | (52,120) |
| Equity attributable to shareholders of Stabilus | 518,611 | 461,677 |
| Non-controlling interests | 4,870 | 7,921 |
| Total equity | 523,481 | 469,598 |
| Financial liabilities | 338,709 | 288,078 |
| Other financial liabilities | 30,191 | 33,066 |
| Provisions | 3,241 | 3,699 |
| Pension plans and similar obligations | 54,539 | 57,029 |
| Deferred tax liabilities | 44,287 | 43,656 |
| Total non-current liabilities | 470,967 | 425,528 |
| Trade accounts payable | 79,983 | 71,080 |
| Financial liabilities | 4,144 | 34,306 |
| Other financial liabilities | 17,818 | 16,345 |
| Current tax liabilities | 9,451 | 9,658 |
| Provisions | 51,284 | 40,168 |
| Other liabilities | 21,975 | 16,888 |
| Total current liabilities | 184,655 | 188,445 |
| Total liabilities | 655,622 | 613,973 |
| Total equity and liabilities | 1,179,103 | 1,083,571 |
Consolidated statement of financial position T_016
The accompanying notes form an integral part of these consolidated financial statements.
for the nine months ended June 30, 2021 (unaudited)
| Nine months ended June 30, | ||||
|---|---|---|---|---|
| IN € THOUSANDS | 2021 | 2020 | ||
| Profit / (loss) for the period | 56,206 | 18,060 | ||
| Income tax expense | 23,083 | 8,725 | ||
| Net finance result | 11,487 | 3,286 | ||
| Interest received | 287 | 422 | ||
| Depreciation and amortization (incl. impairment losses) | 47,195 | 77,899 | ||
| Gains / losses from the disposal of assets | (170) | (10) | ||
| Changes in inventories | (27,187) | (2,755) | ||
| Changes in trade accounts receivable | (1,917) | 36,381 | ||
| Changes in trade accounts payable | 8,903 | (41,254) | ||
| Changes in other assets and liabilities | 4,511 | (10,089) | ||
| Changes in provisions | 9,710 | (6,268) | ||
| Income tax payments | (22,304) | (32,316) | ||
| Cash flow from operating activities | 109,804 | 52,081 | ||
| Proceeds from disposal of property, plant and equipment | 653 | 347 | ||
| Purchase of intangible assets | (11,817) | (13,114) | ||
| Purchase of property, plant and equipment | (17,638) | (24,555) | ||
| Acquisition of assets and liabilities within the business combination, net of cash acquired | – | (1,062) | ||
| Cash flow from investing activities | (28,802) | (38,384) | ||
| Receipts from financial liabilities | 95,000 | 22,559 | ||
| Payments for redemption of financial liabilities | (31,340) | (1,206) | ||
| Payments for redemption of senior facilities | (47,358) | (20,000) | ||
| Payments for lease liabilities | (6,034) | (6,226) | ||
| Dividends paid | (12,350) | (27,170) | ||
| Dividends paid to non-controlling interests | (641) | – | ||
| Payments for interest | (3,700) | (3,694) | ||
| Cash flow from financing activities | (6,423) | (35,737) | ||
| Net increase / (decrease) in cash and cash equivalents | 74,579 | (22,040) | ||
| Effect of movements in exchange rates on cash held | 1,368 | (2,980) | ||
| Cash and cash equivalents as of beginning of the period | 162,431 | 139,020 | ||
| Cash and cash equivalents as of end of the period | 238,378 | 114,000 |
The accompanying notes form an integral part of these consolidated financial statements.
