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Stabilus SE Investor Presentation 2024
6214_ip_2024-11-10_6db3da24-3939-4961-9d72-38392efa6da9.pdf
Investor Presentation
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STABILUS
FY2024 PRELIMINARY RESULTS
ANALYST & INVESTOR WEB CONFERENCE
NOVEMBER 11, 2024
MOTION CONTROL
DISCLAIMER
STABILUS
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.
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.
KEY TAKEAWAYS
STABILUS
Despite the macroeconomic background, Stabilus has substantially increased its sales in FY2024 and has reached record levels of Group’s revenue and adj. FCF.
The integration of Destaco is well on track.
All initiatives to improve robustness and resilience of our business were intensified.
Diversification by market segments and strong cash generation provide stability.
We continue to drive innovation in automation solutions.
The current market environment continues to be challenging.
WE MET OUR GUIDANCE FROM JUNE 2024
STABILUS
We delivered on our guidance from June 2024: €1,306m revenue (guidance: €1.3bn - €1.35bn) with 12.0% adj. EBIT margin (guidance: 11.7%-12.3%).
Organic revenue growth in APAC¹ (+14.1% y/y) while organic development in EMEA (-1.2% y/y) and Americas (-5.7% y/y) was impacted by challenging environment in the Automotive and Commercial Vehicle markets.
Revenue increase of +7.5% y/y in FY2024, due to the acquisition and consolidation of Destaco.
In H2 FY24, Destaco generated €95.4m revenue with 20.4% EBIT margin. Destaco integration is well on track.
Refinancing of the €250m bridge facility completed in September: it was replaced by a promissory note which was significantly oversubscribed.
Deleveraging is well on track: net financial debt was reduced from €720.2m as of end March 2024 to €668.4m as of end Sept 2024.
¹ See list of acronyms in appendix.
DESTACO PERFORMANCE
TWO QUARTERS AS MEMBER OF THE STABILUS GROUP
STABILUS
DESTACO
PERFORMANCE
INDUSTRIAL AUTOMATION (DESTACO) (€M)
| | FY2024
(Apr-Sept)
Prelim |
| --- | --- |
| Revenue | 95.4 |
| EBIT | 19.5 |
| % revenue | 20.4% |
| FCF | 27.5 |
| % revenue | 28.8% |
DESTACO INTEGRATION PROGRESSING AS PLANNED
STABILUS
First 100 days of integration show strong success
All teams stable and highly motivated, shaping the future of the Stabilus Group
Ongoing execution of cross-sales initiatives (incl. joint tradeshows)
Sales team and distributor training conducted
First cross-sales orders received, opportunity funnel filled
Marketing campaign "Stabilus4Automation" launched
The goal of this campaign is to combine the marketing concepts of Stabilus and Destaco
HR information system replaced by SAP HCM
Payroll and benefit transition completed
Site migrations to Stabilus IT environment well on track
New hardware delivered and operational
78 of 90 applications successfully migrated
All PCs and servers migrated from Dover to a Destaco/Stabilus domain
STABILUS
DESTACO
CONTINUING ELECTRIFICATION OF MOTION CONTROL
APPLICATIONS - AN IMPORTANT GROWTH DRIVER
Stabilus Group continues to benefit from electrification of motion control solutions:
from mechanical gas springs to electro-mechanical Powerise drives.
Similarly, Destaco has not only manual, pneumatic and hydraulic clamps in its product portfolio, but also electrified and smart product versions.
Upselling - offering next generation smart gripper systems, easily programmable and accessible for process analytics.
Example:
Electric "plug and play" grippers - easy handling, low use of energy, high modularity and versatility.
STABILUS GROUP IN Q4 FY2024
STABILUS
VERY STRONG ADJ. FCF IN Q4 FY24 Y/Y
REVENUE (€M)
☐ % organic growth
REVENUE △ 9.4% y/y
- Organic -2.4%, M&A +15.7%, FX -3.9% y/y
- M&A effect: Destaco €46.6m, Cultraro €1.7m
- Growth in APAC¹ offset by less revenues in EMEA and Americas
¹ See list of acronyms in appendix.
