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Group presentation
Bucher – since 1807 
2 
Kuhn Group 
Agricultural machinery 
Bucher Municipal 
Municipal vehicles 
Bucher Hydraulics 
Hydraulic systems 
Bucher Emhart Glass 
Glass container industry 
Bucher Specials 
Individual businesses 
• 
Tillage 
• 
Seeding 
• 
Fertilisation 
• 
Spraying 
• 
Landscape maintenance 
• 
Hay and forage harvesting 
• 
Compact and truck- mounted sweepers 
• 
Refuse collection vehicles 
• 
Salt spreaders 
• 
Snow plough 
• 
Mobile and industrial hydraulics 
• 
Pumps 
• 
Motors 
• 
Valves 
• 
Cylinders 
• 
Elevator drives 
• 
Glass-forming machinery 
• 
Inspection machinery 
• 
Transport and handling systems 
• 
Integrated systems 
• 
Equipment for processing wine, fruit juice, instant products, and for dewatering sewage sludge 
• 
Swiss distributorship for agricultural machinery 
• 
Control and auto- mation technology 
Sales: CHF 1 300 million Employees: 4 700 
Sales: CHF 400 million Employees: 1 500 
Sales: CHF 450 million Employees: 2 000 
Sales: CHF 350 million Employees: 1 900 
Sales: CHF 250 million Employees: 800 
Group presentation July 2014
Number 1 market positions 
Kuhn Group worldwide in forage harvesting machinery and feed mixers 
Bucher Municipal in Europe in sweepers 
Bucher Hydraulics in Europe in special segments of mobile hydraulics 
Bucher Emhart Glass worldwide in glass container manufacturing equipment 
Bucher Specials worldwide in fruit juice and wine production equipment 
Group presentation July 2014 3
Main manufacturing sites worldwide 
4 
Total 5 continents 41 sites 
Group presentation July 2014
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 operations reviews 
– 
Treasury, Controlling, Tax, Legal, M&A, Investments, Communication 
– 
Management and remuneration systems 
• 
Solid balance sheet for long-term industrial independence 
Group presentation July 2014 5
Medium-term earnings targets 
6 
EBIT margin 
2009 
2010 
2011 
20121) 
2013 
targets 
Kuhn Group 
7.53) 
9.2 
11.3 
12.5 
14.9 
11 
Bucher Municipal 
3.9 
7.3 
7.0 
9.3 
8.6 
8 
Bucher Hydraulics 
4.33) 
9.9 
8.7 
9.0 
9.4 
11 
Bucher Emhart Glass 
4.0 
1.22) 
4.5 
0.32) 
4.8 
9 
Bucher Specials 
5.3 
4.6 
6.1 
8.1 
10.0 
9 
Bucher Industries 
5.23) 
7.4 
8.1 
8.9 
10.7 
9 
Group, divisions and independent businesses 
RONOA after tax 
11.43) 
12.4 
17.0 
17.0 
19.3 
>16 
3) Before impairment changes 
2) After restructuring costs of CHF 9 million in 2012 and CHF 5 million in 2010 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
Group presentation July 2014
Group at a glance 2013 
• 
Favourable market environment 
– 
Good conditions at high level for agricultural machinery 
– 
Low but stable demand for municipal vehicles 
– 
Upturn in demand and sales growth through acquisitions at Bucher Hydraulics and Bucher Specials 
– 
Subdued first half, picking up in second half in glass-forming machinery 
– 
Good market conditions in fruit juice processing equipment 
• 
Entry into automation technology through takeover of Jetter AG by public offering; at year-end Bucher held 77.35% of the equity 
• 
Best result in the company’s history 
– 
EBIT margin of 10.7% 
– 
Profit for the year of CHF 196 million 
– 
Earnings per share increase by 27% to CHF 19.64 
Group presentation July 2014 7
Group at a glance 2013 (continued) 
