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Stabilus SE
Investor Presentation • Aug 3, 2020
6214_ip_2020-08-03_edb83a1c-70df-4065-bb10-1c430999bb29.pdf
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051.102.204
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Q3 FY2020 RESULTS
August 3, 2020
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Disclaimer
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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.
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
-
- Operational update
-
- Financial results
-
- Results by operating segment
-
- Outlook
-
- Appendix
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
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235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
- Operational update
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Operational update: COVID-19 situation
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Status quo Corporate actions Top priorities: ensuring safety of our employees and business continuity (keeping the production running) Stabilus pandemic plan: strict hygiene rules, social distancing, shift crew mixing stopped, home office enabled et al. Cost flexibilization (EBIT recovery) program in successful execution Aligning/adjusting our production capacity to customer demand by utilizing short-time work schemes, furloughs, plant shutdowns for several days, selected layoffs et al. In addition to the existing and currently largely not utilized €70m revolving credit facility (thereof €22m drawn, €48m not drawn), a further credit line secured (committed €50m) and covenant headroom increased During the last quarter (Q3 FY20) there have been a few COVID-19 cases at Stabilus production plants in Romania, Mexico, US and Germany; pandemic plan still applies: close monitoring of all activities to reduce COVID-19 risks for Stabilus employees and operations Global light vehicle production in Q3 FY20 down by around 45% y/y, as a result of noticeable OEM production shutdowns in Europe and Americas So far no ramp-up interruptions in operations of Stabilus State of the balance sheet: net leverage ratio at 1.4x EBITDA, c. €114m cash as of June 2020
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1.
2. Financial results
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Q3 FY2020 financial results
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| Revenue | Revenue at €147.0m (vs. €241.6m in Q3 FY19), - 39.2% y/y Acquisition effect: + 0.5% y/y, currency translation effect: - 3.0% y/y, organic growth: - 36.7% y/y |
|---|---|
| Adj. EBIT | Adj. EBIT at €5.7m (vs. €37.1m in Q3 FY19), - 84.6% y/y Adj. EBIT margin at 3.9% (vs. 15.4% in Q3 FY19) |
| Profit | Group result at €(16.4)m in Q3 FY20 (vs. €19.3m in Q3 FY19), including €(18)m net impact from impairment on intangible assets, in particular customer relationships in aerospace segment, i.e. €25.7m impairment after deferred tax |
| Adj. FCF | Adj. FCF = FCF before acquisitions; no payments for acquisitions in Q3 FY20 (vs. €39.3m in Q3 FY19) Adj. FCF at €(6.0)m (vs. €31.4m in Q3 FY19) and FCF at €(6.0)m (vs. €(7.9)m in Q3 FY19); slightly negative FCF, partly due to the y-o-y higher and not lower capex in Q3 FY20, inter alia for the new Pinghu Powerise plant |
| Net leverage ratio | Net leverage ratio at 1.4x (vs. 1.2x as of end Q3 FY19 and 1.0x as of end FY19) Net financial debt at €214.2m (vs. €225.5 as of end Q3 FY19 and €189.1m as of end FY19) |
| Outlook | Revenue forecast for FY2020: c. €800m Adj. EBIT margin forecast for FY2020: c. 11% |
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Q3 FY2020 – Key figures
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9M FY2020 – Key figures
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3. Results by operating segment
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Q3 FY2020 – EMEA
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| Revenue (€m) | Comments | |||||||
|---|---|---|---|---|---|---|---|---|
| y-o-y organically IND APR AGS |
124.5 62.5 24.2 37.8 Q3 FY19 |
- 37.3% |
78.1 48.0 13.5 16.6 Q3 FY20 |
- 37.9% |
