Cash flow SAF-Holland SE

Equities

SFQ

DE000SAFH001

Auto, Truck & Motorcycle Parts

Real-time Estimate Tradegate Other stock markets 05:00:42 2025-01-24 EST			5-day change	1st Jan Change
15.69 ^EUR	+0.45%		+4.67%	+6.09%

01-21	SAF-HOLLAND : Deutsche Bank reiterates its Neutral rating	ZD
01-20	SAF-HOLLAND : Hauck & Aufhauser reaffirms its Buy rating	ZD

48ccbc412922e76ad0c.Us2-CIEvPsu8PEb_EtAIN-S1GawsG979vMWZVhtTqVI.NKj8TdBESaz_dw-eYrFQXtf3fe57cuaTyY7OOlQazzcHqOgxzUZN-993KQ

Published financial data: SAF-HOLLAND SE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	1.28B	960M	1.25B	1.57B	2.11B
Total Revenues	1.28B	960M	1.25B	1.57B	2.11B
Cost of Goods Sold, Total	1.06B	775M	1.03B	1.3B	1.69B
Gross Profit	220M	184M	217M	265M	417M
Selling General & Admin Expenses, Total	129M	111M	118M	135M	203M
R&D Expenses	19.24M	15.29M	15.58M	18.76M	35.18M
Other Operating Expenses	-1.84M	-1.44M	-1.49M	-938K	-2.34M
Other Operating Expenses, Total	147M	125M	132M	153M	236M
Operating Income	73.48M	58.79M	84.48M	112M	181M
Interest Expense, Total	-9.15M	-10.48M	-9.06M	-16.17M	-39.19M
Interest And Investment Income	850K	651K	573K	1.33M	3.64M
Net Interest Expenses	-8.3M	-9.83M	-8.49M	-14.84M	-35.55M
Income (Loss) On Equity Invest.	1.95M	946K	1.62M	1.88M	1.22M
Currency Exchange Gains (Loss)	-1.11M	-654K	-634K	1.77M	-3.8M
Other Non Operating Income (Expenses)	-727K	-731K	98K	265K	-1.54M
EBT, Excl. Unusual Items	65.3M	48.52M	77.08M	101M	141M
Restructuring Charges	-27.22M	-15.64M	-4.19M	-11.59M	-12.57M
Merger & Related Restructuring Charges	1.94M	-	-	-	-5.26M
Impairment of Goodwill	-6.69M	-	-	-	-
Gain (Loss) On Sale Of Assets	-	359K	643K	1.66M	957K
Asset Writedown	-6.14M	-12.23M	-6.17M	-399K	-1.27M
Insurance Settlements	-	193K	15K	-	-
Other Unusual Items	-2.97M	-1.88M	-4.69M	-2.07M	-1.26M
EBT, Incl. Unusual Items	24.21M	19.33M	62.7M	88.5M	122M
Income Tax Expense	13.91M	5.15M	25.9M	27.27M	41.18M
Earnings From Continuing Operations	10.3M	14.18M	36.8M	61.23M	80.52M
Net Income to Company	10.3M	14.18M	36.8M	61.23M	80.52M
Minority Interest	-1.32M	-381K	-59K	-146K	-589K
Net Income - (IS)	8.98M	13.8M	36.74M	61.08M	79.93M
Net Income to Common Incl Extra Items	8.98M	13.8M	36.74M	61.08M	79.93M
Net Income to Common Excl. Extra Items	8.98M	13.8M	36.74M	61.08M	79.93M
Per Share Items
Net EPS - Basic	0.2	0.3	0.81	1.35	1.76
Basic EPS - Continuing Operations	0.2	0.3	0.81	1.35	1.76
Basic Weighted Average Shares Outstanding	45.39M	45.39M	45.39M	45.39M	45.39M
Net EPS - Diluted	0.19	0.3	0.81	1.35	1.76
Diluted EPS - Continuing Operations	0.19	0.3	0.81	1.35	1.76
Diluted Weighted Average Shares Outstanding	53.87M	45.39M	45.39M	45.39M	45.39M
Normalized Basic EPS	0.87	0.66	1.06	1.39	1.93
Normalized Diluted EPS	0.73	0.66	1.06	1.39	1.93
Dividend Per Share	-	-	0.35	0.6	0.85
Payout Ratio	227.5	-	-	26.01	34.07
Supplemental Items
EBITDA	106M	92.97M	120M	147M	238M
EBITA	85.06M	71.13M	96.7M	125M	200M
EBIT	73.48M	58.79M	84.48M	112M	181M