ADJ. EBIT (€M)
☐ % margin
Adj. EBIT margin ▼ 1.5pp y/y
- Adj. EBIT -3.0% y/y: Organic -26.6%, M&A +25.0%, FX -1.4%
- M&A: Destaco €9.8m (21.0% EBIT margin), Cultraro €0.6m
PROFIT (€M)
☐ % revenue
Profit margin ▼ 2.4pp y/y
- Higher D&A for PPA, as a consequence of Destaco acquisition in FY24
ADJ. FCF (€M)
☐ % revenue
Adj. FCF % revenue ▲ 11.8pp y/y
- M&A: Destaco €19.9m
- Lower income tax payments by €8.4m y/y and temporary changes in NWC which will partly reverse in the following quarters
- Adjustments to FCF €2.3m (PY €10.3m)
STABILUS GROUP IN FY2024
STABILUS
VERY STRONG ADJ. FCF IN FY2024 Y/Y
REVENUE (€M)
☐ % organic growth
REVENUE △ 7.5% y/y
> Organic +0.6%, M&A +9.1%, FX -2.2% y/y
> M&A effect: Destaco €95.4m, Cultraro €15.0m
> Growth in APAC¹ offset by less revenues in EMEA and Americas
¹ See list of acronyms in appendix.
ADJ. EBIT (€M)
☐ % margin
Adj. EBIT margin ▼ 1.0pp y/y
> Adj. EBIT -0.8% y/y: Organic -12.0%, M&A +14.4%, FX -3.2%
> M&A: Destaco €19.5m (20.4% EBIT margin), Cultraro €3.3m
PROFIT (€M)
☐ % revenue
Profit margin ▼ 3.0pp y/y
> Higher D&A for PPA, advisory costs, income tax expense, as a consequence of Destaco acquisition in FY24
ADJ. FCF (€M)
☐ % revenue
Adj. FCF % revenue ▲ 1.4pp y/y
> M&A: Destaco €27.5m
> Temporary changes in NWC which will partly reverse in the next quarters
> Adjustments to FCF €653.2m (PY €10.6m)
BUSINESS DEVELOPMENT BY REGION IN FY2024
STABILUS
| AMERICAS | EMEA | ASIA-PACIFIC | |
|---|---|---|---|
| Revenue | ▲ 4.1% y/y | ▲ 5.8% y/y | ▲ 16.1% y/y |
| adj. EBIT margin | 10.2% | 10.4% | 17.5% |
| ▼ 60bp y/y | ▼ 180bp y/y | ▼ 90bp y/y |
Significant revenue increase due to organic growth in APAC and consolidation of Destaco from April 2024 on.
AMERICAS - REVENUE INCREASE DRIVEN BY ACQUISITION; WEAK ENERGY & CONSTRUCTION AND POWERISE MARKETS
STABILUS
1 See list of acronyms in appendix.
REVENUE (€M)
ADJ. EBIT (€M)
Revenue ▲ 4.1% y/y
> Organic -5.7%, M&A +11.7%, FX -1.9%
> M&A: Destaco €52.7m
> Less revenues in EC¹, Automotive (esp. APR), DIAMEC and AMR
Adj. EBIT margin ▼ 60bp y/y
> Adj. EBIT -1.9% y/y: Organic -17.4%, M&A +20.6%, FX -5.1% y/y
> M&A: Destaco €10.0m
> Lower fixed cost absorption, continuing labor cost inflation
EMEA - ACQUISITIONS DRIVE REVENUE;
WEAK COMMERCIAL VEHICLES SEGMENT
STABILUS
REVENUE (€M)
ADJ. EBIT (€M)
Revenue ▲ 5.8% y/y
> Organic -1.2%, M&A +8.3%, FX -1.3%
> M&A: Destaco €27.9m, Cultraro €13.1m
> Less revenues in CV¹ and DIAMEC, partly offset by organic growth in AMR
Adj. EBIT margin ▼ 180bp y/y
> Adj. EBIT -9.4% y/y: Organic -21.2%, M&A +13.1%, FX -1.3% y/y
> M&A: Destaco €5.0m, Cultraro €2.9m
> Lower fixed cost absorption, continuing labor cost inflation
¹ See list of acronyms in appendix.
