Bucher 2012 Group Presentation

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Bucher 2012 Group Presentation

  1. 1. Group presentationGroup presentation April 2011 August 2010 Page 1
  2. 2. Technology group founded in 1807• Mechanical and vehicle engineering group with long-term industrial focus• Strategy of technology and market leadership - Product innovation - Sales network and high service levels - Good price/performance ratios for customers - Taking advantage of industry consolidation• Markets offering considerable growth and earnings potential• Decentralised management and profit responsibility• Group-wide strategic and financial managementGroup presentation August 2012 Page 2
  3. 3. Our businessesKuhn Group Bucher Municipal Bucher Hydraulics Emhart Glass Bucher SpecialsWorld’s leading European and International leader in World market leader in Independent businesses:manufacturer of Australian market the design and manu- glass container machinery and equip-specialised agricultural leader in municipal facture of custom manufacturing and ment for winemaking,machinery for tillage, vehicles, offering a mobile and industrial inspection machinery, systems and machineryseeding, fertilisation, whole range of hydraulic system offering a portfolio for processing fruit juice,spraying, landscape compact and truck solutions, offering an ranging from glass instant products andmaintenance, hay and mounted sweepers, array of products forming and inspection dewatering sewageforage harvesting, winter maintenance encompassing pumps, machinery to complete sludge as well as thelivestock bedding and equipment and refuse motors, valves, power production lines and Swiss distributorship forfeeding. collection vehicles. units, elevator drives components for the tractors and agricultural and control systems. glass container machinery. industry.Sales CHF 1000 m Sales CHF 380 m Sales CHF 400 m Sales CHF 350m Sales CHF 200 mEmployees 4200 Employees 1500 Employees 1700 Employees 2100 Employees 500 Group presentation August 2012 Page 3
  4. 4. No. 1 market positionsKuhn Group worldwide in hay and forage harvesting machinery and feed mixersBucher Municipal in Europe in street sweepersBucher Hydraulics in Europe in specialised segments of mobile hydraulicsEmhart Glass worldwide in glass container manufacturing equipmentBucher Specials worldwide in fruit juice and wine production equipmentGroup presentation August 2012 Page 4
  5. 5. Major manufacturing sites worldwideGroup presentation August 2012 Page 5
  6. 6. Group strategy• Increase in company value RONOA >> WACC• Diversified group focused on mechanical and vehicle engineering• Strengthening of existing operating segments - Continuous product innovation - Operational efficiency with flexible structures - Internal growth and targeted acquisitions• Clear, central functions - Strategy and operation reviews - Treasury, Controlling, Tax, Legal, M&A, Investments, Communication - Management and remuneration systems• Solid balance sheet for long-term industrial independenceGroup presentation August 2012 Page 6
  7. 7. Medium-term earnings targetsEBIT margin Goals 2011 2010 2009 2008 2007Kuhn Group 11 11.3 9.2 7.5 12.4 11.6Bucher Municipal 8 7.0 7.3 3.9 7.6 6.9Bucher Hydraulics 11 8.7 9.9 4.3 11.3 15.1Emhart Glass 9 4.5 1.2 4.0 8.4 7.9Bucher Specials 9 6.1 4.6 5.4 10.7 9.2Bucher Industries 9 8.1 7.4 5.2 9.9 9.3Group, divisions and independent businessesRONOA after tax >16 17.0 12.4 11.4 20.7 23.8All figures excluding impairmentsGroup presentation August 2012 Page 7
  8. 8. Group at a glance 2011• Positive business environment in most of the main markets - Very favourable conditions in agricultural machinery and glass container industry - Hydraulic components very strong in first half, then flattening out - Municipal vehicles surprisingly stable, added boost from major Moscow order - Winemaking equipment the only disappointment• Strong operating performance - High organic sales growth: 22% in local currencies - Marked strengthening of Swiss franc reduces sales in CHF by 12% - High level of capacity utilisation - Successful integration of previous acquisitions - Strong rise in profits and profitabilityGroup presentation August 2012 Page 8
