SAF-HOLLAND SE
lock-down in China, Australia, India and Singapore, which lasted a number of weeks, the ceased export business as a
result of the trade dispute between China and the USA and the delay in ramping-up the new Chinese plant in Yangzhou due
to COVID-19.
Adjusted EBIT improved by EUR 2.2 million to EUR -7.3 million. The adjusted EBIT margin amounted to -9.9 per cent
(previous year: -7.7 per cent). Both the OE business and the spare parts business had a negative impact on the gross
margin. The sustained savings realised in selling and administrative expenses had a positive effect.
Positive outlook for the 2021 financial year
The outlook for the 2021 financial year is based on the assumption that the global economy and the political
environment remain stable and that there are no unforeseen impacts of the continuing COVID-19 pandemic on our
production and supply chains.
The Management Board of SAF-HOLLAND SE expects Group sales to range between EUR 1,050 million and EUR 1,150 million in
financial year 2021 (2020: EUR 959.5 million). Under the above assumptions, SAF-HOLLAND is projecting an adjusted EBIT
margin of around 7 per cent for the 2021 financial year (2020: 6.1 per cent). In order to support its strategic
objectives, the company is planning investments of approximately 2.5 per cent of Group sales once again for the 2021
financial year. This capital expenditure will focus primarily on continuing the introduction of a Global Manufacturing
Platform, further automation and the programme FORWARD 2.0 as well as IT.
SAF-HOLLAND SE will publish the quarterly statement for the period from January to March 2021 on May 12, 2021.
Key financials for the 2020 financial year
Results of operations
in EUR thousands Q1-Q4/2020 Q1-Q4/2019
Sales 959,519 1,284,155
Adjusted gross profit 178,831 217,598
Adjusted gross profit margin in % 18.6 16.9
Adjusted EBITDA 98,126 114,129
Adjusted EBITDA margin in % 10.2 8.9
Adjusted EBIT 58,799 79,816
Adjusted EBIT margin in % 6.1 6.2
Adjusted result for the period 34,494 49,756
Adjusted undiluted earnings per share in EUR 0.76 1.10
Net assets
in EUR thousands 12/31/2020 12/31/2019
Balance sheet total 920,486 979,244
Equity 300,463 318,007
Equity ratio in % 32.6 32.5
Net working capital 114,599 183,763
Net working capital in % of sales (LTM) 11.9 14.3
Financial position
in EUR thousands Q1-Q4/2020 Q1-Q4/2019
Cash flow from operating activities 137,922 90,546
Cash flow from investing activities (property, plant and equipment/ intangible assets) -23,675 -47,727
Operating free cash flow 114,247 42,820
Total free cash flow 114,247 31,967
Cash and cash equivalents 170,982 131,166
Net debt 196,701 251,667
Employees
Q1-Q4/2020 Q1-Q4/2019
Employees at the reporting date 3,369 3,924
Employees (on average) 3,424 4,218
Note:
All figures shown are rounded. Minor discrepancies may arise from additions of these amounts.
Net working capital ratio = Ratio of inventories and trade receivables less trade payables to sales of last twelve months. The net working capital ratio for Q1-Q4 2019 has been adjusted retrospectively to match the new definition.
Operating free cash flow = Net cash flow from operating activities less net cash flow from investing activities (purchase of PP&E and intangible assets less proceeds from sales of PP&E). The operating free cash flow for Q1-Q4 2019 has been adjusted retrospectively to match the new definition.
About SAF-HOLLAND
SAF-HOLLAND SE, located in Bessenbach, is one of the leading international manufacturers of chassis-related assemblies and components, primarily for trailers and trucks. In addition to axle and suspension systems, the product range includes fifth wheels, coupling systems, kingpins and landing gear, which are sold under the SAF, Holland, Neway, KLL, V.Orlandi and York brands. SAF-HOLLAND supplies original equipment manufacturers (OEM) on six continents. In the Aftermarket business, the Company supplies replacement parts to manufacturers' service networks (OES), wholesalers, and, with the help of distribution centers, to end customers and service centers via an extensive global sales network. With the innovation offensive "SMART STEEL - ENGINEER BUILD CONNECT", SAF-HOLLAND combines mechanics with sensors and electronics and is driving forward the digital networking of commercial vehicles and logistics chains. Around 3,000 committed employees worldwide are already working on the future of the transport industry today. Further information is available at: https://corporate.safholland.com/en
Contact
Michael Schickling Head of Investor Relations and Corporate Communications Tel: +49 (0) 6095 301 617 michael.schickling@safholland.de
Future-oriented statements
This press release contains certain future-oriented statements that are based on current assumptions and forecasts made by the management of SAF-HOLLAND SE. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, development or performance of the company deviating considerably from the appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or adapt them to future events or developments.
Note
This announcement is for information purposes only and does neither constitute an offer to sell, purchase, exchange or transfer any securities nor a solicitation of any offer to sell, purchase, exchange or transfer any securities. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. SAF-HOLLAND SE does not intend to register any securities referred to herein under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States in connection with this announcement. Contact: Michael Schickling Head of Investor Relations and Corporate Communications SAF-HOLLAND SE Hauptstraße 26 63856 Bessenbach Phone +49 6095 301-617 michael.schickling@safholland.de -----------------------------------------------------------------------------------------------------------------------
2021-03-25 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------
Language: English
Company: SAF-HOLLAND SE
Hauptstraße 26
63856 Bessenbach
Germany
Phone: +496095301117
Fax: +49 6095 301 - 260
E-mail: ir@safholland.de
Internet: www.safholland.com
ISIN: DE000SAFH001
WKN: SAFH00
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1178290
End of News DGAP News Service
=------------ 1178290 2021-03-25
(END) Dow Jones Newswires
March 25, 2021 02:29 ET (06:29 GMT)
