Quarterly Report • Feb 5, 2018
Quarterly Report
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| T_001 | ||||
|---|---|---|---|---|
| Three months ended Dec 31, | ||||
| IN EUR MILLIONS | 2017 | 2016 | CHANGE | % CHANGE |
| Revenue | 230.6 | 210.7 | 19.9 | 9.4% |
| EBIT | 29.5 | 24.1 | 5.4 | 22.4% |
| Adjusted EBIT | 33.9 | 29.4 | 4.5 | 15.3% |
| Profit for the period | 21.7 | 29.8 | (8.1) | (27.2)% |
| Capital expenditure | (9.9) | (9.5) | (0.4) | 4.2% |
| Free cash flow (FCF) | 14.7 | 6.8 | 7.9 | >100.0% |
| EBIT as % of revenue | 12.8% | 11.4% | ||
| Adjusted EBIT as % of revenue | 14.7% | 14.0% | ||
| Profit in % of revenue | 9.4% | 14.1% | ||
| Capital expenditure as % of revenue | 4.3% | 4.5% | ||
| FCF in % of revenue | 6.4% | 3.2% | ||
| Net leverage ratio | 1.4x | 2.3x | ||
(LOCATION OF STABILUS COMPANY)
for the three months ended December 31, 2017
The table below sets out Stabilus Group's consolidated income statement for the first quarter of fiscal 2018 in comparison to the first quarter of fiscal 2017:
Three months ended Dec 31, IN € MILLIONS 2017 2016 Change % change Revenue 230.6 210.7 19.9 9.4% Cost of sales (162.9) (150.8) (12.1) 8.0% Gross profit 67.7 59.9 7.8 13.0% Research and development expenses (10.1) (7.9) (2.2) 27.8% Selling expenses (20.5) (19.9) (0.6) 3.0% Administrative expenses (9.0) (9.0) – 0.0% Other income 4.5 3.9 0.6 15.4% Other expenses (3.1) (2.8) (0.3) 10.7% Profit from operating activities (EBIT) 29.5 24.1 5.4 22.4% Finance income 0.1 20.3 (20.2) (99.5)% Finance costs (2.5) (2.8) 0.3 (10.7)% Profit / (loss) before income tax 27.1 41.6 (14.5) (34.9)% Income tax income/ (expense) (5.4) (11.8) 6.4 (54.2)% Profit / (loss) for the period 21.7 29.8 (8.1) (27.2)%
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2017 | 2016 | Change | % change |
| Europe1) | 116.0 | 102.2 | 13.8 | 13.5% |
| NAFTA1) | 83.6 | 81.6 | 2.0 | 2.5% |
| Asia / Pacific and RoW1) | 31.0 | 26.8 | 4.2 | 15.7% |
| Revenue1) | 230.6 | 210.7 | 19.9 | 9.4% |
1) Revenue breakdown by location of Stabilus company (i. e. "billed-from view").
| 2017 | 2016 | Change | % change |
|---|---|---|---|
| 83.1 | 83.2 | (0.1) | (0.1)% |
| 64.5 | 53.4 | 11.1 | 20.8% |
| 147.6 | 136.5 | 11.0 | 8.1% |
| 50.9 | 45.9 | 5.0 | 10.9% |
| 24.8 | 21.4 | 3.4 | 15.9% |
| 7.3 | 6.8 | 0.5 | 7.4% |
| 83.0 | 74.1 | 8.9 | 12.0% |
| 230.6 | 210.7 | 19.9 | 9.4% |
| Three months ended Dec 31, |
Total revenue in the first quarter of fiscal 2018 increased by 9.4% compared to the first quarter of fiscal 2017.
The revenue of our European entities increased by 13.5% from €102.2 million in the first quarter of fiscal 2017 to €116.0 million in the first quarter of fiscal 2018. This increase is substantially due to our Automotive Powerise® business which grew by €4.9 million or 22.7% and our Automotive Gas Spring business which grew by €3.7 million or 11.0%. In addition the Industrial / Capital Goods business grew by €3.7 million or 12.4% in Europe.
