AI assistant
Stabilus SE Investor Presentation 2024
6214_ip_2024-07-28_ca45b2a2-9cf6-4f59-8771-8ed38e4999f4.pdf
Investor Presentation
Open in viewerOpens in your device viewer
STABILUS
Q3 FY2024 RESULTS
ANALYST & INVESTOR WEB CONFERENCE
JULY 29, 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.
STABILUS
Q3: EXPECTED REDUCED CALL-OFFS MATERIALIZED & FIRST-TIME CONSOLIDATION OF DESTACO
Current market environment: Decline in call-offs from several OEMs in Q3 FY24 materialized as forecasted, particularly in the electric car segment.
Current customer demand confirms stabilized volume developments in Q4 FY24.
Organic revenue growth in APAC¹ (+3.2% y/y) while organic development in EMEA (-5.1% y/y) and Americas (-3.0% y/y) is impacted by lower call-off quantities in the Automotive and Commercial Vehicle markets.
Revenue increase in Q3 FY24, +14.4% y/y, due to the first-time consolidation of DESTACO results.
In Q3 FY24, DESTACO generated €48.8m revenue with 19.9% EBIT margin.
DESTACO integration on track. Refinancing of the bridge facility in preparation. Solid project pipeline for advanced indexing conveyors.
See list of acronyms in appendix.
STABILUS
CHALLENGING MARKET ENVIRONMENT IN H2 FY2024
COST FLEXIBILIZATION IN PLACE TO COUNTERBALANCE
We confirm our STAR 2030 goals - in spite of challenging environment.
Substantial volume reductions in H2 FY2024 are impacting fixed cost coverage and are driving lower profitability which was reflected in the guidance adjustment released on June 11, 2024.
Fixed cost flexibilization actions in all plants and functions in place to counterbalance these challenges.
We will overcome current headwinds, which are to a large extent caused by negative external factors, in the next quarters.
The market environment led to significant extraordinary expenses in and continues to do until today. Inflation was severe. Material and energy costs increased dramatically.
Combined, these external factors impacted our profitability significantly and could only be partially recovered from our customers. These effects are by far the major reasons for the reduction in profitability in the years between FY2022 and FY2024.
OUR COUNTERMEASURES
STABILUS
MITIGATING NEGATIVE EXTERNAL FACTORS
We will overcome the external headwinds in the coming quarters.
Countermeasures in place:
- Flexibilization of production in all impacted plants
- Efficiency programs in all plants and functions
- Continued automation to counterbalance labor cost inflation
- Continue to drive inflation recovery measures with suppliers and customers
We will offset the higher labor cost inflation with productivity gains and continued automation and raw material cost inflation through compensation from our customers in the next quarters. Cost flexibilization and efficiency programs as well as negotiations with customers and suppliers are ongoing.
DESTACO PERFORMANCE
FIRST QUARTER AS A MEMBER OF THE STABILUS GROUP
STABILUS
DESTACO
PERFORMANCE
INDUSTRIAL AUTOMATION (DESTACO) (€M)
| | Q3 FY2024
Actual |
| --- | --- |
| Revenue | 48.8 |
| EBIT | 9.7 |
| % revenue | 19.9% |
| FCF | 7.6 |
| % revenue | 15.6% |
DESTACO INTEGRATION PROGRESSING AS PLANNED
STABILUS
Initial consolidation accomplished; processes harmonized
Replacement of several existing Transition Service Agreements (TSAs)
Corporate Code of Conduct rolled out
First cross-sale orders received; ongoing execution of cross-sales initiatives (incl. joint tradeshows), cross-sales workshop conducted, first joint customer & distributor visits conducted
Procurement savings workshop held; bundling potential for shared suppliers identified, first joint supplier negotiations conducted
Site migrations to Stabilus IT environment started; half of DESTACO locations equipped with Stabilus infrastructure hardware
STABILUS
DESTACO
CENTRAL VERITAS
SOLID PROJECT PIPELINE TO STRENGTHEN INDUSTRIAL BUSINESS (PHARMA AND MEDICAL TECHNOLOGY)
- DESTACO continues winning projects for precision link conveyors.
