Q2 FY2021 RESULTS
MAY 3, 2021
1 MOTION CONTROL
Stabilus S.A. (the "Company", later "Stabilus") has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation.
While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company's current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as "anticipate," "believe", "estimate", "expect", "intend", "plan", "project" and "target". No obligation is assumed to update any such statement.
Numbers were rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
AGENDA
OPERATIONAL HIGHLIGHTS
FINANCIAL RESULTS
RESULTS BY OPERATING SEGMENT
OUTLOOK
APPENDIX
OPERATIONAL HIGHLIGHTS
RAISED FORECAST FOR FY2021
€900M-€950M REVENUE, 13%-15% ADJUSTED EBIT MARGIN
› As announced on April 12, 2021, forecast for FY2021 has been raised to revenues of €900m to €950m (previously: €850m to €900m) with an adjusted EBIT margin of 13% to 15% (previously: 12 % to 13%)
› Rationale:
- › Strong business performance in H1 FY2021, as will be shown in more detail on the following pages: €479.4m revenue with 14.7% adj. EBIT margin
- › Lower expectations for H2 FY2021 (revenue between €420.6 and €470.6m) due to unresolved semiconductor supply issues at several OEMs, continuing COVID-19 crisis and due to the risk of higher prices for certain raw materials and components
- › Moderate recovery of Stabilus industrial business is expected in the second half of FY2021
OPERATIONAL HIGHLIGHTS
OVERVIEW
› Strict safety procedures are in place (pandemic plan); few new COVID-19 cases at Stabilus production plants in Mexico, Romania,
US and Germany; situation is under control
- › Global light vehicle production (LVP) in Q2 FY21 at 20.3m vehicles, + 14.0% y/y; strong recovery of LVP in APAC: + 32.6% y/y
- › Further increase of customer demand in our automotive business, particularly in APAC; in the Automotive Powerise division substantial outperformance of LVP in all operating segments (regions)
- › Industrial business is mixed: In Q2 FY21, we experienced a noteworthy rebound in subsegments Commercial Vehicles and Distributors, Independent Aftermarket, E-commerce (DIAMEC)
- › The semiconductor supply issues at OEMs are not yet conclusively resolved
- › Flexible production set-up continues to be very important in the current market environment
Status quo Corporate actions
- › Top priorities: ensuring safety of our employees and business continuity (keeping the production running)
- › Stabilus pandemic rules (incl. social distancing, disinfection et al.) continue to be effective and operational; close monitoring of all activities continues, in order to reduce COVID-19 risks for Stabilus employees and operations; testing and vaccination programs started
- › Cost flexibilization (EBIT recovery) program
- › Aligning/adjusting our production capacity to customer demand by utilizing short-time work schemes, furloughs, plant shutdowns for several days, selected layoffs et al.
PROMISSORY NOTE (SCHULDSCHEIN)
ISSUE OF FIRST SCHULDSCHEIN IN THE AMOUNT OF €95M
| Liquidity (€m) |
|
|
|
Comments |
|
|
|
|
cash |
|
undrawn, commited facilities |
332 |
|
› |
As of end March 2021, Stabilus liquidity cushion amounted to
€332m, incl. € 215m cash, €70m revolving credit facility (of which
€3m are utilized) and the new €50 credit line which was secured
in summer 2020 |
|
|
|
252 |
117 |
|
› |
In February/March 2021, Stabilus GmbH, Koblenz issued a
promissory note (Schuldschein) of €95m, guaranteed by Stabilus
S.A., Luxembourg |
|
209 |
|
90 |
|
|
› |
The issue was heavily oversubscribed, the volume was increased
from initially planned €50m to €95m; maturities of the |
|
70 |
|
|
|
|
|
promissory note: 5 and 7 years, variable interest rates |
|
139 |
|
162 |
215 |
|
›
› |
More than 30 participating investors, most of them savings
banks; three quarters of investors come from Germany, one
quarter from other European and Asian countries
Focus of Stabilus financing strategy on creating balanced
maturity profile, diversifying financing sources, providing
flexibility for the optimization of cost of capital; Schuldschein |
|
Sept 2019 |
|
Sept 2020 |
March 2021 |
|
|
grants flexibility for group's growth plans and provides financial
certainty for the period after the end of maturity of senior loans
(senior facility agreement) in 2023 |
LEGAL FORM AND REGISTERED OFFICE OF STABILUS S.A.