SPORT
STABILUS
APAC - GROWING IN ALL MARKET SEGMENTS ORGANICALLY, SUPPORTED BY ACQUISITIONS
REVENUE (€M)
ADJ. EBIT (€M)
Revenue ▲ 16.1% y/y
> Organic +14.1%, M&A +6.2%, FX -4.2%
> M&A: Destaco €14.8m, Cultraro €1.9m
> Organic growth in all market segments, particularly in Automotive Powerise (APR)
Adj. EBIT margin ▼ 90bp y/y
> Adj. EBIT +10.5% y/y: Organic +4.2%, M&A +9.9%, FX -3.6% y/y
> M&A: Destaco €4.5m, Cultraro €0.4m
1See list of acronyms in appendix.
BUSINESS DEVELOPMENT BY MARKET SEGMENT IN Q4 FY24
STABILUS
| ICON | MARKET SEGMENT | % CHANGE Y/Y |
|---|---|---|
| Automotive (AGS and APR) | ▼ 3% | |
| Industrial Machinery & Automation (IMA) | ▲ 455%^{1} | |
| Distributors, Independent Aftermarket, E-commerce (DIAMEC) | ▼ 12% | |
| Commercial Vehicles (CV) | ▼ 10% | |
| Health, Recreation & Furniture (HRF) | ▼ 9% | |
| Energy & Construction (EC) | ▼ 8% | |
| Aerospace, Marine & Rail (AMR) | ▲ 11% |
In Q4 FY24, IMA and AMR were growing and performing better than in Q4 of the prior FY. Organic growth in IMA was supported by consolidation of Destaco revenues.
1 The significant increase is due to the consolidation of Destaco (€46.6m revenue in Q4 FY24). Change excl. Destaco: +3% y/y.
BUSINESS DEVELOPMENT BY MARKET SEGMENT IN FY2024
STABILUS
| ICON | MARKET SEGMENT | % CHANGE Y/Y |
|---|---|---|
 |
Automotive (AGS and APR) | ▲ 2% |
 |
Distributors, Independent Aftermarket, E-commerce (DIAMEC) | ▼ 3% |
 |
Industrial Machinery & Automation (IMA) | ▲ 217%^{1} |
 |
Commercial Vehicles (CV) | ▼ 4% |
 |
Health, Recreation & Furniture (HRF) | ▲ 2% |
 |
Energy & Construction (EC) | ▼ 32% |
 |
Aerospace, Marine & Rail (AMR) | ▲ 38% |
High diversification by market segment improves robustness in challenging market environment.
1 The significant increase is due to the consolidation of Destaco from April 2024 on (€95.4m revenue in H2 FY24). Change excl. Destaco: -5% y/y.
NET DEBT FURTHER REDUCED Q/Q - TO €668.4M IN Q4 FY24
STABILUS
NET DEBT REDUCED BY €51.8M IN THE LAST SIX MONTHS
Net leverage ratio stable at 2.8 and well below 3.0. Net debt reduced by €51.8m in the last six months.
Our goal is to reduce net leverage ratio well below 2.0 within the next two to three years.
Our mid-term target leverage ratio is 1.0.
Net financial debt as of end of quarter in €m | Net leverage ratio = net financial debt / LTM adj. EBITDA
NWC REDUCED TO 19.1% OF REVENUE IN Q4 FY24
STABILUS
- NWC/revenue ratio at 19.1%, incl. Destaco's NWC and proforma LTM revenue.
- The increase from 17.6% in Q1 FY24 to a level above 20% in the following quarters due to the consolidation / inclusion of Destaco and Destaco's comparatively higher NWC/revenue ratio.
NWC as of end of quarter in €m | NWC/revenue ratio = NWC in % of LTM revenue
STABILUS
CAPEX WILL FACILITATE FUTURE GROWTH WITH INNOVATIVE NEW PRODUCTS SUCH AS DOOR ACTUATORS
- In FY2023 and FY2024 capex returned to the usual, historical level of c. 6% of revenue.
- Investment focus in FY2024: radar technology, smart door actuation and automation of production facilities.
- These investments will facilitate and drive our future revenue growth with innovative new products such as door actuator systems and improve production costs.
Capital expenditure (CAPEX) in €m | Capex in % revenue
SUMMARY AND OUTLOOK
STABILUS
Despite the challenging market environment, Stabilus showed a solid performance in FY2024.
Diversification by market segments and strong cash generation provide stability.
With the current win rates we underline our strong market shares in key markets and secure future success.
The integration of Destaco is well on track.
