Q3 FY2023 RESULTS JULY 31, 2023
1 MOTION CONTROL
Stabilus SE (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.
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Numbers were rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
AGENDA
OPERATIONAL UPDATE
FINANCIAL RESULTS
RESULTS BY OPERATING SEGMENT
OUTLOOK
5 APPENDIX
OPERATIONAL UPDATE
STRONG OPERATIONAL PERFORMANCE IN Q3 FY23
ORGANIC REVENUE GROWTH OF 13.7% Y/Y WITH 13.7% ADJ. EBIT MARGIN
- › Organic revenue growth of 13.7% y/y in Q3 FY23
- › Strong Powerise business with organic revenue growth of 21.2% y/y, outperforming the growth in light vehicle production (LVP) of 15.5%; Automotive Powerise organic growth in APAC at 42.2% y/y and in EMEA at 27.5% y/y
- › Organic growth in Industrial business with 7.3% y/y well above the growth of the global economy (GDP)
- › Strong improvement of adj. EBIT margin quarter-on-quarter (13.7% in Q3 FY23 vs. 11.2% in Q1 FY23 and 13.1% in Q2 FY23), mainly due to strong recovery in EMEA, strict cost management and customer reimbursements for cost inflation
FURTHER AUTOMATION INCREASE AT KOBLENZ SITE… … AND SIGNING OF A COLLECTIVE AGREEMENT
Maintaining the market and cost leadership Securing the future of Koblenz site as production location
- › Investment of €10m in modernization, automation and efficiency at the Koblenz plant, increasing the site's competitiveness; renovation of production areas, investment in further state-of-the-art technology, further reduction of heavy physical labor; realignment of on-site logistics, maintenance and repair activities
- › Workforce reduction by 15% through natural fluctuation until FY2025
- › Afuture collective agreement (Zukunftstarifvertrag) concluded with local workers' council and IG Metall
STABILUS - MAJORITY SHAREHOLDER IN CULTRARO EXPANDING PRODUCT PORTFOLIO BY SMALL-FORMAT PRODUCTS
Select products and applications Stake in Cultraro raised from 32% to 60%
- › Following the acquisition of 32% of total shares in November 2021, Stabilus acquired additional shares (28%) in Cultraro Group (www.cultrarogroup.com); moreover, Stabilus has a preemptive right for the purchase of the remaining 40% of shares
- › The rationale for the acquisition of additional shares: expand Stabilus Group's product portfolio by small-format motion control solutions for both automotive and industrial customers, support execution of long-term strategy STAR 2030
- › With the acquisition we see potential for double-digit revenue growth with EBIT margin above 20% for Cultraro in the next years (2022: sales €16.0m, EBIT margin 20.5%)
- › Sales synergies of up to €5m in 2025 are expected; the purchase price for additional shares amounted to €14.6m (incl. earn-out)
- › Acquisition will be margin-accretive (change from equity consolidation to full consolidation in Q4 FY23)
NEW SEAT FOLDING DAMPER
A JOINT STABILUS-CULTRARO DEVELOPMENT / INNOVATION
Damping solution for folding seats Stabilus-Cultraro partnership already bears fruit
- › Cultraro Group (www.cultrarogroup.com) is a leading manufacturer of small-format dampers and latches
- › Products: rotary, axial and linear dampers, latches; product applications in a broad range of industries, e.g., electronics and tools, home and appliances, automotive, services and activities, other means of transport
- › An example for fruitful collaboration with Cultraro since 2020 a newly developed damping solution for seat folding