CHANGE TO SOCIETAS EUROPAEA (SE) AND TRANSFER TO GERMANY
FINANCIAL RESULTS
| Revenue |
›
Revenue at €244.0m (vs. €221.0m in Q2 FY20), + €23.0m or + 10.4% y/y
›
Acquisition effect: 0% y/y, currency translation effect: -
4.8% y/y, organic growth: + 15.2% y/y
›
In Q2 FY21, organic growth in all regions and all business units |
| Adj. EBIT |
›
Adj. EBIT at €38.0m (vs. €31.1m in Q2 FY20), + 22.2% y/y
›
Adj. EBIT margin at 15.6% (vs. 14.1% in Q2 FY20) |
| Profit |
›
Profit at €25.9m (vs. €18.1m in Q2 FY20), + 43.1% y/y
›
Profit margin at 10.6% (vs. 8.2% in Q2 FY20) |
| Adj. FCF |
›
Adj. FCF (i.e., FCF before acquisitions) = FCF: there were no payments for acquisitions in Q2 FY21
›
Adj. FCF at €28.8m (vs. €13.0m in Q2 FY20), i.e., 11.8% of revenue (vs. 5.9% in Q2 FY20) |
| Net leverage ratio |
›
Net leverage ratio at 0.9x (vs. 1.2x as of end FY2020 and 1.1x as of end Q2 FY20)
›
Net financial debt at €138.9m (vs. €172.3m as of end FY2020 and €205.1m as of end Q2 FY20) |
| Outlook |
›
Forecast for FY2021 raised to revenue of €900m -
€950m (previously: €850m -
€900m)
with an adjusted EBIT margin of 13% -
15% (previously: 12% -
13%) |
KEY FIGURES
Q2 FY2021
KEY FIGURES
H1 FY2021
RESULTS BY OPERATING SEGMENT
13
Revenue (€m) Comments
Adj. EBIT (€m)
- › Light vehicle production (LVP) in Europe, Middle East and Africa in Q2 FY21 at 5.1m units, i.e. - 0.9% vs. Q2 FY20
- › EMEA's revenue up by €8.9m or 7.5% y/y to €127.3m in Q2 FY21, organic growth at 8.3% y/y
- › Organic growth in Automotive Gas Spring division 2.4% y/y and in Automotive Powerise 14.1% y/y; Powerise growth particularly due to higher installation rates in and increased production of the following VW Group models: Porsche Macan, Porsche Taycan, Seat Cupra Formentor, Skoda Leon, Skoda Octavia, Audi A3, Audi e-tron
- › Noticeable recovery of the Stabilus Industrial business in EMEA: Industrial revenue up by 8.4% to €68.3m in Q2 FY21 (vs. 63.0m in Q2 FY20); organic growth at 9.3% y/y: double-digit growth rates in the subsegments Commercial Vehicles and Distributors, Independent Aftermarket, E-commerce (DIAMEC); continuing weaker business in Energy, Construction, Industrial Machinery & Automation (ECIMA), as well as in Aerospace, Marine & Rail
- › Adj. EBIT margin improved by 2.2pp to 15.3%, corresponding to higher sales, recovery of the industrial business (more favorable product mix) and supported by cost-saving measures
AMERICAS Q2 FY2021
Revenue (€m) Comments % organic growth + 2.1%
Adj. EBIT (€m)
- › Light vehicle production (LVP) in Americas in Q2 FY21 at 4.3m units, i.e., - 3.2% vs. Q2 FY20
- › Americas' revenue up by €1.7m or 2.1% y/y, currency translation effect at - 11.1%, organic growth 13.2% y/y
- › Organic growth in Automotive Gas Spring division at 2.3% y/y and in Automotive Powerise at 25.0%; Powerise growth primarily due to higher product installation rates and increased production of Tesla Model 3, Tesla Model Y, Audi Q5, VW Teramont
- › Americas Industrial revenue roughly on the prior year's level (+0.4% y/y), as a consequence of the negative currency translation effect; organic growth + 10.8% y/y; double-digit growth rates in subsegments Commercial Vehicles and Distributors, Independent Aftermarket, E-commerce (DIAMEC); remaining market segments not yet recovered from COVID-19 crisis
