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DGAP-News: Stabilus S.A. / Key word(s): Preliminary Results/Annual Results
Stabilus S.A.: Preliminary figures for FY2021 confirm successful fiscal year with growth across all regions and business units
- According to preliminary figures, revenues in FY2021 at EUR 937.7 million (FY2020: EUR 822.1 million) and adjusted EBIT margin at 14.4% (FY2020: 11.8%)
- FY2021 result at EUR 73.8 million (FY2020: EUR 30.0 million) and free cash flow before acquisitions after reduction of factoring by EUR 11.2 million at EUR 88.6 million (FY2020: EUR 62.3 million)
- Revenue of EUR 940 million to EUR 990 million expected for FY2022 with an adjusted EBIT margin of 14% to 15%
Luxembourg/Koblenz, November 12, 2021 - According to preliminary figures, Stabilus S.A. (ISIN: LU1066226637), one of the world's leading providers of motion control solutions for a wide range of industries, continued its positive development in terms of both revenues and earnings in the fourth quarter and met its full-year forecast for fiscal year 2021, which ended on September 30.
In the fourth quarter of fiscal year 2021, Stabilus was able to increase its revenue by 3.1 percent year-on-year to EUR 229.6 million (Q4 FY2020: EUR 222.8 million). Adjusted for currency effects, the year-on-year increase in Group revenue amounted to 0.8 percent. Adjusted EBIT increased by 13.0 percent to EUR 33.8 million (Q4 FY2020: EUR 29.9 million), which corresponds to an adjusted EBIT margin of 14.7 percent (Q4 FY2020: 13.4 percent).
For the full fiscal year FY2021, according to preliminary figures, the Group recorded revenue of EUR 937.7 million compared with EUR 822.1 million in the previous year (+14.1 percent, organic,+16.4 percent year-on-year). Adjusted EBIT amounted to EUR 135.0 million (FY2020: EUR 96.7 million), which corresponds to an adjusted EBIT margin of 14.4 percent. Accordingly, Stabilus has met its full-year forecast for revenue of between EUR 930 million and EUR 950 million and an adjusted EBIT margin of 14 percent to 15 percent, which was issued with the publication of the Q3 FY2021 figures.
Dr. Michael Büchsner, CEO of Stabilus, said: "In light of the ongoing pandemic situation worldwide, we are very satisfied with the positive development in the past fiscal year, during which we achieved double-digit growth rates in all regions and business units. Furthermore, we have set the course for further growth and innovation with the opening of our plant in Pinghu, China, and the recently announced strategic partnership with Synapticon. We are cautiously optimistic about the 2022 fiscal year and are closely monitoring the availability and price development of raw materials and precursors in the industries relevant to our business. We remain committed to our medium-term targets, and we believe that our company is in a good position to achieve them."
Automotive and Industrial are contributing to positive development in the various regions; APAC strongest growth region
In the EMEA region, revenue in FY2021 increased by 12.9 percent to EUR 464.0 million (FY2020: EUR 411.1 million). Adjusted for currency effects, revenue growth in EMEA in FY2021 was 13.9 percent. In the Americas region, revenues increased by 8.0 percent year-on-year to EUR 323.5 million (FY2020: EUR 299.6 million). Organic revenue growth in this region was 13.1 percent in FY2021. In the APAC region, the company recorded a 34.8 percent increase in revenue compared to the previous year to EUR 150.2 million (FY2020: EUR 111.4 million). Adjusted for currency effects, revenue growth in the APAC region increased by 34.3 percent in FY2021. The strong development in all of these regions was mainly due to the increase in vehicle production compared to the 2020 fiscal year, higher installation rates for Stabilus products and the recovery of the Industrial business.
Powerise shows above-average growth; Industrial on course for recovery with double-digit growth
In fiscal year 2021, Stabilus achieved double-digit growth rates in all three business units. Revenue in the Automotive Gas Spring segment increased by 11.0 percent to EUR 297.4 million (FY2020: EUR 268.0 million) and in the Automotive Powerise division by 21.3 percent to EUR 263.3 million (FY2020: EUR 217.0 million). In organic terms, revenue was thus 23.1 percent higher in the Powerise sector and 12.9 percent higher in the Gas Spring area than in the previous year. The development in the Powerise segment is due, among other things, to a disproportionately strong development in the APAC region, which was driven by higher installation rates of Powerise drives and increased production figures at a large number of OEMs.
In FY2021, the Industrial business recorded a year-on-year increase in revenue of 11.8 percent to EUR 377.0 million (FY2020: EUR 337.1 million). Adjusted for currency effects, revenue growth amounted to 14.7 percent. Stabilus recorded strong growth in particular in the Distributors, Independent Aftermarket, E-Commerce (DIAMEC) and Mobility segments.
Adjusted EBIT margin of 14.4 percent for FY2021
According to preliminary figures, the adjusted EBIT margin in fiscal year 2021 was 14.4 percent (FY2020: 11.8 percent), an improvement of 260 basis points over the previous year.
Net profit for the fiscal year increased by 146.0 percent to EUR 73.8 million (FY2020: EUR 30.0 million). The previous year's profit was burdened by non-cash impairments of intangible assets with a net effect of around EUR -18 million. Free cash flow before acquisitions (adj. FCF) was EUR 88.6 million, compared to EUR 62.3 million in the previous year. Stabilus significantly reduced its factoring activities in fiscal year 2021, which had a negative impact on FCF of EUR 11.2 million. Without this base effect the free cashflow before acquisitions in FY2021 would have been at EUR 99.8 million.
Forecast for fiscal year 2022 anticipates further growth; medium-term forecast confirmed
For fiscal year 2022, Stabilus expects revenue of EUR 940 million to EUR 990 million and an adjusted EBIT margin in the range of 14 percent to 15 percent. In addition, Stabilus reaffirms its medium-term forecast for 2025, which aims to achieve average revenue growth of 6 percent per year and a return to an adjusted EBIT margin of 15 percent.
An accompanying presentation on the preliminary figures for fiscal year 2021 can be downloaded from the company website at Investors / Financial Reports & Presentations / 2021. The final figures and the annual report for the 2021 fiscal year will be published on December 10, 2021.
 Cf. the definition/calculation of KPI's 'adjusted EBIT' and 'free cash flow before acquisitions (adj. FCF)' provided in our current financial reports and earnings presentations, e.g. in our presentation of the preliminary FY2021 results, p.25ff, which can be downloaded from the company's website at Investors / Financial Reports & Presentations / 2021.
Stabilus is one of the world's leading suppliers of motion control solutions for a wide range of industries such as mobility, healthcare, leisure, furniture, energy, construction, industrial machinery and automation. Based on more than eight decades of experience, Stabilus offers reliable and innovative solutions that enable, improve or automate opening, closing, lifting, lowering and adjusting operations. The damping and vibration isolation technologies developed by Stabilus can be individually tailored to the needs of customers and offer protection against shocks, vibrations and noise. Headquartered in Koblenz, Germany, the group has an international network of production facilities in eleven countries with more than six thousand employees worldwide and, according to preliminary figures, reported revenues of EUR 937.7 million in the 2021 fiscal year. Additionally, the Group maintains regional offices and relations to sales partners in over fifty countries in Europe, North, Central and South America, and in Asia Pacific. Stabilus S.A. is listed in the Prime Standard segment of the Frankfurt Stock Exchange and included in the SDAX index.
This press release may contain forward-looking statements based on current assumptions and forecasts made by Stabilus Group management and other information currently available to Stabilus. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.
12.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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