  9. 9. Group at a glance 2011 (continued)• Continued investment in the future - Important strategic strengthening of Kuhn Group and Emhart Glass - Modernisation, automation and expansion of production sites - Continuity in research and development• Solid financial situation, despite CHF 178 million investment in future and share buy-back amounting to CHF 44 million - High degree of independence thanks to CHF 467 million in cash and cash equivalents - Low net debt of CHF 72 million - Share buy-back of 2.99% of equity concluded in February 2012Group presentation August 2012 Page 9
  10. 10. Net salesby division and region in 2011CHF 2 336 million Kuhn Group 44% Europe 59% Bucher Hydraulics 17% Switzerland 5% Bucher Municipal 16% Americas 20% Emhart Glass 15% Asia 9% Bucher Specials 8% Other 7%Group presentation August 2012 Page 10
  11. 11. Number of employees by region in 2011 France 27% North America 14% China 12% Switzerland 10% Germany 7% UK 5% Sweden 4% Brazil 4% Netherlands 4% Italy 4% Australia 3% Other 6%Group presentation August 2012 Page 11
  12. 12. Key figuresCHF million % change 2011 2010 % %1) %2)Order intake 2 588 2 217 16.7 29.3 24.7Net sales 2 336 2 034 14.9 27.2 22.0Order book 923 663 39.2 55.0 41.6Operating profit (EBITDA) 260 224 16.1 as % of net sales 11.1% 11.0%Operating profit (EBIT) 190 151 25.6 as % of net sales 8.1% 7.4%Profit for the year 127 98 30.4 as % of net sales 5.5% 4.8%1) Adjusted for currency effects2) Adjusted for currency and acquisition effectsGroup presentation August 2012 Page 12
  13. 13. Investing in the futureCHF million 2011 2010 % changeDevelopment costs 74 73 1.6Capital expenditure 118 66 79.8Acquisitions 60 1 n.a.Group presentation August 2012 Page 13
  14. 14. Results by operating segment 2011 2010CHF million EBIT EBIT margin EBIT EBIT marginKuhn Group* 116 11.3% 78 9.2%Bucher Municipal 27 7.0% 27 7.3%Bucher Hydraulics* 35 8.7% 37 9.9%Emhart Glass 15 4.5% 3 1.2%Bucher Specials 12 6.1% 9 4.6%Other/consolidation -15 -3Bucher Industries* 190 8.1% 151 7.4%Group presentation August 2012 Page 14
  15. 15. Net sales and number of employeesCHF m Empl.3000 2789 9380 10000 24592500 7618 7639 8000 8176 7261 23362000 2142 2034 60001500 40001000 500 2000 0 0 2007 2008 2009 2010 2011 Net sales Number of employeesGroup presentation August 2012 Page 15
  16. 16. Net sales and resultsbefore impairmentCHF m CHF m3000 2789 600 24592500 2366 500 2142 20342000 342 400 286 2761500 260 300 229 224 190 1901000 151 200 171 184 112 500 127 100 98 62 0 0 2007 2008 2009 2010 2011 Net sales EBITDA EBIT Profit for the yearGroup presentation August 2012 Page 16
  17. 17. Net operating assets and RONOA after taxCHF m % 52.01200 541000 1114 41.8 45 35.4 800 891 36 27.9 849 828 600 31.9 27 687 400 23.8 18 18.5 17.0 200 1.5 12.4 9 0 0 2007 2008 2009 2010 2011 Net operating assets (4q-average) in % of net sales RONOAGroup presentation August 2012 Page 17
  18. 18. Shareholders’ equity and return on equityCHF m %1000 30 800 873 24 846 793 814 748 600 21.4 18 16.9 400 16.3 12 12.7 200 6 0 0-200 -3.0 -6 2007 2008 2009 2010 2011 Shareholders equity Return on equityImpairment charges: 2008 CHF 39 million, 2009 CHF 86 millionGroup presentation August 2012 Page 18
  19. 19. Operating free cash flow CHF m 200 202 183 150 100 55 50 43 -15 0 -50 2007 2008 2009 2010 2011Group presentation August 2012 Page 19
  20. 20. Net liquidity and free cash flowNet liquidity Free cash flowCHF m CHF m 320 280 240 181 210 160 102 140 164 80 1 19 70 0 0 -111 -185 -72 -80 1 -118 -70-160 -140-240 -179 -210-320 -223 -280-400 -350 2007 2008 2009 2010 1st half- year 2nd half- year 2011 2011 Net liquidity Free cash flowGroup presentation August 2012 Page 20