Light vehicle production (LVP) in Europe, Middle East and Africa in Q3 FY20 at 2.4m units, i.e. - 61.1% vs. Q3 FY19 EMEA's Q3 revenue was impacted by COVID-19 crisis, down by €46.4m or - 37.3% y/y (i.e. - 37.9% organically); 61% of revenue was generated in industrial business (vs. 50% in Q3 FY19) Industrial revenue decreased from €62.5m in Q3 FY19 to |
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| Adj. EBIT (€m) | €48.0m in Q3 FY20, - 23.2% y/y or - 24.8% organically Organic decline in Automotive Gas Spring at - 56.1% y/y and in |
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| % margin | 14.9% 18.6 |
- 90.3% |
2.3% 1.8 |
Automotive Powerise at - 43.1% y/y; the development of Automotive Powerise revenue was supported by exports of Powerise units (for BMW X1 and 5-series) to China to cover Asian market demand by utilizing Romanian capacity while European OEMs' production was shut down Adj. EBIT margin at 2.3% vs. 14.9% in Q3 FY19, key factors: revenue development and operating leverage in EMEA |
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| Q3 FY19 | Q3 FY20 |
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Q3 FY2020 – AMERICAS
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Q3 FY2020 – APAC
Adj. EBIT (€m)
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- Light vehicle production (LVP) in Asia-Pacific in Q3 FY20 at 8.4m units, i.e. - 22.8% vs. Q3 FY19
- APAC's revenue up by €2.1m, + 8.5% y/y (+ 10.0% y/y organically)
- Organic revenue development in Q3: Automotive Gas Spring - 0.5% y/y, Automotive Powerise + 60.4% y/y due to new model launches in Q3 (e.g. Ford Explorer, Ford Aviator, GM Enclave, GM XT6, Kia Mohave)
- Industrial revenue slightly (€0.1m) below prior year's Q3
- Following strong recovery, adj. EBIT margin improved to 16.1% in Q3 FY20 (vs. 10.1% in Q3 FY19)
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Q3 FY2020 – Revenue by business unit
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Amendment of the senior facilities agreement (SFA)
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| Existing SFA |
Amendment of the existing SFA |
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|---|---|---|---|---|---|
| On July 17, 2016, Stabilus entered into a €640m SFA, comprising €455m term loan facility, €115m equity bridge facility and €70m revolving credit facility |
On July 31, 2020, Stabilus has amended the existing SFA as follows: |
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| Current status as of June 2020: Equity bridge facility was fully redeemed in 2016 Term loan facility was voluntarily partly redeemed over the course of the last years, the outstanding nominal amount of this facility: €295m; no further mandatory redemption required in the next years Revolving credit facility is largely not utilized (€70m - €22m drawn = €48m unutilized) |
Covenant headroom increased: Until December 2021 the permissible net leverage ratio will be above the current threshold of 3.25x EBITDA (up to 4.25x EBITDA) New €50m credit line, available until June 2023 As a result, liquidity cushion as of June 2020 vs. Sept 2019 (incl. new credit line from July 2020 on): 209 212 |
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| Main SFA covenant: net leverage ratio should not surpass 3.25x EBITDA |
50 70 undrawn facilities 48 cash 139 114 Sep 2019 Jun 2020 |
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- Outlook
5.
Outlook
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| Guidance | Comments | ||
|---|---|---|---|
| FY2019 Actual |
FY2020 Guidance |
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| Revenue | €951.3m | c. €800m | |
| Adj. EBIT margin | 15.0% | c. 11% |
As of July 16, 2020, global light vehicle production (LVP) in FY2020 (Oct-Sept) is expected to be c. 20% below the prior year's level (i.e. c. 72m in FY20 vs. c. 90m in FY19). The return to the annual production level of c. 90m is expected for FY2024. (Source: leading forecast institutes, IHS Markit et al.)
We continue to pursue our long-term strategy STAR 2025 focusing on sustainable, profitable growth, globalization, excellence, innovation as well as team spirit (One Stabilus).The currently significantly lower forecasts for global GDP and LVP impact our expectations for group's mid-term growth. Based on these assumptions, organic revenue CAGR 2019-25 of at least 6% appears to be uncertain. Stabilus will update its long-term forecast at a later point in time.