• 
Continuity in investments 
– 
CHF 137 million for internal growth 
– 
CHF 63 million for acquisitions at Bucher Hydraulics and Bucher Specials 
• 
Solid financial situation 
– 
Operating free cash flow of CHF 92 million 
– 
Zero net debt at the end of 2013 
– 
Increase in equity ratio from 39% to 44% 
– 
Great financial scope for internal and external growth 
Group presentation July 2014 8
Net sales by division and region 2013 
CHF 2 691 million 
Kuhn Group 48% 
Bucher Municipal 14% 
Bucher Hydraulics 17% 
Bucher Emhart Glass 13% 
Bucher Specials 8% 
Europe 57% 
Switzerland 5% 
Americas 24% 
Asia 9% 
Other 5% 
Group presentation July 2014 9
Numer of employees by region 2013 
Total 10 916 employees1) 
Europe 55% 
Switzerland 9% 
Americas 21% 
Asia 12% 
Other 3% 
1) Expressed as full time equivalents 
Group presentation July 2014 10
Key figures 
CHF million 
Change in 
2013 
2012 
% 
%2) 
%3) 
Order Intake 
2 718 
2 490 
9.1 
9.0 
6.6 
Net sales 
2 691 
2 609 
3.1 
3.0 
0.8 
Order book 
850 
795 
6.9 
6.5 
3.3 
Operating profit (EBITDA)1) 
as % of net sales 
371 13.8 
307 11.8 
20.9 
Operating profit (EBIT)1) 
as % of net sales 
287 10.7 
232 8.9 
23.9 
Profit for the year1) 
as % of net sales 
196 7.3 
156 6.0 
25.8 
Employees at 31 December 
10 916 
10 166 
7.4 
2.1 
Average employees during year 
10 788 
10 383 
3.9 
0.7 
2) Adjusted for currency effects 3) Adjusted for currency, acquisition and disposal effects 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
Group presentation July 2014 11
Investing in the future 
CHF million 
2013 
2012 
Change in % 
Development costs 
91 
81 
12.0 
Capital expenditure 
137 
96 
41.6 
Acquisitions (cash flow) 
55 
3 
n.a. 
Group presentation July 2014 12
Results by division 
CHF million 
2013 
20121) 
EBIT 
EBIT margin 
EBIT 
EBIT margin 
Kuhn Group 
191 
14.9% 
153 
12.5% 
Bucher Municipal 
33 
8.6% 
39 
9.3% 
Bucher Hydraulics 
42 
9.4% 
37 
9.0% 
Bucher Emhart Glass 
17 
4.8% 
1 
0.3% 
Bucher Specials 
24 
10.0% 
17 
8.1% 
Other/consolidation 
-20 
-15 
Bucher Industries 
287 
10.7% 
232 
8.9% 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
Group presentation July 2014 13
2691 
2609 
2336 
2034 
2142 
10788 
10383 
9380 
7639 
7618 
0 
2000 
4000 
6000 
8000 
10000 
12000 
0 
600 
1200 
1800 
2400 
3000 
3600 
2013 
2012 
2011 
2010 
2009 
Net sales 
Average number of employees during year 
Net sales and number of employees 
Employees1) 
CHF m 
1) Expressed as full time equivalents 
14 
Group presentation July 2014
2691 
2609 
2336 
2034 
2142 
2789 
2459 
196 
156 
127 
98 
-24 
145 
171 
371 
307 
260 
224 
190 
342 
286 
287 
232 
190 
151 
26 
246 
229 
-60 
0 
60 
120 
180 
240 
300 
360 
420 
-500 
0 
500 
1000 
1500 
2000 
2500 
3000 
3500 
2013 
2012 
2011 
2010 
2009 
2008 
2007 
Net sales 
Profit for the year 
EBITDA 
EBIT 
Net sales and results 
CHF m results 
CHF m net sales 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
1) 1) 
15 
Group presentation July 2014
Net operating assets (NOA) und RONOA after tax 
1061 
970 
828 
849 
1114 
891 
687 
39.4 
37.2 
35.4 
41.8 
52.0 
31.9 
27.9 
19.3 
17.0 
17.0 
12.4 
1.5 
18.5 
23.8 
0 
10 
20 
30 
40 
50 
60 
0 
200 
400 
600 
800 
1000 
1200 
2013 
2012 
2011 
2010 
2009 
2008 
2007 
Net operating assets (4q-average) 
as % of net sales 