NAFTA´s revenue increased by 2.5% from €81.6 million in the first quarter of fiscal 2017 to €83.6 million in the first quarter of fiscal 2018. This is due to the strong business in NAFTA essentially driven by Powerise® business which grew by €2.5 million or 8.1% and by our Vibration and Velocity Control business which grew by €1.3 million or 14.9%. However, NAFTA´s revenue is significantly influenced by the weaker US dollar (average rate per €1: \$1.18 in Q1 FY2018 versus \$1.08 in Q1 FY2017). This leads to a reduction of NAFTA`s revenue measured in euro of approximately €(7.6) million. Measured in US dollars NAFTA´s revenue grew by 11.8%.
Revenue of our entities in Asia / Pacific and RoW increased by 15.7% from €26.8 million in first quarter of fiscal 2017 to €31.0 million in the first quarter of fiscal 2018. This is strongly driven by the Powerise® business that now also starts to be a growth driver in China. In this region our Powerise® business grew by €3.6 million or 370.9% to €4.6 million.
Revenue in the Automotive business increased by €11.0 million or 8.1% to €147.6 million (PY: €136.5 million). This is particularly due to our Powerise® business. The increase in the Powerise® business by €11.1 million or 20.8% is generally driven by higher take-rates of Powerise® Systems and also stronger sales in China.
Revenue in the Industrial business increased by €8.9 million or 12.0% to €83.0 million (PY: €74.1 million) in the three months ended December 31, 2017. This increase is materially driven by Industrial / Capital Goods with a growth of €5.0 million or 10.9% and Vibration & Velocity Control with a growth of €3.4 million or 15.9%. Both businesses benefit from the strong growth in several relevant segments (e.g. independent aftermarket, solar dampers, agriculture machinery).
Commercial Furniture revenue increased by 7.4% from €6.8 million in the first quarter of fiscal 2017 to €7.3 million in the first quarter of fiscal 2018.
Cost of sales increased from €(150.8) million in the three months ended December 31, 2016 by 8.0% to €(162.9) million in the three months ended December 31, 2017, primarly due to the stronger sales. The cost of sales increase (8.0%) is less than the increase in revenue (9.4%). Consequently the cost of sales as a percentage of revenue decreased by 100 basis points to 70.6% (PY: 71.6%) and the gross profit margin improved to 29.4% (PY: 28.4%).
R&D expenses (net of R&D cost capitalization) increased by 27.8% from €(7.9) million in the first quarter of fiscal 2017 to €(10.1) million in the first quarter of fiscal 2018 as a consequence of increased general R&D activities. As a percentage of revenue, R&D expenses increased by 70 basis points to 4.4% (PY: 3.7%). The capitalization of R&D expenses decreased from €(3.2) million in the first quarter of fiscal 2017 to €(2.0) million in the first quarter of fiscal 2018.
Selling expenses increased from €(19.9) million in the first quarter of fiscal 2017 by 3.0% to €(20.5) million in the first quarter of fiscal 2018. As a percentage of revenue, the selling expenses decreased by 50 basis points to 8.9% (PY: 9.4%).
Administrative expenses are unchanged by €(9.0) million in the first quarter of fiscal 2017 compared in the first quarter of fiscal 2018. As a percentage of revenue, administrative expenses decreased by 40 basis points to 3.9% (PY: 4.3%).
Other income increased from €3.9 million in the first quarter of fiscal 2017 by €0.6 million to €4.5 million in the first quarter of fiscal 2018. This mainly comprises foreign currency translation gains from the operating business.
Other expenses increased from €(2.8) million in the first quarter of fiscal 2017 by €(0.3) million to €(3.1) million in the first quarter of fiscal 2018. This mainly comprises foreign currency translation losses from the operating business.
Finance income decreased from €20.3 million in the first quarter of fiscal 2017 to €0.1 million in the first quarter of fiscal 2018. Finance income in the first quarter of fiscal 2017 was strongly impacted by net foreign exchange gains especially on euro loans of our US entities amounting to €20.2 million due to the strengthening US dollar (closing rate per €1: \$1.12 as at September 2016 versus €1: \$1.06 as at December 2016). As in the first quarter of fiscal 2018 the US dollar has weakened (closing rate per €1: \$1.18 as at September 2017 versus €1: \$1.20 as at December 2017) and due to certain measures we have taken to reduce the foreign exchange exposure this effect from the first quarter of fiscal 2017 is not recurring in the first quarter of fiscal 2018.