- › Adj. EBIT margin at 16.1%, below prior year's 19%, due to lower other operating income (largely a consequence of MXP and USD currency rate fluctuations)
Revenue (€m) Comments
Adj. EBIT (€m)
- › Light vehicle production (LVP) in Asia-Pacific in Q2 FY21 at 10.9m units, i.e., + 32.6% vs. Q2 FY20
- › APAC's revenue grew by €12.3m or +61.5% to €32.3m in Q2 FY21, organically + 64.1% y/y
- › Very strong recovery in Stabilus automotive business in APAC: organic growth in Automotive Gas Spring division at 60.8% y/y and in Automotive Powerise at 120.5% y/y; Powerise growth as a result of higher year-on-year production of Powerise units for CHJ Leading Ideal One (EV, full-sized SUV), Geely Lynk & Co 05 (coupe-like crossover), SAIC Roewe RX5 (compact crossover), SAIC MG GS (SUV), Ford Explorer, GM Cadillac XT6 (mid-sized crossover), VW Teramont, GAC GM8 (minivan, MPV)
- › Organic growth of APAC's Industrial revenue 28.4% y/y; growth in all industrial segments, except subsegment Aerospace, Marine & Rail; particularly strong contribution from subsegments Commercial Vehicles and Distributors, Independent Aftermarket, E-commerce (DIAMEC)
- › As a result of strong revenue growth, adj. EBIT margin recovered to 14.9% as well
REVENUE BY BUSINESS UNIT
Q2 FY2021
Q2 FY2021
Distributors, Independent Aftermarket, E-commerce (DIAMEC) Mobility (M)
Healthcare, Recreation & Furniture (HRF)
Energy, Construction, Industrial Machinery & Automation (ECIMA)
- › Industrial revenue at €101.2m, up by 6.9% or €6.5m y/y
- › The industrial business recovered in Distributors, Independent Aftermarket, E-commerce (DIAMEC) and Mobility market segments, with growth rates of +14% y/y (+ c. €5m y/y) and +11% y/y (+ c. €3m), respectively
- › Healthcare, Recreation & Furniture (HRF) business roughly on the prior year's level and Energy, Construction, Industrial Machinery & Automation (ECIMA) still impacted by the current COVID-19 crisis (- 7% y/y, i.e., - c. €1m y/y)
- › As a result, the revenue share of DIAMEC and Mobility segments increased to 37% (PY: 34%) and 28% (PY: 27%) of total industrial revenue and of HRF and ECIMA decreased to 19% (PY: 20%) and 16% (PY: 19%), respectively
- › Within the Mobility segment we achieved higher revenues in Commercial Vehicles subsegment (+ c. €5m y/y) which were partly offset by lower revenues in Aerospace, Marine & Rail subsegment (- c. €2m y/y)
OUTLOOK
| Guidance |
|
|
Comments |
|
FY2020
Actual |
FY2021
Guidance |
|
| Revenue |
€822.1m |
€900m -
€950m |
|
| Adj. EBIT margin |
11.8% |
13% -
15% |
|
- › Global light vehicle production (LVP) in FY2021 (Oct 2020-Sept 2021) is expected to grow by c. 14% y/y (i.e., c. 84.3m in FY21 vs. c. 73.9m in FY20). The return to the annual production level of c. 90m is expected for FY2023. (Source: leading forecast institutes, IHS Markit April 2021 et al.)
- › The COVID-19 pandemic has affected all our customer markets and target industries. The semiconductor supply issues at OEMs are not yet conclusively resolved. In addition, price increases for certain raw materials and components can not be ruled out. As a consequence of the pandemic and the significant uncertainty, the guidance shows a wider range compared to the prior years. We will review our FY2021 forecast on a regular basis and specify it further as soon as possible.