RONOA 
CHF m 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
% 
Group presentation July 2014 16
Shareholders’ equity and return on equity 
1074 
890 
814 
748 
793 
846 
873 
20.0 
18.3 
16.3 
12.7 
-3 
16.9 
21.4 
-5 
0 
5 
10 
15 
20 
25 
30 
-200 
0 
200 
400 
600 
800 
1000 
1200 
2013 
2012 
2011 
2010 
2009 
2008 
2007 
Shareholder's equity 
Return on equity 
CHF m 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
Impairment charges: 2008 CHF 39 million, 2009 CHF 86 million 
% 
1) 
Group presentation July 2014 17
Operating free cash flow and investments Cash flow from operating activities 
Group presentation July 2014 18 
CHF m 
183 
202 
55 
105 
92 
56 
58 
117 
95 
132 
239 
260 
172 
200 
224 
0 
50 
100 
150 
200 
250 
300 
2009 
2010 
2011 
2012 
2013 
Operating free cash flow 
Investments (net) 
Cash flow from operating activites
Net cash/debt and free cash flow 
0 
-165 
-19 
-209 
-72 
19 
-118 
206 
-144 
199 
-137 
-75 
181 
1 
-210 
-140 
-70 
0 
70 
140 
210 
-210 
-140 
-70 
0 
70 
140 
210 
2. HY 2013 
1. HY 2013 
2. HY 2012 
1. HY 2012 
2011 
2010 
2009 
Net cash/debt 
Free cash flow 
CHF m net cash/debt 
CHF m free cash flow 
Group presentation July 2014 19
Total assets and equity 
2125 
1985 
2248 
2259 
2436 
793 
748 
814 
890 
1074 
0 
500 
1000 
1500 
2000 
2500 
2009 
2010 
2011 
2012 
2013 
Total assets 
Equity 
44% 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
37% 
38% 
36% 
39% 
CHF m 
1) Group presentation July 2014 20
Shareholders’ equity / Intangible assets 
Group presentation July 2014 21 
793 
748 
814 
890 
1074 
165 
135 
174 
159 
181 
60 
53 
75 
73 
80 
0 
200 
400 
600 
800 
1000 
1200 
2009 
2010 
2011 
2012 
2013 
Shareholders' equity 
Intangible assets 
Thereof goodwill 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
CHF m 
1)
Group outlook for 2014 
• 
No significant change in economic environment anticipated 
• 
Confident mood in market segments served by Bucher Industries 
– 
Agricultural machinery: slight decline in demand at very high level 
– 
Municipal vehicles: positive outlook thanks to major order from Moscow 
– 
Hydraulic systems and glass-forming machinery: continuation of positive development of business 
– 
Bucher Specials expects buoyant demand to continue, with additional boost from acquisition of Jetter automation technology 
• 
For Group overall, increase in sales and moderate decrease in profitability compared with record figures in 2013 
Group presentation July 2014 22
Kuhn Group Specialised agricultural machinery 
23 
Ploughing 
Seeding 
Fertilisation 
Manure spreaders 
Spraying 
Landscape 
maintenance 
Bedding and feeding 
Feed storage 
Hay and forage harvesting 
Tillage 
Group presentation July 2014
1286 
1222 
1026 
851 
948 
191 
153 
116 
78 
71 
0 
50 
100 
150 
200 
250 
0 
300 
600 
900 
1200 
1500 
2013 
2012 
2011 
2010 
2009 
Nettoumsatz 
EBIT 
1) Before impairment charges 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
Kuhn Group Net sales and EBIT 
CHF m 
CHF m 
1) 
2) 
24 
Group presentation July 2014
Kuhn Group Net sales and number of employees 2013 
Net sales Number of employees CHF 1 286 million 4 699 employees1) 
Europe 62% 
Americas 32% 
Asia 4% 
Other 2% 
France 54% 
North America 21% 
Brazil 11% 
Netherlands 8% 
Other 6% 
1) Expressed as full time equivalents 