We will release our FY2025 forecast together with our 2024 annual report on Monday, December 9, 2024, followed by analyst & investor web conference.
We continue to pursue our long-term strategy STAR 2030, focusing on profitable and sustainable growth, customer and employee satisfaction, innovation and sustainability.
Q&A SESSION
APPENDIX
REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER
STABILUS
INCLUDING Q4 FY24 PRELIMINARY RESULTS
REVENUE
STABILUS
THREE MONTHS ENDED SEPTEMBER 30, 2024
REVENUE (€M)
| 04 FY2023 Actual | 04 FY2024 Prelim | Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 30.0 | 29.4 | (0.6) | (2.0)% | 2.5% | (5.0)% | 0.5% |
| Automotive Powerise | 26.3 | 25.5 | (0.8) | (3.0)% | 0.0% | (0.5)% | (2.5)% |
| Industrial Components | 64.1 | 60.6 | (3.5) | (5.5)% | 1.2% | (1.4)% | (5.3)% |
| Industrial Automation (DESTACO) | - | 13.3 | 13.3 | n/a | n/a | n/a | n/a |
| EMEA | 120.4 | 128.7 | 8.3 | 6.9% | 12.3% | (2.1)% | (3.3)% |
| Automotive Gas Spring | 30.2 | 29.4 | (0.8) | (2.6)% | 0.0% | (5.9)% | 3.3% |
| Automotive Powerise | 44.4 | 37.4 | (7.0) | (15.8)% | 0.0% | (10.4)% | (5.4)% |
| Industrial Components | 42.8 | 34.1 | (8.7) | (20.3)% | 0.0% | (6.6)% | (13.7)% |
| Industrial Automation (DESTACO) | - | 25.8 | 25.8 | n/a | n/a | n/a | n/a |
| AMERICAS | 117.4 | 126.7 | 9.3 | 7.9% | 22.0% | (7.8)% | (6.3)% |
| Automotive Gas Spring | 26.5 | 25.2 | (1.3) | (4.9)% | 0.6% | 0.0% | (5.5)% |
| Automotive Powerise | 38.0 | 41.8 | 3.8 | 10.0% | 0.0% | (0.3)% | 10.3% |
| Industrial Components | 5.2 | 6.3 | 1.1 | 21.2% | 0.7% | (5.6)% | 26.1% |
| Industrial Automation (DESTACO) | - | 7.5 | 7.5 | n/a | n/a | n/a | n/a |
| APAC | 69.7 | 80.8 | 11.1 | 15.9% | 11.1% | (0.6)% | 5.4% |
| Total Automotive Gas Spring (AGS) | 86.7 | 84.0 | (2.7) | (3.1)% | 1.0% | (3.8)% | (0.3)% |
| Total Automotive Powerise (APR) | 108.7 | 104.7 | (4.0) | (3.7)% | 0.0% | (4.5)% | 0.8% |
| Total Industrial Components (IC) | 112.2 | 101.0 | (11.2) | (10.0)% | 0.7% | (3.6)% | (7.1)% |
| Total Industrial Automation (DESTACO) | - | 46.6 | 46.6 | n/a | n/a | n/a | n/a |
| Total | 307.5 | 336.3 | 28.8 | 9.4% | 15.7% | (3.9)% | (2.4)% |
REVENUE
STABILUS
YEAR ENDED SEPTEMBER 30, 2024
REVENUE (€M)
| FY2023 Actual | FY2024 Prelim | Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 120.2 | 124.5 | 4.3 | 3.6% | 6.6% | (1.2)% | (1.8)% |
| Automotive Powerise | 113.1 | 111.5 | (1.6) | (1.4)% | 0.0% | (0.8)% | (0.6)% |
| Industrial Components | 263.3 | 261.5 | (1.8) | (0.7)% | 2.0% | (1.6)% | (1.1)% |
| Industrial Automation (DESTACO) | - | 27.9 | 27.9 | n/a | n/a | n/a | n/a |
| EMEA | 496.6 | 525.5 | 28.9 | 5.8% | 8.3% | (1.3)% | (1.2)% |
| Automotive Gas Spring | 119.4 | 118.8 | (0.6) | (0.5)% | 0.0% | (0.4)% | (0.1)% |
| Automotive Powerise | 171.5 | 161.1 | (10.4) | (6.1)% | 0.0% | 1.4% | (7.5)% |
| Industrial Components | 159.6 | 136.4 | (23.2) | (14.5)% | 0.0% | (6.6)% | (7.9)% |