- › We continue to pursue our long-term strategy focusing on sustainable, profitable growth, globalization, excellence, innovation as well as team spirit (One Stabilus). Based on the current LVP and GDP assumptions, we strive for organic revenue CAGR 2020-2025 of 6% and the return to an adj. EBIT margin of 15%.
APPENDIX
REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER
REVENUE OVERVIEW THREE MONTHS ENDED MARCH 31, 2021
Revenue (€m)
|
Q2 FY2020
Actual |
Q2 FY2021
Actual |
Change |
% change |
Acquisition effect |
Currency effect |
Organic growth |
| Automotive Gas Spring |
33.3 |
34.1 |
0.8 |
2.4% |
- |
0.0% |
2.4% |
| Automotive Powerise |
22.1 |
24.8 |
2.7 |
12.2% |
- |
(1.9)% |
14.1% |
| Industrial |
63.0 |
68.3 |
5.3 |
8.4% |
- |
(0.9)% |
9.3% |
| EMEA |
118.4 |
127.3 |
8.9 |
7.5% |
- |
(0.8)% |
8.3% |
Automotive
Gas Spring |
25.8 |
23.7 |
(2.1) |
(8.1)% |
- |
(10.4)% |
2.3% |
Automotive
Powerise |
29.1 |
32.8 |
3.7 |
12.7% |
- |
(12.3)% |
25.0% |
| Industrial |
27.8 |
27.9 |
0.1 |
0.4% |
- |
(10.4)% |
10.8% |
| AMERICAS |
82.7 |
84.4 |
1.7 |
2.1% |
- |
(11.1)% |
13.2% |
| Automotive Gas Spring |
12.5 |
19.7 |
7.2 |
57.6% |
- |
(3.2)% |
60.8% |
Automotive
Powerise |
3.5 |
7.6 |
4.1 |
117.1% |
- |
(3.4)% |
120.5% |
| Industrial |
3.9 |
5.0 |
1.1 |
28.2% |
- |
(0.2)% |
28.4% |
| APAC |
20.0 |
32.3 |
12.3 |
61.5% |
- |
(2.6)% |
64.1% |
| Total Automotive Gas Spring (AGS) |
71.6 |
77.6 |
6.0 |
8.4% |
- |
(4.3)% |
12.7% |
Total
Automotive Powerise (APR) |
54.7 |
65.2 |
10.5 |
19.2% |
- |
(7.6)% |
26.8% |
| Total Industrial (IND) |
94.7 |
101.2 |
6.5 |
6.9% |
- |
(3.7)% |
10.6% |
| Total |
221.0 |
244.0 |
23.0 |
10.4% |
- |
(4.8)% |
15.2% |
REVENUE OVERVIEW
SIX MONTHS ENDED MARCH 31, 2021
Revenue (€m)
|
H1 FY2020
Actual |
H1 FY2021
Actual |
Change |
% change |
Acquisition effect |
Currency effect |
Organic growth |
| Automotive Gas Spring |
65.5 |
67.6 |
2.1 |
3.2% |
- |
0.0% |
3.2% |
| Automotive Powerise |
45.9 |
51.6 |
5.7 |
12.4% |
- |
(2.2)% |
14.6% |
| Industrial |
117.1 |
121.7 |
4.6 |
3.9% |
- |
(1.2)% |
5.1% |
| EMEA |
228.6 |
240.9 |
12.3 |
5.4% |
- |
(1.0)% |
6.4% |
Automotive
Gas Spring |
51.7 |
48.9 |
(2.8) |
(5.4)% |
- |
(11.1)% |
5.7% |
Automotive
Powerise |
62.1 |
68.1 |
6.0 |
9.7% |
- |
(14.2)% |
23.9% |
| Industrial |
59.3 |
51.8 |
(7.5) |
(12.6)% |
- |
(8.7)% |
(3.9)% |
| AMERICAS |
173.0 |
168.8 |
(4.2) |
(2.4)% |
- |
(11.4)% |
9.0% |
| Automotive Gas Spring |
32.3 |
42.5 |
10.2 |
31.6% |
- |
(2.3)% |
33.9% |
Automotive
Powerise |
10.3 |
18.2 |
7.9 |
76.7% |
- |
(2.5)% |
79.2% |
| Industrial |
8.1 |
9.0 |
0.9 |
11.1% |
- |
(0.8)% |
11.9% |
| APAC |
50.7 |
69.7 |
19.0 |
37.5% |
- |
(2.1)% |
39.6% |
| Total Automotive Gas Spring (AGS) |
149.5 |
159.0 |
9.5 |
6.4% |
- |
(4.4)% |
10.8% |
Total
Automotive Powerise (APR) |
118.3 |
