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Stabilus SE
Earnings Release • May 6, 2019
6214_ip_2019-05-06_91143255-ff8c-4d93-91ff-9f26a8c26d03.pdf
Earnings Release
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Q2 FY2019 RESULTS
May 6, 2019
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025.057.106
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.
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
Agenda
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
-
- Financial highlights
-
- Results by region
-
- Results by market
-
- Outlook
-
- Appendix
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
Agenda
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
- Financial highlights
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036.083.161
255.153.000
150.150.150
000.204.153
Q2 FY2019 highlights
Fiscal year-end September
| Revenue | Revenue at €239.1m (- €11.9m or -4.7% vs. Q2 FY18); revenue change w/o FX: - 7.4% y/y Europe - 4.7% y/y, NAFTA - 1.0% y/y, and Asia / Pacific and RoW - 16.3% y/y Automotive Gas Spring - 4.0% y/y, Automotive Powerise - 11.4% y/y, Capital Goods - 0.9% y/y and Vibration & Velocity Control - 0.7% y/y |
|---|---|
| Adj. EBIT | Adj. EBIT1 at €35.7m (vs. €39.3m in Q2 FY18) Adj. EBIT margin at 14.9% (vs. 15.7% in Q2 FY18) |
| Profit | Profit at €20.4m in Q2 FY19 (vs. €25.6m in Q2 FY18) Profit margin at 8.5% (vs. 10.2% in Q2 FY18) |
| Net leverage ratio | Net leverage ratio1 at 1.1x (vs. 1.4x as of end Q2 FY18 and 1.1x as of end FY18) Net financial debt1 at €205.5m |
| Outlook | FY2019 revenue expected to be on prior year's level, i.e. at c. €960m, ~0% y/y (incl. c. +1% FX and c. - 1% organic), assuming US\$/€ rate in FY2019 of 1.14 and before acquisition effects FY2019 adj. EBIT margin forecast: c. 15% |
Note:
235.185.052
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1 For definition/calculation of KPIs like adj. EBIT, net leverage ratio etc. refer to appendix and/or our financial reports and quarterly statements under www.ir.stabilus.com.
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18.
Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
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Q2 FY2019 impacted by softer markets in Europe (WLTP) and China
Note:
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Capital expenditure: €17.3 in Q2 FY19 versus €8.6m in Q2 FY18, i.e. +€8.7m or +101.2% y/y.
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18.
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H1 FY2019 impacted by softer markets in Europe (WLTP) and China
Note:
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Capital expenditure: €29.8m in H1 FY19 versus €18.9m in H1 FY18, i.e. +€10.9m or +57.7% y/y.
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in H1 FY19 versus 1.20\$/€ in H1 FY18.
051.102.204
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1.
Agenda
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
- Results by region
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Q2 FY2019 revenue and adj. EBIT growth – by region (y-o-y)
Note: Stabilus fiscal year-end is September. Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided. FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18. 1 Billed-from view, without intersegment revenue.
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
H1 FY2019 revenue and adj. EBIT growth – by region (y-o-y)
Note: Stabilus fiscal year-end is September. Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided. FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in H1 FY19 versus 1.20\$/€ in H1 FY18. 1 Billed-from view, without intersegment revenue.
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
051.102.204
153.204.255 000.102.204
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Q2 FY2019 – Europe
Note: Stabilus fiscal year-end is September. 1 External revenue only.