- The price of these products amounts to several hundred thousand euros.
- Two sets were built for customers in UK / Nordics in the last quarters and shipped in May and June 2024.
- End user market segment: pharma and medical devices
- Further promising applications that are in high demand: consumer goods / personal care (e.g., the production of safety razors and razor blades), packaging, life sciences, mobility (e.g., batteries) et al.
STABILUS GROUP IN Q3 FY2024
STABILUS
FIRST-TIME INCLUSION OF DESTACO
REVENUE (€M)
☐ % organic growth
REVENUE ▲ 14.4% y/y
- Organic -2.5%, M&A +17.4%, FX -0.5% y/y
- M&A effect: Destaco €48.8m, Cultraro €4.6m
- 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 ▼ 140bp y/y
- Adj. EBIT +2.9% y/y: Organic -21.5%, M&A +24.6%, FX -0.2%
- M&A: Destaco €9.7m (19.9% EBIT margin), Cultraro €0.8m
- Higher profitability of Destaco was partly offset by integration costs (€2m)
PROFIT (€M)
☐ % revenue
Profit margin ▼ 20bp y/y
- Higher financing costs in Q3 FY24 due to higher net debt than in prior years
ADJ. FCF (€M)
☐ % revenue
Adj. FCF % revenue ▼ 5.0pp y/y
- Tax payments in PY €6.2m lower, due to a positive tax ruling and refunds for FY10-FY14; cash inflow from operating activities - €18.2m y/y cash outflow for financing activities + €9.7m y/y
- Adjustments to FCF €9.0m (PY -)
9
BUSINESS DEVELOPMENT BY REGION IN Q3 FY2024
STABILUS
| AMERICAS | EMEA | ASIA-PACIFIC | |
|---|---|---|---|
| Revenue | ▲ 21.8% y/y | ▲ 8.5% y/y | ▲ 13.8% y/y |
| adj. EBIT margin | 11.2% | 12.8% | 13.2% |
| ▲ 60bp y/y | ▼ 190bp y/y | ▼ 360bp y/y |
10
Substantial revenue increase due to first-time consolidation of DESTACO.
AMERICAS - MAJOR STEP FORWARD WITH DESTACO;
STABILUS
MARGIN IMPACTED BY LABOR COST INFLATION
1 See list of acronyms in appendix.
REVENUE (€M)
ADJ. EBIT (€M)
Revenue ▲ 21.8% y/y
> Organic -3.0%, M&A +24.5%, FX +0.3%
> M&A: Destaco €26.9m, Cultraro -
> Less revenues in EC¹, Automotive (esp. APR), AMR and HRF, partly offset by organic growth in DIAMEC and CV
Adj. EBIT margin ▲ 60bp y/y
> Adj. EBIT +29.3% y/y: Organic -14.6%, M&A +42.2%, FX +1.7% y/y
> M&A: Destaco €4.9m, Cultraro -
> Lower fixed cost absorption, continuing high raw material and labor cost inflation
EMEA - ACQUISITIONS DRIVE REVENUE;
STABILUS
WEAKNESS IN AUTOMOTIVE AND COMMERCIAL VEHICLES
REVENUE (€M)
ADJ. EBIT (€M)
Revenue ▲ 8.5% y/y
> Organic -5.1%, M&A +14.3%, FX -0.7%
> M&A: Destaco €14.6m, Cultraro €3.9m
> Less revenues in Automotive, CV¹ and HRF, partly offset by organic growth in AMR, DIAMEC and EC
Adj. EBIT margin ▼ 190bp y/y
> Adj. EBIT -5.2% y/y: Organic -20.9%, M&A +17.3%, FX -1.6% y/y
> M&A: Destaco €2.7m, Cultraro €0.7m
> Lower fixed cost absorption, continuing high raw material and labor cost inflation
¹ See list of acronyms in appendix.