137.8 |
19.5 |
16.5% |
- |
(8.5)% |
25.0% |
| Total Industrial (IND) |
184.5 |
182.5 |
(2.0) |
(1.1)% |
- |
(3.6)% |
2.5% |
| Total |
452.3 |
479.4 |
27.1 |
6.0% |
- |
(5.1)% |
11.1% |
P&L OVERVIEW
THREE MONTHS ENDED MARCH 31, 2021
P&L (€m)
|
Q2 FY2020
Actual |
Q2 FY2021
Actual |
Change |
% change |
| Revenue |
221.0 |
244.0 |
23.0 |
10.4% |
Cost
of sales |
(156.5) |
(169.3) |
(12.8) |
8.2% |
| Gross Profit |
64.5 |
74.7 |
10.2 |
15.8% |
| % margin |
29.2% |
30.6% |
|
|
R&D
expenses |
(10.9) |
(10.5) |
0.4 |
(3.7)% |
Selling
expenses |
(22.0) |
(20.7) |
1.3 |
(5.9)% |
Administrative
expenses |
(10.0) |
(10.9) |
(0.9) |
9.0% |
| Other income/expenses |
4.8 |
2.6 |
(2.2) |
(45.8)% |
| EBIT |
26.5 |
35.2 |
8.7 |
32.8% |
| % margin |
12.0% |
14.4% |
|
|
| Finance income/costs |
2.2 |
0.9 |
(1.3) |
(59.1)% |
| EBT |
28.6 |
36.2 |
7.6 |
26.6% |
| % margin |
12.9% |
14.8% |
|
|
| Income tax |
(10.5) |
(10.2) |
0.3 |
(2.9)% |
| Profit |
18.1 |
25.9 |
7.8 |
43.1% |
| % margin |
8.2% |
10.6% |
|
|
|
|
|
|
|
| EPS in € |
0.73 |
1.05 |
0.32 |
43.8% |
- › Gross profit margin improved by 140bp
- › R&D expenses roughly on the prior year's level
- › Selling expenses down by €1.3m mainly a result of efficiency gains following integration of industrial business units into one division and of lower travelling costs
- › Administrative expenses up by €0.9m, primarily due to higher IT expenses for further digitalization of our business and increased bonus provision
- › Net other income down by €2.2m due to lower foreign currency translation gains
- › Net finance income down by €1.3m due to lower foreign exchange gains from currency translation of intragroup loans (particularly in USD and MXP)
P&L OVERVIEW
SIX MONTHS ENDED MARCH 31, 2021
P&L (€m)
|
H1 FY2020
Actual |
H1 FY2021
Actual |
Change |
% change |
| Revenue |
452.3 |
479.4 |
27.1 |
6.0% |
Cost
of sales |
(321.1) |
(334.6) |
(13.5) |
4.2% |
| Gross Profit |
131.2 |
144.8 |
13.6 |
10.4% |
| % margin |
29.0% |
30.2% |
|
|
R&D
expenses |
(21.4) |
(20.9) |
0.5 |
(2.3)% |
Selling
expenses |
(44.0) |
(41.1) |
2.9 |
(6.6)% |
Administrative
expenses |
(18.4) |
(21.0) |
(2.6) |
14.1% |
| Other income/expenses |
4.5 |
1.5 |
(3.0) |
(66.7)% |
| EBIT |
51.9 |
63.3 |
11.4 |
22.0% |
| % margin |
11.5% |
13.2% |
|
|
| Finance income/costs |
(0.8) |
(7.1) |
(6.3) |
>100.0% |
| EBT |
51.1 |
56.2 |
5.1 |
10.0% |
| % margin |
11.3% |
11.7% |
|
|
| Income tax |
(16.6) |
(15.9) |
0.7 |
(4.2)% |
| Profit |
34.5 |
40.3 |
5.8 |
16.8% |
| % margin |
7.6% |
8.4% |
|
|
|
|
|
|
|
| EPS in € |
1.39 |
1.63 |
0.24 |
17.3% |
Comments
› Gross profit margin improved by 120bp
- › R&D expenses roughly on the prior year's level; capitalized R&D expenses in H1 F21 at €8.3m (vs. €9.0m in H1 FY20)