| Industrial Automation (DESTACO) | - | 52.7 | 52.7 | n/a | n/a | n/a | n/a |
| AMERICAS | 450.5 | 469.0 | 18.5 | 4.1% | 11.7% | (1.9)% | (5.7)% |
| Automotive Gas Spring | 101.8 | 106.2 | 4.4 | 4.3% | 1.5% | (4.1)% | 6.9% |
| Automotive Powerise | 144.7 | 166.2 | 21.5 | 14.9% | 0.0% | (4.3)% | 19.2% |
| Industrial Components | 21.7 | 24.3 | 2.6 | 12.0% | 1.7% | (4.3)% | 14.6% |
| Industrial Automation (DESTACO) | - | 14.8 | 14.8 | n/a | n/a | n/a | n/a |
| APAC | 268.2 | 311.5 | 43.3 | 16.1% | 6.2% | (4.2)% | 14.1% |
| Total Automotive Gas Spring (AGS) | 341.4 | 349.5 | 8.1 | 2.4% | 2.8% | (1.8)% | 1.4% |
| Total Automotive Powerise (APR) | 429.3 | 438.8 | 9.5 | 2.2% | 0.0% | (1.1)% | 3.3% |
| Total Industrial Components (IC) | 444.6 | 422.2 | (22.4) | (5.0)% | 1.2% | (3.5)% | (2.7)% |
| Total Industrial Automation (DESTACO) | - | 95.4 | 95.4 | n/a | n/a | n/a | n/a |
| Total | 1,215.3 | 1,305.9 | 90.6 | 7.5% | 9.1% | (2.2)% | 0.6% |
ADJUSTED EBIT
STABILUS
THREE AND TWELVE MONTHS ENDED SEPTEMBER 30, 2024
ADJUSTED EBIT (€M)
| Q4 FY2023 Actual | Q4 FY2024 Prelim | Change | % change | Acquisition effect | Currency effect | Organic change | |
|---|---|---|---|---|---|---|---|
| EMEA | 19.3 | 10.7 | (8.6) | (44.6)% | 14.0% | 0.5% | (59.1)% |
| AMERICAS | 10.0 | 15.9 | 5.9 | 59.0% | 54.0% | (7.0)% | 12.0% |
| APAC | 13.9 | 15.3 | 1.4 | 10.1% | 18.7% | 0.0% | (8.6)% |
| Total | 43.2 | 41.9 | (1.3) | (3.0)% | 25.0% | (1.4)% | (26.6)% |
| FY2023 Actual | FY2024 Prelim | Change | % change | Acquisition effect | Currency effect | Organic change | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EMEA | 60.5 | 54.8 | (5.7) | (9.4)% | 13.1% | (1.3)% | (21.2)% |
| AMERICAS | 48.6 | 47.7 | (0.9) | (1.9)% | 20.6% | (5.1)% | (17.4)% |
| APAC | 49.4 | 54.6 | 5.2 | 10.5% | 9.9% | (3.6)% | 4.2% |
| Total | 158.4 | 157.1 | (1.3) | (0.8)% | 14.4% | (3.2)% | (12.0)% |
P&L AND ADJUSTED EBIT
STABILUS
THREE MONTHS ENDED SEPTEMBER 30, 2024
P&L (€M)
| Q4 FY2023 Actual | Q4 FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| Revenue | 307.5 | 336.3 | 28.8 | 9.4% |
| Cost of sales | (227.7) | (245.8) | (18.1) | 7.9% |
| Gross Profit | 79.8 | 90.5 | 10.7 | 13.4% |
| % margin | 26.0% | 26.9% | ||
| R&D expenses | (4.7) | (8.4) | (3.7) | 78.7% |
| Selling expenses | (26.9) | (40.3) | (13.4) | 49.8% |
| Administrative expenses | (16.0) | (20.0) | (4.0) | 25.0% |
| Other income/expenses | 0.5 | 1.2 | 0.7 | >100.0% |
| EBIT | 32.6 | 22.9 | (9.7) | (29.8)% |
| % margin | 10.6% | 6.8% | ||
| Finance income/costs | (0.3) | 0.2 | 0.5 | <(100.0)% |
| EBT | 32.3 | 23.1 | (9.2) | (28.5)% |
| % margin | 10.5% | 6.9% | ||
| Income tax | (8.8) | (5.5) | 3.3 | (37.5)% |
| Profit | 23.5 | 17.5 | (6.0) | (25.5)% |
| % margin | 7.6% | 5.2% | ||
| EPS in € | 0.93 | 0.70 | (0.23) | (24.7)% |
ADJUSTED EBIT (€M)