Finance costs decreased from €(2.8) million in the first quarter of fiscal 2017 to €(2.5) million in the first quarter of fiscal 2018. Finance costs in the first quarter of fiscal 2018 is primarily due to interest expense on financial liabilities amounting to €(2.1) million compared to an interest expense on financial liabilities of €(2.8) million in the first quarter of fiscal 2017. Interest expense on financial liabilities include ongoing interest expense of €(2.1) million (PY: €(2.7) million) related to the euro term loan facility. Thereof, an amount of €(1.0) million (PY: €(2.4) million) is cash interest. This decrease reflects the lower margin based on the improved net leverage ratio of the Group and the reduced outstanding nominal amount. In addition,
an amount of €(1.1) million (PY: €(0.3) million) is due to the amortization of debt issuance cost and the amortization of the adjustment of the carrying value by using the effective interest rate method.
The income tax expense decreased from €(11.8) million in the first quarter of fiscal year 2017 to €(5.4) million in the first quarter of fiscal year 2018. The Group´s tax rate in the first quarter of fiscal 2018 is 19.9% (PY: 28.4%). The decrease in the tax rate is due to the US tax reform signed in December 2017. The US tax reform
generally reduces the federal income tax rate from 35% to 21% with effect from January 1, 2018 and consequently required a remeasurement of the deferred tax positions of our US operations causing a non-recurring net effect of €4.1 million on income tax expense in the first quarter of fiscal 2018.
The following table shows a reconciliation of EBIT (earnings before interest and taxes) to adjusted EBIT for the first quarter of fiscal years 2018 and 2017.
| T _ 005 | |||
|---|---|---|---|
| 2017 | 2016 | Change | % change |
| 29.5 | 24.1 | 5.4 | 22.4% |
| 4.4 | 5.3 | (0.9) | (17.0%) |
| 33.9 | 29.4 | 4.5 | 15.3% |
| Three months ended Dec 31, |
Adjusted EBIT represents EBIT, adjusted for exceptional nonrecurring items (e.g. restructuring or one-time advisory costs) and depreciation / amortization of fair value adjustments from purchase price allocations (PPAs).
Adjusted EBIT is represented because we believe it is a useful indicator of the Group´s operating performance before items which are considered exceptional and not relevant to an assessment of our operational performance.
The PPA adjustments in the current year contain €2.3 million (PY: €3.2 million) related to the April 2010 PPA and €2.1 million (PY: 2.1 million) to the June 2016 PPA.
The Stabilus Group is organized and managed primarily on a regional level. The three reportable operating segments of the Group are Europe, NAFTA, Asia / Pacific and RoW.
The table below sets out the development of our operating segments for the first quarter of the fiscal years 2018 and 2017.
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € MILLIONS | 2017 | 2016 | Change | % change |
| Europe | ||||
| External revenue1) | 116.0 | 102.2 | 13.8 | 13.5% |
| Intersegment revenue1) | 8.1 | 7.1 | 1.0 | 14.1% |
| Total revenue1) | 124.1 | 109.3 | 14.8 | 13.5% |
| Adjusted EBIT | 16.3 | 12.1 | 4.2 | 34.7% |
| as % of total revenue | 13.1% | 11.1% | ||
| as % of external revenue | 14.1% | 11.8% | ||
| NAFTA | ||||
| External revenue1) | 83.6 | 81.6 | 2.0 | 2.5% |
| Intersegment revenue1) | 6.3 | 5.7 | 0.6 | 10.5% |
| Total revenue1) | 89.9 | 87.4 | 2.5 | 2.9% |
| Adjusted EBIT | 12.5 | 12.3 | 0.2 | 1.6% |
| as % of total revenue | 13.9% | 14.1% | ||
| as % of external revenue | 15.0% | 15.1% | ||
| Asia/ Pacific and RoW | ||||
| External revenue1) | 31.0 | 26.8 | 4.2 | 15.7% |
| Intersegment revenue1) | 0.0 | 0.1 | (0.1) | (100.0)% |
| Total revenue1) | 31.0 | 26.9 | 4.1 | 15.2% |
| Adjusted EBIT | 5.1 | 5.0 | 0.1 | 2.0% |
| as % of total revenue | 16.5% | 18.6% | ||
| as % of external revenue | 16.5% | 18.7% |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
The external revenue generated by our European companies increased by 13.5% from €102.2 million in the first quarter of fiscal 2017 to €116.0 million in the first quarter of fiscal 2018. This increase is substantially due to our Automotive business. Powerise® grew by €4.9 million or 22.7% and our Automotive Gas Spring business grew by €3.7 million or 11.0%. In addition Industrial/Capital Goods grew by €3.7 million or
12.4% in Europe as a consequence of the growth that was observed in several of the relevant segments (e.g. independent aftermarket, agriculture machinery). The adjusted EBIT of the European segment increased by 34.7% or €4.2 million and the adjusted EBIT margin, i.e. adjusted EBIT in percent of external revenue, increased in the first quarter of fiscal 2018 by 230 basis points to 14.1% (PY: 11.8%).