- › Selling expenses down by €2.9m because of efficiency gains following integration of industrial business units into one division, of lower travelling costs and of lower amortization of intangible assets (customer relationships) from 2019 PPA
- › Administrative expenses up by €2.6m, primarily due to higher IT expenses for further digitalization of our business and increased bonus provision
- › Net other income down by €3.0m due to lower foreign currency translation gains
- › Net finance costs up by €6.3m due to net foreign exchange losses from currency translation of intragroup loans (particularly in USD and MXP)
EBIT ADJUSTMENTS
THREE AND SIX MONTHS ENDED MARCH 31, 2021
Adjusted EBIT (€m)
|
Q2 FY2020
Actual |
Q2 FY2021
Actual |
Change |
% change |
| EBIT |
26.5 |
35.2 |
8.7 |
32.8% |
PPA adj. -
D&A (2010 PPA) |
1.7 |
0.6 |
(1.1) |
(64.7)% |
PPA adj. -
D&A (2016 PPA) |
2.1 |
2.0 |
(0.1) |
(4.8)% |
PPA adj. -
D&A (2019 PPA) |
0.8 |
0.1 |
(0.7) |
(87.5)% |
| Total adjustments |
4.6 |
2.8 |
(1.8) |
(39.1)% |
| Adjusted EBIT |
31.1 |
38.0 |
6.9 |
22.2% |
| % margin |
14.1% |
15.6% |
|
|
Adjusted EBIT (€m)
|
H1 FY2020
Actual |
H1 FY2021
Actual |
Change |
% change |
| EBIT |
51.9 |
63.3 |
11.4 |
22.0% |
PPA adj. -
D&A (2010 PPA) |
3.5 |
2.3 |
(1.2) |
(34.3)% |
PPA adj. -
D&A (2016 PPA) |
4.2 |
4.1 |
(0.1) |
(2.4)% |
PPA adj. -
D&A (2019 PPA) |
1.5 |
0.5 |
(1.0) |
(66.7)% |
| Total adjustments |
9.2 |
7.0 |
(2.2) |
(23.9)% |
| Adjusted EBIT |
61.1 |
70.3 |
9.2 |
15.1% |
| % margin |
13.5% |
14.7% |
|
|
Comments
- › PPA adjustments comprise depreciation and amortization of step-ups and intangible assets acquired during 2010, 2016 and 2019 acquisitions
- › The decrease of the depreciation & amortization related to 2010 PPA and of the corresponding EBIT adjustment is due to the fact that unpatented technology is now fully amortized (useful life of 10 years)
› The decrease of the depreciation & amortization related to 2019 PPA and of the corresponding EBIT adjustment is due to the lower amount of intangible assets to be amortized which is a consequence of the impairment of customer relationships in Q3 of the previous fiscal year (negative effect of the COVID-19 pandemic on the aerospace business)
BALANCE SHEET OVERVIEW
MARCH 31, 2021
Balance sheet (€m)
|
Sept 2020
Actual |
March 2021
Actual |
Change |
% change |
| Property, plant and equipm. |
229.8 |
228.5 |
(1.3) |
(0.6)% |
| Goodwill |
207.7 |
207.7 |
- |
0.0% |
| Other intangible assets |
229.3 |
223.8 |
(5.5) |
(2.4)% |
| Inventories |
97.2 |
116.0 |
18.8 |
19.3% |
| Trade receivables |
117.1 |
129.4 |
12.3 |
10.5% |
| Other assets |
40.1 |
46.4 |
6.3 |
15.7% |
| Cash |
162.4 |
215.2 |
52.8 |
32.5% |
| Total assets |
1,083.6 |
1,167.0 |
83.4 |
7.7% |
|
|
|
|
|
| Equity incl. minorities |
469.6 |
506.6 |
37.0 |
7.9% |
| Debt (incl. accrued interest) |
322.4 |