| Q4 FY2023 Actual | Q4 FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| EBIT | 32.6 | 22.9 | (9.7) | (29.8)% |
| PPA adj. - D&A | 3.7 | 18.2 | 14.5 | >100.0% |
| Environmental protection costs | 2.6 | |||
| Advisory costs | 4.1 | 0.8 | (3.3) | (80.5)% |
| PPA adjustments | 0.2 | - | (0.2) | (100.0)% |
| Total adjustments | 10.6 | 19.0 | 8.4 | 79.2% |
| Adjusted EBIT | 43.2 | 41.9 | (1.3) | (3.0)% |
| % margin | 14.0% | 12.5% |
P&L AND ADJUSTED EBIT
STABILUS
YEAR ENDED SEPTEMBER 30, 2024
P&L (€M)
| FY2023 Actual | FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| Revenue | 1,215.3 | 1,305.9 | 90.6 | 7.5% |
| Cost of sales | (894.1) | (963.6) | (69.5) | 7.8% |
| Gross Profit | 321.2 | 342.3 | 21.1 | 6.6% |
| % margin | 26.4% | 26.2% | ||
| R&D expenses | (31.1) | (34.4) | (3.3) | 10.6% |
| Selling expenses | (104.4) | (126.2) | (21.8) | 20.9% |
| Administrative expenses | (48.4) | (77.7) | (29.3) | 60.5% |
| Other income/expenses | (0.1) | 9.3 | 9.4 | <(100.0)% |
| EBIT | 137.1 | 113.3 | (23.8) | (17.4)% |
| % margin | 11.3% | 8.7% | ||
| Finance income/costs | (17.8) | (13.0) | 4.8 | (27.0)% |
| EBT | 119.3 | 100.4 | (18.9) | (15.8)% |
| % margin | 9.8% | 7.7% | ||
| Income tax | (16.0) | (28.3) | (12.3) | 76.9% |
| Profit | 103.3 | 72.0 | (31.3) | (30.3)% |
| % margin | 8.5% | 5.5% | ||
| EPS in € | 4.12 | 2.84 | (1.28) | (31.1)% |
ADJUSTED EBIT (€M)
| FY2023 Actual | FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| EBIT | 137.1 | 113.3 | (23.8) | (17.4)% |
| PPA adj. - D&A | 14.4 | 30.3 | 15.9 | >100.0% |
| Environmental protection costs | 2.6 | - | (2.6) | (100.0)% |
| Advisory costs | 4.1 | 14.2 | 10.1 | >100.0% |
| PPA adjustments | 0.2 | (0.7) | (0.9) | <(100.0)% |
| Total adjustments | 21.3 | 43.8 | 22.5 | >100.0% |
| Adjusted EBIT | 158.4 | 157.1 | (1.3) | (0.8)% |
| % margin | 13.0% | 12.0% |
BALANCE SHEET
STABILUS
SEPTEMBER 30, 2024
BALANCE SHEET (€M)
| | Sept 2023
Actual | Sept 2024
Prelim | Change | % change |
| --- | --- | --- | --- | --- |
| Property, plant and equipm. | 247.2 | 300.3 | 53.1 | 21.5% |
| Goodwill | 236.6 | 540.0 | 303.4 | >100.0% |
| Other intangible assets | 230.0 | 477.9 | 247.9 | >100.0% |
| Other investments | 6.0 | 6.0 | - | 0.0% |
| Inventories | 177.3 | 223.6 | 46.3 | 26.1% |
| Trade receivables | 198.0 | 203.4 | 5.4 | 2.7% |
| Other assets | 46.1 | 50.3 | 4.2 | 9.1% |
| Cash | 193.1 | 109.4 | (83.7) | (43.3)% |
| Total assets | 1,334.3 | 1,910.9 | 576.6 | 43.2% |
| Equity incl. minorities | 712.0 | 677.7 | (34.3) | (4.8)% |
| Debt (incl. accrued interest) | 258.0 | 777.8 | 519.8 | >100.0% |
| Pension plans | 37.7 | 47.3 | 9.6 | 25.5% |
| Deferred tax liabilities | 44.6 | 64.2 | 19.6 | 43.9% |
| Trade payables | 124.3 | 159.7 | 35.4 | 28.5% |
| Other liabilities | 157.7 | 184.2 | 26.5 | 16.8% |
| Total equity and liabilities | 1,334.3 | 1,910.9 | 576.6 | 43.2% |
CASH FLOW
STABILUS
THREE MONTHS ENDED SEPTEMBER 30, 2024