Segment information for the nine months ended June 30, 2021 and 2020 is as follows:
| Segment reporting | T_018 | ||||||
|---|---|---|---|---|---|---|---|
| EMEA | Americas | APAC | |||||
| Nine months ended June 30, | Nine months ended June 30, | Nine months ended June 30, | |||||
| IN € THOUSANDS | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |
| External revenue1) | 358,187 | 306,651 | 244,182 | 215,319 | 105,726 | 77,397 | |
| Intersegment revenue1) | 22,280 | 19,192 | 18,301 | 16,489 | 172 | 135 | |
| Total revenue1) | 380,467 | 325,843 | 262,483 | 231,808 | 105,898 | 77,532 | |
| Depreciation and amortization (incl. impairment losses) |
(25,550) | (54,125) | (11,562) | (12,407) | (6,590) | (6,140) | |
| EBIT | 45,645 | 1,963 | 31,963 | 25,321 | 16,662 | 8,014 | |
| Adjusted EBIT | 50,019 | 30,780 | 34,316 | 27,906 | 16,776 | 8,131 | |
| Total segments Nine months ended June 30, |
Other / Consolidation Nine months ended June 30, |
Stabilus Group Nine months ended June 30, |
|||||
| IN € THOUSANDS | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |
| External revenue1) | 708,095 | 599,367 | – | – | 708,095 | 599,367 | |
| Intersegment revenue1) | 40,753 | 35,816 | (40,753) | (35,816) | – | – | |
| Total revenue1) | 748,848 | 635,183 | (40,753) | (35,816) | 708,095 | 599,367 | |
| Depreciation and amortization (incl. impairment losses) |
(43,702) | (72,672) | (3,493) | (5,227) | (47,195) | (77,899) | |
| EBIT | 94,270 | 35,298 | (3,493) | (5,227) | 90,777 | 30,071 | |
| Adjusted EBIT | 101,111 | 66,817 | – | – | 101,111 | 66,817 |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
Financial calendar T_019
| DATE 1)2) | PUBLICATION / EVENT |
|---|---|
| August 2, 2021 | Publication of the third-quarter results for fiscal year 2021 (Quarterly Statement Q3 FY2021) |
| November 12, 2021 | Publication of preliminary financial results for fiscal year 2021 |
| December 10, 2021 | Publication of full-year results for fiscal year 2021 (Annual Report 2021) |
| January 31, 2022 | Publication of the first-quarter results for fiscal year 2022 (Quarterly Statement Q1 FY2022) |
| February 16, 2022 | Annual General Meeting |
| May 2, 2022 | Publication of the second-quarter results for fiscal year 2022 (Interim Report Q2 FY2022) |
| August 1, 2022 | Publication of the third-quarter results for fiscal year 2022 (Quarterly Statement Q3 FY2022) |
| November 11, 2022 | Publication of preliminary financial results for fiscal year 2022 |
| December 9, 2022 | Publication of full-year results for fiscal year 2022 (Annual Report 2022) |
1) We cannot rule out changes of dates. We recommend checking them on our website in the Investors / Financial Calendar section (www.stabilus.com/investors/financial-calendar).
2) Please note that our fiscal year (FY) comprises a twelve-month period from October 1 until September 30 of the following calendar year, e.g. the fiscal year 2021 comprises a year ending September 30, 2021.
This quarterly statement contains forward-looking statements that relate to the current plans, objectives, forecasts and estimates of the management of Stabilus S. A. These statements take into account only information that was available up to and including the date that this quarterly statement was prepared. The management of Stabilus S. A. makes no guarantee that these forward-looking statements will prove to be right. The future development of Stabilus S. A. and its subsidiaries and the results that are actually achieved are subject to a variety of risks and uncertainties, which could cause actual events or results to differ significantly from those reflected in the forward-looking statements. Many of these factors are beyond the control of Stabilus S. A. and its subsidiaries and therefore cannot be precisely predicted. Such factors include, but are not limited to, changes in economic conditions and the competitive situation, changes in the law, interest rate or exchange rate fluctuations, legal disputes and investigations, and the availability of funds. These and other risks and uncertainties are set forth in the Group Management Report. However, other factors could also have an adverse effect on our business performance and results. Stabilus S. A. neither intends nor assumes any separate obligation to update forward-looking statements or to change these to reflect events or developments that occur after the publication of this quarterly statement.
Certain numbers in this quarterly statement have been rounded up or down. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown as well as between the numbers in the tables and the numbers given in the corresponding analyses in the text of the quarterly statement. All percentage changes and key figures in the quarterly statement were calculated using the underlying data in millions of euros rounded to one decimal place (€ millions).
Further information including news, reports and publications can be found in the Investors section of our website at www.stabilus.com/investors.
Phone: +352 286 770 21 Fax: +352 286 770 99 Email: [email protected] STABILUS QUARTERLY STATEMENT Q3 FY2021 24 A INTERIM MANAGEMENT STATEMENT B SUPPLEMENTARY FINANCIAL INFORMATION C ADDITIONAL INFORMATION D INFORMATION RESOURCES
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