- › During folding, the backrest does not fall down, but moves slowly and in a controlled manner
FINANCIAL RESULTS
| Revenue |
›
Revenue at €306.5m (vs. €271.1m in Q3 FY22), + €35.4m or + 13.1% y/y
›
Acquisition effect: 0% y/y, currency translation effect: -
0.6% y/y, organic growth: 13.7% y/y (incl. impacts on pricing) |
| Adj. EBIT |
›
Adj. EBIT at €41.9m (vs. €37.9m in Q3 FY22), + 10.6% y/y
›
Adj. EBIT margin at 13.7% (vs. 14.0% in Q3 FY22) |
| Profit |
›
Profit at €21.7m (vs. €24.3m in Q3 FY22), -
10.7% y/y, impacted by net fx losses from revaluation of cash in foreign currency
›
Profit margin at 7.1% (vs. 9.0% in Q3 FY22) |
| Adj. FCF |
›
Adj. FCF (i.e., FCF before acquisitions) at €48.3m (vs. €26.8m in Q3 FY22), + 80.2% y/y, supported by positive development
of net working capital as well as tax refund due to tax ruling in Germany (€12.1m) |
| Net leverage ratio |
›
Net leverage ratio at 0.3x (vs. 0.4x at the end of FY2022 and 0.6x at the end of Q3 FY22)
›
Net financial debt at €56.9m (vs. €88.4m at the end of FY2022 and 121.9m at the end of Q3 FY22) |
| Outlook |
›
The FY2023 outlook was specified within the forecasted range to revenue of €1.2bn (at the upper end of the range) with an
adjusted EBIT margin of 13.0% (at the lower end of the range), corresponding to an adj. EBIT of €156m
(The prior outlook: €1.1b-€1.2b revenue, 13%-14% adj. EBIT margin, being equivalent to €155m adj. EBIT at midpoint) |
KEY FIGURES
Q3 FY2023
KEY FIGURES
9M FY2023
RESULTS BY OPERATING SEGMENT
13
Revenue (€m) Comments
Adj. EBIT (€m)
- › Light vehicle production (LVP) in Europe, Middle East and Africa in Q3 FY23 at 5.1m units, + 13.4% vs. Q3 FY22
- › EMEA's revenue up by €11.5m or 9.7% y/y to €129.9m in Q3 FY23, organically + 10.2% y/y (incl. impacts on pricing)
- › Automotive Gas Spring revenue + 7.1% y/y and Automotive Powerise + 27.5% y/y organically; Automotive Powerise growth was supported by higher production of Powerise units for, e.g., BMW Group: BMW 4-series, 5-series, iX (EV), Mini Countryman; Ford: Focus, Puma; Geely XC40 Coupé; Hyundai Kia Sportage; Tesla Model Y (EV); VW Group: Audi: A5, A6; Porsche: Cayenne, Macan; Seat: Cupra Formentor, Leon; Skoda: Enyaq, Octavia; VW: Passat, ID.4 (EV), ID.5 (EV), ID.6 (EV), T7
- › Industrial revenue up by €2.9m or 4.5%y/y, organic growth at 5.3% y/y, essentially due to growth in the market segment Mobility, partly offset by softer business in Health, Recreation & Furniture (HRF)
- › Adj. EBIT margin improved by 4.6pp to 14.7% in Q3 FY23, due to strong revenue growth, particularly in Automotive Powerise business unit, strict cost management as well as normalization of purchase prices for some raw materials, components, energy
AMERICAS Q3 FY2023
Revenue (€m) Comments
Adj. EBIT (€m)
- › Light vehicle production (LVP) in Americas in Q3 FY23 at 4.8m units, + 13.6% vs. Q3 FY22
- › Americas' revenue up by €12.3m or 12.6% y/y, currency translation effect at 4.3%, organic growth at 8.3% y/y (incl. impacts on pricing)
- › Automotive Gas Spring revenue up by 15.9% y/y and Automotive Powerise revenue up by 1.1% y/y organically; Automotive Powerise growth was supported by higher production of Powerise units for, e.g., BMW X3; Rivian R1T (EV); Tesla Model Y (EV); Stellantis: Chrysler Pacifica, Jeep Grand Cherokee; VW Group: ID.4, Atlas; for a select number of other vehicle models / manufacturers the Powerise production was lower in Q3 FY23 y/y
