Quarterly Report • Feb 17, 2016
Quarterly Report
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| T _ 001 | ||||
|---|---|---|---|---|
| Three months ended Dec 31, | ||||
| IN € MILLIONS | 2015 | 2014 | CHANGE | % CHANGE |
| Revenue | 167.3 | 135.1 | 32.2 | 23.8% |
| EBITDA | 28.4 | 20.0 | 8.4 | 42.0% |
| Adjusted EBITDA | 28.7 | 22.6 | 6.1 | 27.0% |
| EBIT | 17.5 | 9.4 | 8.1 | 86.2% |
| Adjusted EBIT | 21.0 | 15.3 | 5.7 | 37.3% |
| Capital expenditure | (13.5) | (10.0) | (3.5) | 35.0% |
| Free cash flow (FCF) | (6.0) | (10.4) | 4.4 | (42.3%) |
| EBITDA as % of revenue | 17.0% | 14.8% | ||
| Adjusted EBITDA as % of revenue | 17.2% | 16.7% | ||
| EBIT as % of revenue | 10.5% | 7.0% | ||
| Adjusted EBIT as % of revenue | 12.6% | 11.3% | ||
| Capital expenditure as % of revenue | 8.1% | 7.4% | ||
| FCF as % of adjusted EBITDA | (20.9%) | (46.0%) | ||
Revenue by region in Q1 FY2016 (location of Stabilus company)
5 Earnings per share
6 Property, plant and equipment
for the three months ended December 31, 2015
The table below sets out Stabilus Group's consolidated income statement for the first quarter of fiscal 2016 in comparison to the first quarter of fiscal 2015:
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2015 | 2014 | Change | % change |
| Revenue | 167.3 | 135.1 | 32.2 | 23.8% |
| Cost of sales | (126.9) | (104.4) | (22.5) | 21.6% |
| Gross profit | 40.4 | 30.8 | 9.6 | 31.2% |
| Research and development expenses | (5.8) | (5.4) | (0.4) | 7.4% |
| Selling expenses | (11.2) | (10.4) | (0.8) | 7.7% |
| Administrative expenses | (6.6) | (7.3) | 0.7 | (9.6)% |
| Other income | 2.4 | 3.6 | (1.2) | (33.3)% |
| Other expenses | (1.6) | (1.8) | 0.2 | (11.1)% |
| Profit from operating activities (EBIT) | 17.5 | 9.4 | 8.1 | 86.2% |
| Finance income | 4.1 | 6.0 | (1.9) | (31.7)% |
| Finance costs | (1.8) | (5.1) | 3.3 | (64.7)% |
| Profit / (loss) before income tax | 19.8 | 10.3 | 9.5 | 92.2% |
| Income tax income / (expense) | (6.3) | (2.6) | (3.7) | >100.0% |
| Profit / (loss) for the period | 13.5 | 7.7 | 5.8 | 75.3% |
Group's total revenue developed as follows:
| Revenue | 167.3 | 135.1 | 32.2 | 23.8% |
|---|---|---|---|---|
| Asia / Pacific and RoW | 19.6 | 17.6 | 2.0 | 11.4% |
| NAFTA | 67.3 | 49.5 | 17.8 | 36.0% |
| Europe | 80.5 | 68.0 | 12.5 | 18.4% |
| IN € MILLIONS | 2015 | 2014 | Change | % change |
| Three months ended Dec 31, |
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2015 | 2014 | Change | % change |
| Automotive | 120.6 | 96.4 | 24.2 | 25.1% |
| Gas Spring | 78.1 | 66.9 | 11.2 | 16.7% |
| Powerise | 42.5 | 29.5 | 13.0 | 44.1% |
| Industrial | 39.7 | 32.4 | 7.3 | 22.5% |
| Swivel Chair | 7.0 | 6.4 | 0.6 | 9.4% |
| Revenue | 167.3 | 135.1 | 32.2 | 23.8% |
Total revenue of €167.3 million in the first quarter of fiscal 2016 increased by 23.8% compared to the first quarter of fiscal 2015.
The revenue generated by our US and Mexican entities increased by 36.0% from €49.5 million to €67.3 million and the revenue of our European entities grew by 18.4% from €68.0 million in the first quarter of fiscal 2015 to €80.5 million in the first quarter of fiscal 2016. The revenue of both our European and NAFTA operating units continue to benefit primarily from the strong growth in the Powerise business. In addition, the revenue of our NAFTA unit benefits from the stronger US dollar: approximately €8.3 million of NAFTA's revenue increase was due to the stronger US dollar (average rate per €1: \$1.10 in Q1 FY2016 versus \$1.25 in Q1 FY2015). The revenue of Stabilus plants located in Asia / Pacific and Rest of World (RoW) region increased by 11.4% from €17.6 million in the first quarter of fiscal 2015 to €19.6 million in the first quarter of fiscal 2016, essentially due to new customer wins and increased output of our Chinese production facility following the recent capacity expansion.
The increase in total revenue is mainly due to our automotive, particularly to our growing Powerise business. The increase in the Powerise business by 44.1% is mainly the result of new OEM platform wins and the subsequent launch of new Powerise programs for a number of key vehicle OEMs in Europe and NAFTA. In addition, the share of end customers (buyers of new vehicles) opting for this extra equipment continues to rise as well, compared to the previous periods, which drives up the take rate of our Powerise product line.
Revenue in the industrial business increased by 22.5% from €32.4 million in the three months ended December 31, 2014 to €39.7 million in the three months ended December 31, 2015. In the first quarter of fiscal 2016, Stabilus continued to benefit from its broad coverage of industries in the industrial business - increasing demand from sectors such as renewables, aircraft construction and aftermarket more than offset temporary slumps in sectors like constuction machinery, leading to solid growth of Stabilus' industrial business.
Swivel Chair revenue increased by 9.4% from €6.4 million in the first quarter of fiscal 2015 to €7.0 million in the first quarter of fiscal 2016 primarily due to higher unit sales to our customers in NAFTA, Japan as well as Germany.
Cost of sales in the first quarter of fiscal 2016 increased by 21.6%, compared to the first quarter of the previous fiscal year. As a percentage of revenue, the cost of sales decreased to 75.9% (Q1 FY2015: 77.3%) reflecting a better utilization of plants and thus better fixed cost absorption, as well as the non repeat of certain start up costs in the first quarter of fiscal 2016. Changes in the regional and in the product mix partially offset these improvements. In total, the improvements resulted in an increased gross profit margin of 24.1% (Q1 FY2015: 22.8%).
R&D expenses in the first quarter of fiscal 2016 increased by 7.4%, compared to the first quarter of fiscal 2015. As a percentage of revenue, R&D expenses decreased by 50 basis points to 3.5% (Q1 FY2015: 4.0%).
