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STS Group AG emerges stronger from 2020 and publishes positive outlook for the 2021 financial year

2021| Apr| 07
Financial News

DGAP-News: STS Group AG / Key word(s): Annual Report/Forecast
07.04.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

  • Final Group figures for revenue and adjusted EBITDA confirm preliminary figures from March 15, 2021
  • Revenue from continuing operations down 6.2% to 235.0 mEUR (2019: 250.7 mEUR) and improved adjusted EBITDA margin of 7.5% (2019: 7.1%)
  • Discontinued operation Acoustics with earnings of -9.3 mEUR (2019: -7.6 mEUR)
  • Outlook 2021: Organic revenue growth in the scale of 10% and adjusted EBITDA margin in the high single-digit percentage range

Hallbergmoos/Munich, April 7, 2021. STS Group AG (ISIN: DE000A1TNU68), a global systems supplier for the automotive industry listed in the General Standard of the Frankfurt Stock Exchange, today publishes its annual report, audited consolidated figures for the 2020 financial year and confirms the key preliminary figures from the publication of March 15, 2021.

Mathieu Purrey, CEO of STS Group AG: "Overall, we are very satisfied with the 2020 financial year, given the challenges posed by the COVID-19 pandemic. With the strategic measures implemented last year, we are now entering the future stronger. Thanks to the restructuring and the reduced net debt, STS has a solid basis for the targeted expansion."

2020 financial year - Strong fourth quarter after challenging first half-year
In the 2020 financial year, the Acoustics segment was classified as a discontinued operation and therefore presented separately. For better comparability, the previous year was also adjusted accordingly.

The 2020 financial year was essentially characterized by the global spread of the coronavirus pandemic, the associated worldwide economic shutdown and, in particular, the associated plant closures. The pandemic had a particular impact on the STS Group's market environment in Europe and Central and South America. The Chinese market, on the other hand, recorded strong demand in the commercial vehicle market. In this respect, the STS Group recorded a decline in turnover of 6.2% in the 2020 financial year. Consolidated revenue fell by 15.6 mEUR from 250.7 mEUR in 2019 to 235.0 mEUR in 2020. Compared to the previous year, the Plastics and Materials segments recorded a total revenue decline of 25.0%. In contrast, the China segment was able to generate a significant increase in sales of 68.5% in the reporting year.

Due to the decline in turnover, the operating result before interest, taxes, depreciation and amortization (EBITDA) for the Group in the reporting year was 14.7 mEUR and thus below the level of the previous year (2019: 15.3 mEUR). In the 2020 financial year, extraordinary expenses totaling 3.0 mEUR (2019: 2.6 mEUR) were incurred. Of these, 2.7 mEUR were related to restructuring and severance costs, of which 1.7 mEUR were for the restructuring of the Group headquarters in Hallbergmoos and the compulsory redundancies of employees. A further 0.3 mEUR was related to the sale of the Acoustics segment.

Adjusted EBITDA in the 2020 reporting year at 17.7 mEUR was almost at the same level as the previous year (2019: 17.9 mEUR). The strong growth of the high-margin China segment almost compensated for the revenue-related earnings declines of the other units. The restructuring of Group headquarters also had a positive effect on adjusted EBITDA. As a result, the adjusted EBITDA margin improved from 7.1% in 2019 to 7.5% in the 2020 financial year.

The result from discontinued operations includes the result of the Acoustics segment from the first ten months of the financial year of -13.2 mEUR (2019: -7.6 mEUR) and the positive result from the deconsolidation of 3.9 mEUR.

The consolidated result from continuing operations amounted to -6.6 mEUR (2019:
-4.5 mEUR). Taking into account the result from discontinued operations, the total consolidated result for the 2020 financial year is -15.9 mEUR (2019: -12.1 mEUR).

Equity amounted to 51.1 mEUR as of December 31, 2020, compared to 68.6 mEUR as of December 31, 2019, corresponding to an equity ratio of 27.5% (December 31, 2019: 26.8%). Cash and cash equivalents amounted to 20.0 mEUR as of the balance sheet date (December 31, 2019: 17.2 mEUR). A positive net cash flow was achieved in the reporting period, mainly due to a strong increase in financing cash flow. This is mainly due to the borrowings of government-guaranteed loans, which were granted in the course of the COVID-19 pandemic, especially for the French units. The Group's net financial debt decreased by 16.2 mEUR to 22.9 mEUR as of December 31, 2020 (December 31, 2019: 39.1 mEUR). Financial liabilities consist of liabilities to banks of 20.7 mEUR (December 31, 2019: 12.4 mEUR), loans from third parties of 3.8 mEUR (December 31, 2019: 7.7 mEUR), lease liabilities of 12.0 mEUR (December 31, 2019: 24.1 mEUR) and other financial liabilities of 6.5 mEUR. Liabilities from factoring no longer existed as of December 31, 2020 (December 31, 2019: 12.1 mEUR). Net financial debt was reduced in particular due to the sharp reduction in financial liabilities. This is mainly due to the sale of the Acoustics segment and the resulting disposal of financial liabilities in the fourth quarter of 2020.

Financial year 2021 - STS starts the year strengthened
For the 2021 financial year, the Executive Board assumes organic revenue growth in the scale of around 10% and an adjusted EBITDA margin in the high single-digit percentage range. This is based on the assumption that the Chinese business will be at the high level of 2020. On one hand, a market normalization is expected for China in the second half of the year, and on the other hand, a continued high level of order intake. In Europe, the commercial vehicle market is expected to recover steadily over the course of the year. In addition, STS will continue to have the flexibility to adjust production to OEM needs and market events.

The 2020 Annual Report of STS Group AG in German is available for download at The English version of the 2020 Annual Report will be published on on April 16, 2021.

Key figures financial year 2020

in mEUR 2020 2019
Sales 235.0 250.7
EBITDA 14.7 15.3
Adjusted EBITDA 17.7 17.9
Adjusted EBITDA-Marge (in % of sales) 7.5% 7,1%
EBIT -1.4 -0.5
Earnings before taxes -3.6 -2.1
Earnings from discontinued operations -9.3 -7.6
Group result -15.9 -12.1
Total equity 51.1 68.6
Total equity ratio 27.5% 26.8%
Cash (freely available) 20.0 17.2
Net financial debt 22.9 39.1
Employees 1,601 2,455


About STS Group:
STS Group AG, (ISIN: DE000A1TNU68), is a leading system supplier to the automotive industry. It employs more than 1,600 people worldwide and generated sales of 235.0 mEUR in the financial year 2020. STS Group ("STS") produces and develops at its twelve 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 Finance & Administration
Zeppelinstrasse 4
85399 Hallbergmoos
+49 (0) 170 1810765

07.04.2021 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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