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- Europe's light vehicle production in Q2 FY19 at 5.6m units, i.e. - 4.9% vs. Q2 FY18
- Europe's revenue decreased by €6.2m or 4.7% y/y
- Europe's automotive revenue impacted by weak market in Germany: Automotive Gas Spring - €3.1m or - 7.5% y/y (thereof -€1.4m for diesel engine and steering dampers); Automotive Powerise - €3.1m or - 11.2% y/y
- Industrial revenue about on prior year's level: Capital Goods at €48.0m (vs. €48.0m in Q2 FY18); Vibration & Velocity Control at €14.9m (vs. €14.8m in Q2 FY18)
- Adj. EBIT margin at 14.8% (vs. 17.0% in Q2 FY18)
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Q2 FY2019 – NAFTA
- NAFTA's light vehicle production in Q2 FY19 at 4.3m units, i.e. - 2.5% vs. Q2 FY18
- NAFTA's revenue 1.0% y/y (- 8.5% y/y excluding the \$/€ currency translation effect)
- NAFTA's revenue development in Q2 FY19: Automotive Gas Spring + 5.9% y/y (- 2.2% excl. currency effect); Automotive Powerise - 8.0% y/y (- 15.2% y/y excl. currency effect); Capital Goods - 3.4% y/y (- 10.1% y/y excl. currency effect); Vibration & Velocity Control + 9.5% (+ 1.1% y/y excl. currency effect)
- Adj. EBIT margin at 17.2% (vs. 14.0% in Q2 FY8)
Note: Stabilus fiscal year-end is September. 1 External revenue only.
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18.
051.102.204
153.204.255 000.102.204
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Q2 FY2019 – Asia / Pacific and RoW
- Asia/Pacific and RoW's light vehicle production in Q2 FY19 at 12.8m units, i.e. - 8.7% vs. Q2 FY18 (China - 13.5%, Japan/Korea + 0.3%, South America - 4.7%)
- Asia/Pacific and RoW's revenue decreased by 16.3% or €4.8m y/y
- Revenue development impacted by weak markets in China: Automotive Gas Spring - €2.0m or - 10.6% y/y; Automotive Powerise - €1.8m or - 34.6% y/y; Capital Goods - €0.1m or - 3.3%; Vibration & Velocity Control - €1.1m or - 45.8% y/y
- Adj. EBIT margin decreased from 15.0% in Q2 FY18 to 7.7% in Q2 FY19, as Chinese plant overhead structure continue to be being maintained, in order to increase the likelihood of further contract wins
Note: Stabilus fiscal year-end is September. 1 External revenue only.
235.185.052
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149.154.162
083.086.090
021.067.132
025.057.106
051.102.204
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Agenda
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083.086.090
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025.057.106
- 1.
4.
5.
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- Results by market
Q2 FY2019 revenue growth – by market / business (y-o-y)
Note: Stabilus fiscal year-end is September.
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1Industrial including Capital Goods and Vibration & Velocity Control revenue.
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18. Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
051.102.204
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036.083.161
255.153.000
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H1 FY2019 revenue growth – by market / business (y-o-y)
Note: Stabilus fiscal year-end is September.
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
1Industrial including Capital Goods and Vibration & Velocity Control revenue.
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in H1 FY19 versus 1.20\$/€ in H1 FY18. Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
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Q2 FY2019 revenue growth – Automotive business (y-o-y)
- Global light vehicle production in Q2 FY19 at 22.7m units, i.e. - 6.7% vs. Q2 FY18
- Automotive revenue 7.2% y/y (- 10.2% without \$/€ currency translation effect) due to weak production in Europe and China
- Automotive Gas Spring revenue 4.0% y/y (- 6.5% without \$/€ currency translation effect): lower sales of diesel engine and steering dampers (c. - €1.4m or -70% y/y)
- Powerise revenue 11.4% y/y (- 15.0% y/y without \$/€ currency translation effect): higher share of single- vs. dual-drive Powerise platforms in 2019
Note: Stabilus fiscal year-end is September.
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18. Numbers 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
Q2 FY2019 revenue growth – Industrial business (y-o-y)
- From Oct 1, 2018 Commercial Furniture is part of Capital Goods business unit to better reflect customer demand for a broad product portfolio and to further increase overhead efficiency
- Industrial revenue decreased by 0.8% (2.9% excluding \$/€ currency translation effect)
- Capital Goods 0.9% (- 2.6% without \$/€ currency translation effect), Vibration & Velocity Control - 0.7% (- 3.7% without \$/€ currency translation effect)
- Growth in the segments construction machinery, production technology and office furniture was insufficient to completely offset weaker business with distributors and lower revenues in the segments independent aftermarket and transportation
Note: Stabilus fiscal year-end is September.