051.102.204
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235.185.052
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021.067.132
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051.102.204
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- Appendix
Revenue overview (3M ended June 30, 2020)
Revenue (€m)
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| Q3 FY2019 Actual |
Q3 FY2020 Actual |
Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 37.8 | 16.6 | (21.2) | (56.1)% | - | 0.0% | (56.1)% |
| Automotive Powerise | 24.2 | 13.5 | (10.7) | (44.2)% | - | (1.1)% | (43.1)% |
| Industrial | 62.5 | 48.0 | (14.5) | (23.2)% | 1.7% | (0.1)% | (24.8)% |
| EMEA | 124.5 | 78.1 | (46.4) | (37.3)% | 0.9% | (0.3)% | (37.9)% |
| Automotive Gas Spring |
30.5 | 10.2 | (20.3) | (66.6)% | - | (5.3)% | (61.3)% |
| Automotive Powerise |
33.0 | 8.4 | (24.6) | (74.5)% | - | (14.6)% | (59.9)% |
| Industrial | 29.0 | 23.7 | (5.3) | (18.3)% | 0.5% | 0.0% | (18.8)% |
| AMERICAS | 92.5 | 42.3 | (50.2) | (54.3)% | 0.2% | (7.0)% | (47.5)% |
| Automotive Gas Spring | 16.3 | 16.0 | (0.3) | (1.8)% | - | (1.3)% | (0.5)% |
| Automotive Powerise |
4.3 | 6.8 | 2.5 | 58.1% | - | (2.3)% | 60.4% |
| Industrial | 4.0 | 3.9 | (0.1) | (2.5)% | - | (1.8)% | (0.7)% |
| APAC | 24.6 | 26.7 | 2.1 | 8.5% | - | (1.5)% | 10.0% |
| Total Automotive Gas Spring (AGS) | 84.6 | 42.7 | (41.9) | (49.5)% | - | (2.2)% | (47.3)% |
| Total Automotive Powerise (APR) |
61.5 | 28.7 | (32.8) | (53.3)% | - | (8.4)% | (44.9)% |
| Total Industrial (IND) | 95.5 | 75.6 | (19.9) | (20.8)% | 1.3% | (0.2)% | (21.9)% |
| Total | 241.6 | 147.0 | (94.6) | (39.2)% | 0.5% | (3.0)% | (36.7)% |
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Revenue overview (9M ended June 30, 2020)
Revenue (€m)
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| 9M FY2019 Actual |
9M FY2020 Actual |
Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 111.6 | 82.1 | (29.5) | (26.4)% | - | 0.0% | (26.4)% |
| Automotive Powerise | 73.5 | 59.4 | (14.1) | (19.2)% | - | (1.5)% | (17.7)% |
| Industrial | 177.9 | 165.2 | (12.7) | (7.1)% | 6.1% | (0.1)% | (13.1)% |
| EMEA | 363.0 | 306.7 | (56.3) | (15.5)% | 3.0% | (0.4)% | (18.1)% |
| Automotive Gas Spring |
89.0 | 61.8 | (27.2) | (30.6)% | - | (0.6)% | (30.0)% |
| Automotive Powerise |
97.5 | 70.5 | (27.0) | (27.7)% | - | (3.4)% | (24.3)% |
| Industrial | 82.0 | 83.0 | 1.0 | 1.2% | 0.8% | 2.0% | (1.6)% |
| AMERICAS | 268.5 | 215.3 | (53.2) | (19.8)% | 0.2% | (0.8)% | (19.2)% |
| Automotive Gas Spring | 49.5 | 48.3 | (1.2) | (2.4)% | - | (0.1)% | (2.3)% |
| Automotive Powerise |
12.7 | 17.1 | 4.4 | 34.6% | - | (0.7)% | 35.3% |
| Industrial | 12.1 | 12.0 | (0.1) | (0.8)% | - | (0.7)% | (0.1)% |
| APAC | 74.3 | 77.4 | 3.1 | 4.2% | - | (0.3)% | 4.5% |
| Total Automotive Gas Spring (AGS) | 250.1 | 192.2 | (57.9) | (23.2)% | - | (0.2)% | (23.0)% |
| Total Automotive Powerise (APR) |
183.6 | 147.0 | (36.6) | (19.9)% | - | (2.4)% | (17.5)% |
| Total Industrial (IND) | 272.0 | 260.2 | (11.8) | (4.3)% | 4.3% | 0.5% | (9.1)% |
| Total | 705.7 | 599.4 | (106.3) | (15.1)% | 1.6% | (0.5)% | (16.2)% |
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P&L overview (3M ended June 30, 2020)
P&L (€m)
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| Actual | Actual | Change | % change |
|---|---|---|---|
