SAF Holland : Quarterly Statement Q1 2021 (313 KB)

SAF-HOLLAND SE

Quarterly Statement

Q1 2021

SAF‐HOLLAND SE Quarterly Statement Q1 2021 | Key figures

KEY FIGURES
Results of operations			Financial position
in EUR thousands			in EUR thousands
	Q1/2021	Q1/2020		Q1/2021	Q1/2020
Sales	285,620	283,411	Cash flow from operating activities	5,698	32,014
Adjusted gross profit	55,985	52,261	Cash flow from investing activities
Adjusted gross profit margin in %	19.6	18.4	(property, plant and equipment/ intangible assets)	-5,201	-6,323
Adjusted EBITDA	31,042	27,508	Operating free cash flow	497	25,691
Adjusted EBITDA margin in %	10.9	9.7	Total free cash flow	497	4,056
Adjusted EBIT	21,957	18,441	Cash and cash equivalents	179,507	319,393
Adjusted EBIT margin in %	7.7	6.5	Net debt	195,614	-256,225
Adjusted result for the period	14,875	11,288
Adjusted undiluted earnings per share in EUR	0.33	0.25
			Employees
Net assets				Q1/2021	Q1/2020
in EUR thousands			Employees at the reporting date	3,513	3,744
	03/31/2021	12/31/2020	Employees (on average)	3,440	3,811
Balance sheet total	998,598	920,486
Equity	325,198	300,463
Equity ratio in %	32.6	32.6	Yield
Net working capital	138,434	114,599	in %
Net working capital in % of sales (LTM)	14.4	11.9
	Q1/2021	Q1/2020
			Return on capital employed (ROCE)*	11.3	12.1

NOTE:

All figures shown are rounded. Minor discrepancies may arise from addi ons of these amounts.

Net working capital ra o = Ra o of inventories and trade receivables less trade payables to sales of last twelve months.

Opera ng free cash flow = Net cash flow from opera ng ac vi es less net cash flow from inves ng ac vi es (purchase of PP&E and intangible assets less proceeds from sales of PP&E).

ROCE = Adjusted EBIT / (total equity + financial liabili es (excl. refinancing costs, incl. lease liabili es) + pension and other similar benefits ‐ cash and cash equivalents).

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-Contents

Group Interim Management Report

Key Events in the First Three Months of the Year 2021	4
Industry Environment	5
Results of Operations, Net Assets and Financial Position	6
Risk and Opportunity Report	13
Outlook	14
Events after the Balance Sheet Date	16

Interim Consolidated Financial Statements

Consolidated Statement of Comprehensive Income	17
Consolidated Balance Sheet	18
Consolidated Statement of Cash Flows	19
Segment Information	20

Additional Information

Financial Calendar and Contact Information	21
Imprint	21

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SAF‐HOLLAND SE Quarterly Statement Q1 2021 | Key events in the first three months of the Year 2021

KEY EVENTS IN THE FIRST THREE MONTHS OF THE YEAR 2021

There have not been any significant events in the first three months of 2021 of relevance for the quarterly statement.

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SAF‐HOLLAND SE Quarterly Statement Q1 2021 | Industry environment

INDUSTRY ENVIRONMENT

SECTOR DEVELOPMENT: GLOBAL TRUCK AND TRAILER MARKETS

ON THE ROAD TO RECOVERY

The recovery seen in the produc on of heavy‐duty trucks and trailers that started in the second half of 2020 carried on through to the first quarter of 2021. Most of the relevant regions for SAF‐HOLLAND - Europe, North and South America, China and India - recorded con nued growth. In China and India, in par cular, produc on figures at the end of March were substan ally above previous years' figures.

EUROPEAN TRUCK REGISTRATIONS ABOVE THE LEVEL OF THE

PREVIOUS YEAR

According to the European Automobile Manufacturers Associa on (ACEA), registra ons of new heavy‐duty trucks (above 16 tons) in the European Union in the first three months of the year 2021 were 15.1 per cent above the level of the previous year. The two largest‐volume markets, Germany and France, recorded increases of 10.1 per cent and 11.1 per cent respec vely.

EUROPEAN TRAILER MARKET REMAINS ON A GROWTH

TRAJECTORY

The European trailer market con nued to recover in the first quarter with growth of roughly 12 per cent for the period from January to March.

NORTH AMERICAN TRUCK MARKET SEES SUSTAINED RECOVERY

According to ACT Research, produc on of Class 8 trucks in the first three months of 2021 lay 12.3 per cent above the comparable figure for the previous year. Thanks to higher order intake (+ 176 per cent in comparison to Q1 2020) the order backlog rose by roughly 137 per cent to almost 238,000 units (Q1 2020: approximately 100,000 units).

IMPROVEMENT IN THE NORTH AMERICAN TRAILER MARKET

The North American trailer market, like the truck market, con nued to recover in the first quarter with a rise in produc on of 7.2 per cent in the first three months of 2021.

HIGHER PRODUCTION IN THE SOUTH AMERICAN TRUCK AND TRAILER MARKET

Boosted by the economic recovery in Brazil (projected GDP growth of

3.7 per cent for 2021, Interna onal Monetary Fund, World Economic Outlook April 2021), trailer produc on grew by 41 per cent and heavy‐duty truck produc on by 25 per cent.

DEMAND FOR TRAILERS IN CHINA SEES STRONG RECOVERY

• er a weak first quarter 2020 due to COVID‐19, demand for trailers in China con nued to recover strongly in the following quarters. The produc on of trailers in the first three months of 2021 is just over 140 per cent up on the level of the previous year. Truck produc on is up by almost 100 per cent on the previous year.

RISING PRODUCTION VOLUMES IN INDIA

The nascent economic recovery led to an increase of 110 per cent in truck produc on and 37 per cent in trailer produc on in the repor ng period from January to March 2021.

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