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DGAP-News: Stabilus S.A. / Key word(s): Quarter Results/Half Year Report
Stabilus S.A.: Recovery continues in the second quarter of FY2021 in all divisions
- Preliminary figures confirmed with strong operating performance in the second quarter of FY2021: Revenues in Q2 increase organically by 15.2 percent to EUR 244.0 million
- Adjusted EBIT in Q2 at EUR 38.0 million compared to EUR 31.1 million in Q2 FY2020
- Q2 result at EUR 25.9 million (Q2 FY2020: EUR 18.1 million) and free cash flow before acquisitions (Adj. FCF) at EUR 28.8 million (Q2 FY2020: EUR 13.0 million)
- As previously announced, forecast for FY2021 has been raised to revenues of EUR 900 million to EUR 950 million with an adjusted EBIT margin of 13 percent to 15 percent
Luxembourg/Koblenz, May 3, 2021 - Stabilus S.A. (ISIN: LU1066226637), one of the world's leading providers of motion control solutions for customers across a broad spectrum of industries, has today published its financial report for the second quarter of fiscal year 2021 (ended March 31, 2021) and has confirmed the preliminary figures published on April 12, 2021. After a good start to the 2021 fiscal year in the first quarter, the recovery continued in the second quarter. All divisions contributed to the positive development, with the Automotive Powerise business unit recording the strongest growth.
Group revenue in the second quarter of FY2021 increased by 10.4 percent compared to the same quarter of the previous year to EUR 244.0 million (Q2 FY2020: EUR 221.0 million). Adjusted for currency effects, Group revenue increased by 15.2 percent.
Disproportionately strong automotive business in APAC drives growth
In the EMEA segment, revenues in Q2 FY2021 rose by 7.5 percent to EUR 127.3 million (Q2 FY2020: EUR 118.4 million). This was mainly due to a strong development of Automotive Powerise, which was driven by an increased installation rate and higher production figures at German OEMs. In addition, Stabilus recorded a noticeable recovery in the Industrial business in the region. Adjusted for currency effects, revenues increased in the EMEA segment in Q2 FY2021 by 8.3 percent. In the Americas segment, revenues increased by 2.1 percent year-on-year to EUR 84.4 million (Q2 FY2020: EUR 82.7 million). Adjusted for currency effects, revenues increased in the Americas in Q2 FY2021 by 13.2 percent, which benefitted above all from the strong business in Automotive Powerise. In the Asia-Pacific segment, the company reported an increase in revenues of 61.5 percent to EUR 32.3 million compared to the same quarter of the previous year (Q2 FY2020: EUR 20.0 million). Adjusted for currency effects, revenues in the region increased by 64.1 percent in Q2 FY2021. The strong development in the automotive business unit also contributed to growth in APAC, where both Automotive Powerise and Automotive Gas Spring contributed significantly to the development with organic growth rates of 120.5 percent and 60.8 percent, respectively, compared to the same quarter of the previous year.
Strong recovery in the automotive business continues; Industrial back on a growth track
Stabilus recorded double-digit organic growth rates in both the Automotive Gas Spring and Automotive Powerise business units in the second quarter of the 2021 fiscal year. In the Automotive Powerise division, which was once again able to significantly decouple from the situation in global automotive production, revenues rose by 19.2 percent to EUR 65.2 million in Q2 FY2021 (Q2 FY2020: EUR 54.7 million). In the Automotive Gas Spring business unit, the company recorded an increase of 8.4 percent to EUR 77.6 million (Q2 FY2020: EUR 71.6 million). Adjusted for currency effects, the increase in revenues in these business units was 26.8 percent and 12.7 percent, respectively.
The Industrial business unit recorded an increase in revenues of 6.9 percent to EUR 101.2 million in Q2 FY2021 compared to the same quarter of the previous year (Q2 FY2020: EUR 94.7 million). Adjusted for currency effects, revenues increased by 10.6 percent. Stabilus recorded a strong recovery with double-digit growth rates in the market segments Distributors, Independent Aftermarket, E-commerce (DIAMEC) as well as Mobility.
For Q2 FY2021 in total, the Industrial business unit accounted for 41 percent (Q2 FY2020: 43 percent) of Stabilus' Group revenue, and the two automotive business units Powerise and Gas Spring accounted for 59 percent (Q2 FY2020: 57 percent).
Adjusted EBIT margin of 15.6 percent in the second quarter
Adjusted operating profit (adjusted EBIT) increased by 22.2 percent to EUR 38.0 million in Q2 FY2021 (Q2 FY2020: EUR 31.1 million). This corresponds to an adjusted EBIT margin of 15.6 percent, compared to 14.1 percent in the same quarter of the previous year, Q2 FY2020.
In Q2 FY2021, profit was EUR 25.9 million, compared to EUR 18.1 million in the same quarter of the previous year. Free cash flow before acquisitions (Adj. FCF) rose sharply to EUR 28.8 million, compared to EUR 13.0 million in Q2 FY2020.
Forecast for fiscal year 2021 revised upwards
As already communicated at the time of the publication of the preliminary figures on April 12, 2021, Stabilus is raising its forecast for the financial year 2021 against the backdrop of the business performance in the first half of FY2021. The company now expects revenues of between EUR 900 million and EUR 950 million (previously: EUR 850 million to 900 million euros) with an adjusted EBIT margin of 13 percent to 15 percent (previously: 12 percent to 13 percent).
The interim report for the second quarter of fiscal 2021 is available in English and can be downloaded on the company's website at Investors / Financial Reports & Presentations.
 Cf. definition/calculation of KPI's 'adjusted EBIT' and 'free cash flow (FCF)' in the interim report for Q2 FY2021, pp. 9 and 14, that can be downloaded from the company's website at Investors / Financial Reports & Presentations.
Stabilus is one of the world's leading providers of motion control solutions for customers across a broad spectrum of industries including mobility, health, recreation, furniture, energy, construction, industrial machinery and automation. With more than eight decades of demonstrated expertise, Stabilus offers reliable and innovative motion control solutions that enable, enhance and automate opening, closing, lifting, lowering and adjusting actions. The company's customized damping and vibration isolation technology protects against shocks, vibrations and noise. Employing a workforce of more than six thousand worldwide, the company has its operational headquarters in Koblenz, Germany. In the 2020 fiscal year, Stabilus has reported revenues of EUR 822.1 million. Stabilus has a global production network encompassing plants in eleven countries. Additionally, the Group maintains regional offices and relations to sales partners in over fifty countries in Europe, North and South America, as well as 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.
03.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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