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Stabilus S.A. successfully completes third quarter of fiscal year 2016 and presents full-year guidance

Stabilus S.A. / Key word(s): 9-month figures/Interim Report

2016-08-12 / 07:00


CORPORATE NEWS

Stabilus S.A. successfully completes third quarter of fiscal year 2016 and presents full-year guidance

- Revenue in Q3 FY2016 +14.0% to EUR 182.8 million / 9M FY2016 +17.2% to EUR 531.0 million

- Adjusted EBITDA Q3 +14.9% to EUR 31.6 million / 9M +18.8% to EUR 94.3 million

- Adjusted EBIT Q3 +18.7% to EUR 23.5 million / 9M +22.5% to EUR 69.7 million

- Q3 net income of EUR 11.5 million (Q3 FY2015: EUR -25.5 million) / 9M net income of EUR 35.9 million (9M FY2015: EUR 2.0 million)

- Stabilus expects FY2016 revenue of EUR 730 million and an adjusted EBIT margin between 13.0% and 13.5%

Luxembourg/Koblenz, August 12, 2016 - Stabilus S.A. (ISIN: LU1066226637) has successfully completed the third quarter of its fiscal year 2016 (which ends September 30) with sustained strong revenue growth. The high demand for Stabilus' motion control solutions is continued to be supported by the megatrends comfort, ergonomics and work safety.

The group's revenue rose from EUR 160.4 million in Q3 FY2015 by 14.0% to EUR 182.8 million in Q3 FY2016. Stabilus continued to realize strong revenue growth in all of its regions: in Europe revenue increased by 14.2%, in NAFTA revenue rose by 14.8% and by 10.4% in the region Asia / Pacific and RoW (Rest of World). In terms of markets, the strongest growth was realized in the Automotive market with revenue rising by EUR 21.2 million (+19.0%). While revenue in the Industrial market also grew by EUR 2.1 million (+5.1%), the segment Swivel Chair developed less dynamically with a EUR 0.7 million revenue reduction. Accumulated over the first nine months of the year, however, revenue in the Swivel Chair market still grew by 1.4% year-on-year. In the first nine months of its ongoing fiscal year 2016, Stabilus thus recorded revenue of EUR 531.0 million compared with EUR 453.0 million in the first nine months of its fiscal year 2015 (+17.2%).

The acquisition of the SKF Group entities ACE, Hahn Gasfedern and Fabreeka / Tech Products was successfully closed on June 30, 2016. While the newly acquired companies have thus been consolidated in the balance sheet of the Stabilus Group for the third quarter, the revenues of these companies are therefore not included in Stabilus' Q3 FY2016 results.

The main growth driver in the company's automotive market remained the electromechanical POWERISE technology, which contributed revenues of EUR 50.4 million in Q3 FY2016 (Q3 FY2015: EUR 34.8 million), which represents 44.8% growth.

Apart from rising revenue, Stabilus' operating earnings also developed positively. Adjusted EBITDA rose by 14.9% to EUR 31.6 million (Q3 FY2015: EUR 27.5 million). In the first nine months of FY2016, adjusted EBITDA rose by 18.8% from EUR 79.4 million to EUR 94.3 million.

Adjusted EBIT amounted to EUR 23.5 million, up 18.7% from the prior-year level of EUR 19.8 million. In the first nine months of fiscal year 2016, adjusted EBIT was EUR 69.7 million compared with EUR 56.9 million in the prior-year period (+22.5%).

Net income for the third quarter of fiscal year 2016 was EUR 11.5 million after a loss of EUR 25.5 million in Q3 FY2015. The prior-year results contained one-off charges relating to new financing arrangements. Net income in the first nine months of fiscal year 2016 accordingly amounted to EUR 35.9 million after EUR 2.0 million in the prior year period.

Dietmar Siemssen, CEO of Stabilus, said: "We have again recorded strong organic growth in the first nine months of the ongoing fiscal year, while at the same time sustainably strengthening our Industrial business through the acquisition of ACE, Hahn Gasfedern and Fabreeka / Tech Products. The integration is proceeding well: the quality of production is just as high as that at Stabilus. Simultaneously, we're complementing each other ideally in terms of technology and know-how as well as customer groups. The acquisition represents a milestone in our strategic positioning. Together with the new companies, we are able to react to specific customer requests quickly and with high flexibility. At the same time, we are significantly broadening our product portfolio especially in applications used in engineering and automation. We have therefore further strengthened our position as a global provider of systems for the initiation, control and damping of motion for a large variety of industries."

Mark Wilhelms, CFO of Stabilus, added: "The acquisitions not only expand our product portfolio in the Industrial business, they also improve our group margin. Components for dampening oscillations and vibrations play an essential role in the industrial sector because they help improve the longevity of end products or extend the maintenance intervals of machines, thus minimizing downtimes. In these areas, the companies have distinctive skills for specifically customized applications in medium to small lot sizes."

Stabilus' Management Board expects revenue in its fiscal year 2016 (ends on September 30; including the expected revenue and earnings contributions from the newly acquired companies in Q4) to amount to EUR 730 million and an adjusted EBIT margin of between 13.0% and 13.5%. In its fiscal year 2015, Stabilus recorded revenue of EUR 611 million and an adjusted EBIT margin of 12.5%.

The full financial report for the third quarter of fiscal year 2016 is available for download in the Investor Relations area at www.ir.stabilus.com.

Press Contact:
Ralf Krenzin
Tel.: +49 261 8900 502
E-Mail: rkrenzin@stabilus.com

Charles Barker Corporate Communications
Tobias Eberle
Tel.: +49 69 794090 24
E-Mail: Tobias.Eberle@charlesbarker.de
Investor Relations Contact:
Andreas Schröder
Tel.: +352 286 770 21
E-Mail: anschroeder@stabilus.com


About Stabilus

As a globally active automotive and industrial supplier, Stabilus develops and produces electromechanical drives (POWERISE) as well as gas springs and hydraulic dampers. Employing more than 5,000 people worldwide, the company has its operational headquarters in Koblenz. In the fiscal year 2015, Stabilus generated revenue of around EUR 611 million. Stabilus operates production plants in ten countries and distributes its products in over 50 countries in Europe, North, Central and South America as well as Asia Pacific via its regional offices and sales partners. Stabilus has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since May 2014 and was taken up in the SDAX index in September 2014.

Important Notice

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.



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