  21. 21. Total assets and equity CHF m 2248 2500 2130 2068 2125 1985 2000 1500 873 846 793 814 1000 748 41% 41% 37% 38% 36% 500 0 2007 2008 2009 2010 2011 Total assets EquityGroup presentation August 2012 Page 21
  22. 22. Shareholders’ equity / Intangible assets CHF m 1000873 846 793 814 748 800 600 400 165 135 174 131 200 79 61 89 60 53 75 0 2007 2008 2009 2010 2011 Shareholders equity Intangible assets thereof goodwillGroup presentation August 2012 Page 22
  23. 23. Group outlook for 2012• Continued downturn in the world economy with no prospect of a rapid recovery• Trends in our markets - Agricultural machinery: positive business development - Municipal vehicles: big Moscow order brings growth; demand otherwise stable at a low level - Hydraulic components: weakening demand - Machinery for glass container production: distinct upturn expected in second semester - Recovery in fruit juice and instant products, stable situation in winemaking equipment and distributorship for agricultural machinery• Further improvement expected in sales, operating profit and profit for the yearGroup presentation August 2012 Page 23
  24. 24. Kuhn Group Specialised agricultural machineryPloughing Tillage Seeding Fertilisation Manure spreadersSpraying Hay & forage Feed storage Bedding & feeding Landscape harvesting maintenance Group presentation August 2012 Page 24
  25. 25. Kuhn GroupNet sales and EBITCHF m CHF m1200 1106 150 10261000 929 948 125 137 851 800 116 100 108 600 75 78 71 400 50 200 25 0 0 2007 2008 2009 1) 2010 2011 Net sales EBIT 1) Before impairmentGroup presentation August 2012 Page 25
  26. 26. Kuhn GroupNet sales and number of employees 2011Net sales Number of employeesCHF 1 026 m 4 230 people Europe 68% France 56% Americas 27% North America 20% Asia 3% Brazil 11% Other 2% Netherlands 10% Other 3%Group presentation August 2012 Page 26
  27. 27. Kuhn GroupMarket position• World’s leading manufacturer of specialised agricultural machinery under one brand• Use of several distribution networks reduces dependence and increases potential for high market share• Broad customer base and independence from large customers• Specialist in hay and forage harvesting machinery, tillage machinery, seed drills, sprayers, feed mixers• Market share: up to 30% or more worldwide depending on the product family• Main competitors: Kverneland (NO), Krone (DE), Claas (DE), Pöttinger (AT), Amazone (DE) and other German, French and Italian manufacturersGroup presentation August 2012 Page 27
  28. 28. Kuhn Group Complete product range under one brandCompetitors Hay and forage Hedge Feed Tillage equipment Seeders Sprea- Spray- Trac- Harvesters mowers tedders rakes balers cutters mixers driven non-driven drilling precision ders ers tors selfpropelledKuhn GroupJohn DeereCNHAGCOClaas RenaultKroneAmazonePöttingerKubota/KVE Gallignani KubotaExel / HardiLemkenHorschVäderstadKongskildeLely/WelgerSulkyMonosem Group presentation August 2012 Page 28
  29. 29. Kuhn GroupWorld farm equipment marketSegments % of market Farm tractors 29% Harvesting machinery 16% Hay and forage 6% machinery Tillage 6% Planting and seeding, 10% crop protection, fertilizing machinery Other farm equipment 33% machinery, attachments & partsGroup presentation August 2012 Page 29
  30. 30. Kuhn GroupWorld farm equipment market by region Europe 37% North America 27% China 16% Central and South America 6% India 8% Japan 2% Other 4%Group presentation August 2012 Page 30
  31. 31. Kuhn Group2011 highlights• Favourable market trend - Strong demand in all main markets - Farm incomes sound and rising, stimulating investment - Southern states of the USA and Brazil are an exception, affected by unfavourable climatic conditions, with severe drought - By contrast, outstanding conditions in the north of the USA• Good use made of favourable market conditions - Rapid increase in production levels brings steep sales rise - High capacity utilisation results in significant improvement in profitability - Successful integration of acquisitions and production innovation - Outstanding performance barely visible in Swiss franc results owing to negative currency translation effectsGroup presentation August 2012 Page 31
