DGAP-News: Stabilus S.A. / Key word(s): Quarter Results
Stabilus S.A. with successful start to 2021 fiscal year
- Successful start thanks to recovery in the automotive business: Organic revenue growth of 7.1 percent year-on-year
- Adjusted EBIT in Q1 at EUR 32.3 million compared to EUR 30.0 million in Q1 FY2020
- Q1 result at EUR 14.3 million (Q1 FY2020: EUR 16.4 million) and free cash flow before acquisitions (adj. FCF) at EUR 21.9 million (Q1 FY2020: EUR 7.8 million)
- Forecast for FY2021 with revenues of EUR 850 million to EUR 900 million confirmed with adjusted EBITmargin of 12 percent to 13 percent
Luxembourg/Koblenz, February 1, 2021 - In its first quarter ended December 31, 2020, Stabilus S.A. (ISIN: LU1066226637), one of the world's leading suppliers of gas springs, damping solutions and electromechanical drives for motion control, benefited from a strong development in the automotive business, especially in the Automotive Powerise segment, and recorded revenue growth.
Group revenue increased to EUR 235.4 million in the first quarter of fiscal 2021 from €231.4 million in the same period last year, corresponding to year-over-year sales growth of 1.7 percent. Adjusted for currency effects, Group revenue grew by 7.1 percent compared to the previous year.
Dr. Michael Büchsner, CEO of Stabilus, said: "Stabilus has made a successful start to the new financial year. Automotive Powerise has benefited disproportionately from the high demand of large OEMs due to increasing production and installation figures. Against this background, we are particularly pleased that our new Powerise plant near Shanghai is largely completed and that production will start ramping up there shortly. This is another important milestone for our growth plans in Asia."
Automotive Powerise boosts revenue performance in all regions
In the EMEA segment, revenues in Q1 FY2021 rose by 3.1 percent to EUR 113.6 million (Q1 FY2020: EUR 110.2 million), mainly due to a strong development of Automotive Powerise driven by an increased installation rate and higher production figures at German OEMs. Adjusted for currency effects, revenue growth in EMEA in Q1 FY2021 was 4.4 percent. In the Americas segment, revenues fell by 6.6 percent year-on-year to EUR 84.4 million (Q1 FY2020: EUR 90.4 million), although these revenues were depressed by the weak US dollar. Adjusted for currency effects, the growth rate in Americas in Q1 FY2021 was 5.1 percent. In the Asia-Pacific (APAC) segment, the company recorded a strong increase in revenues from 21.4 percent to EUR 37.4 million (Q1 FY2020: EUR 30.8 million) compared to the same quarter of the previous year. Adjusted for currency effects, revenue growth in the region was 23.2 percent in Q1 FY2021. The strong development in the automotive sector also contributed to growth in APAC, where the Automotive Powerise division in particular drove the revenue development, with organic growth of 58.0 percent compared to the same quarter of the previous year.
Strong recovery in automotive business; Powerise benefits disproportionately
Broken down by business unit, Stabilus recorded an increase in revenues in both Automotive Gas Spring and Automotive Powerise in the first quarter of the 2021 fiscal year, while revenues in the Industrial business unit declined. In Automotive Powerise, which was able to decouple significantly from the development of global automotive production, revenues rose by 14.2 percent to EUR 72.6 million in Q1 FY2021 (Q1 FY2020: EUR 63.6 million). Revenues in Automotive Gas Spring climbed by 4.5 percent to EUR 81.4 million (Q1 FY2020: EUR 77.9 million). Adjusted for currency effects, revenue growth in these business units was 23.6 percent and 8.9 percent, respectively.
The Industrial business unit recorded a 9.5 percent decline in revenues to EUR 81.4 million in Q1 FY2021 (Q1 FY2020: EUR 89.9 million). Adjusted for currency effects, the decline in revenues was 6.0 percent. Due to the effects of the COVID-19 pandemic, business development suffered mainly from weaker demand in the energy, construction, industrial machinery and automation sectors. On the other hand, Stabilus achieved slight growth in the areas of distributors, independent aftermarket and e-commerce. The business with commercial vehicles also developed positively.
For Q1 FY2021 in total, the Industrial business unit accounted for 35 percent (Q1 FY2020: 39 percent) of Stabilus' Group revenue, and the two automotive business units Powerise and Gas Spring accounted for 65 percent (Q1 FY2020: 61 percent).
Adjusted EBIT margin of 13.7 percent in the first quarter
Adjusted operating profit (adjusted EBIT) rose by 7.7 percent to EUR 32.3 million in Q1 FY2021 (Q1 FY2020: EUR 30.0 million). This corresponds to an adjusted EBIT margin of 13.7 percent, compared to 13.0 percent in Q1 FY2020.
In Q1 FY2021, profit was EUR 14.3 million. This was below the result of EUR 16.4 million recorded in the same quarter of the previous year, mainly due to currency translation effects. Free cash flow before acquisitions (adj. FCF) rose sharply to EUR 21.9 million, compared to EUR 7.8 million in Q1 FY2020.
Forecast for fiscal year 2021 confirmed
Stabilus confirms its forecast for the full fiscal year 2021 and continues to expect revenues of EUR 850 million to EUR 900 million as well as an adjusted EBIT margin in the range of 12 percent to 13 percent.
The quarterly statement for the first quarter of fiscal year 2021 can be downloaded from the company's website at Investors /Financial Reports & Presentations.
 Cf. definition/calculation of KPI's 'adjusted EBIT' and 'free cash flow before acquisitions (adj. FCF)' in our quarterly statement for Q1 FY2021, pp. 4 and 8, that can be downloaded from the company's website at Investors / Financial Reports & Presentations.
As one of the world's leading suppliers of gas springs, damping solutions and electromechanical drives, Stabilus has for eight decades been demonstrating its expertise in the automotive industry and a variety of other sectors. Gas springs, dampers and electromechanical POWERISE drives from Stabilus optimize opening, closing, lifting, lowering and adjusting operations, and also protect against vibrations. Employing a workforce of more than six thousand worldwide, the company has its operational headquarters in Koblenz. Stabilus has reported revenues of EUR 822.1 million in the 2020 fiscal year. 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.
01.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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