- › Industrial revenue increased by €2.8m or 7.9% y/y, organic growth at + 10.3%y/y, as a result of strong growth in market segments Energy, Construction, Industrial Machinery & Automation (ECIMA) and Distributors, Independent Aftermarket, E- commerce (DIAMEC), partly offset by lower revenues in Health, Recreation & Furniture (HRF)
- › Adj. EBIT margin dipped by 4.7pp to 10.6% in Q3 FY23, as a result of higher material and labor costs as well as €0.6m net fx losses as a consequence of unfavorable MXN/USD rate development (vs. €0.6m net fx gain in Q3 FY22)
Revenue (€m) Comments
Adj. EBIT (€m)
- › Light vehicle production (LVP) in Asia-Pacific in Q3 FY23 at 12.0m units, + 17.3% vs. Q3 FY22
- › APAC's revenue up by €11.6m or 21.1% to €66.7m in Q3 FY23, currency translation effect at - 9.6%, organic growth at + 30.7% y/y (incl. impacts on pricing)
- › Organic growth in Automotive Gas Spring + 20.3% y/y and in Automotive Powerise + 42.2% y/y; Automotive Powerise growth was driven by higher production for, e.g., Ford: Edge, Explorer, Lincoln MKX; GAC Trumpchi M8; Hyundai: Custo, Grandeur, Ioniq 5 (EV), Ioniq 6 (EV), Kia EV6 (EV), K8, Niro; Tesla: Model 3, Y (EVs); Li Xiang: Li Auto L7 (REEV), Li Auto L9 (REEV); VW: Teramont, Tharu
- › Industrial revenue up by €0.2m or + 3.8% y/y, organic growth at + 12.5% y/y
- › Adj. EBIT margin at 16.8% in Q3 FY23, versus 20.0% in Q3 FY22, - 3.2pp y/y, as a result of higher material and labor costs
REVENUE BY BUSINESS UNIT
Q3 FY2023
- › Global light vehicle production (LVP) in Q3 FY23 with 22.0m units, + 15.5% vs. Q3 FY22
- › With organic growth of 21.2% y/y (incl. impacts on pricing) Automotive Powerise is well above the LVP in Q3 FY23, reflecting continuing strong end customer demand for automated tailgates
- › Industrial revenue up by €5.9m (+ 5.6% y/y), organic growth at 7.3% y/y (incl. impacts on pricing), well above the growth of the global economy (GDP); see following page for further details on industrial market segments
Q3 FY2023
Distributors, Independent Aftermarket, E-commerce (DIAMEC) Mobility (M) Healthcare, Recreation & Furniture (HRF)
Energy, Construction, Industrial Machinery & Automation (ECIMA)
› Industrial revenue at €111.5m, up by €5.9m or 5.6% y/y
- › The growth in industrial business was primarily driven by market segments Energy, Construction, Industrial Machinery & Automation (ECIMA), Mobility and Distributors, Independent Aftermarket, E-commerce (DIAMEC), partly offset by lower revenues in Healthcare, Recreation & Furniture (HRF)
- › As a result, in Q3 FY23, the revenue share of ECIMA has increased to 21% (Q3 FY22: 19%) and the share of Mobility to 30% (Q3 FY22: 29%) of total industrial revenue; the revenue share of DIAMEC remained unchanged at 37% (Q3 FY22: 37%) and of HRF decreased to 12% (Q3 FY22: 15%)
OUTLOOK
| Guidance |
|
|
Comments |
|
FY2022
Actual |
FY2023
Guidance |
|
| Revenue |
€1,116.3m |
€1.2bn |
|
| Adj. EBIT margin |
14.0% |
13.0% |
|
› Global light vehicle production (LVP) expected to grow by c. 5% y/y in FY2023 (Oct 2022 - Sept 2023): 86.0m in FY2023 vs. 81.6m in FY2022 (IHS Markit, July 2023)
› The FY2023 outlook was specified within the forecasted range to revenue of €1.2bn (at the upped end of the range) with an adj. EBIT margin of 13.0% (at the lower end of the range) which corresponds to an adj. EBIT of €156m. (The prior outlook: €1.1bn - €1.2bn revenue with 13%-14% adj. EBIT margin, being equivalent to €155m adj. EBIT ad midpoint.)