Selling expenses increased by 7.7% from €(10.4) million in the first quarter of fiscal 2015 to €(11.2) million in the first quarter of fiscal 2016, mainly due to higher distribution and personnel expenses. As a percentage of revenue, selling expenses decreased by one percentage point to 6.7% (Q1 FY2015: 7.7%).
Administrative expenses decreased by (9.6)% from €(7.3) million in the first quarter of fiscal 2015 to €(6.6) million in the first quarter of fiscal 2016, mainly due to the non repeat of the one-off Q1 FY2015 Koblenz site restructuring expenses (Q1 FY2015: €(1.5) million), partially offset by labor inflation. As percentage of revenue, administrative expenses decreased by 150 basis points to 3.9% of total revenue (Q1 FY2015: 5.4%).
Other income decreased from €3.6 million in the first quarter of fiscal 2015 to €2.4 million in the first quarter of fiscal 2016. This decrease by €(1.2) million is primarily the result of foreign currency fluctuations, i.e. lower foreign currency translation gains.
Other expense decreased from €(1.8) million in the first quarter of fiscal 2015 to €(1.6) million in the first quarter of fiscal year under review. This income statement line item comprises mainly the foreign currency translation losses.
Finance income decreased from €6.0 million in the first quarter of fiscal 2015 to €4.1 million in the first quarter of fiscal 2016. The finance income in the first quarter of the previous year comprised €1.3 million gains from changes in fair value of derivative instruments. Following the refinancing of the Group in June 2015, which comprised the replacement of the high-yield bond contract with a new senior facilities agreement, the derivative instruments which were embedded in the replaced high-yield bond contract were derecognized.
Finance costs decreased from €(5.1) million in the first quarter of fiscal 2015 to €(1.8) million in the first quarter of fiscal 2016 as a consequence of Group's refinancing in June 2015, in particular the reduction of the interest rate on Company's financial liabilities from 7.75% (high-yield bond) to 2.0% over Euribor (new senior facilities).
The improved pre-tax result of €19.8 million in the first quarter of fiscal 2016, compared to €10.3 million in first quarter of the prior fiscal year, led to higher tax expense of €(6.3) million in the reporting period (Q1 FY2015: €(2.6) million).
The table below sets out a reconciliation of EBIT to EBITDA and adjusted EBITDA for the first quarter of fiscal 2016 and 2015:
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2015 | 2014 | Change | % change |
| Profit from operating activities (EBIT) | 17.5 | 9.4 | 8.1 | 86.2% |
| Depreciation | 5.8 | 5.4 | 0.4 | 7.4% |
| Amortization | 5.1 | 5.1 | – | 0.0% |
| EBITDA | 28.4 | 20.0 | 8.4 | 42.0% |
| Advisory* | – | 0.7 | (0.7) | (100.0)% |
| Restructuring / ramp-up | – | 1.7 | (1.7) | (100.0)% |
| Pension interest add back | 0.3 | 0.3 | – | 0.0% |
| Total adjustments | 0.3 | 2.7 | (2.4) | (88.9%) |
| Adjusted EBITDA | 28.7 | 22.6 | 6.1 | 27.0% |
* Legal and reorganization-related advisory expenses.
Adjusted EBITDA represents EBITDA, as adjusted by management primarily in relation to severance, consulting, restructuring, onetime legal disputes and other non-recurring costs, as well as interest on pension charges. Adjusted EBITDA is presented because we believe it is a relevant measure for assessing performance as it is adjusted for certain one-time or non-recurring items that are not expected to impact our Group going forward, and thus aids in an understanding of EBITDA in a given period.
The table below shows reconciliations of profit from operating activities (EBIT) to adjusted EBIT for the first quarter of fiscal 2016 and 2015:
Three months ended Dec 31, IN € MILLIONS 2015 2014 Change % change Profit from operating activities (EBIT) 17.5 9.4 8.1 86.2% Advisory* – 0.7 (0.7) (100.0)% Restructuring / ramp-up – 1.7 (1.7) (100.0)% Pension interest add back 0.3 0.3 – 0.0% PPA adjustments – depreciation and amortization 3.2 3.2 – 0.0% Total adjustments 3.5 5.9 (2.4) (40.7%) Adjusted EBIT 21.0 15.3 5.7 37.3%
* Legal and reorganization-related advisory expenses.
Adjusted EBIT represents EBIT, as adjusted by management primarily in relation to severance, consulting, restructuring, one-time legal disputes and other non-recurring costs, as well as interest on pension charges and the depreciation and amortization of adjustments of Group's assets to fair value resulting from the April 2010 purchase price allocation.
Stabilus Group is organized and managed primarily on a regional level. The three reportable operating segments of the Group are Europe, NAFTA as well as Asia / Pacific and RoW.
The table below sets out the development of our operating segments in the first quarter of fiscal 2016 compared to the first quarter of the previous fiscal year.
| Three months ended Dec 31, 2015 2014 Change IN € MILLIONS Europe External revenue1) 80.5 68.0 12.5 Intersegment revenue1) 6.4 8.7 (2.3) Total revenue1) 86.8 76.6 10.2 Adjusted EBITDA 15.5 11.8 3.7 as % of total revenue 17.9% 15.4% Adjusted EBIT 10,5 6,8 3,7 as % of total revenue 12.1% 8.9% as % of external revenue 13.0% 10.0% NAFTA External revenue1) 67.3 49.5 17.8 Intersegment revenue1) 1.3 0.5 0,8 Total revenue1) 68.6 50.0 18.6 Adjusted EBITDA 9.6 7.1 2.5 as % of total revenue 14.0% 14.2% Adjusted EBIT 7.9 5.5 2.4 as % of total revenue 11.5% 11.0% as % of external revenue 11.7% 11.1% Asia/ Pacific and RoW External revenue1) 19.6 17.6 2.0 Intersegment revenue1) 0.2 0,1 0.1 Total revenue1) 19.7 17.7 2.0 Adjusted EBITDA 3.6 3.7 (0.1) as % of total revenue 18.3% 20.9% Adjusted EBIT 2.6 3.0 (0.4) as % of total revenue 13.2% 16.9% as % of external revenue 13.3% 17.0% |
|||
|---|---|---|---|
| % change | |||
| 18.4% | |||
| (26.4)% | |||
| 13.3% | |||
| 31.4% | |||
| 54.4% | |||
| 36.0% | |||
| >100.0% | |||
| 37.2% | |||
| 35.2% | |||
| 43.6% | |||
| 11.4% | |||
| 100.0% | |||
| 11.3% | |||
| (2.7)% | |||
| (13.3)% | |||
1) Revenue breakdown by location of Stabilus company (i. e. "billed-from view").