APAC – GROWING ORGANICALLY AND WITH ACQUISITIONS
STABILUS
REVENUE (€M)
ADJ. EBIT (€M)
Revenue ▲ 13.8% y/y
> Organic +3.2%, M&A +12.0%, FX -1.4%
> M&A: Destaco €7.3m, Cultraro €0.7m
> Organic growth in Automotive and CV¹, partly offset by less favorable development in DIAMEC
Adj. EBIT margin ▼ 360bp y/y
> Adj. EBIT -10.7% y/y: Organic -29.5%, M&A +18.8%, FX 0.0% y/y
> M&A: Destaco €2.1m, Cultraro €0.1m
> Lower fixed cost absorption, continuing high raw material inflation
¹See list of acronyms in appendix.
BUSINESS DEVELOPMENT BY MARKET SEGMENT
STABILUS
DESTACO CONTRIBUTING TO A BALANCED BUSINESS PORTFOLIO
| ICON | MARKET SEGMENT | % CHANGE Y/Y |
|---|---|---|
| Automotive | ▼ 1% | |
| Industrial Machinery & Automation (IMA) | ▲ 439%^{1} | |
| Distributors, Independent Aftermarket, E-commerce (DIAMEC) | ▲ 4% | |
| Commercial Vehicles (CV) | ▼ 4% | |
| Health, Recreation & Furniture (HRF) | ▼ 5% | |
| Energy & Construction (EC) | ▼ 26% | |
| Aerospace, Marine & Rail (AMR) | ▲ 26% |
Strong increase in IMA due to first-time consolidation of DESTACO. Automotive and CV impacted by reduced call-off quantities.
1 The significant increase is due to the consolidation of DESTACO (€48.8m revenue in Q3 FY24). Change excl. Destaco: -1% y/y.
NET DEBT REDUCED Q/Q - TO €703.2M IN Q3 FY24
STABILUS
FAST DELEVERAGING IS A PRIORITY FOR US
Net leveraging ratio increased to 2.8 in Q2 FY24, as a consequence of DESTACO acquisition.
> Our goal is to reduce it well below 2.0 within the next two to three years.
> Our target leverage ratio is 1.0.
> Deleveraging started: net debt reduced from €720.2m in Q2 FY24 to €703.2m in Q3 FY24.
> Our goal remains to stay below a net leverage ratio of 3.0 as of Sept 2024.
Net financial debt as of end of quarter in €m | Net leverage ratio = net financial debt / LTM adj. EBITDA
SLIGHT INCREASE IN NWC IN Q3 FY24 Q/Q
STABILUS
- NWC/revenue ratio at 20.3%, 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 DA90
- In FY2023 and in 9M FY24 capex returned to the usual, historical level of c. 6% of revenue.
- Investment focus in 9M FY24: 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 DA90 actuator systems and improve production costs.
Capital expenditure (CAPEX) in €m | Capex in % revenue
OUTLOOK
STABILUS
| | FY2023
Actual |
| --- | --- |
| Revenue | €1,215.3m |
| Adj. EBIT
margin | 13.0% |
| FY2024
Guidance |
| --- |
| €1.3bn - €1.35bn |
| 11.7% - 12.3% |
> We confirm our FY2024 forecast which was updated on June 11, 2024, considering the revenue of €969.6m with adj. EBIT margin of 11.9% in 9M FY24 and reflecting the current customer demand.
> The forecast includes DESTACO's results for the six months April - September 2024.
KEY TAKEAWAYS
STABILUS
We initiated measures to increase the robustness and resilience of our businesses, in particular cost flexibilization and cost management initiatives were intensified to mitigate the currently challenging market environment.
We will offset the higher labor cost inflation with productivity gains and continued automation and raw material cost inflation through compensation from our customers in the next quarters.
The integration of DESTACO is on track, some workstreams are progressing ahead of plan.
Considering the revenue of €969.6m with adj. EBIT margin of 11.9% in 9M FY24 and reflecting the current customer demand we are confident to reach the guidance communicated in June 2024.
