- Revenue in Q2 FY2015 +21.3% to EUR 157.5 million / H1 FY2015 +19.0% to EUR 292.6 million
- Adjusted EBITDA Q2 +17.2% to EUR 29.3 million / H1 +19.3% to EUR 51.9 million
- Adjusted EBIT Q2 +21.1% to EUR 21.8 million / H1 +22.8% to EUR 37.1 million
- Q2 net income of EUR 19.8 million (Q2 FY2014: EUR 4.3 million) / H1 net income of EUR 27.5 million (H1 FY2014: EUR 6.5 million)
- Premature redemption of outstanding senior secured notes in June 2015 will significantly reduce future interest burden and create leeway for further results improvements
Luxembourg/Koblenz, May 15, 2015 - Stabilus S.A. (ISIN: LU1066226637), the globally leading developer and producer of gas springs and hydraulic dampers, has successfully completed the second quarter of its fiscal year 2015 (which ends September 30) with sustained strong revenue growth across all markets and business areas.
The group’s revenue rose from EUR 129.8 million in Q2 FY2014 by 21.3% to EUR 157.5 million in Q2 FY2015. Stabilus continued to realize strong revenue growth in all of its regions: in Europe revenue increased by 15.8%, in NAFTA – helped by the strong US$ – revenue rose by 30.0% while it grew by 21.9% in the region Asia / Pacific and RoW. In terms of markets, the strongest growth was realized in the Automotive market with a 28.8% increase in revenue, while the markets Industrial (+6.3%) and Swivel Chair (+10.6%) also saw rising turnovers. In the first half of its ongoing fiscal year 2015, Stabilus recorded revenue of EUR 292.6 million compared with EUR 245.9 million in the first half of its fiscal year 2014 (+19.0%).
The main growth driver in the company’s automotive market was the electromechanical Powerise technology, which continues to win market share worldwide due to increasing demand from buyers of volume models in the segment of mid-sized and compact cars. In Q2 FY2015, Powerise systems contributed EUR 33.9 million to the group’s turnover, after EUR 20.7 million in Q2 FY2014.
Apart from rising revenue, Stabilus also recorded a substantial increase in earnings figures. Adjusted EBITDA rose by 17.2% to EUR 29.3 million (Q2 FY2014: EUR 25.0 million). In the first half of FY2015, adjusted EBITDA rose by 19.3% from EUR 43.5 million to EUR 51.9 million.
Adjusted EBIT amounted to EUR 21.8 million, up 21.1% from the prior-year level of EUR 18.0 million. In the first half of fiscal year 2015, adjusted EBIT was EUR 37.1 million compared with EUR 30.2 million in the prior-year period (+22.8%).
Net income for the second quarter of fiscal year 2015 increased significantly from EUR 4.3 million to EUR 19.8 million. Apart from the rise in EBIT, the increase in net income was mainly attributable to lower financing costs and higher finance income compared with the prior-year period, particularly net foreign exchange gains due to the stronger US$. Net income in the first half of fiscal year 2015 accordingly rose to EUR 27.5 million from EUR 6.5 million a year earlier.
Dietmar Siemssen, CEO of Stabilus, said: “The global megatrend towards more convenience in everyday life continues unabated, offering us great growth potential, which – based on our leading market position in all of our markets and business areas – we have realized in the first half of our fiscal year 2015 amid stable margins. We’re confident for the further development of the fiscal year 2015.”
Mark Wilhelms, CFO of Stabilus, added: “Additionally, in May we decided to use the EUR 320 million refinancing agreed on in December 2014 for the premature redemption of outstanding senior secured notes with a volume of around EUR 256 million in June 2015. This step will reduce our future interest burden significantly and, on top of the already positive operating prospects, creates additional leeway for results improvements.”
Based on the assumption of an average US$-EUR exchange rate of US$ 1.20 per EUR in the fiscal year 2015, Stabilus expects revenue to amount to between EUR 575 million and EUR 585 million. The company’s executive board expects the adjusted EBIT margin to remain in the range of 12% to 13%.
The full financial report for the second quarter of fiscal year 2015 is available for download in the Investor Relations area at www.ir.stabilus.com.