The external revenue generated by our European companies increased by 18.4% from €68.0 million in the first quarter of fiscal 2015 to €80.5 million in the first quarter of fiscal 2016. The adjusted EBIT margin as percent of external revenue increased from 10.0% to 13.0% mainly due to the footprint optimization, i.e. production shifts between German and Romanian plants, as well as the better loading of the Romanian production plant. As a consequence, the adjusted EBIT increased more strongly than revenue from €6.8 million in the first three months of fiscal 2015 to €10.5 million in the first three months of fiscal 2016 (+54.4% yoy).
The external revenue of our companies located in the NAFTA region increased by 36.0% from €49.5 million in the first quarter of fiscal 2015 to €67.3 million in the first quarter of fiscal 2016,
primarily due to the strong growth in the Automotive business. Approximately €8.3 million of the total revenue increase was due to the stronger US dollar (average rate per €1: \$1.10 in Q1 FY2016 versus \$1.25 in Q1 FY2015). The adjusted EBIT margin as a percentage of external revenue improved from 11.1% to 11.7% in the same period, leading to an adjusted EBIT of €7.9 million which is 43.6% higher than in Q1 FY2015.
In the first quarter of fiscal 2016, the external revenue of our companies in the Asia / Pacific and RoW segment increased by 11.4%. The adjusted EBIT decreased by €(0.4) million or (13.3)% essentially due to launching costs of the new powder paint equipment at our Korean plant.
| Balance sheet | T _ 008 | |||
|---|---|---|---|---|
| IN € MILLIONS | Dec 31, 2015 | Sept 30, 2015 | Change | % change |
| Assets | ||||
| Total non-current assets | 363.6 | 358.7 | 4.9 | 1.4% |
| Total current assets | 181.8 | 183.6 | (1.8) | (1.0)% |
| Total assets | 545.4 | 542.2 | 3.2 | 0.6% |
| Equity and liabilities | ||||
| Total equity | 88.3 | 76.7 | 11.6 | 15.1% |
| Non-current liabilities | 352.0 | 349.4 | 2.6 | 0.7% |
| Current liabilities | 105.1 | 116.2 | (11.1) | (9.6%) |
| Total liabilities | 457.1 | 465.5 | (8.4) | (1.8)% |
| Total equity and liabilities | 545.4 | 542.2 | 3.2 | 0.6% |
The Group's balance sheet total increased by 0.6% to €545.4 million (Sept 30, 2015: 542.2 million).
Our non-current assets increased by 1.4% or €4.9 million, mainly caused by higher assets under construction which result from our various capacity expansion projects (Gas Spring production in Germany, USA and China, as well as Powerise production in Mexico, Romania and China).
Current assets as of December 31, 2015 decreased by (1.0)% or €(1.8) million, compared to September 30, 2015, primarily due to the lower cash balance (– €5.7 million), lower current tax assets (– €1.7 million) and other financial assets (– €1.5 million), partially offset by higher trade accounts receivable (+€3.5 million) and inventories (+€2.6 million). Trade accounts receivable increased in line with higher revenue. Following the increasing demand for our products and increased revenue, the amount of raw materials and supplies increased by €0.7 million compared to the amount as of September 30, 2015. To support deliveries in January 2016, we also carried an increased finished product inventory (+€1.6 million) as of December 31, 2015.
The Group's equity as of December 31, 2015 increased by €11.6 million as a consequence of generated and retained earnings of €13.5 million in the first quarter of fiscal 2016, partially offset by other comprehensive expense of €(2.0) million. Other comprehensive expense essentially comprised unrealized losses from foreign currency translation.
Cash flow T _ 009 Three months ended Dec 31, IN € MILLIONS 2015 2014 Change % change Cash flow from operating activities 8.8 9.5 (0.7) (7.4)% Cash flow from investing activities (13.4) (9.9) (3.5) 35.4% Cash flow from financing activities (incl. interest) (1.6) (10.1) 8.5 (84.2)% Net increase / (decrease) in cash (6.2) (10.5) 4.3 (41.0)% Effect of movements in exchange rates on cash held 0.4 0,1 0.3 >100.0% Cash as of beginning of the period 39.5 33.5 6.0 17.9% Cash as of end of the period 33.8 23.0 10.8 47.0%
Non-current liabilities increased from €349.4 million as of September 30, 2105 by 0.7% to €352.0 million as of December 31, 2015 mainly due to higher deferred tax liabilities (+€1.4 million) and higher non-current provisions (+€1.0 million).
Our current liabilities decreased by €(11.1) million from €116.2 million as of September 30, 2015 to €105.1 million as of December 31, 2015. This decrease of (9.6)% was driven by lower trade accounts payable (– €12.3 million), lower other liabilities for personnel-related expenses (– €3.0 million), lower other financial liabilities (–€0.6 million), partially offset by higher current provisions (+€2.4 million) and higher liabilities for outstanding costs (+€1.6 million). The reduction of trade accounts payable was strongly impacted by payments for machinery and equipment.
Cash flow from operating activities decreased by €(0.7) million from €9.5 million in the first quarter of fiscal 2015 to €8.8 million in the first quarter of fiscal 2016: Compared to Q1 FY2015 increased tax payments burdened the operating cash flow by €(1.5) million, change of various other line items in total improved the operating cash flow by €0.8 million.
CASH FLOW FROM INVESTING ACTIVITIES
Cash outflow for investing activities increased from €(9.9) million in the first quarter of fiscal 2015 to €(13.4) million in the first quarter of fiscal 2016 mainly due to higher capital expenditure primarily related to our various capacity expansion projects (Gas Spring production in Germany, USA and China, as well as Powerise production in Mexico, Romania and China).
Cash outflow for financing activities decreased by €8.5 million from €(10.1) million in the first quarter of fiscal 2015 to €(1.6) million in the first quarter of fiscal 2016 essentially caused by lower interest payments (+ €8.6 million). The interest payments decreased from €(10.0) in the first quarter of fiscal 2015 to €(1.4) million in the first quarter of fiscal 2016 as a consequence of the Group's refinancing in June 2015, in particular the reduced interest rate on financial liabilities – from 7.75% (high-yield bond) to 2.0% over Euribor (new senior facilities).
As a result of the aforementioned changes of cash flows from operating and investing activities as well as changes in interest payments, the free cash flow (FCF) improved by (42.3)% from €(10.4) million in first quarter of fiscal 2015 to €(6.0) million in the first quarter of fiscal 2016. The following table sets out the composition of the non-IFRS free cash flow figure.