  32. 32. Kuhn Group2011 highlights• Expansion of strategic market position - Acquisition of Kuhn Krause, Inc., Kansas/USA, gaining Bild Krause entry to the North American grain farming market - Minority stake of 24% in Rauch machinery in Germany strengthens partnership in the seed drill and fertiliser spreader segment - Manufacturing and licensing agreement with John Deere for large square balers• Successful integration - Tried and tested approach - Inclusion of all interest groups - Patience and long-term perspectiveGroup presentation August 2012 Page 32
  33. 33. Kuhn GroupOutlook for 2012• Good long-term prospects - Growing population - Eating habits shifting towards more meat and dairy products - Need to produce a higher yield per hectare at lower cost• Bright short-term prospects - Good conditions in the main markets - Normal inventories at dealers - Farmers expect favourable income situation to continue - Some uncertainty regarding drought in the USA• Confidence for 2012 - Further improvement in sales and operating profit - But growth rates well down on previous yearGroup presentation August 2012 Page 33
  34. 34. Bucher Municipal Sweepers and winter maintenance equipmentCompact sweepers Truck mounted sweepers Spreaders Refuse collection vehicles Group presentation August 2012 Page 34
  35. 35. Bucher MunicipalNet sales and EBITCHFm CHFm600 60 491 512500 50 387 373 380400 40 39300 34 30 27 26200 25 20100 10 0 0 2007 2008 1) 2009 2) 2010 2011 Net sales EBIT 1) Before impairment 2) Before restructuringGroup presentation August 2012 Page 35
  36. 36. Bucher MunicipalNet sales and number of employees 2011Net sales Number of employeesCHF 380 m 1 530 people Europe 62% United Kingdom 29% Switzerland 6% Australia 20% Australia 25% Switzerland 19% Asia 5% Latvia 10% Other 2% Italy 7% Germany 6% Denmark 5% Other 4%Group presentation August 2012 Page 36
  37. 37. Bucher MunicipalMarket position• Europe’s leading manufacturer of compact and truck mounted sweepers, and winter maintenance equipment• Market share in Europe: compact sweepers 35% truck mounted sweepers 60%• Complete product line for municipal applications• Main competitors: Schmidt (DE), Ravo (NL)*, Elgin (USA), Scarab (UK)*, Hako (DE), Boschung (CH) and Faun (DE) * Fayat GroupGroup presentation August 2012 Page 37
  38. 38. Bucher MunicipalComplete product rangeCompetitors Sweepers Specialist Spreaders range 1m3 2m3 4m3 5m3 6m3 8m3 mounted towedBucher Municipal (CH)Aebi-Schmidt (DE)Boschung (CH)Hako (DE)Faun (DE)Fayat Group (FR) *Elgin (USA)Dulevo (DE)Brock (DE)Tennant (USA)Epoke (DK)Acometis (FR)* Ravo, Scarab, MathieuGroup presentation August 2012 Page 38
  39. 39. Bucher Municipal2011 highlights• Surprisingly stable demand despite high level of debt at national and municipal level• No significant change in investment policy• Timely expansion of production and assembly plant In Latvia• Swiss plant hard hit by strong Swiss franc; currency effect mitigated thanks to Latvian plant• Successful bid for biggest ever contract, worth CHF 62 million, for sweepers for the city of Moscow• Maximum capacity utilisation from fourth quarter of 2011 until mid-2012Group presentation August 2012 Page 39
  40. 40. Bucher MunicipalOutlook for 2012• Market volumes declined by 30% since record year of 2008• Stable demand at a low level• Persistence of competitive pressure expected• Full capacity utilisation until mid-year thanks to major contract from Moscow, also contributing to improvement in sales and profit• Completion of change to new generation of sweepers• Continuation of product innovation for emission-free sweepers• Higher sales, improved operating profit and increase in profitability expectedGroup presentation August 2012 Page 40