› Based on our strategic pyramid, we continue to pursue our longterm strategy, focusing on profitable and sustainable growth, customer and employee satisfaction, innovation and sustainability
APPENDIX
REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER
REVENUE OVERVIEW THREE MONTHS ENDED JUNE 30, 2023
Revenue (€m)
|
Q3 FY2022
Actual |
Q3 FY2023
Actual |
Change |
% change |
Acquisition effect |
Currency effect |
Organic growth |
| Automotive Gas Spring |
29.7 |
31.8 |
2.1 |
7.1% |
- |
0.0% |
7.1% |
| Automotive Powerise |
23.7 |
30.2 |
6.5 |
27.4% |
- |
(0.1)% |
27.5% |
| Industrial |
65.0 |
67.9 |
2.9 |
4.5% |
- |
(0.8)% |
5.3% |
| EMEA |
118.4 |
129.9 |
11.5 |
9.7% |
- |
(0.5)% |
10.2% |
Automotive
Gas Spring |
25.5 |
30.6 |
5.1 |
20.0% |
- |
4.1% |
15.9% |
Automotive
Powerise |
36.8 |
41.2 |
4.4 |
12.0% |
- |
10.9% |
1.1% |
| Industrial |
35.3 |
38.1 |
2.8 |
7.9% |
- |
(2.4)% |
10.3% |
| AMERICAS |
97.6 |
109.9 |
12.3 |
12.6% |
- |
4.3% |
8.3% |
| Automotive Gas Spring |
21.7 |
24.1 |
2.4 |
11.1% |
- |
(9.2)% |
20.3% |
Automotive
Powerise |
28.1 |
37.1 |
9.0 |
32.0% |
- |
(10.2)% |
42.2% |
| Industrial |
5.3 |
5.5 |
0.2 |
3.8% |
- |
(8.7)% |
12.5% |
| APAC |
55.1 |
66.7 |
11.6 |
21.1% |
- |
(9.6)% |
30.7% |
| Total Automotive Gas Spring (AGS) |
76.9 |
86.5 |
9.6 |
12.5% |
- |
(1.2)% |
13.7% |
Total
Automotive Powerise (APR) |
88.6 |
108.5 |
19.9 |
22.5% |
- |
1.3% |
21.2% |
| Total Industrial (IND) |
105.6 |
111.5 |
5.9 |
5.6% |
- |
(1.7)% |
7.3% |
| Total |
271.1 |
306.5 |
35.4 |
13.1% |
- |
(0.6)% |
13.7% |
REVENUE OVERVIEW NINE MONTHS ENDED JUNE 30, 2023
Revenue (€m)
|
9M FY2022
Actual |
9M FY2023
Actual |
Change |
% change |
Acquisition effect |
Currency effect |
Organic growth |
| Automotive Gas Spring |
86.6 |
90.3 |
3.7 |
4.3% |
- |
0.0% |
4.3% |
| Automotive Powerise |
69.4 |
86.8 |
17.4 |
25.1% |
- |
0.4% |
24.7% |
| Industrial |
192.7 |
199.2 |
6.5 |
3.4% |
- |
(1.0)% |
4.4% |
| EMEA |
348.7 |
376.2 |
27.5 |
7.9% |
- |
(0.5)% |
8.4% |
Automotive
Gas Spring |
74.5 |
89.2 |
14.7 |
19.7% |
- |
9.7% |
10.0% |
Automotive
Powerise |
101.9 |
127.1 |
25.2 |
24.7% |
- |
15.7% |
9.0% |
| Industrial |
93.7 |
116.7 |
23.0 |
24.5% |
- |
5.3% |
19.2% |
| AMERICAS |
270.1 |
333.0 |
62.9 |
23.3% |
- |
10.5% |
12.8% |
| Automotive Gas Spring |
74.3 |
75.3 |
1.0 |
1.3% |
- |
(3.8)% |
5.1% |
Automotive
Powerise |
85.8 |
106.7 |
20.9 |
24.4% |
- |
(4.4)% |
28.8% |
| Industrial |
17.1 |
16.5 |
(0.6) |
(3.5)% |
- |
(3.8)% |
0.3% |
| APAC |
177.2 |
198.5 |
21.3 |
12.0% |
- |
(4.1)% |
16.1% |
| Total Automotive Gas Spring (AGS) |
235.4 |
254.8 |
19.4 |
8.2% |
- |
1.9% |
6.3% |
Total
Automotive Powerise (APR) |
257.1 |