The external revenue of our companies located in the NAFTA region increased from €81.6 million in the first quarter of fiscal 2017 by 2.5% to €83.6 million in the first quarter of fiscal 2018. This is essentially driven by the Powerise® business which grew by €2.5 million or 8.1% and contributed €33.3 million to NAFTA´s revenue. Another growth driver was the Vibration and Velocity Control business which grew by €1.3 million or 14.9%. NAFTA's revenue measured in euro is negatively influenced by the weaker US dollar, i.e. measured in US dollar NAFTA´s revenue grew by 11.8%. The adjusted EBIT of the NAFTA segment increased by 1.6% or €0.2 million and the adjusted EBIT margin, i.e. adjusted EBIT in percent of external revenue, decreased in the first quarter of fiscal 2018 by slightly 10 basis points to 15.0% (PY: 15.1%).
The external revenue of our companies located in the region Asia / Pacific and RoW increased from €26.8 million in the first quarter of fiscal 2017 by 15.7% to €31.0 million in the first quarter of fiscal 2018. Thereof, an amount of €21.2 million was generated by our Automotive Gas Spring business and another €4.6 million by our Powerise® business. Due to the ramp-up of the Powerise® production in our Chinese entity local Powerise® sales grew by €3.6 million or 370.9% to €4.6 million. The adjusted EBIT of the Asia / Pacific and RoW segment increased slightly by €0.1 million or 2.0% and the adjusted EBIT margin, i.e. adjusted EBIT in percent of external revenue, decreased in the first quarter of fiscal 2018 by 220 basis points to 16.5% (PY: 18.7%).
| Financial position | T _ 007 | |||
|---|---|---|---|---|
| IN € MILLIONS | Dec 31, 2017 | Sept 30, 2017 | Change | % change |
| Assets | ||||
| Non-current assets | 636.3 | 647.8 | (11.5) | (1.8)% |
| Current assets | 299.0 | 282.2 | 16.8 | 6.0% |
| Total assets | 935.3 | 930.0 | 5.3 | 0.6% |
| Equity and liabilities | ||||
| Equity | 352.3 | 336.4 | 15.9 | 4.7% |
| Non-current liabilities | 425.5 | 430.8 | (5.3) | (1.2)% |
| Current liabilities | 157.5 | 162.8 | (5.3) | (3.3)% |
| Total liabilities | 583.0 | 593.6 | (10.6) | (1.8)% |
| Total equity and liabilities | 935.3 | 930.0 | 5.3 | 0.6% |
The Group's balance sheet total increased from €930.0 million as of September 30, 2017 by 0.6% to €935.3 million as of December 31, 2017.
Our non-current assets decreased from €647.8 million as of September 30, 2017 by 1.8% or €(11.5) million to €636.3 million as of December 31, 2017. This reduction is attributable to the €(6.7) million decrease of other intangible assets that mainly results from the ongoing amortization of intangible assets from the purchase price allocations 2010 and 2016, but also to foreign exchange raterelated carrying value adjustments, especially due to the weaker US dollar (closing rate per €1: \$1.18 as at September 30, 2017 versus €1: \$1.20 as at December 31, 2017), effecting generally all line items presented in non-current assets, e.g. a decrease in goodwill of (€0.9) million. The decrease of deferred tax assets is especially reflecting a reduction of tax loss carryforwards that are applied to
taxable profits and a remeasurement of deferred tax assets of our US entities due to the US tax reform. This decrease was partly offset by ongoing capacity expansions, i.e. the purchase of property plant and equipment amounted to €8.1 million.