| 241.6 | 147.0 | (94.6) | (39.2)% |
| (172.8) | (112.6) | 60.2 | (34.8)% |
| 68.9 | 34.4 | (34.5) | (50.1)% |
| 28.5% | 23.4% | ||
| (9.2) | (8.9) | 0.3 | (3.3)% |
| (21.0) | (42.7) | (21.7) | >100.0% |
| (8.3) | (7.6) | 0.7 | (8.4)% |
| (0.8) | 3.0 | 3.8 | <(100.0)% |
| 29.5 | (21.8) | (51.3) | <(100.0)% |
| 12.2% | (14.8)% | ||
| (2.9) | (2.5) | 0.4 | (13.8)% |
| 26.6 | (24.3) | (50.9) | <(100.0)% |
| 11.0% | (16.5)% | ||
| (7.3) | 7.9 | 15.2 | <(100.0)% |
| 19.3 | (16.4) | (35.7) | <(100.0)% |
| 8.0% | (11.2)% | ||
| 0.79 | (0.59) | (1.40) | <(100.0)% |
| Q3 FY2019 | Q3 FY2020 |
Comments
- Selling expenses up by €21.7m due to one-off, non-cash writedown (impairment) of customer relationships in aerospace business, as a result of the negative effect of the COVID-19 pandemic on the segment
- The impairment on intangible assets amounted to €25.7m, €24.4m are included in selling expenses and €1.3m in the cost of sales
- Income taxes up by €15.2m, particularly due to deferred taxes on the impairment of intangible assets
IFRS 16 impact: Recognition of all leases in the balance sheet leads to depreciation (instead of leasing expenses) in the same functional costs and in similar magnitude, i.e. there is no significant impact from IFRS 16 on the functional costs; interest expense from leases amounted to €0.4m in Q3 FY20 ( = positive effect on Q3 FY20's EBIT)
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EBIT adjustments (3M ended June 30, 2020)
Adjusted EBIT (€m)
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| Q3 FY2019 Actual |
Q3 FY2020 Actual |
Change | % change | |
|---|---|---|---|---|
| EBIT | 29.5 | (21.8) | (51.3) | <(100.0)% |
| PPA adj. - impairment |
- | 25.7 | 25.7 | n/a |
| PPA adj. - D&A (2010 PPA) |
2.3 | 1.7 | (0.6) | (26.1)% |
| PPA adj. - D&A (2016 PPA) |
2.1 | 2.1 | - | 0.0% |
| PPA adj. - D&A (2019 PPA) |
1.4 | 0.7 | (0.7) | (50.0)% |
| Environmental protection | 1.5 | - | (1.5) | (100.0)% |
| Advisory costs (M&A) |
0.2 | - | (0.2) | (100.0)% |
| PPA adj. - purchase price GA |
- | (2.8) | (2.8) | n/a |
| Total adjustments | 7.6 | 27.5 | 19.9 | >100.0% |
| Adjusted EBIT | 37.1 | 5.7 | (31.4) | (84.6)% |
Comments
- The €25.7m adjustment relates to non-cash impairment on intangibles assets (customer relationships), as a result of the negative effect of the COVID-19 pandemic on the aerospace business
- PPA adjustments comprise depreciation and amortization of step-ups and intangible assets acquired during 2010, 2016 and 2019 acquisitions
- Environmental protection adjustment in Q3 of the previous fiscal year is for remediation costs in the US during 2019 (EPA / Colmar)
- Advisory costs (M&A) in Q3 of the previous fiscal year relate to 2019 acquisitions
- Purchase price adjustment of €(2.8)m relates to the General Aerospace acquisition; the price adjustment is a consequence of the earn-out clause in connection with the negative impact of the COVID-19 pandemic on the aerospace business
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P&L overview (9M ended June 30, 2020)
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227.230.232
149.154.162
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025.057.106
| 9M FY2019 Actual |
9M FY2020 Actual |
Change | % change | |
|---|---|---|---|---|
| Revenue | 705.7 | 599.4 | (106.3) | (15.1)% |
| Cost of sales |