320.6 |
63.5 |
24.7% |
- |
4.9% |
19.8% |
| Total Industrial (IND) |
303.5 |
332.4 |
28.9 |
9.5% |
- |
0.8% |
8.7% |
| Total |
796.0 |
907.8 |
111.8 |
14.0% |
- |
2.4% |
11.6% |
P&L OVERVIEW
THREE MONTHS ENDED JUNE 30, 2023
P&L (€m)
|
Q3 FY2022
Actual |
Q3 FY2023
Actual |
Change |
% change |
| Revenue |
271.1 |
306.5 |
35.4 |
13.1% |
Cost
of sales |
(198.6) |
(226.2) |
(27.6) |
13.9% |
| Gross Profit |
72.5 |
80.3 |
7.8 |
10.8% |
| % margin |
26.7% |
26.2% |
|
|
R&D
expenses |
(6.2) |
(7.8) |
(1.6) |
25.8% |
Selling
expenses |
(22.1) |
(24.1) |
(2.0) |
9.0% |
Administrative
expenses |
(10.9) |
(10.4) |
0.5 |
(4.6)% |
| Other income/expenses |
1.1 |
0.4 |
(0.7) |
(63.6)% |
| EBIT |
34.4 |
38.4 |
4.0 |
11.6% |
| % margin |
12.7% |
12.5% |
|
|
| Finance income/costs |
0.5 |
(5.2) |
(5.7) |
<(100.0)% |
| EBT |
34.9 |
33.2 |
(1.7) |
(4.9)% |
| % margin |
12.9% |
10.8% |
|
|
| Income tax |
(10.6) |
(11.5) |
(0.9) |
8.5% |
| Profit |
24.3 |
21.7 |
(2.6) |
(10.7)% |
| % margin |
9.0% |
7.1% |
|
|
|
|
|
|
|
| EPS in € |
0.97 |
0.86 |
(0.11) |
(11.3)% |
- › To underline the sales impact of capitalized R&D projects, R&Dproject amortization is included in cost of sales, and not in R&D expenses anymore (Q3 FY23: €3.5m in cost of sales; Q3 FY22: €4.0m in R&D expenses)
- › Net finance costs up by €5.7m y/y, mainly due to €2.6m net fx loss in Q3 FY23 vs. €5.6m net fx gain in Q3 FY22, as a result of currency conversion of cash
P&L OVERVIEW
NINE MONTHS ENDED JUNE 30, 2023
P&L (€m)
|
9M FY2022
Actual |
9M FY2023
Actual |
Change |
% change |
| Revenue |
796.0 |
907.8 |
111.8 |
14.0% |
Cost
of sales |
(585.0) |
(666.3) |
(81.3) |
13.9% |
| Gross Profit |
211.0 |
241.4 |
30.4 |
14.4% |
| % margin |
26.5% |
26.6% |
|
|
R&D
expenses |
(24.1) |
(26.4) |
(2.3) |
9.5% |
Selling
expenses |
(63.3) |
(77.5) |
(14.2) |
22.4% |
Administrative
expenses |
(31.1) |
(32.4) |
(1.3) |
4.2% |
| Other income/expenses |
3.5 |
(0.6) |
(4.1) |
<(100.0)% |
| EBIT |
96.1 |
104.6 |
8.5 |
8.8% |
| % margin |
12.1% |
11.5% |
|
|
| Finance income/costs |
(0.5) |
(17.6) |
(17.1) |
>100.0% |
| EBT |
95.6 |
87.0 |
(8.6) |
(9.0)% |
| % margin |
12.0% |
9.6% |
|
|
| Income tax |
(27.1) |
(7.2) |
19.9 |
(73.4)% |
| Profit |
68.5 |
79.8 |
11.3 |
16.5% |
| % margin |
8.6% |
8.8% |
|
|
|
|
|
|
|
| EPS in € |
2.74 |
3.19 |
0.45 |
16.4% |
- › To underline the sales impact of capitalized R&D projects, R&D- project amortization is included in cost of sales, and not in R&D expenses anymore (9M FY23: €10.0m in cost of sales; 9M FY22: €10.8m in R&D expenses)