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
REVENUE
STABILUS
THREE MONTHS ENDED JUNE 30, 2024
REVENUE (€M)
| Q3 FY2023 Actual | Q3 FY2024 Actual | Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 31.8 | 32.0 | 0.2 | 0.6% | 7.4% | 0.0% | (6.8)% |
| Automotive Powerise | 30.2 | 27.7 | (2.5) | (8.3)% | 0.0% | (0.5)% | (7.8)% |
| Industrial Components | 67.9 | 66.6 | (1.3) | (1.9)% | 2.3% | (1.1)% | (3.1)% |
| Industrial Automation (DESTACO) | - | 14.6 | 14.6 | n/a | n/a | n/a | n/a |
| EMEA | 129.9 | 140.9 | 11.0 | 8.5% | 14.3% | (0.7)% | (5.1)% |
| Automotive Gas Spring | 30.6 | 31.1 | 0.5 | 1.6% | 0.0% | 1.9% | (0.3)% |
| Automotive Powerise | 41.2 | 39.0 | (2.2) | (5.3)% | 0.0% | 3.2% | (8.5)% |
| Industrial Components | 38.1 | 36.9 | (1.2) | (3.1)% | 0.0% | (4.0)% | 0.9% |
| Industrial Automation (DESTACO) | - | 26.9 | 26.9 | n/a | n/a | n/a | n/a |
| AMERICAS | 109.9 | 133.9 | 24.0 | 21.8% | 24.5% | 0.3% | (3.0)% |
| Automotive Gas Spring | 24.1 | 25.7 | 1.6 | 6.6% | 2.4% | (2.3)% | 6.5% |
| Automotive Powerise | 37.1 | 36.7 | (0.4) | (1.1)% | 0.0% | (1.5)% | 0.4% |
| Industrial Components | 5.5 | 6.2 | 0.7 | 12.7% | 2.6% | 2.5% | 7.6% |
| Industrial Automation (DESTACO) | - | 7.3 | 7.3 | n/a | n/a | n/a | n/a |
| APAC | 66.7 | 75.9 | 9.2 | 13.8% | 12.0% | (1.4)% | 3.2% |
| Total Automotive Gas Spring (AGS) | 86.5 | 88.8 | 2.3 | 2.7% | 3.4% | 0.0% | (0.7)% |
| Total Automotive Powerise (APR) | 108.5 | 103.4 | (5.1) | (4.7)% | 0.0% | 0.6% | (5.3)% |
| Total Industrial Components (IC) | 111.5 | 109.7 | (1.8) | (1.6)% | 1.5% | (1.9)% | (1.2)% |
| Total Industrial Automation (DESTACO) | - | 48.8 | 48.8 | n/a | n/a | n/a | n/a |
| Total | 306.5 | 350.7 | 44.2 | 14.4% | 17.4% | (0.5)% | (2.5)% |
REVENUE
STABILUS
NINE MONTHS ENDED JUNE 30, 2024
REVENUE (€M)
| 9M FY2023 Actual | 9M FY2024 Actual | Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 90.3 | 95.2 | 4.9 | 5.4% | 7.9% | 0.0% | (2.5)% |
| Automotive Powerise | 86.8 | 86.0 | (0.8) | (0.9)% | 0.0% | (0.9)% | 0.0% |
| Industrial Components | 199.2 | 200.9 | 1.7 | 0.9% | 2.2% | (1.6)% | 0.3% |
| Industrial Automation (DESTACO) | - | 14.6 | 14.6 | n/a | n/a | n/a | n/a |
| EMEA | 376.2 | 396.7 | 20.5 | 5.4% | 7.0% | (1.1)% | (0.5)% |
| Automotive Gas Spring | 89.2 | 89.4 | 0.2 | 0.2% | 0.0% | 1.4% | (1.2)% |
| Automotive Powerise | 127.1 | 123.7 | (3.4) | (2.7)% | 0.0% | 5.5% | (8.2)% |
| Industrial Components | 116.7 | 102.3 | (14.4) | (12.3)% | 0.0% | (6.6)% | (5.7)% |
| Industrial Automation (DESTACO) | - | 26.9 | 26.9 | n/a | n/a | n/a | n/a |
| AMERICAS | 333.0 | 342.3 | 9.3 | 2.8% | 8.1% | 0.2% | (5.5)% |
| Automotive Gas Spring | 75.3 | 81.0 | 5.7 | 7.6% | 1.8% | (5.5)% | 11.3% |