  41. 41. Bucher Hydraulics Custom drive solutions Municipal vehiclesAgricultural Mining/ Wind energy Industrial Municipal Liftgatesmachinery tunnelling vehiclesConstruction Materials Marine/ Elevator High-voltage Dyna-liftequipment handling offshore technology switch gear Group presentation August 2012 Page 41
  42. 42. Bucher HydraulicsNet sales and EBITCHF m CHF m 497500 100 387 399400 371 80 320 59 56300 60200 37 35 40100 14 20 0 0 2007 2008 1) 2009 1) 2010 2011 1) Before impairment charges Net sales EBITGroup presentation August 2012 Page 42
  43. 43. Bucher HydraulicsNet sales and number of employees 2011Net sales Number of employeesCHF 399 m 1 712 people Europe 63% Germany 33% Switzerland 5% Switzerland 28% Americas 22% Americas 19% Asia 10% Italy 11% Asia 8% Other 1%Group presentation August 2012 Page 43
  44. 44. Bucher HydraulicsMarket position• Leading specialist in mobile, industrial and elevator hydraulics across Europe; presence built up in the USA• Market share: 10% to 20% in specialised areas of hydraulic engineering• Focused on customised drive solutions• Main competitors: Bosch-Rexroth (DE), Sauer Danfoss (USA), Parker Hannifin (USA), Eaton Vickers (USA), Hydac (DE), Hawe (DE), Husco (USA), Denison (USA) and a large number of other German and Italian manufacturersGroup presentation August 2012 Page 44
  45. 45. Bucher HydraulicsLeading market position in Europe Pumps Valves Motors & Accessories Power cylinders packsCompetitors Pis- Vane Gear Indu- Ser- Direc- Car- Mani- Spe- Gear Pis- Cylin- Elec- Accu- Fil- Other Com- Con- ton strial vo tional- tridge folds cial ton ders tro- mulat- ters pact trac- (Cetop) spool nics ors tingBucher HydraulicsParker (USA)Eaton (USA)Rexroth (DE)Sauer Danfoss (DE)Hydac (DE)HAWE (DE)Brevini Group (IT)Walvoil (IT)Argo-Hytos (DE)Moog (USA)Concentric (SE)Husco (USA)Sun Hydraulics (USA)Hydraforce (USA)Group presentation August 2012 Page 45
  46. 46. Bucher HydraulicsSegment growth rates Revenue index 250 200 150 100 501979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Hydraulics Engineering Bucher Hydraulics Source: VDMAGroup presentation August 2012 Page 46
  47. 47. Bucher Hydraulics2011 highlights• High market dynamics overall - Strong first half thanks to a certain demand backlog - Flattening of growth in the second half - Brisk demand in construction and agricultural machinery - Subdued demand in materials handling and industrial hydraulics• Significant currency effects, despite record volume output in some products (valves, pumps) - Increased purchasing in euro and US-dollar zones - Longer working hours in Switzerland• Expansion of capacity at main German manufacturing facility (9 000m2, EUR 10 million)Group presentation August 2012 Page 47
  48. 48. Bucher HydraulicsOutlook for 2012• Decrease in order intake• Slowdown in construction activity in China also affecting construction machine segment• Impetus from projects with globally active customers expected• Completion of expansion project at Klettgau manufacturing facility, Germany• Stabilisation of sales on lower growth and modest rise in profitability expectedGroup presentation August 2012 Page 48
  49. 49. Emhart Glass Glass container manufacturing equipmentGob forming Glass forming machine Ware handling Inspection Furnace Forehearth Gob forming Palletizing Forming machine Lehr Lehr Inspection Ware handling Glass container manufacturing process Group presentation August 2012 Page 49
  50. 50. Emhart GlassNet sales and EBITCHF m CHF m500 50 420 418400 345 40 304300 33 35 259 30200 15 20 12 8100 10 0 0 2007 2008 2009 2010 * 2011 ** Before restructuring Net sales EBITGroup presentation August 2012 Page 50
  51. 51. Emhart GlassNet sales and number of employees 2011Net sales Number of employeesCHF 345 m 2 134 people Europe 35% China 55% Asia 33% Sweden 20% Americas 21% Americas 12% Africa 11% Malaysia 5% Switzerland 3% Other 5%Group presentation August 2012 Page 51
