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STRATEC SE — Interim / Quarterly Report 2022
Nov 3, 2022
416_ip_2022-11-03_1f89c25b-513e-438b-852f-1f9735647469.pdf
Interim / Quarterly Report
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STRATEC9M 2022 FINANCIAL RESULTS
Birkenfeld, 2022-11-03
Forward-looking statements involve risks.
This company presentation contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected.
It is not planned to update these forward-looking statements.
1. 9M 2022 AT A GLANCE
-
- FINANCIAL REVIEW
-
- OUTLOOK
-
- Q&A
-
- APPENDIX
-
• Sales -11.7% at constant exchange rates to € 207.7 million due to tough prior year base of comparison and delivery backlogs as result of tense supply chain (particularly for electronics components)
- • Sales outlook for 2022 adjusted on 18 October as make up of delivery backlogs takes longer than expected
- • Adjusted EBIT margin with 18.3% (9M/2021: 21.6%) at the upper end of guided full year target corridor
- • Successful market launch of a next generation MDx system solution for one on the market leaders in Q3 2022
- • Well-stocked development pipeline and high number of ongoing negotiations aboutfurther projects
- •Number of employees up by 3.1% year-over-year to 1,449
1. 9M 2022 AT A GLANCE
2. FINANCIAL REVIEW
-
- OUTLOOK
-
- Q&A
-
- APPENDIX
FINANCIALS AT A GLANCE
| € 0 0 0s |
9 / 2 0 2 2 M |
9 / 2 0 2 M 1 |
C ha ng e |
Q 3 / 2 0 2 2 |
Q 3 / 2 0 2 1 |
C ha ng e |
|---|---|---|---|---|---|---|
| Sa les |
2 0 7, 6 5 4 |
2 2 5, 4 2 0 |
-7 9 % |
7 0, 4 6 1 |
6 9, 6 5 5 |
+1 2 % |
| E B I T D A |
4 8, 0 9 5 |
6 6 5 7, 5 |
6. 6 % -1 |
2 0, 2 4 5 |
3 9 1 7, 1 |
6. % +1 5 |
| E B I T D A ( % ) in m ar g |
2 3. 2 |
2 5. 6 |
-2 4 0 bp s |
2 8. 7 |
2 5. 0 |
+3 7 0 bp s |
| A d d E B I T j te us |
3 8, 0 6 7 |
4 8, 6 9 0 |
-2 8 % 1. |
6, 8 8 9 1 |
4, 2 3 3 1 |
8. % +1 7 |
| A d d E B I T ( % ) j in te us m ar g |
1 8. 3 |
2 1. 6 |
-3 3 0 bp s |
2 4. 0 |
2 0. 4 |
+3 6 0 bp s |
| A d d l da d j i inc te te t us co ns o ne om e |
2 9, 5 4 9 |
4 0, 5 6 3 |
-2 7. 2 % |
1 2, 8 7 0 |
1 2, 0 1 6 |
+7 1 % |
| A ( € ) d d ba ha j ic ing in te us s ea rn s p er s re |
2. 4 4 |
3. 3 5 |
-2 7. 2 % |
1. 0 6 |
0. 9 9 |
+7 1 % |
| Ba ha I F R S ( € ) ic ing in s ea rn s p er s re |
2. 0 4 |
3. 0 0 |
-3 2. 0 % |
1. 0 0 |
0. 9 2 |
+8 7 % |
bps = basis points
To facilitate comparison, the figures have been adjusted to exclude amortization from acquisition-related purchase price allocations and a tax provision recognized for expected tax back payments (including interest payments). In the previous year, the figures were also adjusted to exclude an impairment recognized on a proprietary development project in the Diatron segment.