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
FX = currency effect resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18. Numbers 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
Agenda
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
255.204.000
- Outlook
5.
Outlook
| FY2018 Actual | FY2019 Guidance | |||
|---|---|---|---|---|
| € million |
percent | |||
| Revenue | €962.6m (@ 1.19 \$/€) |
~ €960m | ~ 0% y/y (thereof + 1% FX, - 1% organic) |
|
| % Adj. EBIT margin | 15.5% | ~ 15% |
Comments
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
- FY2019 revenue expected to be on prior year's level, i.e. at c. €960m, ~ 0% y/y (incl. c. + 1% FX and c. 1% organic), assuming avg. US\$/€ rate in FY2019 of 1.14 and before acquisition effects
- Decrease of US\$/€ avg. fx rate by 0.10 \$/€ leads to a revenue increase by approx. €30m and vice versa
- FY2019 adj. EBIT margin forecast at c. 15%
- STAR 2025 mid- and long-term guidance for average annual revenue growth of at least 6% by 2025 confirmed
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153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
Agenda
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
051.102.204
153.204.255 000.102.204
036.083.161
255.153.000
150.150.150
000.204.153
255.204.000
- Appendix
Revenue by region and customer market (3M ended March 31, 2019)
| External revenue (€m) | |||||
|---|---|---|---|---|---|
| Q2 FY2018 Actual |
Q2 FY2019 Actual |
Change | % change | ||
| Automotive Gas Spring | 41.5 | 38.4 | (3.1) | (7.5)% | |
| Automotive Powerise | 27.8 | 24.7 | (3.1) | (11.2)% | |
| Industrial / Capital Goods | 48.0 | 48.0 | - | 0.0% | |
| Vibration & Velocity Control | 14.8 | 14.9 | 0.1 | 0.7% | |
| Europe | 132.2 | 126.0 | (6.2) | (4.7)% | |
| Automotive Gas Spring |
FX effect: 7.6% y/y | 27.2 | 28.8 | 1.6 | 5.9% |
| Automotive Powerise |
Q2 FY18: 1.2289\$/€ | 34.8 | 32.0 | (2.8) | (8.0)% |
| Industrial / Capital Goods |
Q2 FY19: 1.1356\$/€ | 17.9 | 17.3 | (0.6) | (3.4)% |
| Vibration & Velocity Control |
9.5 | 10.4 | 0.9 | 9.5% | |
| NAFTA1 | 89.4 | 88.5 | (0.9) | (1.0)% | |
| Automotive Gas Spring | 18.9 | 16.9 | (2.0) | (10.6)% | |
| Automotive Powerise |
5.2 | 3.4 | (1.8) | (34.6)% | |
| Industrial / Capital Goods | 3.0 | 2.9 | (0.1) | (3.3)% | |
| Vibration & Velocity Control |
2.4 | 1.3 | (1.1) | (45.8)% | |
| Asia / Pacific and RoW |
29.4 | 24.6 | (4.8) | (16.3)% | |
| Total Automotive Gas Spring | 87.6 | 84.1 | (3.5) | (4.0)% | |
| Total Automotive Powerise |
67.8 | 60.1 | (7.7) | (11.4)% | |
| Total Industrial / Capital Goods | 68.9 | 68.3 | (0.6) | (0.9)% | |
| Total Vibration & Velocity Control |
26.7 | 26.5 | (0.2) | (0.7)% | |
| Total | 251.0 | 239.1 | (11.9) | (4.7)% |
Note: 1 NAFTA Q2 FY19 revenue includes currency effect of €6.7m, resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in Q2 FY19 versus 1.23\$/€ in Q2 FY18.
Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
235.185.052
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Revenue by region and customer market (6M ended March 31, 2019)
| External revenue (€m) | ||||
|---|---|---|---|---|
| H1 FY2018 Actual |
H1 FY2019 Actual |
Change | % change | |
| Automotive Gas Spring | 78.9 | 73.8 | (5.1) | (6.5)% |
| Automotive Powerise | 54.3 | 49.3 | (5.0) | (9.2)% |
| Industrial / Capital Goods | 87.6 | 88.7 | 1.1 | 1.3% |
| Vibration & Velocity Control | 27.3 | 26.7 | (0.6) | (2.2)% |
| Europe | 248.1 | 238.5 | (9.6) | (3.9)% |
| Automotive Gas Spring FX effect: 5.4% y/y |
51.7 | 55.3 | 3.6 | 7.0% |
| Automotive Powerise H1 FY18: 1.2036\$/€ |
68.1 | 64.5 | (3.6) | (5.3)% |
| Industrial / Capital Goods H1 FY19: 1.1384\$/€ |
33.6 | 32.1 | (1.5) | (4.5)% |
| Vibration & Velocity Control |
19.6 | 20.2 | 0.6 | 3.1% |
| NAFTA1 | 173.0 | 172.1 | (0.9) | (0.5)% |
| Automotive Gas Spring | 40.1 | 36.4 | (3.7) | (9.2)% |
| Automotive Powerise |
9.8 | 8.4 | (1.4) | (14.3)% |
| Industrial / Capital Goods | 6.0 | 5.6 | (0.4) | (6.7)% |
| Vibration & Velocity Control |
4.6 | 3.0 | (1.6) | (34.8)% |
| Asia / Pacific and RoW |
60.4 | 53.3 | (7.1) | (11.8)% |
| Total Automotive Gas Spring | 170.7 | 165.5 | (5.2) | (3.0)% |
| Total Automotive Powerise |
132.3 | 122.1 | (10.2) | (7.7)% |
| Total Industrial / Capital Goods | 127.0 | 126.4 | (0.6) | (0.5)% |
| Total Vibration & Velocity Control |
51.5 | 50.0 | (1.5) | (2.9)% |
| Total | 481.5 | 464.0 | (17.5) | (3.6)% |
Note: 1 NAFTA H1 FY19 revenue includes currency effect of €9.3m, resulting from translation of NAFTA revenue from USD to EUR. Avg. fx rate of 1.14\$/€ in H1 FY19 versus 1.20\$/€ in H1 FY18.
Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
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P&L overview (3M ended March 31, 2019)
| P&L (€m) | ||||
|---|---|---|---|---|
| Q2 FY2018 Actual |
Q2 FY2019 Actual |
Change | % change | |
| Revenue | 251.0 | 239.1 | (11.9) | (4.7)% |
| COGS | (172.8) | (169.0) | 3.8 | (2.2)% |
| Gross Profit | 78.2 | 70.1 | (8.1) | (10.4)% |
| % margin | 31.2% | 29.3% | ||
| R&D | (11.6) | (9.8) | 1.8 | (15.5)% |
| S&M | (20.3) | (21.0) | (0.7) | 3.4% |
| G&A | (10.4) | (8.9) | 1.5 | (14.4)% |
| Other income/expenses | (0.9) | 0.9 | 1.8 | <(100.0)% |
| EBIT | 35.0 | 31.3 | (3.7) | (10.6)% |
| % margin | 13.9% | 13.1% | ||
| Adjustments1 | 4.3 | 4.4 | 0.1 | 2.3% |
| Adj. EBIT1 | 39.3 | 35.7 | (3.6) | (9.2)% |
| % margin | 15.7% | 14.9% |
| Total adjustments1 |
4.3 | 4.4 |
|---|---|---|
| Advisory (acquisition related) |
- | - |
| PPA adjustments (2016 PPA) | 2.0 | 2.1 |
| PPA adjustments (2010 PPA) | 2.3 | 2.3 |
235.185.052
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149.154.162
083.086.090
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025.057.106
Note: 1 Adjusted EBIT represents profit from operating activities (EBIT), adjusted for exceptional non-recurring items (e.g. restructuring or one-time advisory costs) and depreciation/amortization of fair value adjustments from purchase price allocations (PPA).