- › Selling expenses up by €14.2m or 22.4% y/y due to higher business volume, higher freight, travel and exhibition costs, compared to 9M FY22 which was impacted by COVID-19 ; in addition, warehousing costs for Independent Aftermarket were reclassified from cost of sales to selling expenses in Q2 FY23
- › Net other expenses down by €4.1m y/y, primarily due to €4.7m net fx loss in 9M FY23 vs. €0.7m net fx gain 9M FY22; the 9M F23 amount includes €0.4m income from the equity-accounted investment in Cultraro (9M FY22: € 0.1m)
- › Net finance costs up by €17.1m y/y, mainly due to €14.5m net fx loss in 9M FY23 vs. €7.9m net fx gain in 9M FY22, as a result of currency conversion of cash; the increase in finance costs was partly offset by higher interest income on tax refunds
- › Income taxes down by €19.9m y/y, mainly due to a positive tax ruling in Q2 FY23 regarding the expected tax refunds for the past fiscal years (FY2010 – FY2014)
EBIT ADJUSTMENTS
THREE AND NINE MONTHS ENDED JUNE 30, 2023
Adjusted EBIT (€m)
|
Q3 FY2022
Actual |
Q3 FY2023
Actual |
Change |
% change |
| EBIT |
34.4 |
38.4 |
4.0 |
11.6% |
PPA adj. -
D&A (2010 PPA) |
1.2 |
1.2 |
- |
0.0% |
PPA adj. -
D&A (2016 PPA) |
2.1 |
2.1 |
- |
0.0% |
PPA adj. -
D&A (2019 PPA) |
0.2 |
0.2 |
- |
0.0% |
| Earn-out |
- |
0.1 |
0.1 |
n/a |
| Total adjustments |
3.5 |
3.5 |
- |
0.0% |
| Adjusted EBIT |
37.9 |
41.9 |
4.0 |
10.6% |
| % margin |
14.0% |
13.7% |
|
|
|
9M FY2022
Actual |
9M FY2023
Actual |
Change |
% change |
| EBIT |
96.1 |
104.6 |
8.5 |
8.8% |
PPA adj. -
D&A (2010 PPA) |
3.5 |
3.5 |
- |
0.0% |
PPA adj. -
D&A (2016 PPA) |
6.3 |
6.4 |
0.1 |
1.6% |
PPA adj. -
D&A (2019 PPA) |
0.6 |
0.6 |
- |
0.0% |
| Earn-out |
- |
0.2 |
0.2 |
n/a |
| Total adjustments |
10.4 |
10.7 |
0.3 |
2.9% |
| Adjusted EBIT |
106.5 |
115.3 |
8.8 |
8.3% |
| % margin |
13.4% |
12.7% |
|
|
Comments
› PPA adjustments include depreciation and amortization of stepups and intangible assets acquired in 2010, 2016 and 2019, as well as €0.2m adjustment for purchase price change according to an earn-out agreement effective in Q2 FY23
BALANCE SHEET OVERVIEW
JUNE 30, 2023
|
Sept 2022
Actual |
June 2023
Actual |
Change |
% change |
| Property, plant and equipm. |
228.9 |
229.6 |
0.7 |
0.3% |
| Goodwill |
216.8 |
208.6 |
(8.2) |
(3.8)% |
| Other intangible assets |
216.9 |
205.2 |
(11.7) |
(5.4)% |
| Other investments |
23.1 |
23.1 |
- |
0.0% |
| Inventories |
167.5 |
168.9 |
1.4 |
0.8% |
| Trade receivables |
197.7 |
179.6 |
(18.1) |
(9.2)% |
| Other assets |
47.3 |
42.9 |
(4.4) |
(9.3)% |
| Cash |
168.4 |
198.3 |
29.9 |
17.8% |
| Total assets |
1,266.6 |
1,256.2 |
(10.4) |
(0.8)% |
|
|
|
|
|
| Equity incl. minorities |
669.7 |
679.3 |
9.6 |
1.4% |
| Debt (incl. accrued interest) |
256.8 |
255.2 |
(1.6) |
(0.6)% |
| Pension plans |