  52. 52. Emhart GlassMarket position• World’s leading supplier of machinery, equipment and services for glass container manufacturers• Market share: 50% worldwide for glass forming machines and services; 25% worldwide for inspection systems• Main competitors: Owens-Illinois (USA), Saint Gobain (FR), Bottero (IT), BDF (IT), Heye International (DE) in glass forming machinery; Saint Gobain Cinematique (FR), MSC (FR) in inspection systemsGroup presentation August 2012 Page 52
  53. 53. Emhart GlassWorld’s leading machinery manufacturer Hot End Cold End IS forming machineCompetitors Refrac- Fore- Feeder NIS BIS AIS IS Ware Lehr Inspec- Palle- Wrap- tory hearth & shear handling tion tizing pingEmhart GlassSanjinBottero (IT)Heye (DE)Sklostroj (CZ)GPS (DE)BDF (IT)O-I (USA)China competitorsMSC & SGCC (FR)PSR (UK)Group presentation August 2012 Page 53
  54. 54. Emhart GlassPer capita glass consumptionThe high correlation between GNI and glass consumption fosters growth in emerging marketsGroup presentation August 2012 Page 54
  55. 55. Emhart Glass2011 highlights• Marked upturn after ten-year low in 2010 - High capacity utilisation in glass container industry - Brisk demand in Europe, Asia, Middle East and South America - Normalisation of demand towards end of year• High capacity utilisation in new and spare-parts business - Expansion of assembly capacity in Malaysia - Increased purchasing of components in Asia and Europe - Major contract worth CHF 40 million from India, half of which affecting sales in 2011• Strong Swedish krona has negative impact on operating profit• Vetropack becomes first customer for commercialisation of tempered glass bottlesGroup presentation August 2012 Page 55
  56. 56. Emhart GlassOutlook for 2012• Market dynamic in the glass container industry, but at a lower level than the previous year• Distinct upturn in second half due to lively project activities• Growth, consolidation and integration of Sanjin as sales and earnings pillar• Good global set-up of division, with plants in Sweden, the USA, Malaysia and China• Further improvement in sales and operating profitGroup presentation August 2012 Page 56
  57. 57. Bucher Specials Independent businesses Fruit juice processing systems Agricultural distributorshipWinemaking equipment and drying equipment for SwitzerlandHorizontal grape presses Hydraulic presses New Holland tractorMicro-filtration systems Filtration systems Round balers Group presentation August 2012 Page 57
  58. 58. Bucher SpecialsNet sales and EBITCHF m CHF m300 35 262250 240 30 28 188 201 25200 187 22 20150 12 15100 10 9 10 50 5 0 0 2007 2008 2009 2010 2011 Net sales EBITGroup presentation August 2012 Page 58
  59. 59. Bucher SpecialsNet sales and number of employees 2011Net sales Number of employeesCHF 201 m 511 people Europe 41% France 60% Switzerland 36% Switzerland 28% Americas 18% Chile 6% Asia 2% Italy 2% Other 3% Other 4%Group presentation August 2012 Page 59
  60. 60. Bucher VaslinMarket position• World market leader in winemaking equipment• Strong global distributor network• Specialised production facilities in France and Chile• Market share: 35% to 45% worldwide• Main competitors: Pera (FR), Della Toffola (IT), Diemme (IT), Velo (IT) and other Italian and German manufacturersGroup presentation August 2012 Page 60
  61. 61. Bucher VaslinWorld market leaderWine productionCompetitors Reception Crushing Pressing Fermentation Filtration FillingBucher VaslinPera (FR)Diemme (IT)Velo (IT)Della/Toffola (IT)Gai (IT)Group presentation August 2012 Page 61
  62. 62. Bucher VaslinWine production Million hl CAGR Million hl CAGR50 35% 50 35% 24.9%45 30% 45 30%40 25% 40 25%35 20% 35 20% 12.0%30 -0.7% 15% 30 15%25 0.2% 10% 25 4.6% 10% -3.6%20 -1.0% -1.5% 0.4% 2.3% 3.7% 5% 20 0.1% 0.9% 5% -0.3%15 -4.7% 0% 15 0%10 -9.1% -5% 10 -5% 5 -4.1% -10% 5 -10% 0 -15% 0 -15% Switzerland USA Germany Russia * China ** South Africa Chile Australia Argentina Brasil *** New Zealand France Portugal Italy Austria Spain Greece 2006 2007 2008 2006 2007 2008 2009 2009 prov 2010 Forecast 2011 prov 2010 Forecast 2011 CAGR 06 - 11F CAGR 06 - 11FGroup presentation August 2012 Page 62