Group presentation July 2014 25
Kuhn Group Market position 
• 
World’s leading manufacturer of specialised tractor-related 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 manufacturers Group presentation July 2014 26
Kuhn Group Complete product range under one brand 
27 
Competitors 
Hay and forage 
Hedge 
Feed 
Tillage equipment 
Seeders 
Sprea- 
Spray- 
Trac- 
Harvesters 
mow- ers 
tedders 
rakes 
balers 
cutters 
mixers 
driven 
non-driven 
drilling 
precision 
ders 
ers 
tors 
selfpropelled 
Kuhn Group 
John Deere 
CNH 
AGCO 
Claas 
Renault 
Krone 
Amazone 
Pöttinger 
Kubota/KVE 
Gallignani 
Kubota 
Exel / Hardi 
Lemken 
Horsch 
Väderstad 
Kongskilde 
Lely/Welder 
Sulky 
Monosem 
Group presentation July 2014
Kuhn Group World farm equipment market 
Market in % 
Farm tractors 
29% 
Harvesting machinery 
16% 
Hay and forage machinery 
6% 
Tillage 
6% 
Planting and seeding, crop protection, fertilizing machinery 
10% 
Other farm equipment machinery, attach- ments and parts 
33% 
Group presentation July 2014 28
Kuhn Group 
World regional farm equipment market 
29 
Europe 33% 
North America 26% 
China 20% 
Central and South America 7% 
India 8% 
Japan 2% 
Other 4% 
Group presentation July 2014
Kuhn Group 2013 highlights 
• 
Positive market trend 
– 
Despite downward trend, prices for agricultural produce remained at a high level in long- term comparison 
– 
Investment confidence among farmers remained high 
– 
Delay in growth cycle in springtime, later recovering to large extent 
• 
Successful integration of acquired companies strengthens market position and profitability 
• 
Excellent profitability thanks to various operational factors 
• 
Acquisition of Montana, Brazil, specialists in self-propelled crop sprayers, and fertilising equipment, completed at the end of 2014 
• 
High investments in infrastructure, growth and customer training 
Group presentation July 2014 30
Kuhn Group Acquisition of Montana, Brazil 
• 
Family company in Curitiba, Brazil, with subsidiary in Argentina 
• 
Key figures: 
– 
Sales 2013: BRL 225 million (CHF 96 million) 
– 
Two-digit EBITDA margin 
– 
600 employees 
• 
Main products (85% of sales): 
– 
Self-propelled crop sprayers 
– 
Self-propelled fertilising spreaders 
• 
Complementary dealer network, primarily large scale farms 
Group presentation July 2014 31
Montana 
32 
Self-propelled 
crop sprayers 
Self-propelled fertilising equipment 
Manufacturing site in Curitiba, Brasilien 
Group presentation July 2014
Kuhn Group Outlook for 2014 
• 
Good long-term prospects 
• 
Market environment still positive, but slight fall in demand 
– 
Favourable income situation for farmers continuing, but slightly lower year on year 
– 
Main markets: America positive overall, Western Europe with lower demand 
• 
Integration of the acquisition, Montana, Brazil, strengthens market position 
• 
Sales slightly higher than previous year and moderate fall in high level of profitability after record margin in previous year 
Group presentation July 2014 33
Bucher Municipal Sweepers and winter maintenance equipment 
34 
Compact sweepers 
Truck-mounted sweepers 
Spreaders Refuse collection vehicles 
Group presentation July 2014
383 
424 
380 
373 
387 
33 
39 
26 
27 
25 
0 
10 
20 
30 
40 
50 
60 
0 
100 
200 
300 
400 
500 
600 
2013 
2012 
2011 
2010 
2009 
