SAF-HOLLAND SE: 2021 preliminary figures show significant improvement in sales and EBIT margin

SAF-HOLLAND SE: 2021 preliminary figures show significant improvement in sales and EBIT margin

- Preliminary Group sales of around EUR 1.247 billion slightly above the target corridor of EUR 1.1 billion to EUR 1.2 billion

- Preliminary adjusted EBIT margin of around 7.5% on target

- Preliminary capex ratio of around 2% below forecast of 2.5% due to high sales growth

- Leverage ratio significantly up from 2.40x to 1.58x

Bessenbach, February 21, 2022. SAF-HOLLAND SE ("SAF-HOLLAND"), one of the world's leading suppliers of trailer and truck components, today published preliminary, unaudited financial figures for fiscal year 2021.

Due to strong customer demand, Group sales were around EUR 1.247 billion, around 30% up on the prior-year figure of EUR 959.5 million and slightly above the target corridor of EUR 1.1 billion to EUR 1.2 billion. Exchange rate effects amounted to around EUR -19 million (2020: EUR -22.6 million). Adjusted for exchange rate effects, sales increased by around 32% to approximately EUR 1.265 billion. All three regions (EMEA, Americas and APAC) contributed to the sales growth.

Despite high cost increases, particularly for steel, freight and energy, the company increased adjusted EBIT to around EUR 93 million (2020: EUR 58.8 million). The adjusted EBIT margin of around 7.5% (2020: 6.1%) meets the margin guidance of around 7.5%. The margin was boosted in particular by the significantly lower selling and administrative expense ratio.

Alexander Geis, CEO of SAF-HOLLAND SE, says: "We look back with pride on 2021, which was characterised by strong demand from our customers. Despite strained supply chains, we succeeded in serving all customer requests on time. Once again, we proved that we are a reliable partner for our customers in the challenging environment of 2021. Unfortunately, cost increases, particularly for steel, freight and energy, weighed heavily on us. Without the strong cost inflation, adjusted EBIT margin would have been significantly higher."

EMEA region: Adjusted EBIT margin slightly below previous year due to high cost pressure

In the EMEA region, sales in 2021 improved by almost 33% to around EUR 735 million (previous year: EUR 552.9 million), due in particular to the significant upturn in the original equipment business. Adjusted for exchange rate effects, sales growth of just under 34% was recorded.

High steel prices and high freight and transportation costs had a disproportionate impact on the cost of sales ratio, while the share of selling expenses declined significantly. Overall, this resulted in adjusted EBIT of just over EUR 67 million in the EMEA region in 2021 (2020: EUR 52.7 million). The corresponding adjusted EBIT margin of slightly above 9% is slightly below the previous year (9.5%).

Americas region: Adjusted EBIT margin improved significantly

In the Americas region, sales in 2021 increased by almost 21% to around EUR 402 million (previous year: EUR 332.3 million) due to the strong Aftermarket and truck OE business. Adjusted for exchange rate effects, sales improved by 25%.

Cost increases for steel and higher freight and energy costs also impacted the Americas region, but to a lesser extent than the EMEA region. At around EUR 24 million, adjusted EBIT was significantly higher than in the previous year (2020: EUR 13.5 million). Adjusted EBIT margin improved significantly from 4.1% to around 6%.

APAC region: India and Australia fuel sales and EBIT margin

The APAC region generated sales of around EUR 110 million in 2021 (2020: EUR 74.3 million), an increase of slightly above 48%. Currency effects had no significant impact, with the result that currency-adjusted revenues increased by almost 48 percent year-on-year. This significant increase in sales was due in particular to the strong upturn in business in India and the encouraging development of demand growth in Australia. The Aftermarket business also made a pleasing contribution to sales growth.

Compared to the strong increase in sales, the rise in the cost of sales was disproportionally low. Margins were additionally boosted by the significantly lower selling and administrative expense ratio. Adjusted EBIT improved from EUR -7.3 million to just under EUR 2 million. Adjusted EBIT margin was approximately 1.7% (previous year: -9.9%).