  63. 63. Bucher UnipektinMarket position• World market leader in fruit, berry and vegetable juice processing equipment• Market share: 35% to 50% worldwide• Development of a new business segment for dewatering of municipal and industrial sludge• Main competitors: Flottweg (DE), GEA (DE), Alfa Laval (SE) and Andritz (AT)Group presentation August 2012 Page 63
  64. 64. Bucher UnipektinWorld market leaderJuice productionCompetitors Reception Milling Mash Dejuicing Pasteuri- Filtration Adsorp- Evapo- heating zation tion rationBucher UnipektinFlottweg (DE)Bauer & Partners (PL)GEA Group (DE)Alfa Laval (SE)Schmidt-Bretten (DE)Bellmer (DE)Kaimi (CN)Group presentation August 2012 Page 64
  65. 65. Bucher UnipektinApple production Million tonnes 80 70 60 50 Others South America 40 Northern America 30 Southern Europe Western Europe 20 Eastern Europe 10 Southern Asia 0 Eastern Asia 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Group presentation August 2012 Page 65
  66. 66. Bucher LandtechnikMarket position (in Switzerland)• Distributorship of tractors and agricultural machinery• Well established among farmers and distributors• Professional distributor network and high quality of service• Wide range of tractors (New Holland, Case, Steyr), attachments (Kuhn) and wheel loaders (Weidmann)• Market share: 20% to 30%• Main competitors - Tractors: John Deere, AGCO, SDF, Claas - Attachments: Pöttinger, Kverneland, Amazone, Lemken, Rabe, Krone, FellaGroup presentation August 2012 Page 66
  67. 67. Bucher LandtechnikMarket leader in SwitzerlandCompetitors Hay and forage Hedge Feed Tillage equipment Seeders Sprea- Spray- Trac- Harvesters Wheel- Mowers Tedders Rakes Balers cutters mixers driven non- drilling precision ders ers tors self- loaders driven propelledBucher Weide- Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn CNHLandtechnik mannMatra(John Deere)GVS Fendt / MF/ Fendt / MF / Krone Krone Krone Krone Rabe Rabe Rabe Rabe Bichon(AGCO) Valtra KroneSerco InTrac(Claas)Ott Amazone Amazone Amazone Amazone Amazone Amazone Kv Kv Kv Kv KvLandmaschinen Kv Kv Kv Kv Rauch / Kv KvPöttinger CHFella CHGrunderco Rousseau CNHLemken CHGroup presentation August 2012 Page 67
  68. 68. Bucher Specials2011 highlights• Differing market trends - Decline in winemaking equipment owing to suspension of subsidies in France - Marked upturn in processing equipment for fruit juice and instant products - Progress in sludge dewatering systems thanks to distribution agreement with Degrémont - Swiss distributorship for tractors and agricultural machinery stable• Bucher Vaslin acquires Sutter wine presses as a complement in high-end segment• Successful integration of Unipektin EngineeringGroup presentation August 2012 Page 68
  69. 69. Bucher SpecialsOutlook for 2012• Market outlook for the independent businesses - Stabilisation of business with winemaking equipment, particularly in the key market of France - Good prices for apple juice concentrate underpins sales of equipment for fruit juice processing - Order intake for sludge dewatering systems should reach CHF 10 million - Stable demand in Swiss distributorship for tractors and agricultural machinery• Continuation of business development expected of the same magnitude as the first half• Bucher Specials expects sales and operating profit above the previous yearGroup presentation August 2012 Page 69
  70. 70. Group outlook for 2012• Continued downturn in the world economy with no prospect of a rapid recovery• Trends in our markets - Agricultural machinery: positive business development - Municipal vehicles: big Moscow order brings growth; demand otherwise stable at a low level - Hydraulic components: weakening demand - Machinery for glass container production: distinct upturn expected in second semester - Recovery in fruit juice and instant products, stable situation in winemaking equipment and distributorship for agricultural machinery• Further improvement expected in sales, operating profit and profit for the yearGroup presentation August 2012 Page 70
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