04.11.2020 STS Group AG  DE000A1TNU68

DGAP-News: STS Group AG publishes figures for the third quarter 2020 - Recovery in Europe and strong growth in China


 

DGAP-News: STS Group AG / Key word(s): 9 Month figures/Quarter Results
STS Group AG publishes figures for the third quarter 2020 - Recovery in Europe and strong growth in China

04.11.2020 / 17:30
The issuer is solely responsible for the content of this announcement.


  • Successful completion of the sale of the Acoustics business segment in October;
  • After resumption of production: market recovery in Europe and strong growth in China;
  • Sales decrease by 20.9% to 218.5 mEUR (9M/2019: 276.3 mEUR), third quarter at 82.5 mEUR on prior year's level (Q3/2019: 82.5 mEUR);
  • Adjusted EBITDA for the nine-month period falls to 1.9 mEUR year-on-year (9M/2019: 14.1 mEUR); third quarter at 4.1 mEUR on previous year's level (9M/2019: 4.0 mEUR);
  • Special effects of 6.0 mEUR for severance payments related to restructuring of the headquarter and one-time effects in connection with the sale of BU Acoustics;
  • Net financial debt (incl. leasing) increased to 48.9 mEUR as of September 30, 2020 compared to December 31, 2019 (39.1 mEUR).

Hallbergmoos/Munich, November 4, 2020. STS Group AG (ISIN: DE000A1TNU68), a global system supplier to the automotive industry, listed in the General Standard of the Frankfurt Stock Exchange, today publishes its voluntary press release on the first nine months of fiscal year 2020.

Mathieu Purrey, CEO of STS Group AG: "The ongoing COVID-19 pandemic is presenting us with major challenges in the current financial year, particularly in Europe. Nevertheless, we were able to implement various measures to position the company well for the future. With the completed sale of the Acoustics business segment we can further focus on our vertical integrated plastic and composite technologies. The disposal of the Acoustics business segment in combination with the restructuring of our Group headquarter will lead to a significantly improved profitability. As an automotive system supplier, the STS Group is excellently positioned to tackle the megatrends."

Sales development
STS Group generated sales revenues of 218.5 mEUR in the period January 1 to September 30, 2020, compared to 276.3 mEUR (minus 20.9%) in the same period of the previous year. The COVID 19 pandemic had an impact on STS Group's market environment in Europe especially in the second quarter. After the reopening of the European plants, the third quarter saw an increasing recovery of the customer call-offs to the previous year's level. Following the plant closures in February, the Chinese market recorded strong growth even above the previous year's level. The China segment thus recorded sales increase of +79.9% in the first nine months. Strong growth in China also almost compensated for declines in the other segments in the third quarter. With STS Group's third-quarter sales of 82.5 mEUR again at the previous year's level (Q3/2019: 82.5 mEUR).

Development of earnings
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to minus 4.1 mEUR in the first nine months of 2020 (9M/2019: 13.2 mEUR). In the reporting period, extraordinary expenses for reorganization measures and in connection with the sale of Acoustics business segment in the total amount of 6.0 mEUR were incurred. Thereof 1.5 mEUR relates to the closure of the Group headquarter in Hallbergmoos and the related layoffs of employees. They also include costs in connection with the departure of former members of the Executive Board. In the prior-year period, extraordinary expenses of 0.9 mEUR were incurred.

The adjusted operating result (Adjusted EBITDA) decreased to 1.9 mEUR in the reporting period, compared to 14.1 mEUR in the prior-year period. The decrease in Adjusted EBITDA is mainly due to the decrease of sales in connection with the plant closures in the first half of the year. The STS Group took numerous countermeasures to reduce costs, but these only partially offset the volume-related negative earnings effects. At 4.1 mEUR, however, Adjusted EBITDA in the third quarter was already back at the previous year's level.

Net loss for the reporting period was minus 35.3 mEUR (9M/2019: minus 4.9 mEUR). In addition to the operational effects described above, increased depreciation and amortization of 25.8 mEUR (9M/2019: 13.9 mEUR) had a negative impact on earnings. The increase is mainly due to an extraordinary impairment loss of 11.0 mEUR recognized in the first half of the year.

Financial and asset position
The Group's net financial debt increased by 9.8 mEUR to 48.9 mEUR as of September 30, 2020 (December 31, 2019: 39.1 mEUR). The increase is mainly due to the raising of government-guaranteed loans in France and Italy, the latter will continue to be account until deconsolidation in the fourth quarter of the financial year. This is partially offset by an increase in unrestricted cash and cash equivalents as of September 30, 2020 (31.8 mEUR) compared to December 31, 2019 (17.2 mEUR).

Total assets as at September 30, 2020, increased by 12.2 mEUR to 268.7 mEUR when compared to December 31, 2019 (256.5 mEUR).

Total equity at September 30, 2020, decreased by 35.9 mEUR to 32.7 mEUR compared to December 31, 2019, (68.6 mEUR). The main factor reducing equity was the net income, which was strongly burdened by the COVID 19 pandemic. The capital increase of 1.5 mEUR, which was resolved on September 10, 2020, and subsequently implemented, had an opposite effect. The capital increase from partial utilization of the Authorized Capital 2018/I was implemented solely by Mutares SE & Co. KGaA.

The equity ratio as at September 30, 2020, decreased to 12.2% (December 31, 2019: 26.8%).

Outlook for 2020
In view of the development of the general market environment in the third quarter, STS Group also expects an increasingly positive development for the rest of the year. This statement assumes that no further COVID-19 related significant restrictions on the general business development will occur.