| Automotive Powerise | 106.7 | 124.4 | 17.7 | 16.6% | 0.0% | (5.7)% | 22.3% |
| Industrial Components | 16.5 | 18.0 | 1.5 | 9.1% | 2.1% | (3.9)% | 10.9% |
| Industrial Automation (DESTACO) | - | 7.3 | 7.3 | n/a | n/a | n/a | n/a |
| APAC | 198.5 | 230.6 | 32.1 | 16.2% | 4.5% | (5.5)% | 17.2% |
| Total Automotive Gas Spring (AGS) | 254.8 | 265.5 | 10.7 | 4.2% | 3.4% | (1.1)% | 1.9% |
| Total Automotive Powerise (APR) | 320.6 | 334.1 | 13.5 | 4.2% | 0.0% | 0.1% | 4.1% |
| Total Industrial Components (IC) | 332.4 | 321.2 | (11.2) | (3.4)% | 1.4% | (3.5)% | (1.3)% |
| Total Industrial Automation (DESTACO) | - | 48.8 | 48.8 | n/a | n/a | n/a | n/a |
| Total | 907.8 | 969.6 | 61.8 | 6.8% | 6.8% | (1.6)% | 1.6% |
ADJUSTED EBIT
STABILUS
THREE AND NINE MONTHS ENDED JUNE 30, 2024
ADJUSTED EBIT (€M)
| Q3 FY2023 Actual | Q3 FY2024 Actual | Change | % change | Acquisition effect | Currency effect | Organic change | |
|---|---|---|---|---|---|---|---|
| EMEA | 19.1 | 18.1 | (1.0) | (5.2)% | 17.3% | (1.6)% | (20.9)% |
| AMERICAS | 11.6 | 15.0 | 3.4 | 29.3% | 42.2% | 1.7% | (14.8)% |
| APAC | 11.2 | 10.0 | (1.2) | (10.7)% | 18.8% | 0.0% | (29.5)% |
| Total | 41.9 | 43.1 | 1.2 | 2.9% | 24.6% | (0.2)% | (21.5)% |
| 9M FY2023 Actual | 9M FY2024 Actual | Change | % change | Acquisition effect | Currency effect | Organic change | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EMEA | 41.2 | 44.1 | 2.9 | 7.0% | 12.6% | (2.2)% | (3.4)% |
| AMERICAS | 38.5 | 31.8 | (6.7) | (17.4)% | 12.7% | (4.7)% | (25.4)% |
| APAC | 35.5 | 39.3 | 3.8 | 10.7% | 6.5% | (5.1)% | 9.3% |
| Total | 115.3 | 115.2 | (0.1) | (0.1)% | 10.8% | (3.9)% | (7.0)% |
P&L AND ADJUSTED EBIT
STABILUS
THREE MONTHS ENDED JUNE 30, 2024
P&L (€M)
| Q3 FY2023 Actual | Q3 FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| Revenue | 306.5 | 350.7 | 44.2 | 14.4% |
| Cost of sales | (226.2) | (256.3) | (30.1) | 13.3% |
| Gross Profit | 80.3 | 94.4 | 14.1 | 17.6% |
| % margin | 26.2% | 26.9% | ||
| R&D expenses | (7.8) | (9.1) | (1.3) | 16.7% |
| Selling expenses | (24.1) | (31.4) | (7.3) | 30.3% |
| Administrative expenses | (10.4) | (18.8) | (8.4) | 80.8% |
| Other income/expenses | 0.4 | 4.2 | 3.8 | >100.0% |
| EBIT | 38.4 | 39.3 | 0.9 | 2.3% |
| % margin | 12.5% | 11.2% | ||
| Finance income/costs | (5.2) | (6.2) | (1.0) | 19.2% |
| EBT | 33.2 | 33.0 | (0.2) | (0.6)% |
| % margin | 10.8% | 9.4% | ||
| Income tax | (11.5) | (8.7) | 2.8 | (24.3)% |
| Profit | 21.7 | 24.3 | 2.6 | 12.0% |
| % margin | 7.1% | 6.9% | ||
| EPS in € | 0.86 | 0.97 | 0.11 | 12.8% |
ADJUSTED EBIT (€M)
| Q3 FY2023 Actual | Q3 FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| EBIT | 38.4 | 39.3 | 0.9 | 2.3% |
| PPA adj. - D&A | 3.4 | 3.9 | 0.5 | 14.7% |