CASH FLOW STATEMENT (€M)
| 04 FY2023 Actual | 04 FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 40.2 | 74.7 | 34.5 | 85.8% |
| Cash flow from investing activities | (36.3) | (22.0) | 14.3 | (39.4)% |
| Cash flow from financing activities | (11.2) | (80.7) | (69.5) | >100.0% |
| Net increase / (decrease) in cash | (7.3) | (28.0) | (20.7) | >100.0% |
| Effect of movements in exchange rates | 2.2 | (1.8) | (4.0) | <(100.0)% |
| Cash as of beginning of the period | 198.3 | 139.4 | (58.9) | (29.7)% |
| Cash as of end of the period | 193.1 | 109.4 | (83.7) | (43.3)% |
ADJ. FCF (€M)
| 04 FY2023 Actual | 04 FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 40.2 | 74.7 | 34.5 | 85.8% |
| Cash flow from investing activities | (36.3) | (22.0) | 14.3 | (39.4)% |
| Free cash flow | 3.9 | 52.7 | 48.8 | >100.0% |
| Adjustments | 10.3 | 2.3 | (8.0) | (77.7)% |
| Adj. FCF | 14.2 | 55.0 | 40.8 | >100.0% |
CASH FLOW
STABILUS
YEAR ENDED SEPTEMBER 30, 2024
CASH FLOW STATEMENT (€M)
| FY2023 Actual | FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 178.1 | 197.0 | 18.9 | 10.6% |
| Cash flow from investing activities | (81.4) | (717.4) | (636.0) | >100.0% |
| Cash flow from financing activities | (66.4) | 440.7 | 507.1 | <(100.0)% |
| Net increase / (decrease) in cash | 30.3 | (79.7) | (110.0) | <(100.0)% |
| Effect of movements in exchange rates | (5.5) | (3.9) | 1.6 | (29.1)% |
| Cash as of beginning of the period | 168.4 | 193.1 | 24.7 | 14.7% |
| Cash as of end of the period | 193.1 | 109.4 | (83.7) | (43.3)% |
ADJ. FCF (€M)
| FY2023 Actual | FY2024 Prelim | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 178.1 | 197.0 | 18.9 | 10.6% |
| Cash flow from investing activities | (81.4) | (717.4) | (636.0) | >100.0% |
| Free cash flow | 96.7 | (520.4) | (617.1) | <(100.0)% |
| Adjustments | 10.6 | 653.2 | 642.6 | >100.0% |
| Adj. FCF | 107.3 | 132.8 | 25.5 | 23.8% |
LVP DEVELOPMENT / FORECAST
STABILUS
Source: leading market forecast institutes, October 2024
ACRONYMS AND ABBREVIATIONS
STABILUS
Adj. Adjusted
AGS Automotive Gas Spring
AMR Aerospace, Marine & Rail
APAC Asia-Pacific
APR Automotive Powerise
bp Basis point
CAPEX Capital expenditure
CV Commercial Vehicles
CY Calendar year
D&A Depreciation and amortization
DIAMEC Distributors, Independent Aftermarket, E-commerce
EMEA Europe, Middle East & Africa
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortization
EBT Earnings before taxes
EC Energy & Construction
FCF Free cash flow
FX Foreign exchange, currency effect
FY Fiscal year
HRF Health, Recreation & Furniture
IMA Industrial Machinery & Automation
LTM Last twelve months
LVP Light vehicle production
M&A Mergers & Acquisitions, acquisition effect
NWC Net working capital
pp Percentage point
PPA Purchase price allocation
Prelim Preliminary
PY Prior year
q/q Quarter-on-quarter
y/y Year-on-year
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