Free cash flow (FCF) comprises the IFRS cash flow statement items "cash flow from operating activities", "cash flow from investing activities" and "payments for interest" (net interest payments). It does not include other items of the "cash flow from financing activities" like payments for redemption of financial liabilities, payments for finance leases or dividends. Please refer to the Consolidated Statement of Cash Flows for the composition of the item "cash flow from financing activities".
| Free cash flow | T _ 010 | |||
|---|---|---|---|---|
| Three months ended Dec 31, | ||||
| IN € MILLIONS | 2015 | 2014 | Change | % change |
| Cash flow from operating activities | 8.8 | 9.5 | (0.7) | (7.4)% |
| Cash flow from investing activities | (13.4) | (9.9) | (3.5) | 35.4% |
| Payments for interest | (1.4) | (10.0) | 8.6 | (86.0)% |
| Free cash flow | (6.0) | (10.4) | 4.4 | (42.3%) |
We refer to the risk-related disclosures in the Group Management Report and in the audited Consolidated Financial Statements as of and for the fiscal year ended September 30, 2015.
The positive revenue development in the first quarter of this fiscal year gives us confidence for the remaining months of this fiscal year: increased customer order intake and favorable US\$–€ exchange rate in Q1 FY2016 allow us to raise Stabilus Group's revenue forecast for the full year by €20 million.
Accordingly we are increasing our revenue guidance for the FY2016 from €660 million (our forecast given in the Annual Report 2015) to €680 million.
The company's adjusted EBIT margin is expected to remain in the range of 12.0% to 13.0%.
As of February 16, 2016, there were no further events or developments that could have materially affected the measurement and presentation of Group's assets and liabilities as of December 31, 2015.
as of and for the three months ended December 31, 2015
for the three months ended December 31, 2015 (unaudited)
| Three months ended Dec 31, | |||
|---|---|---|---|
| IN € THOUSANDS | NOTE | 2015 | 2014 |
| Revenue | 2 | 167,289 | 135,138 |
| Cost of sales | (126,919) | (104,385) | |
| Gross profit | 40,370 | 30,753 | |
| Research and development expenses | (5,793) | (5,412) | |
| Selling expenses | (11,242) | (10,418) | |
| Administrative expenses | (6,563) | (7,333) | |
| Other income | 2,415 | 3,643 | |
| Other expenses | (1,642) | (1,792) | |
| Profit from operating activities | 17,545 | 9,441 | |
| Finance income | 3 | 4,080 | 5,986 |
| Finance costs | 4 | (1,803) | (5,120) |
| Profit / (loss) before income tax | 19,822 | 10,307 | |
| Income tax income / (expense) | (6,275) | (2,603) | |
| Profit / (loss) for the period | 13,547 | 7,704 | |
| thereof attributable to non-controlling interests | 3 | 15 | |
| thereof attributable to shareholders of Stabilus | 13,544 | 7,689 | |
| Other comprehensive income / (expense) | |||
| Foreign currency translation difference 1) | 11 | (1,960) | (4,856) |
| Unrealized actuarial gains and losses2) | 11 | – | (2,393) |
| Other comprehensive income / (expense), net of taxes | (1,960) | (7,249) | |
| Total comprehensive income / (expense) for the period | 11,587 | 455 | |
| thereof attributable to non-controlling interests | 3 | 15 | |
| thereof attributable to shareholders of Stabilus | 11,584 | 440 | |
| Earnings per share (in €): | |||
| basic | 5 | 0.65 | 0.37 |
| diluted | 5 | 0.65 | 0.37 |
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 December 31, 2015 (unaudited)
| Consolidated statement of financial position | T _ 012 | ||
|---|---|---|---|
| IN € THOUSANDS NOTE |
Dec 31, 2015 | Sept 30, 2015 | |
| Assets | |||
| Property, plant and equipment | 6 | 139,922 | 133,952 |
| Goodwill | 51,458 | 51,458 | |
| Other intangible assets | 7 | 164,776 | 166,475 |
| Other assets | 9 | 991 | 1,864 |
| Deferred tax assets | 6,424 | 4,929 | |
| Total non-current assets | 363,571 | 358,678 | |
| Inventories | 10 | 62,394 | 59,783 |
| Trade accounts receivable | 66,283 | 62,848 | |
| Current tax assets | 1,792 | 3,465 | |
| Other financial assets | 8 | 6,425 | 7,899 |
| Other assets | 9 | 11,187 | 10,093 |
| Cash and cash equivalents | 33,763 | 39,473 | |
| Total current assets | 181,844 | 183,561 | |
| Total assets | 545,415 | 542,239 |
| Consolidated statement of financial position | T _ 012 | ||
|---|---|---|---|
| IN € THOUSANDS | NOTE | Dec 31, 2015 | Sept 30, 2015 |
| Equity and liabilities | |||
| Issued capital | 207 | 207 | |
| Capital reserves | 73,091 | 73,091 | |
| Retained earnings | 38,415 | 24,871 | |
| Other reserves | 11 | (23,444) | (21,484) |
| Equity attributable to shareholders of Stabilus | 88,269 | 76,685 | |
| Non-controlling interests | 28 | 24 | |
| Total equity | 88,297 | 76,709 | |
| Financial liabilities | 12 | 258,883 | 258,644 |
| Other financial liabilities | 13 | 2,008 | 2,139 |
| Provisions | 14 | 2,038 | 1,032 |
| Pension plans and similar obligations | 48,088 | 47,989 | |
| Deferred tax liabilities | 40,384 | 38,976 | |
| Other liabilities | 15 | 587 | 576 |
| Total non-current liabilities | 351,988 | 349,356 | |
| Trade accounts payable | 56,562 | 68,929 | |
| Financial liabilities | 12 | 5,000 | 5,000 |
| Other financial liabilities | 13 | 7,372 | 7,978 |
| Current tax liabilities | 4,300 | 3,040 | |
| Provisions | 14 | 22,482 | 20,128 |
| Other liabilities | 15 | 9,414 | 11,099 |
| Total current liabilities | 105,130 | 116,174 | |
| Total liabilities | 457,118 | 465,530 | |
| Total equity and liabilities | 545,415 | 542,239 |
The accompanying Notes form an integral part of these Consolidated Financial Statements.