| Advisory costs | - | 0.8 | 0.8 | n/a |
| PPA adjustments | 0.1 | (0.9) | (1.0) | <(100.0)% |
| Total adjustments | 3.5 | 3.8 | 0.3 | 8.6% |
| Adjusted EBIT | 41.9 | 43.1 | 1.2 | 2.9% |
| % margin | 13.7% | 12.3% |
P&L AND ADJUSTED EBIT
STABILUS
NINE MONTHS ENDED JUNE 30, 2024
P&L (€M)
| 9M FY2023 Actual | 9M FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| Revenue | 907.8 | 969.6 | 61.8 | 6.8% |
| Cost of sales | (666.3) | (717.8) | (51.5) | 7.7% |
| Gross Profit | 241.4 | 251.8 | 10.4 | 4.3% |
| % margin | 26.6% | 26.0% | ||
| R&D expenses | (26.4) | (26.0) | 0.4 | (1.5)% |
| Selling expenses | (77.5) | (85.9) | (8.4) | 10.8% |
| Administrative expenses | (32.4) | (57.6) | (25.2) | 77.8% |
| Other income/expenses | (0.6) | 8.2 | 8.8 | <(100.0)% |
| EBIT | 104.6 | 90.5 | (14.1) | (13.5)% |
| % margin | 11.5% | 9.3% | ||
| Finance income/costs | (17.6) | (13.2) | 4.4 | (25.0)% |
| EBT | 87.0 | 77.3 | (9.7) | (11.1)% |
| % margin | 9.6% | 8.0% | ||
| Income tax | (7.2) | (22.8) | (15.6) | >100.0% |
| Profit | 79.8 | 54.5 | (25.3) | (31.7)% |
| % margin | 8.8% | 5.6% | ||
| EPS in € | 3.19 | 2.15 | (1.04) | (32.6)% |
ADJUSTED EBIT (€M)
| 9M FY2023 Actual | 9M FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| EBIT | 104.6 | 90.5 | (14.1) | (13.5)% |
| PPA adj. - D&A | 10.5 | 12.1 | 1.6 | 15.2% |
| Advisory costs | - | 13.4 | 13.4 | n/a |
| PPA adjustments | 0.2 | (0.8) | (1.0) | <(100.0)% |
| Total adjustments | 10.7 | 24.7 | 14.0 | >100.0% |
| Adjusted EBIT | 115.3 | 115.2 | (0.1) | (0.1)% |
| % margin | 12.7% | 11.9% |
BALANCE SHEET
STABILUS
JUNE 30, 2024
BALANCE SHEET (€M)
| | Sept 2023
Actual | June 2024
Actual | Change | % change |
| --- | --- | --- | --- | --- |
| Property, plant and equipm. | 247.2 | 284.4 | 37.2 | 15.0% |
| Goodwill | 236.6 | 808.2 | 571.6 | >100.0% |
| Other intangible assets | 230.0 | 226.6 | (3.4) | (1.5)% |
| Other investments | 6.0 | 6.0 | - | 0.0% |
| Inventories | 177.3 | 221.7 | 44.4 | 25.0% |
| Trade receivables | 198.0 | 215.7 | 17.7 | 8.9% |
| Other assets | 46.1 | 69.3 | 23.2 | 50.3% |
| Cash | 193.1 | 139.4 | (53.7) | (27.8)% |
| Total assets | 1,334.3 | 1,971.3 | 637.0 | 47.7% |
| Equity incl. minorities | 712.0 | 704.6 | (7.4) | (1.0)% |
| Debt (incl. accrued interest) | 258.0 | 842.6 | 584.6 | >100.0% |
| Pension plans | 37.7 | 46.3 | 8.6 | 22.8% |
| Deferred tax liabilities | 44.6 | 43.2 | (1.4) | (3.1)% |
| Trade payables | 124.3 | 149.6 | 25.3 | 20.4% |
| Other liabilities | 157.7 | 185.0 | 27.3 | 17.3% |
| Total equity and liabilities | 1,334.3 | 1,971.3 | 637.0 | 47.7% |
The identification and measurement of the assets and liabilities acquired not yet concluded as of June 30, 2024.