Current assets increased from €282.2 million as of September 30, 2017 by 6.0% or €16.8 million to €299.0 million as of December 31, 2017. This is essentially the consequence of a €12.2 million higher cash balance that results from our strong cash flow in the first quarter of fiscal 2018 but also from increased inventories of €2.5 million and increased trade accounts receivable of €1.1 million due to ongoing business growth.
The Group's equity increased from €336.4 million as of September 30, 2017 by €15.9 million to €352.3 million as of December 31, 2017. This increase results from the profit of €21.7 million that has been generated in the first quarter of fiscal 2018, which was partially offset by other comprehensive income of €(5.8) million. Other comprehensive income comprises unrealized actuarial gains on pensions (net of tax) amounting to €0.2 million and unrealized losses from foreign currency translation amounting to €(6.0) million.
Non-current liabilities decreased from €430.8 million as of September 30, 2017 by 1.2% or €(5.3) million to €425.5 million as of December 31, 2017. This decrease is primarily due to the reduction of the deferred tax liability by €(6.0) million which was mainly affected by the US tax reform and the necessary remeasurement of the deferred tax positions of our US entities.
Current liabilities decreased from €162.8 million as of September 30, 2017 by 3.3% or €(5.3) million to €157.5 million as of December 31, 2017. This decrease was essentially driven by a significant reduction of our trade accounts payables by €(7.7) million or 9.8% as a consequence of shorter payment cycles for trade payables to benefit from early payment discounts. The other liabilities decreased by €(2.1) million especially due to the payment of the Christmas bonus in Germany. This decrease was more than offset by an increase in current provision for warranties provisions and personnel expenses.
| 2017 | 2016 | Change | % change |
|---|---|---|---|
| 24.6 | 16.3 | 8.3 | 50.9% |
| (9.9) | (9.5) | (0.4) | 4.2% |
| (1.2) | (12.5) | 11.3 | (90.4)% |
| 13.5 | (5.7) | 19.2 | <(100.0)% |
| (1.2) | 0.4 | (1.6) | <(100.0)% |
| 68.1 | 75.0 | (6.9) | (9.2)% |
| 80.3 | 69.7 | 10.6 | 15.2% |
| Three months ended Dec 31, |
Cash flow from operating activities increased from €16.3 million in the first quarter of fiscal 2017 by €8.3 million to €24.6 million in the first quarter of fiscal 2018. This increase is mainly due to the strong revenue and earnings growth and partly offset by higher net working capital as a consequence of the continuing growth and shorter payment cycles for trade payables.
Cash outflow for investing activities increased from €(9.5) million in the first quarter of fiscal 2017 by €0.4 million to €(9.9) million in the first quarter of fiscal 2018 due to higher capital expenditures in property, plant and equipment of €1.4 million. This increase was partly offset by slightly reduced investments in intangible assets especially by a €(0.7) million reduction of capitalized R&D costs (less related customer contributions).
Cash flow from financing activities decreased from €(12.5) million in the first quarter of fiscal 2017 by €(11.3) million to €(1.2) million in the first quarter of fiscal 2018. In the first quarter of fiscal 2017 we made a voluntary prepayment of €10.0 million of the term loan facility. In addition the cash interest in the first quarter of fiscal 2018 is €(1.4) million lower compared to the first quarter of fiscal 2017. This reflects the lower margin based on the improved net leverage ratio of the Group and the reduced outstanding nominal amount.
Free cash flow (FCF) is defined as the total of cash flow from operating and investing activities. The following table sets out the composition of FCF.
| T _ 009 | |||
|---|---|---|---|
| 2017 | 2016 | Change | % change |
| 24.6 | 16.3 | 8.3 | 50.9% |
| (9.9) | (9.5) | (0.4) | 4.2% |
| 14.7 | 6.8 | 7.9 | >100.0% |
| Three months ended Dec 31, |
The net leverage ratio is defined as net financial debt divided by adjusted EBITDA for the last twelve months (adjusted EBITDA LTM).
Net financial debt is the nominal amount of financial debt, i.e. current and non-current financial liabilities, less cash and cash equivalents. Adjusted EBITDA is defined as adjusted EBIT before depreciation and amortization.