Capex ratio of around 2% due to high sales growth

The capex ratio in 2021 was influenced by the strong increase in sales with virtually unchanged capital expenditure and was therefore only around 2%. Additions to property, plant and equipment and intangible assets amounted to around EUR 25 million in 2021 (2020: EUR 24.5 million). The investment focus was on further automation of production processes, mainly in Germany, and capacity expansions in Turkey, Russia and Mexico.

Leverage ratio improved significantly to 1.58x

Net financial debt as of December 31, 2021 of approximately EUR 198 million remained stable compared to December 31, 2020 (EUR 196.7 million). The leverage ratio (ratio of net financial debt to unadjusted EBITDA) improved significantly from 2.40x to 1.58x in the same period and is attributable to the significant improvement in operating profit.

Business performance in Q4 2021

Sales of around EUR 322 million in Q4 2021 were significantly higher than the prior-year figure of EUR 250.8 million and slightly higher than sales in Q3 2021 (EUR 316.6 million). The main driver was high demand, which led to very high utilisation of production capacities.

Adjusted EBIT is around EUR 22 million, an improvement on the Q4 2020 figure of EUR 20.3 million. Compared to Q3 2021 (EUR 24.3 million), adjusted EBIT has decreased due to high cost pressure. EBIT margin in Q4 2021 is slightly below 7% (Q4 2020: 8.1%).

2022 will be characterised by positive trends, but also by challenges

Possible adverse factors for 2022 continue to include geopolitical and global economic developments. It is also difficult to predict how the COVID-19 pandemic, supply chains and prices for steel, energy and freight will develop.

Megatrends such as increasing urbanisation, sustainability, digitalisation and increased mobility are leading to further rising requirements in the commercial vehicle industry. With the tire testing system SAF TIRE PILOT and the TrailerMaster telematics system, among others, SAF-HOLLAND has product solutions that address the topics of safety, electrification, connectivity and automated driving. This year will also see the start of serial production of the SAF TRAKr recuperation axle.

Currently, SAF-HOLLAND expects a positive market environment in 2022. However, the high cost burden, particularly in Q1 2022, will be a challenge.

"The continued high order intake in our most important regions allow us a positive outlook to the new year. We have made a good start to the year and overall production capacity utilisation is good to very good. The new plant in Russia and our capacity expansions in Turkey, Mexico and India set the course for further growth. Despite the positive outlook, we should, however, not forget that cost pressure from the unprecedented increase in raw material and freight costs continues to be challenging," says Alexander Geis.

SAF-HOLLAND will publish the Annual Report 2021 as well as the forecast for fiscal year 2022 on March 17, 2022.



Petra Müller
Head of Investor Relations, Corporate and ESG Communications
Tel: +49 (0) 6095 301 918


SAF-HOLLAND SE is a leading international manufacturer of chassis-related assemblies and components for trailers, trucks and buses. The product range includes, among other things, axle and suspension systems for trailers as well as fifth wheels for trucks and coupling systems for trucks, trailers and semi-trailers. In addition, SAF-HOLLAND develops innovative products to increase the efficiency, safety and environmental friendliness of commercial vehicles. The focus here is on the digitalization and networking of trailers as well as the electrification of axles. The products and solutions are marketed under the brands SAF, Holland, V.Orlandi, TrailerMaster, Neway, KLL and York. SAF-HOLLAND supplies original equipment to vehicle manufacturers on six continents. In the aftermarket business, the company supplies spare parts to the manufacturers' service networks as well as to wholesalers and, through an extensive global distribution network, to end customers and service centers. Around 3,600 dedicated employees worldwide are already working on the future of the transport industry. SAF-HOLLAND shares have been listed in the Prime Standard of the German Stock Exchange since 2007 and are part of the SDAX selection index. For further information, please visit:

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.


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.