FINANCIAL REVIEW
SALES 9M/2022
Sales in € million
Sales in 9M/2022 -7.9% to € 207.7 million -11.7% at constant currency
- (-) High prior year base of comparison (pandemic-related)
- (-) Tense supply chain and significant delivery backlogs
- (+) Strong growth with development and service sales
As of September 309M/17 9M/18 9M/19 9M/20 9M/21 9M/22
ADJUSTED EBIT AND EBIT MARGIN 9M/2022
As of September 30
9M/2022 adjusted EBIT down by 21.8% yoy to € 38.1 million
9M/2022 adjusted EBIT margin at 18.3% at upper end of full year target corridor
Margin decline of 330 bps yoy
- (-) Negative economies of scale
- (-) Normalization of product mix
- (-) Increased input costs and supply chain inefficiencies
- (+) High earnings contribution from recognized development services
FINANCIAL REVIEW
CASH FLOW AND NET DEBT
| € 0 0 0s |
9 / 2 0 2 2 M |
9 / 2 0 2 M 1 |
C ha ng e |
|---|---|---|---|
| Ca h f lo ing iv i ies t t t s w op er a a c – |
2 2, 2 8 5 |
5 0, 5 2 3 |
5 5. 9 % - |
| Ca h f lo inv iv i ies tm t a t t s w es en c – |
1 6, 9 2 1 - |
1 5, 3 4 3 - |
/a n |
| Ca h f lo f ina ing iv i ies t t s w nc a c – |
1 6, 9 3 8 - |
2 6. 9 5 2 - |
/a n |
| Fr h f lo ee c as w |
5, 3 6 4 |
3 5, 1 8 0 |
8 4. 8 % - |
| € 0 0 0s |
9 / 2 0 2 2 M |
/ 2 0 2 F Y 1 |
C ha ng e |
|---|---|---|---|
| Ca h s |
3 4, 4 0 0 |
4 7, 1 8 4 |
2 7, 1 % - |
| Eq ( % ) i io ty t u ra |
5 3. 8 |
5 5. 8 |
2 0 0 bp s - |
| N de b t t e |
6 9, 7 9 2 |
5 2, 4 4 3 |
3 3, 1 % + |
- • Operating cash flow burdened by higher inventory needs related to supply chain issues
- • Cash flow from investment activities includes € 4.8 million outflow for short-term deposits
- • Investment ratio1 at 5.8% of sales versus 6.8% in 9M/2021 slightly below full year target corridor of 6.0% to 8.0%
- •Net debt / LTM EBITDA of 1.2x
1 Total investments in intangible and tangible assets in % of sales
LTM = Last twelve months
-
- 9M 2022 AT A GLANCE
-
- FINANCIAL REVIEW
-
- OUTLOOK
-
- Q&A
-
- APPENDIX
GUIDANCE FOR FISCAL YEAR 2022
- • Constant-currency sales to decrease by around 5.0% to 8.0% in the 2022 financial year (nominal sales reduction of 1.0% to 4.0%)
- No notable recovery in the procurement situation expected for the remaining months of FY 2022
- •Adjusted EBIT margin of around 16.5% to 18.5% (2021: 18.9%)
- •Investments in tangible and intangible assets combined of around 6.0% to 8.0% of sales (2021: 7.0%)
OUTLOOK
FOCUS IN 2022 AND BEYOND
- •Address supply chain issues and clear delivery backlogs
- •Execute on current development pipeline and launch line-up
- •Execute deal pipeline regarding new development and manufacturing agreements
- • Realize tailwinds from stricter EU regulations (e.g. utilize competitive edge versus non-IVDR-compliant competitive set-ups)
- •Implement measures to limit input cost inflation
- •M&A remains part of the company's growth and diversification strategy
- • Manage additional personnel requirements in view of a well-filled project pipeline
QUESTIONS& ANSWERS
9M 2022 FINANCIAL RESULTS – NOVEMBER 3, 2022 13
APPENDIX
ADJUSTMENTS
EBIT
| € 0 0 0s |
9 / 2 0 2 2 M |
9 / 2 0 2 M 1 |
|---|---|---|
| A d j d E B I T te us |
3 8, 0 6 7 |
4 8, 6 9 0 |
| j A d tm ts us en : |
||
| P P A iza io t t am or n |
-2 6 2 7 , |
-3 9 0 7 , |
| Im irm t a en p |
0 | -1 0 4 9 , |
| E B I T |
3 5, 4 4 0 |
4 3, 7 3 4 |
Consolidated net income
Interest expenses
Earnings per share in € (basic)
| 4 0, 5 6 3 |
|---|
| 3. 3 5 |
| -3 9 0 7 , |
| -1 0 4 9 , |
| 7 4 1 |
Consolidated net income 24,719 36,348
-183 0
2.04 3.00
CONTACT
STRATEC SEGewerbestr. 3775217 BirkenfeldGermany
Phone +49 7082 7916-0Fax +49 7082 7916-999www.stratec.com
CONTACT
Jan Keppeler, CFA Head of Investor Relations, Sustainability & Corporate Communications
Phone +49 7082 7916-6515 [email protected]