The net leverage ratio is presented because we believe it is a useful indicator to evaluate the Group's debt leverage and financing structure.
The net leverage ratio decreased from 2.3x for the twelve months ending December 31, 2016 to 1.4x for the twelve months ending December 31, 2017. See the following table.
| IN € MILLIONS | Dec 31, 2017 | Dec 31, 2016 | Change | % change |
|---|---|---|---|---|
| Financial debt | 342.5 | 395.0 | (52.5) | (13.3%) |
| Cash and cash equivalents | (80.3) | (69.7) | (10.6) | 15.2% |
| Net financial debt | 262.2 | 325.3 | (63.1) | (19.4%) |
| Adjusted EBITDA (LTM ended Dec, 31) | 185.0 | 142.4 | 42.6 | 29.9% |
| Net leverage ratio 1) | 1.4x | 2.3x |
1) The net leverage ratio is defined as net financial debt divided by adjusted EBITDA for the last twelve months.
We refer to the risk-related disclosures in the Group Management Report and in the audited Consolidated Financial Statements as of and for the fiscal year ended September 30, 2017.
We confirm our revenue guidance for fiscal 2018 from the Annual Report 2017, i.e. assuming an average currency rate of 1.15 \$ / €, we expect total revenue of approximately €960 million or a revenue growth of around 5.5% and an adjusted EBIT margin of around 15.5% for FY2018. The revenue growth at constant rates, i.e. based on the average rate from FY2017 of 1.10 \$ / €, is estimated to be around 7.1%. At a currency rate of 1.20 \$ / € we estimate a revenue of approximately €945 million.
As of February 5, 2018, there were no further events or developments that could have materially affected the measurement and presentation of Group's assets and liabilities as of December 31, 2017.
Luxembourg, February 2, 2018
Dietmar Siemssen Mark Wilhelms Andreas Schröder Andreas Sievers
Management Board
as of and for the three months ended December 31, 2017
for the three months ended December 31, 2017 (unaudited)
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € THOUSANDS | 2017 | 2016 | ||
| Revenue | 230,553 | 210,682 | ||
| Cost of sales | (162,906) | (150,760) | ||
| Gross profit | 67,647 | 59,922 | ||
| Research and development expenses | (10,082) | (7,898) | ||
| Selling expenses | (20,457) | (19,934) | ||
| Administrative expenses | (9,005) | (9,015) | ||
| Other income | 4,558 | 3,868 | ||
| Other expenses | (3,112) | (2,819) | ||
| Profit from operating activities | 29,549 | 24,122 | ||
| Finance income | 65 | 20,340 | ||
| Finance costs | (2,476) | (2,820) | ||
| Profit / (loss) before income tax | 27,138 | 41,642 | ||
| Income tax income / (expense) | (5,427) | (11,824) | ||
| Profit / (loss) for the period | 21,711 | 29,817 | ||
| thereof attributable to non-controlling interests | (27) | 8 | ||
| thereof attributable to shareholders of Stabilus | 21,738 | 29,809 | ||
| Other comprehensive income / (expense) | ||||
| Foreign currency translation difference 1) | (6,024) | (8,732) | ||
| Unrealized actuarial gains and losses 2) | 200 | 2,923 | ||
| Other comprehensive income / (expense), net of taxes | (5,824) | (5,808) | ||
| Total comprehensive income / (expense) for the period | 15,887 | 24,009 | ||
| thereof attributable to non-controlling interests | (27) | 8 | ||
| thereof attributable to shareholders of Stabilus | 15,914 | 24,001 | ||
| Earnings per share (in €): | ||||
| Basic | 0.88 | 1.21 | ||
| Diluted | 0.88 | 1.21 |
1) Item that may be reclassified ('recycled') to profit and loss at a future point in time when specific conditions are met.