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P&L overview (6M ended March 31, 2019)
| P&L (€m) | ||||
|---|---|---|---|---|
| H1 FY2018 Actual |
H1 FY2019 Actual |
Change | % change | |
| Revenue | 481.5 | 464.0 | (17.5) | (3.6)% |
| COGS | (335.7) | (330.3) | 5.4 | (1.6)% |
| Gross Profit | 145.8 | 133.8 | (12.0) | (8.2)% |
| % margin | 30.3% | 28.8% | ||
| R&D | (21.7) | (19.6) | 2.1 | (9.7)% |
| S&M | (40.8) | (41.3) | (0.5) | 1.2% |
| G&A | (19.4) | (18.0) | 1.4 | (7.2)% |
| Other income/expenses | 0.6 | 2.4 | 1.8 | >100.0% |
| EBIT | 64.5 | 57.1 | (7.4) | (11.5)% |
| % margin | 13.4% | 12.3% | ||
| Adjustments1 | 8.7 | 9.3 | 0.6 | 6.9% |
| Adj. EBIT1 | 73.2 | 66.4 | (6.8) | (9.3)% |
| % margin | 15.2% | 14.3% |
| PPA adjustments (2010 PPA) 4.6 |
4.6 | |
|---|---|---|
| PPA adjustments (2016 PPA) 4.1 |
4.2 | |
| Advisory (acquisition related) |
- 0.5 |
|
| Total adjustments1 8.7 |
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
Note: 1 Adjusted EBIT represents profit from operating activities (EBIT), adjusted for exceptional non-recurring items (e.g. restructuring or one-time advisory costs) and depreciation/amortization of fair value adjustments from purchase price allocations (PPA).
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Balance sheet overview
| Balance sheet (€m) | ||||
|---|---|---|---|---|
| Sept 2018 Actual |
March 2019 Actual |
Change | % change | |
| Property, plant and equipment | 179.2 | 191.4 | 12.2 | 6.8% |
| Goodwill | 195.2 | 197.3 | 2.1 | 1.1% |
| Other intangible assets2 | 247.2 | 239.6 | (7.6) | (3.1)% |
| Inventories | 90.8 | 95.2 | 4.4 | 4.8% |
| Trade receivables | 111.3 | 117.9 | 6.6 | 5.9% |
| Other assets | 43.7 | 43.6 | (0.1) | (0.2)% |
| Cash | 143.0 | 136.5 | (6.5) | (4.5)% |
| Total assets | 1,010.4 | 1,021.5 | 11.1 | 1.1% |
| Equity incl. minorities | 426.5 | 447.8 | 21.3 | 5.0% |
| Debt (incl. accrued interest) | 320.0 | 322.1 | 2.1 | 0.7% |
| Pension plans and similar obligations | 52.2 | 52.1 | (0.1) | (0.2)% |
| Deferred tax liabilities | 47.8 | 46.0 | (1.8) | (3.8)% |
| Trade accounts payable | 83.2 | 76.3 | (6.9) | (8.3)% |
| Other liabilities | 80.7 | 77.2 | (3.5) | (4.3)% |
| Total equity and liabilities | 1,010.4 | 1,021.5 | 11.1 | 1.1% |
| Net leverage ratio1 | 1.1x | 1.1x |
Note:
235.185.052
227.230.232
149.154.162
083.086.090
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025.057.106
1 Net leverage ratio = net financial debt / adj. EBITDA LTM. Net financial debt defined as principal amount of financial debt less cash. Adj. EBITDA LTM = last-twelve-month adjusted earnings before interest, taxes, depreciation and amortization. Refer also to our financial reports and quarterly statements at www.ir.stabilus.com for further details. 2 Change in other intangible assets mainly due to the amortization of fair value adjustments from purchase price allocations (PPA) in 2010 and 2016.