EBITDAR	118M	104M	131M	160M	261M
Effective Tax Rate - (Ratio)	57.47	26.66	41.31	30.82	33.84
Total Current Taxes	16.08M	11.46M	24.58M	24.63M	52.92M
Total Deferred Taxes	-2.17M	-6.3M	1.32M	2.64M	-11.74M
Normalized Net Income	39.49M	29.94M	48.12M	62.91M	87.6M
Interest on Long-Term Debt	1.89M	2.91M	2.23M	2.92M	5.01M
Non-Cash Pension Expense	854K	420K	421K	187K	1.42M
Supplemental Operating Expense Items
Advertising Expense	8.84M	3.6M	4.53M	7.6M	10.67M
Selling and Marketing Expenses	69.55M	55.38M	58.24M	70.96M	100M
General and Administrative Expenses	57.91M	55.01M	59.09M	63.42M	99.94M
Research And Development Expense From Footnotes	20.79M	19.21M	17.76M	20.48M	40.85M
Net Rental Expense, Total	12.33M	10.82M	11.35M	13.11M	22.6M
Imputed Operating Lease Interest Expense	2.37M	2.38M	2.21M	2.97M	9.58M
Imputed Operating Lease Depreciation	9.96M	8.44M	9.14M	10.14M	13.02M
Maintenance & Repair Expenses, Total	12.06M	9.56M	11.51M	13.4M	22.95M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	-200K	1.2M	1.3M	300K	2.7M
Total Stock-Based Compensation	-200K	1.2M	1.3M	300K	2.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	131M	171M	165M	243M	246M
Short Term Investments	3.34M	2.17M	2.1M	5.14M	1.25M
Total Cash And Short Term Investments	135M	173M	167M	249M	248M
Accounts Receivable, Total	126M	95.35M	136M	145M	226M
Other Receivables	13.18M	15.01M	22.6M	20.53M	32.92M
Total Receivables	139M	110M	159M	165M	259M
Inventory	168M	126M	194M	202M	307M
Prepaid Expenses	6.27M	5.91M	5.89M	4.71M	15.09M
Other Current Assets, Total	10.35M	9.28M	5.66M	5.4M	9.47M
Total Current Assets	458M	425M	532M	626M	837M
Gross Property Plant And Equipment	366M	383M	418M	431M	582M
Accumulated Depreciation	-174M	-188M	-229M	-254M	-282M
Net Property Plant And Equipment	192M	195M	189M	177M	300M
Long-term Investments	17.67M	16.69M	16.4M	416M	11.7M
Goodwill	78.83M	77.12M	78.98M	80.41M	129M
Other Intangibles, Total	159M	147M	140M	130M	267M
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	25.61M	29.18M	22.36M	15.16M	23.9M
Deferred Charges Long-Term	19.76M	15.61M	16.83M	17.54M	31.57M
Other Long-Term Assets, Total	27.54M	14.36M	18.48M	36.15M	51.35M
Total Assets	979M	920M	1.01B	1.5B	1.65B
Liabilities
Accounts Payable, Total	110M	107M	146M	159M	229M
Accrued Expenses, Total	20.4M	17.87M	24.24M	28.74M	41.65M
Short-term Borrowings	5.47M	7.32M	6.81M	15.42M	14.11M
Current Portion of Long-Term Debt	153M	1.54M	17.97M	102M	13.42M
Current Portion of Leases	8.13M	7.85M	7.4M	7.7M	13.48M
Current Income Taxes Payable	244K	4.02M	6.43M	4.9M	7.87M
Unearned Revenue Current, Total	-	-	-	-	11.26M
Other Current Liabilities	37.16M	25.35M	16.14M	21.57M	40.53M
Total Current Liabilities	335M	171M	225M	339M	371M
Long-Term Debt	196M	323M	304M	614M	615M
Long-Term Leases	25.52M	35.77M	33.66M	30.7M	54.28M
Pension & Other Post Retirement Benefits	31.24M	31.95M	22.82M	15.66M	43.6M
Deferred Tax Liability Non Current	52.51M	48.02M	47.35M	44.71M	70.94M