2) Item that will not be reclassified to profit and loss. The accompanying Notes form an integral part of these Consolidated Financial Statements.
as of December 31, 2017 (unaudited)
| Consolidated Statement of Financial Position | T _ 012 | |
|---|---|---|
| IN € THOUSANDS | Dec 31, 2017 | Sept 30, 2017 |
| Assets | ||
| Property, plant and equipment | 168,485 | 169,659 |
| Goodwill | 193,256 | 194,184 |
| Other intangible assets | 262,233 | 268,911 |
| Other assets | 3,378 | 2,951 |
| Deferred tax assets | 8,935 | 12,083 |
| Total non-current assets | 636,287 | 647,788 |
| Inventories | 87,746 | 85,262 |
| Trade accounts receivable | 106,280 | 105,147 |
| Current tax assets | 4,751 | 5,802 |
| Other financial assets | 4,659 | 5,155 |
| Other assets | 15,248 | 12,718 |
| Cash and cash equivalents | 80,348 | 68,123 |
| Total current assets | 299,032 | 282,207 |
| Total assets | 935,319 | 929,995 |
| IN € THOUSANDS | Dec 31, 2017 | Sept 30, 2017 |
|---|---|---|
| Equity and liabilities | ||
| Issued capital | 247 | 247 |
| Capital reserves | 225,848 | 225,848 |
| Retained earnings | 161,177 | 139,440 |
| Other reserves | (35,022) | (29,198) |
| Equity attributable to shareholders of Stabilus | 352,250 | 336,337 |
| Non-controlling interests | 16 | 43 |
| Total equity | 352,266 | 336,380 |
| Financial liabilities | 313,048 | 311,951 |
| Other financial liabilities | 1,635 | 1,830 |
| Provisions | 3,939 | 3,771 |
| Pension plans and similar obligations | 52,819 | 53,236 |
| Deferred tax liabilities | 54,068 | 60,036 |
| Total non-current liabilities | 425,509 | 430,824 |
| Trade accounts payable | 71,330 | 79,073 |
| Financial liabilities | 10,000 | 10,000 |
| Other financial liabilities | 10,700 | 9,613 |
| Current tax liabilities | 15,796 | 15,612 |
| Provisions | 36,423 | 33,061 |
| Other liabilities | 13,295 | 15,432 |
| Total current liabilities | 157,544 | 162,791 |
| Total liabilities | 583,053 | 593,615 |
| Total equity and liabilities | 935,319 | 929,995 |
The accompanying Notes form an integral part of these Consolidated Financial Statements.
for the three months ended December 31, 2017 (unaudited)
| Three months ended Dec 31, | ||||
|---|---|---|---|---|
| IN € THOUSANDS | 2017 | 2016 1) | ||
| Profit / (loss) for the period | 21,711 | 29,817 | ||
| Income tax expense | 5,427 | 11,825 | ||
| Net finance result | 2,410 | (17,520) | ||
| Interest received | 65 | 109 | ||
| Depreciation and amortization (incl. impairment losses) | 14,548 | 14,454 | ||
| Gains / losses from the disposal of assets | (12) | 16 | ||
| Changes in inventories | (2,484) | (3,650) | ||
| Changes in trade accounts receivable | (1,133) | (314) | ||
| Changes in trade accounts payable | (7,743) | (13,007) | ||
| Changes in other assets and liabilities | (4,776) | (4,211) | ||
| Changes in provisions | 3,400 | 2,677 | ||
| Income tax payments | (6,823) | (3,869) | ||
| Cash flow from operating activities | 24,590 | 16,327 | ||
| Proceeds from disposal of property, plant and equipment | 365 | 9 | ||
| Purchase of intangible assets | (2,213) | (2,858) | ||
| Purchase of property, plant and equipment | (8,056) | (6,663) | ||
| Cash flow from investing activities | (9,904) | (9,512) | ||
| Payments for redemption of senior facilities | – | (10,000) | ||
| Payments for finance leases | (226) | (136) | ||
| Payments for interest | (992) | (2,409) | ||
| Cash flow from financing activities | (1,218) | (12,545) | ||
| Net increase / (decrease) in cash and cash equivalents | 13,468 | (5,730) | ||
| Effect of movements in exchange rates on cash held | (1,243) | 388 | ||
| Cash and cash equivalents as of beginning of the period | 68,123 | 75,037 | ||
| Cash and cash equivalents as of end of the period | 80,348 | 69,695 |
1) Prior-year figures have been reported following the adjusted structure of the year ended September 30, 2017.
The accompanying Notes form an integral part of these Consolidated Financial Statements.