14 INTERIM REPORT Q1 FY2016
for the three months ended December 31, 2015 (unaudited)
| changes in equity | T _ 013 | |||||||
|---|---|---|---|---|---|---|---|---|
| IN € THOUSANDS | NOTE | Issued capital |
Capital reserves |
Retained earnings |
Other reserves |
Equity attributable to shareholders of Stabilus |
Non controlling interests |
Total equity |
| Balance as of Sept 30, 2014 | 207 | 73,091 | 7,920 | (5,128) | 76,090 | 33 | 76,123 | |
| Profit / (loss) for the period | – | – | 7,689 | – | 7,689 | 15 | 7,704 | |
| Other comprehensive income / (expense) |
11 | – | – | – | (7,249) | (7,249) | – | (7,249) |
| Total comprehensive income / (expense) for the period |
– | – | 7,689 | (7,249) | 440 | 15 | 455 | |
| Balance as of Dec 31, 2014 | 207 | 73,091 | 15,609 | (12,377) | 76,530 | 49 | 76,579 | |
| Balance as of Sept 30, 2015 | 207 | 73,091 | 24,871 | (21,484) | 76,685 | 24 | 76,709 | |
| Profit / (loss) for the period | – | – | 13,544 | – | 13,544 | 3 | 13,547 | |
| Other comprehensive income / (expense) |
11 | – | – | – | (1,960) | (1,960) | – | (1,960) |
| Total comprehensive income / (expense) for the period |
– | – | 13,544 | (1,960) | 11,584 | 3 | 11,587 | |
| Balance as of Dec 31, 2015 | 207 | 73,091 | 38,415 | (23,444) | 88,269 | 28 | 88,297 |
The accompanying Notes form an integral part of these Consolidated Financial Statements.
for the three months ended December 31, 2015 (unaudited)
Three months ended Dec 31, IN € THOUSANDS NOTE 2015 2014 Profit/ (loss) for the period 13,547 7,704 Current income tax expense 6,492 2,752 Deferred income tax expense (216) (150) Net finance result 3/4 (2,277) (866) Depreciation and amortization 10,864 10,529 Other non-cash income and expenses (1,160) (3,287) Changes in inventories (2,611) (4,741) Changes in trade accounts receivable (3,435) 2,152 Changes in trade accounts payable (12,367) (4,387) Changes in other assets and liabilities (433) (523) Changes in provisions 3,487 1,984 Changes in deferred tax assets and liabilities 216 150 Income tax payments 19 (3,267) (1,844) Cash flow from operating activities 8,840 9,473 Proceeds from disposal of property, plant and equipment 71 80 Purchase of intangible assets 7 (3,295) (3,571) Purchase of property, plant and equipment 6 (10,194) (6,398) Cash flow from investing activities (13,418) (9,889) Payments for finance leases (136) (135) Payments for interest 19 (1,439) (9,978) Cash flow from financing activities (1,575) (10,113) Net increase / (decrease) in cash and cash equivalents (6,153) (10,529) Effect of movements in exchange rates on cash held 443 62 Cash and cash equivalents as of beginning of the period 39,473 33,494 Cash and cash equivalents as of end of the period 33,763 23,027
The accompanying Notes form an integral part of these Consolidated Financial Statements.
as of and for the three months ended December 31, 2015
Stabilus S.A., Luxembourg, hereinafter also referred to as "Stabilus" or the "Company" is a public limited liability company (société anonyme) incorporated in Luxembourg and governed by Luxembourg law. The Company is registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés Luxembourg) under No. B0151589 and its registered office is located at 2, rue Albert Borschette, L-1246 Luxembourg, Grand Duchy of Luxembourg. The Company was founded under the name Servus HoldCo S.à r.l. on February 26, 2010.
The Company´s fiscal year is from October 1 to September 30 of the following year (twelve-month period). The consolidated financial statements of Stabilus S.A. include Stabilus and its subsidiaries (hereafter also referred to as "Stabilus Group" or the "Group").
The Stabilus Group is a leading manufacturer of gas springs and dampers, as well as electric tailgate opening and closing equipment. The products are used in a wide range in automotive and industrial applications, as well as in the furniture industry. Typically the products are used to support the lifting and lowering or dampening of movements. As world market leader for gas springs, the Group ships to all key vehicle manufacturers. Various Tier 1 suppliers of the global car industry as well as large technical focused distributors further diversify the Group's customer base.
The accompanying Condensed Interim Consolidated Financial Statements present the operations of Stabilus, Luxembourg, and its subsidiaries. The company has prepared these statements under the going concern assumption.
The Condensed Interim Consolidated Financial Statements for the first three months of fiscal year 2016 have been prepared in accordance with IAS 34 "Interim Financial Reporting"; they comply with the International Financial Reporting Standards (IFRS) as adopted by the European Union. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the financial position and performance of Stabilus Group since the last annual Consolidated Financial Statements as of and for the fiscal year ended September 30, 2015. These Interim Consolidated Financial Statements are condensed and do not include all information for full annual financial statements prepared in accordance with International Financial Reporting Standards and therefore should be read in connection with the Consolidated Financial Statements as of September 30, 2015.
The accounting policies adopted in the preparation of the Condensed Interim Consolidated Financial Statements are consistent with those followed in the preparation of the Group's annual financial statements for the fiscal year ended September 30, 2015.
These Condensed Interim Consolidated Financial Statements as of and for the three months ended December 31, 2015 comprise the Consolidated Statement of Comprehensive Income for the three months ended December 31, 2015, the Consolidated Statement of Financial Position as of December 31, 2015, the Consolidated Statement of Changes in Equity for the three months ended December 31, 2015, the Consolidated Statement of Cash Flows for the three months ended December 31, 2015 and explanatory Notes to the Condensed Interim Consolidated Financial Statements. The Condensed Interim Consolidated Financial Statements are prepared in euros (€) rounded to the nearest thousand. Due to rounding, numbers presented may not add up precisely to the totals provided.
The Condensed Interim Consolidated Financial Statements were authorized for issue by the Management Board on February 16, 2016.
The Group's revenue developed as follows:
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € THOUSANDS | 2015 | 2014 | ||
| Europe | 80,453 | 67,983 | ||
| NAFTA | 67,281 | 49,529 | ||
| Asia / Pacific and Rest of World | 19,555 | 17,626 | ||
| Revenue | 167,289 | 135,138 |
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € THOUSANDS | 2015 | 2014 | ||
| Automotive | 120,609 | 96,353 | ||
| Gas Spring | 78,143 | 66,882 | ||
| Powerise | 42,466 | 29,471 | ||
| Industrial | 39,706 | 32,396 | ||
| Swivel Chair | 6,974 | 6,389 | ||
| Revenue | 167,289 | 135,138 |
Group revenue results from sales of goods.
| Three months ended Dec 31, | |||
|---|---|---|---|
| IN € THOUSANDS | 2014 | ||
| Interest income on loans and financial receivables not measured at fair value through profit and loss | 8 | 13 | |
| Net foreign exchange gain | 4,023 | 4,491 | |
| Gains from changes in fair value of derivative instruments | – | 1,325 | |
| Other interest income | 49 | 157 | |
| Finance income | 4,080 | 5,986 |
| Finance costs | T _ 018 | ||
|---|---|---|---|
| Three months ended Dec 31, | |||
| IN € THOUSANDS | 2015 | 2014 | |
| Interest expense on financial liabilities not measured at fair value through profit and loss | (1,705) | (5,008) | |
| Interest expenses finance lease | (25) | (5) | |
| Other interest expenses | (73) | (107) | |
| Finance costs | (1,803) | (5,120) |
The weighted average number of shares used for the calculation of earnings per share in the three months ended December 31, 2015 and 2014 is set out in the following table.