37.2 |
39.3 |
2.1 |
5.6% |
| Deferred tax liabilities |
54.4 |
41.6 |
(12.8) |
(23.5)% |
| Trade payables |
120.3 |
114.8 |
(5.5) |
(4.6)% |
| Other liabilities |
128.2 |
126.0 |
(2.2) |
(1.7)% |
| Total equity and liabilities |
1,266.6 |
1,256.2 |
(10.4) |
(0.8)% |
|
|
|
|
|
| Net leverage ratio |
0.4x |
0.3x |
|
|
- › Other intangible assets down by €11.7m mainly due to scheduled amortization, partially offset by capitalized R&D costs
- › Other investments comprise Company's interest in Synapticon (12% of total shares at the time of acquisition) and Cultraro (32% of total shares) which were acquired in FY2022
- › Deferred tax liabilities down by €12.8m, largely a consequence of a positive tax ruling in Q2 FY23 regarding the expected tax refunds for the past fiscal years (FY2010 – FY2014)
CASH FLOW OVERVIEW THREE MONTHS ENDED JUNE 30, 2023
Cash Flow Statement (€m)
|
Q3 FY2022
Actual |
Q3 FY2023
Actual |
Change |
% change |
| Cash flow from operating activities |
39.1 |
70.3 |
31.2 |
79.8% |
| Cash flow from investing activities |
(12.3) |
(22.0) |
(9.7) |
78.9% |
| Cash flow from financing activities |
(98.3) |
(3.4) |
94.9 |
(96.5)% |
| Net increase / (decrease) in cash |
(71.4) |
45.0 |
116.4 |
<(100.0)% |
| Effect of movements in exchange rates |
2.6 |
(2.1) |
(4.7) |
<(100.0)% |
| Cash as of beginning of the period |
203.8 |
155.4 |
(48.4) |
(23.7)% |
| Cash as of end of the period |
135.0 |
198.3 |
63.3 |
46.9% |
Adj. FCF (€m)
|
Q3 FY2022
Actual |
Q3 FY2023
Actual |
Change |
% change |
| Cash flow from operating activities |
39.1 |
70.3 |
31.2 |
79.8% |
| Cash flow from investing activities |
(12.3) |
(22.0) |
(9.7) |
78.9% |
| Free cash flow |
26.8 |
48.3 |
21.5 |
80.2% |
| Adjustments |
- |
- |
- |
n/a |
| Adj. FCF |
26.8 |
48.3 |
21.5 |
80.2% |
- › Cash inflow from operating activities up by €31.2m y/y mainly due to positive net working capital development and lower income tax payments
- › Cash outflow for investing activities up by €9.7m y/y essentially due to higher capex; capex in Q3 FY23 at €22.2m (vs. €12.4m in Q3 FY22) , + 79.0% y/y
- › Cash outflow for financing activities down by €94.9m y/y; the higher cash outflow in Q3 of the previous fiscal year was essentially due to the redemption of the term loan facility by €95m
- › Adjusted FCF (i.e., FCF before acquisitions) up by €21.5m y/y to €48.3m in Q3 FY23
CASH FLOW OVERVIEW NINE MONTHS ENDED JUNE 30, 2023
Cash Flow Statement (€m)
|
9M FY2022
Actual |
9M FY2023
Actual |
Change |
% change |
| Cash flow from operating activities |
75.1 |
137.9 |
62.8 |
83.6% |
| Cash flow from investing activities |
(53.9) |
(45.1) |
8.8 |
(16.3)% |