Other Non Current Liabilities	21.01M	10.63M	10.35M	12.99M	20.75M
Total Liabilities	661M	620M	643M	1.06B	1.18B
Common Stock, Total	454K	45.39M	45.39M	45.39M	45.39M
Additional Paid In Capital	269M	224M	224M	224M	224M
Retained Earnings	60.67M	84.42M	124M	170M	221M
Comprehensive Income and Other	-25.18M	-56.1M	-23.51M	1.39M	-17.35M
Total Common Equity	305M	298M	370M	441M	473M
Minority Interest	13.03M	2.64M	850K	819K	2.92M
Total Equity	318M	300M	371M	441M	476M
Total Liabilities And Equity	979M	920M	1.01B	1.5B	1.65B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	45.39M	45.39M	45.39M	45.39M	45.39M
ECS Total Common Shares Outstanding	45.39M	45.39M	45.39M	45.39M	45.39M
Book Value / Share	6.72	6.56	8.16	9.7	10.42
Tangible Book Value	66.82M	73.53M	151M	230M	77.42M
Tangible Book Value Per Share	1.47	1.62	3.33	5.07	1.71
Total Debt	388M	375M	370M	769M	711M
Net Debt	254M	202M	203M	521M	463M
Debt Equivalent of Unfunded Proj. Benefit Obligation	28.16M	28.69M	15.88M	7.24M	29.36M
Debt Equivalent Oper. Leases	98.65M	86.53M	90.83M	105M	181M
Minority Interest, Total (Incl. Fin. Div)	13.03M	2.64M	850K	819K	2.92M
Equity Method Investments, Total	16.52M	15.4M	16.33M	13.83M	11.61M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	60.7M	46.26M	90.17M	78.13M	149M
Inventories - Work In Process, Total	42.57M	29.99M	37.19M	47.26M	56.22M
Inventories - Finished Goods, Total	64.86M	50.18M	66.61M	76.87M	101M
Land - (BS)	102M	150M	160M	160M	204M
Machinery, Total	222M	233M	258M	271M	378M
Full Time Employees	3.92K	3.37K	3.57K	3.77K	5.93K
Accumulated Allowance for Doubtful Accounts (Supple)	6.97M	6.91M	7.25M	5.78M	7.62M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	8.98M	13.8M	36.74M	61.08M	79.93M
Depreciation & Amortization - CF	29.15M	31.2M	31.7M	30.03M	52.6M
Amortization of Goodwill and Intangible Assets - (CF)	11.58M	12.34M	12.22M	13.62M	19.21M
Depreciation & Amortization, Total	40.73M	43.54M	43.92M	43.64M	71.82M
Amortization of Deferred Charges, Total - (CF)	2.52M	2.98M	2.02M	4.1M	6.98M
(Gain) Loss From Sale Of Asset	-695K	230K	-238K	-1.02M	-153K
Asset Writedown & Restructuring Costs	10.27M	13.71M	7.85M	3.82M	4.89M
(Income) Loss On Equity Investments - (CF)	-1.95M	-946K	-1.62M	-1.88M	-1.22M
Provision and Write-off of Bad Debts	2.84M	1.76M	-	-	-
Other Operating Activities, Total	18.18M	14.37M	20.29M	27.59M	41.52M
Change In Accounts Receivable	14.3M	20.87M	-38.64M	-5M	1.84M
Change In Inventories	14.02M	23.06M	-61.69M	-5.53M	-20.15M
Change In Accounts Payable	-19.96M	3.63M	34.84M	12.65M	20.05M
Change in Other Net Operating Assets	1.31M	928K	-3.81M	13.93M	-2.78M
Cash from Operations	90.55M	138M	39.65M	153M	203M
Capital Expenditure	-45.59M	-20.5M	-20.9M	-31.89M	-54.89M
Sale of Property, Plant, and Equipment	5.25M	788K	1.13M	2.89M	1.68M
Cash Acquisitions	-10.85M	-	-	-1.88M	42.58M
Sale (Purchase) of Intangible assets	-7.39M	-3.96M	-3.75M	-4.36M	-6.79M
Investment in Marketable and Equity Securities, Total	-1.8M	1.08M	1.09M	-288M	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-110M	-