| Weighted average number of shares | T _ 019 | ||||
|---|---|---|---|---|---|
| DATE | Number of days | Transaction | Change | Total shares | Total shares (time-weighted) |
| October 1, 2014 | 92 | – | – | 20,723,256 | 20,723,256 |
| December 31, 2014 | – | – | 20,723,256 | 20,723,256 | |
| October 1, 2015 | 92 | – | – | 20,723,256 | 20,723,256 |
| December 31, 2015 | – | – | 20,723,256 | 20,723,256 | |
The earnings per share for the three months ended December 31, 2015 and 2014 were as follows:
| Three months ended Dec 31, | |||
|---|---|---|---|
| 2015 | 2014 | ||
| Profit / (loss) attributable to shareholders of the parent (in € thousands) | 13,544 | 7,689 | |
| Weighted average number of shares | 20,723,256 | 20,723,256 | |
| Earnings per share (in €) | 0.65 | 0.37 |
Basic and diluted earnings per share are calculated by dividing the profit attributable to the shareholders of the Company by the weighted average number of shares outstanding.
Property, plant and equipment as of December 31, 2015 amounted to €139,922 thousand (Sept 30, 2015: €133,952 thousand). Additions to property, plant and equipment in the first quarter of fiscal 2016 amounted to €11,067 thousand (Q1 FY2015: €6,454 thousand). The increase against the comparative period is mainly due to increased assets under construction. The total assets under construction as of December 31, 2015 amounted to €31,348 thousand (Sept 30, 2015: €25,515 thousand). The significantly higher assets under construction are the result of our various capacity expansion projects (Gas Spring production in Germany, USA, China, as well as Powerise production in Mexico, Romania and China).
Disposals occurred only in the ordinary course of business. The net value of disposed property, plant and equipment in the first quarter of fiscal 2016 amounted to €20 thousand (Q1 FY2015: €41 thousand).
The Group did not recognize any impairment losses or reversals of impairment losses in the reporting period.
Other intangible assets as of December 31, 2015 amounted to €164,776 thousand (Sept 30, 2015: €166,475 thousand). Additions to intangible assets in the first quarter of fiscal 2016 amount to €3,295 thousand (Q1 FY2015: €3,571 thousand) and comprise mainly internally generated developments. Significant disposals have not been recognized.
In the first quarter of fiscal 2016, costs of €2,918 thousand (Q1 FY2015: €3,539 thousand) were capitalized for development projects that were incurred in the product and material development areas. Amortization expenses on development costs include impairment losses of €141 thousand (Q1 FY2015: €29 thousand) due to withdrawal of customers from the respective projects. The impairment loss is included in the research and development expenses. In the first quarter of fiscal 2016 total amortization expenses (including impairment losses) on intangible assets amounted to €5,110 thousand (Q1 FY2015: €5,103 thousand).
The borrowing costs capitalized in the first quarter of fiscal 2016 amounted to €49 thousand (Q1 FY2015: €153 thousand).
| Dec 31, 2015 | Sept 30, 2015 | |||||
|---|---|---|---|---|---|---|
| IN € THOUSANDS | Current | Non-current | Total | Current | Non-current | Total |
| Other miscellaneous | 6,425 | – | 6,425 | 7,899 | – | 7,899 |
| Other financial assets | 6,425 | – | 6,425 | 7,899 | – | 7,899 |
Other miscellaneous financial assets as of September 30, 2015 mainly comprise assets related to the sale of receivables program initially started in March 2014 amounting to €4,141 thousand (Sept 30, 2015: €3,404 thousand) and receivables from a warranty insurance company amounting to €1,593 thousand (Sept 30, 2015: €3,766 thousand).
Non-current prepayments comprise prepayments on property, plant and equipment.
| Inventories | T _ 023 | |
|---|---|---|
| IN € THOUSANDS | Dec 31, 2015 | Sept 30, 2015 |
| Raw materials and supplies | 31,715 | 30,969 |
| Finished products | 13,797 | 12,151 |
| Work in progress | 10,577 | 10,121 |
| Merchandise | 6,305 | 6,542 |
| Inventories | 62,394 | 59,783 |
The development of the Group's equity is presented in the Statement of Changes in Equity.
Other reserves comprise all foreign currency differences arising from the translation of the financial statements of foreign operations and unrealized actuarial gains and losses. The following table shows the changes in other reserves recognized in equity through other comprehensive income as well as the income tax recognized in equity through other comprehensive income:
IN € THOUSANDS Unrealized actuarial gains / (losses) Unrealized gains / (losses) from foreign currency translation Total Balance as of Sept 30, 2014 (8,751) 3,623 (5,128) Before tax 50 (16,390) (16,340) Tax (expense) / benefit (16) – (16) Other comprehensive income / (expense), net of taxes 34 (16,390) (16,356) Non-controlling interest – – – Balance as of Sept 30, 2015 (8,717) (12,767) (21,484) Before tax 28 (1,960) (1,932) Tax (expense) / benefit (28) – (28) Other comprehensive income / (expense), net of taxes – (1,960) (1,960) Non-controlling interest – – – Balance as of Dec 31, 2015 (8,718) (14,726) (23,444)
The financial liabilities comprise the following item:
| Dec 31, 2015 | Sept 30, 2015 | |||||
|---|---|---|---|---|---|---|
| IN € THOUSANDS | Current | Non-current | Total | Current | Non-current | Total |
| Senior facilities | 5,000 | 258,883 | 263,883 | 5,000 | 258,644 | 263,644 |
| Financial liabilities | 5,000 | 258,883 | 263,883 | 5,000 | 258,644 | 263,644 |
The Group's liability under the senior term loan facility with an initial principal amount of €270 million was measured at amortized cost under consideration of transaction costs. €2.5 million of the €270 million initial principal amount were repaid on September 30, 2015. The current portion of the financial liability reflects the next two semi-annual repayment installments of €2.5 million each (payable on March 31, 2016 and September 30, 2016).
