STS Group AG
- WKN: A1TNU6
- ISIN: DE000A1TNU68
- Land: Deutschland
Nachricht vom 04.11.2020 | 17:30
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
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."
Development of earnings
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
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%).
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
About STS Group:
|Company:||STS Group AG|
|Phone:||+49 (0)811 124494 0|
|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|
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