Other Investing Activities, Total	684K	651K	572K	1.33M	3.64M
Cash from Investing	-59.69M	-21.95M	-21.86M	-432M	-13.78M
Long-Term Debt Issued, Total	81.22M	250M	-	476M	120M
Total Debt Issued	81.22M	250M	-	476M	120M
Long-Term Debt Repaid, Total	-110M	-283M	-12.02M	-90.98M	-223M
Total Debt Repaid	-110M	-283M	-12.02M	-90.98M	-223M
Common Dividends Paid	-20.43M	-	-	-15.89M	-27.24M
Common & Preferred Stock Dividends Paid	-20.43M	-	-	-15.89M	-27.24M
Other Financing Activities, Total	-7.52M	-31.41M	-19.57M	-15.84M	-50.14M
Cash from Financing	-57.1M	-64.9M	-31.58M	353M	-181M
Foreign Exchange Rate Adjustments	2.4M	-11.26M	8.04M	3.22M	-5.26M
Net Change in Cash	-23.84M	39.82M	-5.76M	78.24M	2.82M
Supplemental Items
Cash Interest Paid	7.48M	5.64M	6.84M	9.68M	36.32M
Cash Income Tax Paid (Refund)	18.56M	7.18M	20.05M	27.23M	58.58M
Levered Free Cash Flow	44.82M	112M	-4.49M	82.03M	11.83M
Unlevered Free Cash Flow	50.03M	117M	231K	90.56M	33.86M
Change In Net Working Capital	-14.54M	-58.22M	74.22M	-10.46M	96.47M
Net Debt Issued / Repaid	-29.15M	-33.49M	-12.02M	385M	-103M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.69	3.87	5.46	5.56	7.17
Return on Total Capital	6.57	5.32	7.45	7.15	9.43
Return On Equity %	3.24	4.58	10.96	15.07	17.56
Return on Common Equity	2.93	4.58	11	15.07	17.5
Margin Analysis
Gross Profit Margin %	17.15	19.19	17.39	16.92	19.8
SG&A Margin	10.08	11.62	9.48	8.63	9.66
EBITDA Margin %	8.25	9.69	9.62	9.39	11.31
EBITA Margin %	6.62	7.41	7.76	8.01	9.5
EBIT Margin %	5.72	6.13	6.78	7.14	8.58
Income From Continuing Operations Margin %	0.8	1.48	2.95	3.91	3.82
Net Income Margin %	0.7	1.44	2.95	3.9	3.8
Net Avail. For Common Margin %	0.7	1.44	2.95	3.9	3.8
Normalized Net Income Margin	3.08	3.12	3.86	4.02	4.16
Levered Free Cash Flow Margin	3.49	11.64	-0.36	5.24	0.56
Unlevered Free Cash Flow Margin	3.9	12.2	0.02	5.79	1.61
Asset Turnover
Asset Turnover	1.31	1.01	1.29	1.25	1.34
Fixed Assets Turnover	7.62	4.95	6.48	8.54	8.83
Receivables Turnover (Average Receivables)	9.7	8.67	10.76	11.14	11.24
Inventory Turnover (Average Inventory)	6.12	5.26	6.43	6.56	6.64
Short Term Liquidity
Current Ratio	1.37	2.48	2.37	1.85	2.26
Quick Ratio	0.82	1.66	1.45	1.22	1.36
Operating Cash Flow to Current Liabilities	0.27	0.81	0.18	0.45	0.55
Days Sales Outstanding (Average Receivables)	37.64	42.22	33.91	32.77	32.48
Days Outstanding Inventory (Average Inventory)	59.61	69.52	56.78	55.61	54.99
Average Days Payable Outstanding	41.52	54.26	42.07	42.51	39.45
Cash Conversion Cycle (Average Days)	55.73	57.47	48.62	45.87	48.03
Long Term Solvency
Total Debt/Equity	122.11	124.81	99.73	174.34	149.28
Total Debt / Total Capital	54.98	55.52	49.93	63.55	59.88
LT Debt/Equity	69.59	119.25	91.06	146.1	140.67
Long-Term Debt / Total Capital	31.33	53.04	45.59	53.25	56.43
Total Liabilities / Total Assets	67.53	67.36	63.41	70.55	71.18
EBIT / Interest Expense	8.03	5.61	9.32	6.91	4.61