As of December 31, 2015, the Group had no liability under the committed €50 million revolving credit facility.
| Dec 31, 2015 | Sept 30, 2015 | |||||
|---|---|---|---|---|---|---|
| IN € THOUSANDS | Current | Non-current | Total | Current | Non-current | Total |
| Liabilities to employees | 5,510 | – | 5,510 | 5,787 | – | 5,787 |
| Social security contribution | 1,523 | – | 1,523 | 1,844 | – | 1,844 |
| Finance lease obligation | 339 | 2,008 | 2,347 | 347 | 2,139 | 2,486 |
| Other financial liabilities | 7,372 | 2,008 | 9,380 | 7,978 | 2,139 | 10,117 |
| Dec 31, 2015 | Sept 30, 2015 | |||||
|---|---|---|---|---|---|---|
| IN € THOUSANDS | Current | Non-current | Total | Current | Non-current | Total |
| Anniversary benefits | – | – | – | 13 | – | 13 |
| Early retirement contracts | 430 | 860 | 1,290 | 659 | 860 | 1,519 |
| Employee-related costs | 10,626 | – | 10,626 | 9,082 | – | 9,082 |
| Environmental protection | 152 | 1,001 | 1,153 | 376 | – | 376 |
| Other risks | 1,249 | – | 1,249 | 1,035 | – | 1,035 |
| Legal and litigation costs | 98 | – | 98 | 90 | – | 90 |
| Warranties | 8,080 | – | 8,080 | 7,938 | – | 7,938 |
| Other miscellaneous | 1,847 | 177 | 2,024 | 935 | 172 | 1,107 |
| Provisions | 22,482 | 2,038 | 24,520 | 20,128 | 1,032 | 21,160 |
The provision for employee-related expenses increased in the first quarter of fiscal 2016 by €1,544 thousand to €10,626 thousand essentially due to higher provisions for bonuses and profit sharing. The provision for environmental protection, in particular long-term bioremediation of the former Colmar US site, increased in the first quarter of fiscal 2016 from €376 thousand to €1,153 thousand. This is to cover the contractor expense to achieve a further level of remediation.
The following table sets out the breakdown of Group's other current and non-current liabilities:
| Other liabilities | T _ 028 | |||||
|---|---|---|---|---|---|---|
| Dec 31, 2015 | Sept 30, 2015 | |||||
| IN € THOUSANDS | Current | Non-current | Total | Current | Non-current | Total |
| Advanced payments received | 1,012 | 587 | 1,599 | 1,267 | 576 | 1,843 |
| Vacation expenses | 2,002 | – | 2,002 | 2,269 | – | 2,269 |
| Other personnel-related expenses | 2,516 | – | 2,516 | 5,515 | – | 5,515 |
| Outstanding costs | 3,447 | – | 3,447 | 1,891 | – | 1,891 |
| Miscellaneous | 437 | – | 437 | 157 | – | 157 |
| Other liabilities | 9,414 | 587 | 10,001 | 11,099 | 576 | 11,675 |
The liability for other personnel-related expenses decreased by €(2,999) thousand from €5,515 thousand as of September 30, 2015 to €2,516 thousand as of December 31, 2015 primarily driven by payments of Christmas allowances in Germany.
Contingent liabilities are uncertainties for which the outcome has not been determined. If the outcome is probable and estimable, the liability is shown in the statement of financial position.
In regards to the potential contingent obligation in the EPA Colmar case, please refer to Note 24 in the Annual Report 2015.
A detailed description of the guarantees the Group has issued can be found in the 2015 Annual Report.
The nominal values of the other financial commitments as of December 31, 2015 are as follows:
| IN € THOUSANDS | Dec 31, 2015 | Sept 30, 2015 |
|---|---|---|
| Capital commitments for fixed and other intangible assets | 10,817 | 11,449 |
| Obligations under rental and leasing agreements | 23,791 | 22,646 |
| Total | 34,608 | 34,095 |
The following table shows the carrying amounts and fair values of the Group's financial instruments. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
| Financial instruments | T _ 030 | ||||
|---|---|---|---|---|---|
| Dec 31, 2015 | Sept 30, 2015 | ||||
| Measurement category |
|||||
| IN € THOUSANDS | acc. to IAS 39 Carrying amount | Fair value Carrying amount | Fair value | ||
| Trade accounts receivables | LaR | 69,360 | 69,360 | 62,848 | 62,848 |
| Cash | LaR | 33,763 | 33,763 | 39,473 | 39,473 |
| Other financial assets | LaR | 6,425 | 6,425 | 7,899 | 7,899 |
| Total financial assets | 109,548 | 109,548 | 110,220 | 110,220 | |
| Financial liabilities | FLAC | 263,883 | 261,330 | 263,644 | 261,277 |
| Trade accounts payable | FLAC | 56,562 | 56,562 | 68,929 | 68,929 |
| Finance lease liabilities | – | 2,347 | 2,237 | 2,486 | 2,428 |
| Other financial liabilities | FLAC/ – | 2,347 | 2,237 | 2,486 | 2,428 |
| Total financial liabilities | 322,792 | 320,129 | 335,059 | 332,634 | |
| Aggregated according to categories in IAS 39: | |||||
| Loans and receivables (LaR) | 109,548 | 109,548 | 110,220 | 110,220 | |
| Financial liabilities measured at amortized cost (FLAC) |
320,445 | 317,892 | 332,573 | 330,206 | |
The following table provides an overview of the classification of financial instruments presented above in the fair value hierarchy, except for financial instruments with fair values corresponding to the carrying amounts (i.e. trade accounts receivable and payable, cash and other financial liabilities).
| Dec 31, 2015 | Sept 30, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|
| IN € THOUSANDS | Total | Level 11) | Level 22) | Level 33) | Total | Level 11) | Level 22) | Level 33) |
| Financial liabilities | ||||||||
| Senior facilities | 261,330 | – | 261,330 | – | 261,277 | – | 261,277 | – |
| Finance lease liabilities | 2,237 | – | – | 2,237 | 2,428 | – | – | 2,428 |
1) Fair value measurement based on quoted prices (unadjusted) in active markets for these or identical instruments.
2) Fair value measurement based on inputs that are observable on active markets either directly (i.e. as prices) or indirectly (i.e. derived from prices).
3) Fair value measurement based on inputs that are not observable market data.
The fair value is the price that would be received to sell an asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values:
All aspects of the Group's financial risk management objectives and policies are consistent with those disclosed in the Consolidated Financial Statements as of and for the fiscal year ended September 30, 2015.
The statement of cash flows is prepared in compliance with IAS 7. The statement of cash flows of the Stabilus Group shows the development of the cash flows from operating, investing and financing activities. Inflows and outflows from operating activities are presented in accordance with the indirect method and those from investing and financing activities by the direct method.
The cash funds reported in the statement of cash flows comprise all liquid funds, cash balances and cash at banks reported in the statement of financial position.
Interest payments in the first quarter of fiscal 2016 amounting to €(1,439) thousand (Q1 FY2015: €(9,978) thousand) are taken into account in the cash outflows from financing activities. Income tax payments in the same period of €(3,267) thousand (Q1 FY2015: €(1,844) thousand) are allocated in full to the operating activities area, since allocation to individual business areas is impracticable.
The Stabilus Group is organized and managed primarily on a regional level. The three reportable operating segments of the Group are Europe, NAFTA and Asia / Pacific including RoW. The product portfolio is largely similar in these three regional segments.