| Cash flow from financing activities |
(84.5) |
(55.2) |
29.3 |
(34.7)% |
| Net increase / (decrease) in cash |
(63.3) |
37.6 |
100.9 |
<(100.0)% |
| Effect of movements in exchange rates |
5.1 |
(7.7) |
(12.8) |
<(100.0)% |
| Cash as of beginning of the period |
193.2 |
168.4 |
(24.8) |
(12.8)% |
| Cash as of end of the period |
135.0 |
198.3 |
63.3 |
46.9% |
Adj. FCF (€m)
|
9M FY2022
Actual |
9M FY2023
Actual |
Change |
% change |
| Cash flow from operating activities |
75.1 |
137.9 |
62.8 |
83.6% |
| Cash flow from investing activities |
(53.9) |
(45.1) |
8.8 |
(16.3)% |
| Free cash flow |
21.2 |
92.8 |
71.6 |
>100.0% |
| Adjustments |
23.2 |
0.3 |
(22.9) |
(98.7)% |
| Adj. FCF |
44.4 |
93.1 |
48.7 |
>100.0% |
- › Cash inflow from operating activities up by €62.8m y/y, mainly due to higher earnings, positive net working capital development and lower income tax payments
- › Cash outflow for investing activities down by €8.8m y/y: the 9M of the previous year comprised payment for the acquisition of shares in Synapticon and Cultraro; capex in 9M FY23 at €45.6m (vs. €31.0m in 9M FY22), + 47.1% y/y
- › Cash outflow for financing activities down by €29.3m y/y; the higher cash outflow in the 9M of the previous fiscal year was primarily due to the redemption of the term loan facility by €95m, partially offset by the receipt from promissory note issuance of €55.0m; the year-on-year decrease in cash outflow was also partially offset by higher dividend payment by €12.3m in 9M FY23 vs. 9M FY22
- › Due to substantially higher cash inflow from operating activities and lower cash outflow for investing activities, FCF improved by €71.6m y/y; adjusted FCF (i.e., FCF before acquisitions) increased by €48.7m y/y to €93.1m in 9M FY23
CURRENCY EXCHANGE RATES NINE MONTHS ENDED JUNE 30, 2023
Closing and average currency exchange rates
| 1 EURO in |
ISO code |
Closing rate
June 2022 |
Closing rate
June 2023 |
Average rate
9M FY2022 |
Average rate
9M FY2023 |
Average rate
% change |
| Australian dollar |
AUD |
1.5099 |
1.6398 |
1.5368 |
1.5842 |
3.1% |
Argentine
peso |
ARS |
130.5782 |
278.4949 |
119.9410 |
207.7073 |
73.2% |
| Brazilian real |
BRL |
5.4229 |
5.2788 |
5.8328 |
5.4455 |
(6.6)% |
| Chinese yuan (renminbi) |
CNY |
6.9624 |
7.8983 |
7.1598 |
7.4123 |
3.5% |
South Korean
won |
KRW |
1,351.6000 |
1,435.8800 |
1,349.8231 |
1,396.3902 |
3.4% |
| Mexican peso |
MXN |
20.9641 |
18.5614 |
22.6896 |
19.7976 |
(12.7)% |
Romanian
leu |
RON |
4.9464 |
4.9635 |
4.9467 |
4.9296 |
(0.3)% |
| Turkish lira |
TRY |
17.3220 |
28.3193 |
15.0799 |
20.6979 |
37.3% |
| United States dollar |
USD |
1.0387 |
1.0866 |
1.1106 |
1.0609 |
(4.5)% |
MOTION CONTROL