Numbers rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
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Cash flow overview and free cash flow (3M ended March 31, 2019)
| Cash Flow Statement (€m) | ||||
|---|---|---|---|---|
| Q2 FY2018 Actual |
Q2 FY2019 Actual |
Change | % change | |
| Cash flow from operating activities | 25.7 | 23.5 | (2.2) | (8.6)% |
| Cash flow from investing activities | (8.9) | (16.9) | (8.0) | 89.9% |
| Cash flow from financing activities | (21.8) | (25.9) | (4.1) | 18.8% |
| Net increase / (decrease) in cash | (5.0) | (19.3) | (14.3) | >100.0% |
| Effect of movements in exchange rates | 0.4 | 1.6 | 1.2 | >100.0% |
| Cash as of beginning of the period | 80.3 | 154.3 | 74.0 | 92.2% |
| Cash as of end of the period | 75.8 | 136.5 | 60.7 | 80.1% |
Free Cash Flow (€m)
| Q2 FY2018 Actual |
Q2 FY2019 Actual |
Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 25.7 | 23.5 | (2.2) | (8.6)% |
| Cash flow from investing activities | (8.9) | (16.9) | (8.0) | 89.9% |
| Free cash flow | 16.8 | 6.6 | (10.2) | (60.7)% |
Comments
235.185.052
227.230.232
149.154.162
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025.057.106
- Cash flow from investing activities in Q2 FY19 includes €4.2m payment for an additional Hahn building (FCF before payment for Hahn building at €10.8m in Q2 FY19 vs. €16.8m in Q2 FY18, -35.7% y/y)
- Cash flow from financing activities in Q2 FY19 includes €24.7m dividend payment (vs. €19.8m in Q2 FY18)
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Cash flow overview and free cash flow (6M ended March 31, 2019)
| Cash Flow Statement (€m) | ||||
|---|---|---|---|---|
| H1 FY2018 Actual |
H1 FY2019 Actual |
Change | % change | |
| Cash flow from operating activities | 50.3 | 48.1 | (2.2) | (4.4)% |
| Cash flow from investing activities | (18.8) | (29.1) | (10.3) | 54.8% |
| Cash flow from financing activities | (23.0) | (27.2) | (4.2) | 18.3% |
| Net increase / (decrease) in cash | 8.5 | (8.2) | (16.7) | <(100.0)% |
| Effect of movements in exchange rates | (0.9) | 1.7 | 2.6 | <(100.0)% |
| Cash as of beginning of the period | 68.1 | 143.0 | 74.9 | >100.0% |
| Cash as of end of the period | 75.8 | 136.5 | 60.7 | 80.1% |
Free Cash Flow (€m)
| H1 FY2018 Actual |
H1 FY2019 Actual |
Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 50.3 | 48.1 | (2.2) | (4.4)% |
| Cash flow from investing activities | (18.8) | (29.1) | (10.3) | 54.8% |
| Free cash flow | 31.5 | 19.0 | (12.5) | (39.7)% |
Comments
235.185.052
227.230.232
149.154.162
083.086.090
021.067.132
025.057.106
- Cash flow from investing activities in H1 FY19 includes €4.2m payment for the additional Hahn building (FCF before payment for Hahn building at €23.2m in H1 FY19 vs. €31.5m in H1 FY18, -26.3% y/y)
- Cash flow from financing activities in H1 FY19 includes €24.7m dividend payment (vs. €19.8m in H1 FY18)
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Notes re IFRS 16 (leasing)
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| Notes | ||||||
|---|---|---|---|---|---|---|
| Leases | ||||||
| IFRS 16 is applicable for fiscal years beginning on or after January 1, 2019; Stabilus is planning to apply the new method from October 1, 2019 |
||||||
| Recognition of all leases in the balance sheet – non-current assets and financial debt will increase |
||||||
| In the income statement: currently – operating expenses, in the future – depreciation and interest expenses |
||||||
| In FY2018 operating lease expense amounted to c. €9m; as of September 30, 2018, the amount of future operating lease payments (during the basic rental period when they cannot be terminated) was at c. €23m and the balance sheet total at c. €1bn |
||||||
| No impact on EBIT margin, approx. 1 pp higher EBITDA margin expected, following the introduction of the new method (from Oct 1, 2019 onwards) |
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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