(503.0) | (433.7) | 69.3 | (13.8)% |
| Gross Profit | 202.6 | 165.7 | (36.9) | (18.2)% |
| % margin | 28.7% | 27.6% | ||
| R&D expenses |
(28.9) | (30.4) | (1.5) | 5.2% |
| Selling expenses |
(62.3) | (86.7) | (24.4) | 39.2% |
| Administrative expenses |
(26.3) | (26.0) | 0.3 | (1.1)% |
| Other income/expenses | 1.5 | 7.5 | 6.0 | >100.0% |
| EBIT | 86.7 | 30.1 | (56.6) | (65.3)% |
| % margin | 12.3% | 5.0% | ||
| Finance income/costs | (6.0) | (3.3) | 2.7 | (45.0)% |
| EBT | 80.7 | 26.8 | (53.9) | (66.8)% |
| % margin | 11.4% | 4.5% | ||
| Income tax | (23.3) | (8.7) | 14.6 | (62.7)% |
| Profit | 57.4 | 18.1 | (39.3) | (68.5)% |
| % margin | 8.1% | 3.0% | ||
| EPS in € | 2.33 | 0.79 | (1.54) | (66.1)% |
P&L (€m) Comments
Capitalized R&D expenses in 9M FY20 at €12.4m (vs. €9.7m in 9M FY19), due to expansion of Powerise product family
Increase in selling expenses results primarily from impairment loss on intangibles assets (customer relationship) in the aerospace business
IFRS 16 impact: Recognition of all leases in the balance sheet leads to depreciation (instead of leasing expenses) in the same functional costs and in similar magnitude, i.e. there is no significant impact from IFRS 16 on the functional costs; interest expense from leases amounted to €1.1m in 9M FY20 ( = positive effect on 9M FY20's EBIT)
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EBIT adjustments (9M ended June 30, 2020)
Adjusted EBIT (€m)
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
| 9M FY2019 Actual |
9M FY2020 Actual |
Change | % change | |
|---|---|---|---|---|
| EBIT | 86.7 | 30.1 | (56.6) | (65.3)% |
| PPA adj. - impairment |
- | 25.7 | 25.7 | n/a |
| PPA adj. - D&A (2010 PPA) |
7.0 | 5.2 | (1.8) | (25.7)% |
| PPA adj. - D&A (2016 PPA) |
6.3 | 6.3 | - | 0.0% |
| PPA adj. - D&A (2019 PPA) |
1.4 | 2.3 | 0.9 | 64.3% |
| Environmental protection | 1.5 | - | (1.5) | (100.0)% |
| Advisory costs (M&A) |
0.7 | - | (0.7) | (100.0)% |
| PPA adj. - purchase price GA |
- | (2.8) | (2.8) | n/a |
| Total adjustments | 16.8 | 36.7 | 19.9 | >100.0% |
| Adjusted EBIT | 103.5 | 66.8 | (36.7) | (35.5)% |
Comments
- The €25.7m adjustment relates to non-cash impairment on intangibles assets (customer relationships), as a result of the negative effect of the COVID-19 pandemic on the aerospace business
- PPA adjustments comprise depreciation and amortization of step-ups and intangible assets acquired during 2010, 2016 and 2019 acquisitions
- Environmental protection adjustment in 9M of the previous fiscal year is for remediation costs in the US during 2019 (EPA / Colmar)
- Advisory costs (M&A) in 9M of the previous fiscal year relate to 2019 acquisitions
- Purchase price adjustment of €(2.8)m relates to the General Aerospace acquisition; the price adjustment is a consequence of the earn-out clause in connection with the negative impact of the COVID-19 pandemic on the aerospace business
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Balance sheet overview
Balance sheet (€m)
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
| Sept 2019 | June 2020 | |||
|---|---|---|---|---|
| Actual | Actual | Change | % change | |
| Property, plant and equipm. | 199.9 | 234.8 | 34.9 | 17.5% |
| Goodwill | 214.8 | 211.3 | (3.5) | (1.6)% |
| Other intangible assets | 276.2 | 236.0 | (40.2) | (14.6)% |
| Inventories | 100.3 | 103.1 | 2.8 | 2.8% |