The Management Board expects a significant decrease in revenues for the 2020 fiscal year compared to the previous year and a corresponding lower Adjusted EBITDA margin. Following the deconsolidation of the Acoustics division, the Management Board is currently planning to publish an updated forecast for fiscal year 2020 in the coming weeks.

Financial figures for the third quarter of 2020

in mEUR 9M 2020 9M 2019 Delta % Q3 2020 Q3 2019 Delta %
Revenue 218.5 276.3 -20.9% 82.5 82.5 +0.0%
Acoustics
62.6 87.5 -28.5% 25.0 27.4 -8.8%
Plastics
81.9 131.6 -37.8% 28.5 37.5 -24.0%
China
59.9 33.3 +79.9% 23.5 10.3 >+100%
Materials
18.7 30.8 -39.3% 7.2 9.5 -24.2%
Consolidation
-4.6 -6.9 +32.4% -1.7 -2.2 +22.7%
EBITDA -4.1 13.2 >-100% -0.2 3.1 >-100%
Acoustics
-5.3 0.9 >-100% -0.2 0.2 >-100%
Plastics
-3.4 9.9 >-100% -0.2 2.3 >-100%
China
12.5 4.3 >+100% 4.9 1.3 >+100%
Materials
0.6 1.5 -60.0% 0.7 0.6 +16.7%
Consolidation
-8.6 -3.4 >-100% -5.4 -1.3 >-100%
Adjusted EBITDA 1.9 14.1 -86.5% 4.1 4.0 +2.5%
Acoustics
-5.3 0.9 >-100% -0.2 0.2 >-100%
Plastics
-3.1 9.9 >-100% -0.1 2.3 >-100%
China
12.5 4.6 >+100% 4.9 1.6 >+100%
Materials
0.6 1.5 -60.0% 0.7 0.6 +16.7%
Consolidation
-2.9 -2.8 -7.4% -1.2 -0.7 -71.4%
Adjusted EBITDA
(as % of revenues)
0.9 % 5.1 % -4.2 %-points 5.0% 4.8% +0.2 %-points
 
in mEUR 9M 2020 9M 2019
Revenue 218.5 276.3
Increase/decrease of finished goods & work in progress 2.8 7.1
Other operating income 2.8 3.5
Material expenses -127.3 -161.6
Personnel expenses -66.4 -77.0
Other operating expenses -34.5 -35.1
EBITDA -4.1 13.2
Management Adjustments 6.0 0.9
Adj. EBITDA 1.9 14.1
Depreciation and amortization expenses -25.8 -13.9
EBIT -29.9 -0.7
Interest and similar income 0.0 0.1
Interest and similar expenses -3.2 -2.3
Earnings before income taxes -33.0 -3.0
Income taxes -2.3 -2.0
Net income -35.3 -4.9
 
in mEUR Sep. 2020 Dec. 2019
Non-current assets 117.5 136.5
Current assets 151.2 120.0
Total assets 268.7 256.5
Equity 32.7 68.6
Non-current liabilities 82.1 55.0
Current liabilities 153.8 132.9
Total equity and liabilities 268.7 256.5
Equity ratio 12.2% 26.8%
 

About STS Group:
STS Group AG ("STS") is a leading system supplier to the automotive industry. It employs more than 1,600 people worldwide and generated revenues of 362.8 mEUR in the financial year 2019. STS produces and develops at its 12 plants and three development centers in France, Germany, Mexico, China and, in the future, also in the USA plastic injection moulding and components made of composite materials (Sheet Molding Compound - SMC), such as solid and flexible vehicle and aerodynamic trim, entire interior systems, as well as lightweight construction and battery components for electric vehicles. STS is considered as a technology leader in the manufacture of plastic injection moulding and components made of composite materials. STS has a large global footprint with plants in three continents. The customer portfolio comprises leading international manufacturer of commercial vehicles, passenger cars and electric vehicles.

STS Group AG
Stefan Hummel
Head of Investor Relations
Zeppelinstrasse 4
85399 Hallbergmoos
+49 811 1244 9412
[email protected]
www.sts.group



04.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: STS Group AG
Zeppelinstraße 4
85399 Hallbergmoos
Germany
Phone: +49 (0)811 124494 0
E-mail: [email protected]
Internet: https://sts.group
ISIN: DE000A1TNU68
WKN: A1TNU6
Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1145474

 
End of News DGAP News Service

1145474  04.11.2020 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 309,99 401,23 362,80 235,00 242,00 235,10 262,00
EBITDA1,2 55,04 11,88 15,30 14,70 19,10 9,60 18,85
EBITDA-Marge3 17,76 2,96 4,22 6,26 7,89 4,08
EBIT1,4 46,86 -1,33 -6,48 -1,40 3,60 -6,60 3,60
EBIT-Marge5 15,12 -0,33 -1,79 -0,60 1,49 -2,81 1,37
Jahresüberschuss1 46,97 -4,80 -12,12 -15,90 1,80 -9,90 -0,10
Netto-Marge6 15,15 -1,20 -3,34 -6,77 0,74 -4,21 -0,04
Cashflow1,7 -8,67 7,10 36,64 -1,60 36,10 6,50 0,00
Ergebnis je Aktie8 7,82 -1,20 -2,03 -2,60 0,30 -1,50 -0,02
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
STS Group
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1TNU6 7,200 - 46,80
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
21,82 25,95 0,84 28,35
KBV KCV KUV EV/EBITDA
0,95 7,20 0,20 4,91
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 07.07.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
- 09.08.2024 13.11.2023 29.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
33,83% 39,51% 28,57% 53,52%
    
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