345.6 |
23.2 |
7.2% |
| Pension plans |
57.0 |
55.4 |
(1.6) |
(2.8)% |
| Deferred tax liabilities |
43.7 |
44.6 |
0.9 |
2.1% |
| Trade payables |
71.1 |
82.8 |
11.7 |
16.5% |
| Other liabilities |
119.9 |
132.0 |
12.1 |
10.1% |
| Total equity and liabilities |
1,083.6 |
1,167.0 |
83.4 |
7.7% |
|
|
|
|
|
| Net leverage ratio |
1.2x |
0.9x |
|
|
- › Other intangible assets down by €5.5m due to scheduled amortization
- › Inventories up by €18.8m primarily due to higher stock of raw materials and supplies (larger buffer during the current COVID-19 crisis)
- › Trade receivables up by €12.3m, corresponding to higher sales
- › Cash up by €52.8m primarily as a result of higher cash inflows from operating and financing activities; see H1 cash flow overview on following pages
- › Debt up by €23.2m primarily due to the issue of €95m promissory note (Schuldschein), partly offset by redemption of senior loans and revolving credit facility
- › Trade payables up by €11.7m, corresponding to higher production level and as a consequence of higher sales
- › Other liabilities up by €12.1m, largely due to higher provisions
CASH FLOW OVERVIEW THREE MONTHS ENDED MARCH 31, 2021
Cash Flow Statement (€m)
|
Q2 FY2020
Actual |
Q2 FY2021
Actual |
Change |
% change |
| Cash flow from operating activities |
23.8 |
38.5 |
14.7 |
61.8% |
| Cash flow from investing activities |
(11.9) |
(9.7) |
2.2 |
(18.5)% |
| Cash flow from financing activities |
(29.4) |
17.8 |
47.2 |
<(100.0)% |
| Net increase / (decrease) in cash |
(17.5) |
46.5 |
64.0 |
<(100.0)% |
| Effect of movements in exchange rates |
(2.1) |
1.3 |
3.4 |
<(100.0)% |
| Cash as of beginning of the period |
142.3 |
167.4 |
25.1 |
17.6% |
| Cash as of end of the period |
122.7 |
215.2 |
92.5 |
75.4% |
Adj. FCF (€m)
|
Q2 FY2020
Actual |
Q2 FY2021
Actual |
Change |
% change |
| Cash flow from operating activities |
23.8 |
38.5 |
14.7 |
61.8% |
| Cash flow from investing activities |
(11.9) |
(9.7) |
2.2 |
(18.5)% |
| Free cash flow |
11.9 |
28.8 |
16.9 |
>100.0% |
| Adjustments |
1.1 |
- |
(1.1) |
(100.0)% |
| Adj. FCF |
13.0 |
28.8 |
15.8 |
>100.0% |
- › Capex in Q2 FY21 at €10.2m (vs. €10.9m in Q2 FY20), 6.4% y/y
- › Cash flow from operating activities up by €14.7m essentially due to higher earnings and €9.4m lower income tax payments
- › Cash flow from financing activities up by €47.2m essentially due to the issue of promissory note (Schuldschein) and lower y/y dividend payment, partly offset by higher y/y redemption of senior facilities (senior loan and revolver)
- › As a result of higher cash inflow from operating activities and lower cash outflow for investing activities (i.e., lower capex), the adj. FCF increased substantially from €13.0m in Q2 FY20 to €28.8m in Q2 FY21; in Q2 FY21 there were no payments for acquisitions, and consequently no adjustments to FCF, adj. FCF (i.e., FCF before acquisitions) equals FCF