The difference between the consideration transferred and the carrying amount of the net assets acquired temporarily and provisionally allocated in full to the goodwill.
The PPA started and will modify the preliminary allocation.
28
CASH FLOW
STABILUS
THREE MONTHS ENDED JUNE 30, 2024
CASH FLOW STATEMENT (€M)
| Q3 FY2023 Actual | Q3 FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 70.3 | 52.1 | (18.2) | (25.9)% |
| Cash flow from investing activities | (22.0) | (23.2) | (1.2) | 5.5% |
| Cash flow from financing activities | (3.4) | (13.1) | (9.7) | >100.0% |
| Net increase / (decrease) in cash | 45.0 | 15.7 | (29.3) | (65.1)% |
| Effect of movements in exchange rates | (2.1) | (0.8) | 1.3 | (61.9)% |
| Cash as of beginning of the period | 155.4 | 124.4 | (31.0) | (19.9)% |
| Cash as of end of the period | 198.3 | 139.4 | (58.9) | (29.7)% |
ADJ. FCF (€M)
| Q3 FY2023 Actual | Q3 FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 70.3 | 52.1 | (18.2) | (25.9)% |
| Cash flow from investing activities | (22.0) | (23.2) | (1.2) | 5.5% |
| Free cash flow | 48.3 | 28.9 | (19.4) | (40.2)% |
| Adjustments | - | 9.0 | 9.0 | n/a |
| Adj. FCF | 48.3 | 37.9 | (10.4) | (21.5)% |
CASH FLOW
STABILUS
NINE MONTHS ENDED JUNE 30, 2024
CASH FLOW STATEMENT (€M)
| 9M FY2023 Actual | 9M FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 137.9 | 122.3 | (15.6) | (11.3)% |
| Cash flow from investing activities | (45.1) | (695.4) | (650.3) | >100.0% |
| Cash flow from financing activities | (55.2) | 521.4 | 576.6 | <100.0% |
| Net increase / (decrease) in cash | 37.6 | (51.7) | (89.3) | <100.0% |
| Effect of movements in exchange rates | (7.7) | (2.1) | 5.6 | (72.7)% |
| Cash as of beginning of the period | 168.4 | 193.1 | 24.7 | 14.7% |
| Cash as of end of the period | 198.3 | 139.4 | (58.9) | (29.7)% |
ADJ. FCF (€M)
| 9M FY2023 Actual | 9M FY2024 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 137.9 | 122.3 | (15.6) | (11.3)% |
| Cash flow from investing activities | (45.1) | (695.4) | (650.3) | >100.0% |
| Free cash flow | 92.8 | (573.1) | (665.9) | <100.0% |
| Adjustments | 0.3 | 650.9 | 650.6 | >100.0% |
| Adj. FCF | 93.1 | 77.8 | (15.3) | (16.4)% |
LVP DEVELOPMENT / FORECAST
STABILUS
LVP Forecast, S&P Global Mobility (IHS Markit), July 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
PY Prior year
q/q Quarter-on-quarter
y/y Year-on-year
STABILUS
MOTION CONTROL
Experience Stabilus motion control virtually
GROUP.STABILUS.COM/BUSINESS-PARK-MEDIA
ENERGY STAR
ENERGY STAR
Contact Stabilus IR
IR.STABILUS.COM