The Group measures the performance of its operating segments through a measure of segment profit or loss (key performance indicator) which is referred to as "adjusted EBIT" and in the previous periods "adjusted EBITDA". Adjusted EBIT represents EBIT (i.e. earnings before interest and taxes), as adjusted by management primarily in relation to severance, consulting, restructuring and other non-recurring costs, expenses for one-time legal disputes, interest on pension changes as well as depreciation and amortization of Group's assets to fair value resulting from the April 2010 purchase price allocation (PPA).
Segment information for the three months ended December 31, 2015 and 2014 is as follows:
| Europe | NAFTA | Asia / Pacific and RoW | |||||
|---|---|---|---|---|---|---|---|
| Three months ended Dec 31, | Three months ended Dec 31, | Three months ended Dec 31, | |||||
| IN € THOUSANDS | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
| External revenue1) | 80,454 | 67,983 | 67,281 | 49,529 | 19,555 | 17,626 | |
| Intersegment revenue1) | 6,372 | 8,665 | 1,321 | 502 | 158 | 63 | |
| Total revenue1) | 86,826 | 76,648 | 68,602 | 50,031 | 19,713 | 17,689 | |
| EBITDA | 15,222 | 9,349 | 9,586 | 6,958 | 3,600 | 3,663 | |
| Depreciation and amortization (incl. impairment losses) |
(5,061) | (5,060) | (1,651) | (1,656) | (982) | (691) | |
| EBIT | 10,162 | 4,289 | 7,935 | 5,302 | 2,618 | 2,972 | |
| Adjusted EBITDA | 15,532 | 11,836 | 9,586 | 7,134 | 3,600 | 3,663 | |
| Adjusted EBIT | 10,472 | 6,776 | 7,935 | 5,478 | 2,618 | 2,972 |
| Total segments Three months ended Dec 31, |
Other / Consolidation Three months ended Dec 31, |
Stabilus Group Three months ended Dec 31, |
||||
|---|---|---|---|---|---|---|
| IN € THOUSANDS | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| External revenue1) | 167,290 | 135,138 | – | – | 167,289 | 135,138 |
| Intersegment revenue1) | 7,851 | 9,230 | (7,851) | (9,230) | – | – |
| Total revenue1) | 175,141 | 144,368 | (7,851) | (9,230) | 167,289 | 135,138 |
| EBITDA | 28,408 | 19,970 | – | – | 28,408 | 19,970 |
| Depreciation and amortization (incl. impairment losses) |
(7,694) | (7,407) | (3,170) | (3,122) | (10,863) | (10,529) |
| EBIT | 20,715 | 12,563 | (3170) | (3122) | 17,545 | 9,441 |
| Adjusted EBITDA | 28,718 | 22,633 | – | – | 28,718 | 22,633 |
| Adjusted EBIT | 21,025 | 15,226 | – | 47 | 21,025 | 15,273 |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
The amounts presented in the column "Other / Consolidation" above include the elimination of transactions between the segments and certain other corporate items which are related to the Stabilus Group as a whole and are not allocated to the segments, e.g. depreciation from purchase price allocations.
The following table sets out the reconciliation of the total segments' profit (adjusted EBITDA) to profit before income tax.
| Reconciliation of the total segments' profit to profit / (loss) before income tax | T _ 033 | ||
|---|---|---|---|
| ----------------------------------------------------------------------------------- | -- | -- | --------- |
| Three months ended Dec 31, | ||
|---|---|---|
| IN € THOUSANDS | 2015 | 2014 |
| Total segments' profit (adjusted EBIT) | 21,025 | 15,226 |
| Other / consolidation | – | 47 |
| Group adjusted EBIT | 21,025 | 15,273 |
| Adjustments to EBIT | (3,480) | (5,832) |
| Profit from operating activities (EBIT) | 17,545 | 9,441 |
| Finance income | 4,080 | 5,986 |
| Finance costs | (1,803) | (5,120) |
| Profit / (loss) before income tax | 19,822 | 10,307 |
The adjustments to EBIT primarily include the depreciation and amortization of Group's assets to fair value resulting from the April 2010 purchase price allocation (PPA) and pension interest add-back.
In accordance with IAS 24, persons or entities that control or are controlled by the Stabilus Group shall be disclosed, unless they are included in the scope of consolidation as a consolidated entity.
The disclosure obligation under IAS 24 furthermore extends to transactions with persons who exercise a significant influence on the financial and business policies of the Stabilus Group, including close family members or interposed entrepreneurs. A significant influence on the financial and business policies of the Stabilus Group can hereby be based on a shareholding in Stabilus of 20% or more, a seat on the Stabilus Management Board or another key position.
Related parties of the Stabilus Group in accordance with IAS 24 primarily comprise the Stabilus Group management which holds an investment in the Company.
As of February 16, 2016, there were no further events or developments that could have materially affected the measurement and presentation of Group's assets and liabilities as of December 31, 2015.
To the best of our knowledge, and in accordance with the applicable accounting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the corporation, and the interim management report of the corporation includes a fair review of the development and performance of the business and the position of the corporation, together with a description of the principal opportunities and risks associated with the expected development of the corporation for the remaining months of the fiscal year.
Luxembourg, February 16, 2016
Management Board Dietmar Siemssen Mark Wilhelms Andreas Schröder
com).
| DATE 1)2) | PUBLICATION / EVENT | |
|---|---|---|
| February 17, 2016 | Publication of the first-quarter results for fiscal year 2016 (Interim Report Q1 FY16) | |
| February 17, 2016 | Annual General Meeting for fiscal year 2015 Publication of the second-quarter results for fiscal year 2016 (Interim Report Q2 FY16) |
|
| May 13, 2016 | ||
| August 12, 2016 | Publication of the third-quarter results for fiscal year 2016 (Interim Report Q3 FY16) | |
| December 15, 2016 | Publication of full-year results for fiscal year 2016 (Annual Report 2016) | |
1) We cannot rule out changes of dates. We recommend checking them on our website in the Investor Relations / Financial Calendar section (www.ir.stabilus.
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 2016 comprises a year ended September 30, 2016.
This interim report 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 and including the date that this interim report 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 to 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 interim report.
Certain numbers in this interim report 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 interim report. All percentage changes and key figures in the Group Management Report were calculated using the underlying data in millions of euros with one decimal place (€ millions).
Further information including news, reports and publications can be found in the investor relations section of our website at www.ir.stabilus.com.
Phone: +352 286 770 21 Fax: +352 286 770 99 Email: [email protected]
Phone: +49 261 8900 502 Email: [email protected]
Stabilus S.A. 2, rue Albert Borschette, L-1246 Luxembourg Grand Duchy of Luxembourg Phone: +352 286 770 1 Fax: +352 286 770 99 Email: [email protected] Internet: www.stabilus.com
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