CASH FLOW OVERVIEW SIX MONTHS ENDED MARCH 31, 2021
Cash Flow Statement (€m)
|
H1 FY2020
Actual |
H1 FY2021
Actual |
Change |
% change |
| Cash flow from operating activities |
43.6 |
69.9 |
26.3 |
60.3% |
| Cash flow from investing activities |
(23.9) |
(19.2) |
4.7 |
(19.7)% |
| Cash flow from financing activities |
(33.0) |
0.7 |
33.7 |
<(100.0)% |
| Net increase / (decrease) in cash |
(13.3) |
51.3 |
64.6 |
<(100.0)% |
| Effect of movements in exchange rates |
(3.1) |
1.4 |
4.5 |
<(100.0)% |
| Cash as of beginning of the period |
139.0 |
162.4 |
23.4 |
16.8% |
| Cash as of end of the period |
122.7 |
215.2 |
92.5 |
75.4% |
Adj. FCF (€m)
|
H1 FY2020
Actual |
H1 FY2021
Actual |
Change |
% change |
| Cash flow from operating activities |
43.6 |
69.9 |
26.3 |
60.3% |
| Cash flow from investing activities |
(23.9) |
(19.2) |
4.7 |
(19.7)% |
| Free cash flow |
19.7 |
50.7 |
31.0 |
>100.0% |
| Adjustments |
1.1 |
- |
(1.1) |
(100.0)% |
| Adj. FCF |
20.8 |
50.7 |
29.9 |
>100.0% |
- › Capex in H1 FY21 at €19.9m (vs. €23.2m in H1 FY20), 14.2% y/y
- › Cash inflow from operating activities up by €26.3m essentially due to higher earnings and €13.4m lower income tax payments
- › Cash flow from financing activities up by €33.7m essentially due to the issue of promissory note (Schuldschein) and lower y/y dividend payment, partly offset by higher y/y redemption of senior facilities (senior loan and revolver)
- › As a result of higher cash inflow from operating activities and lower cash outflow for investing activities (i.e., lower capex), the adj. FCF increased substantially from €20.8m in H1 FY20 to €50.7m in H1 FY21; in H1 FY21 there were no payments for acquisitions, and consequently no adjustments to FCF, adj. FCF (i.e., FCF before acquisitions) equals FCF
CURRENCY EXCHANGE RATES
SIX MONTHS ENDED MARCH 31, 2021
| Closing and average currency exchange rates |
|
|
|
|
|
|
| 1 EURO in |
ISO code |
Closing rate
March 2020 |
Closing rate
March 2021 |
Average rate
H1 FY2020 |
Average rate
H1 FY2021 |
Average rate
% change |
| Australian dollar |
AUD |
1.7967 |
1.5412 |
1.6490 |
1.5961 |
(3.2)% |
Argentine
peso |
ARS |
70.5479 |
107.7523 |
66.7026 |
100.9687 |
51.4% |
| Brazilian real |
BRL |
5.7001 |
6.7409 |
4.7357 |
6.5156 |
37.6% |
| Chinese yuan (renminbi) |
CNY |
7.7784 |
7.6812 |
7.7467 |
7.8552 |
1.4% |
South Korean
won |
KRW |
1,341.0300 |
1,324.1900 |
1,308.9539 |
1,338.0833 |
2.2% |
| Mexican peso |
MXN |
26.1772 |
24.0506 |
21.6844 |
24.5095 |
13.0% |
Romanian
leu |
RON |
4.8283 |
4.9223 |
4.7820 |
4.8753 |
2.0% |
| Turkish lira |
TRY |
7.2063 |
9.7250 |
6.5773 |
9.1531 |
39.2% |
| United States dollar |
USD |
1.0956 |
1.1725 |
1.1048 |
1.1992 |
8.5% |
MOTION CONTROL