| Trade receivables | 130.3 | 93.9 | (36.4) | (27.9)% |
| Other assets | 38.7 | 49.9 | 11.2 | 28.9% |
| Cash | 139.0 | 114.0 | (25.0) | (18.0)% |
| Total assets | 1,099.2 | 1,043.0 | (56.2) | (5.1)% |
| Equity incl. minorities | 499.6 | 469.5 | (30.1) | (6.0)% |
| Debt (incl. accrued interest) | 311.6 | 315.4 | 3.8 | 1.2% |
| Pension plans | 59.9 | 53.8 | (6.1) | (10.2)% |
| Deferred tax liabilities | 55.9 | 45.5 | (10.4) | (18.6)% |
| Trade accounts payable | 91.0 | 49.7 | (41.3) | (45.4)% |
| Other liabilities | 81.2 | 109.0 | 27.8 | 34.2% |
| Total equity and liabilities | 1,099.2 | 1,043.0 | (56.2) | (5.1)% |
| Net leverage ratio | 1.0x | 1.4x |
Comments
- First time adoption of the IFRS 16 in FY2020 (from Oct 1, 2019 on, recognition of all leases in the balance sheet) led to an increase of PPE and other liabilities by €43.7m; as of June 2020, change in PPE at €34.9m, primarily due to scheduled depreciation; change in other liabilities at €27.8m (June 2020 vs. Sept 2019)
- Decrease in other intangible assets by €40.2m comprises scheduled amortization and impairment loss (mainly on customer relationships in aerospace business), partially offset by capitalized development costs
- Trade receivables and payables decreased due to lower business activity; slightly higher inventory as of June 2020 in order to reduce supplier induced risks
- Pension liability decreased by €6.1m as a consequence of higher discount rate (0.93% as of Sept 2019 vs. 1.53% as of June 2020)
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036.083.161
255.153.000
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Cash flow overview (3M ended June 30, 2020)
| Q3 FY2019 Actual |
Q3 FY2020 Actual |
Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 44.2 | 8.5 | (35.7) | (80.8)% |
| Cash flow from investing activities | (52.1) | (14.5) | 37.6 | (72.2)% |
| Cash flow from financing activities | (1.2) | (2.7) | (1.5) | >100.0% |
| Net increase / (decrease) in cash | (9.1) | (8.7) | 0.4 | (4.4)% |
| Effect of movements in exchange rates | (1.2) | 0.1 | 1.3 | <(100.0)% |
| Cash as of beginning of the period | 136.5 | 122.7 | (13.8) | (10.1)% |
| Cash as of end of the period | 126.2 | 114.0 | (12.2) | (9.7)% |
Adj. FCF (€m)
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
| Q3 FY2019 Actual |
Q3 FY2020 Actual |
Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 44.2 | 8.5 | (35.7) | (80.8)% |
| Cash flow from investing activities | (52.1) | (14.5) | 37.6 | (72.2)% |
| Free cash flow | (7.9) | (6.0) | 1.9 | (24.1)% |
| Adjustments | 39.3 | - | (39.3) | (100.0)% |
| Adj. FCF | 31.4 | (6.0) | (37.4) | <(100.0)% |
Comments
- Capex in Q3 FY20 at €14.5m (vs. €12.8m in Q3 FY19), + 13.3% y/y, inter alia for the new Pinghu Powerise plant
- Cash outflow for investing activities in Q3 of the previous year FY19 includes payments for acquisitions amounting to €39.3m
- IFRS 16 impact in Q3 FY20: no impact on net cash flow, positive effect of €2.4m on cash flow from operating activities (and consequently free cash flow) and negative effect on cash flow from financing activities in the same amount
Adjustment to FCF in Q3 of the previous year FY19 amounting to €39.9m relates to acquisition of assets and liabilities within business combination, net of cash acquired (General Aerospace, Clevers and Piston)