Segment information for the three months ended December 31, 2017 and 2016 is as follows:
| Europe | NAFTA | Asia / Pacific and RoW | ||||
|---|---|---|---|---|---|---|
| Three months ended Dec 31, | Three months ended Dec 31, | Three months ended Dec 31, | ||||
| IN € THOUSANDS | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 |
| External revenue1) | 115,973 | 102,244 | 83,595 | 81,639 | 30,985 | 26,799 |
| Intersegment revenue1) | 8,145 | 7,100 | 6,306 | 5,739 | 36 | 107 |
| Total revenue1) | 124,118 | 109,344 | 89,901 | 87,378 | 31,021 | 26,906 |
| Depreciation and amortization (incl. impairment losses) |
(7,543) | (7,073) | (3,116) | (3,002) | (1,569) | (1,209) |
| EBIT | 15,108 | 10,904 | 11,680 | 11,452 | 5,081 | 4,936 |
| Adjusted EBIT | 16,343 | 12,141 | 12,462 | 12,305 | 5,119 | 4,977 |
| Total segments | Other / Consolidation | Stabilus Group | ||||
| Three months ended Dec 31, | Three months ended Dec 31, | Three months ended Dec 31, | ||||
| IN € THOUSANDS | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 |
| External revenue1) | 230,553 | 210,682 | – | – | 230,553 | 210,682 |
| 14,487 | 12,946 | (14,487) | (12,946) | – | – |
|---|---|---|---|---|---|
| 245,040 | 223,628 | (14,487) | (12,946) | 230,553 | 210,682 |
| (12,228) | (11,284) | (2,320) | (3,170) | (14,548) | (14,454) |
| 31,869 | 27,292 | (2,320) | (3,170) | 29,549 | 24,122 |
| 33,924 | 29,423 | – | – | 33,924 | 29,423 |
1) Revenue breakdown by location of Stabilus company (i.e. "billed-from view").
| Financial calendar | T _ 015 | |
|---|---|---|
| DATE 1)2) | PUBLICATION / EVENT | |
| February 5, 2018 | Publication of the first-quarter results for fiscal year 2018 (Quarterly Statement Q1 FY18) | |
| February 14, 2018 | Annual General Meeting | |
| May 7, 2018 | Publication of the second-quarter results for fiscal year 2018 (Interim Report Q2 FY18) | |
| August 6, 2018 | Publication of the third-quarter results for fiscal year 2018 (Quarterly Statement Q3 FY18) | |
| November 16, 2018 | Publication of preliminary financial results for fiscal year 2018 | |
| December 14, 2018 | Publication of full year results for fiscal year 2018 (Annual Report 2018) | |
1) We cannot rule out changes of dates. We recommend checking them on our website in the Investor Relations/ Financial Calendar section (www.ir.stabilus.com). 2) Please note that our fiscal year (FY) comprises a twelve-month period from October 1 until September 30 of the following calendar year, e.g. the fiscal year 2018 comprises a year ended September 30, 2018.
This quarterly statement contains forward-looking statements that relate to the current plans, objectives, forecasts and estimates of the management of Stabilus S.A. These statements take into account only information that was available up to and including the date that this quarterly statement was prepared. The management of Stabilus S.A. makes no guarantee that these forward-looking statements will prove to be right. The future development of Stabilus S.A. and its subsidiaries and the results that are actually achieved are subject to a variety of risks and uncertainties which could cause actual events or results to differ significantly from those reflected in the forward-looking statements. Many of these factors are beyond the control of Stabilus S.A. and its subsidiaries and therefore cannot be precisely predicted. Such factors include, but are not limited to, changes in economic conditions and the competitive situation, changes in the law, interest rate or exchange rate fluctuations, legal disputes and investigations, and the
availability of funds. These and other risks and uncertainties are set forth in the quarterly statement. However, other factors could also have an adverse effect on our business performance and results. Stabilus S.A. neither intends nor assumes any separate obligation to update forward-looking statements or to change these to reflect events or developments that occur after the publication of this quarterly statement.
Certain numbers in this quarterly statement have been rounded up or down. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown as well as between the numbers in the tables and the numbers given in the corresponding analyses in the text of the quarterly statement. All percentage changes and key figures in the quarterly statement were calculated using the underlying data in millions of euros to one decimal place (€ millions).
Further information including news, reports and publications can be found in the Investor Relations section of our website at www.ir.stabilus.com.
Phone: +352 286 770 21 Fax: +352 286 770 99 Email: [email protected]
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