As of June 2020, €3.5m subsidies for German short-time work were outstanding, i.e. in Q3 cash flow not included
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255.153.000
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Cash flow overview (9M ended June 30, 2020)
| Cash Flow Statement (€m) |
|---|
| -------------------------- |
| 9M FY2019 Actual |
9M FY2020 Actual |
Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 92.3 | 52.1 | (40.2) | (43.6)% |
| Cash flow from investing activities | (81.2) | (38.4) | 42.8 | (52.7)% |
| Cash flow from financing activities | (28.4) | (35.7) | (7.3) | 25.7% |
| Net increase / (decrease) in cash | (17.3) | (22.0) | (4.7) | 27.2% |
| Effect of movements in exchange rates | 0.5 | (3.0) | (3.5) | <(100.0)% |
| Cash as of beginning of the period | 143.0 | 139.0 | (4.0) | (2.8)% |
| Cash as of end of the period | 126.2 | 114.0 | (12.2) | (9.7)% |
Adj. FCF (€m)
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
| 9M FY2019 Actual |
9M FY2020 Actual |
Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 92.3 | 52.1 | (40.2) | (43.6)% |
| Cash flow from investing activities | (81.2) | (38.4) | 42.8 | (52.7)% |
| Free cash flow | 11.1 | 13.7 | 2.6 | 23.4% |
| Adjustments | 39.3 | 1.1 | (38.2) | (97.2)% |
| Adj. FCF | 50.4 | 14.8 | (35.6) | (70.6)% |
Comments
- Capex in 9M FY20 at €37.7m (vs. €42.6m in 9M FY19), - 11.5% y/y
- Cash outflow for investing activities in 9M of the previous year FY19 includes payments for acquisitions amounting to €39.3m
- Cash outflow for financing activities in 9M FY20 increased by €7.3m y/y, primarily due to higher payments for lease liabilities and interest, as a result of IFRS 16 adoption (see below)
- IFRS 16 impact in 9M FY20: no impact on net cash flow, positive effect of €7.3m (€2.4m in Q1 FY20, €2.5m in Q2 FY20, €2.4m in Q3 FY20) on cash flow from operating activities (and consequently free cash flow) and negative effect on cash flow from financing activities in the same amount
- Adjustments to FCF relate to acquisition of assets and liabilities within business combination, net of cash acquired
051.102.204
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Currency exchange rates overview (9M ended June 30, 2020)
235.185.052
227.230.232
149.154.162
083.086.090
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025.057.106
| Closing and average currency exchange rates | ||||||
|---|---|---|---|---|---|---|
| 1 EURO in | ISO code | Closing rate June 2019 |
Closing rate June 2020 |
Average rate 9M FY2019 |
Average rate 9M FY2020 |
Average rate % change |
| Australian dollar | AUD | 1.6244 | 1.6344 | 1.5967 | 1.6584 | 3.9% |
| Argentine peso |
ARS | 48.5926 | 78.7852 | 45.3538 | 69.2517 | 52.7% |
| Brazilian real | BRL | 4.3511 | 6.1118 | 4.3430 | 5.1314 | 18.2% |
| Chinese yuan (renminbi) | CNY | 7.8185 | 7.9219 | 7.7420 | 7.7653 | 0.3% |
| South Korean won |
KRW | 1,315.3500 | 1,345.8300 | 1,292.1612 | 1,320.2001 | 2.2% |
| Mexican peso | MXN | 21.8201 | 25.9470 | 21.9793 | 23.0128 | 4.7% |
| Romanian leu |
RON | 4.7343 | 4.8397 | 4.7147 | 4.8006 | 1.8% |
| Turkish lira | TRY | 6.5655 | 7.6761 | 6.3300 | 6.9065 | 9.1% |
| United States dollar | USD | 1.1380 | 1.1198 | 1.1336 | 1.1034 | (2.7)% |
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
255.204.000
www.stabilus.com
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106