Net sales 
EBIT 
1) Before restructuring costs 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
Bucher Municipal Net sales and EBIT 
CHF m 
CHF m 
1) 
2) 
35 
Group presentation July 2014
Bucher Municipal Net sales and number of employees 2013 
Net sales Number of employees CHF 383 million 1 523 employees1) 
Europe 62% 
Switzerland 5% 
Australia 23% 
Asia 5% 
Americas 4% 
Other 1% 
UK 31% 
Australia 17% 
Switzerland 14% 
Latvia 12% 
Italy 9% 
Germany 6% 
Denmark 5% 
Other 6% 
1) Expressed as full time equivalents 
Group presentation July 2014 36
Bucher Municipal Market position 
• 
Market leader in Europe and Australia 
• 
Market shares: Europe Australia 
– 
Compact sweepers: 22% 48% 
– 
Truck-mounted sweepers: 56% 77% 
– 
Refuse collection vehicles: --- 50% 
– 
Winter maintenance equipment: 28% --- 
• 
Complete product line for municipal applications in Europe 
• 
Main competitors: Aebi-Schmidt (DE), Ravo (NL)*, Scarab (UK)*, Hako (DE), Boschung (CH), Faun (DE) and Elgin (USA) 
* Fayat Group 
Group presentation July 2014 37
Bucher Municipal Complete product range 
38 
Competitors 
Sweepers 
Specialised range 
Spreaders 
1m3 
2m3 
4m3 
5m3 
6m3 
8m3 
mounted 
towed 
Bucher Municipal 
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, Mathieu 
Group presentation July 2014
Bucher Municipal 2013 highlights 
• 
Overall stable demand on a low level in Europe 
• 
In March 2014, major order worth CHF 53 million from the city of Moscow 
• 
Successful merger of production plants in Great Britain and Australia strengthens competitiveness 
• 
Innovation project for emission-free compact sweepers progressing on schedule 
• 
Sale of profitable auxiliary business with hand-driers in Australia, with book profit of CHF 4 million 
• 
Good operating performance with gratifying level of profitability 
Group presentation July 2014 39
Bucher Municipal Outlook 2014 
• 
Major order from city of Moscow ensures good performance in 2014 
• 
First tentative signs of recovery in Southern Europe 
• 
Start of production in Kaluga, Russia, with local manufacture of spreaders 
• 
Marked increase in sales and modest improvement in operating profit 
Group presentation July 2014 40
Bucher Hydraulics Customised drive systems 
41 
Materials handling 
High-voltage switch gear 
Construction equipment 
Dyna-Lift 
Elevator technology 
Marine/offshore 
Industry 
Agricultural machinery 
Mining / tunnelling 
Municipal vehicles 
Energy technology 
Lift gates 
Group presentation July 2014
453 
407 
399 
371 
320 
42 
37 
35 
37 
14 
0 
10 
20 
30 
40 
50 
60 
0 
100 
200 
300 
400 
500 
2013 
2012 
2011 
2010 
2009 
Net sales 
EBIT 
Bucher Hydraulics Net sales and EBIT 
CHF m 
CHF m 
1) 
2) 
1) Before impairment charges 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
42 
Group presentation July 2014
Bucher Hydraulics Net sales and number of employees 2013 
Net sales Number of employees CHF 453 million 1 984 employees1) 
Europe 64% 
Switzerland 4% 
Americas 25% 
Asia 7% 
Germany 39% 
Switzerland 23% 
North America 16% 
Italy 9% 
Asia 8% 
Brazil 3% 
Other 2% 
1) Expressed as full time equivalents 
Group presentation July 2014 43
Bucher Hydraulics Market position 
• 
Leading specialist in mobile, industrial and elevator hydraulics across Europe 
• 
Presence built up in the USA and Brazil 
• 
Market share: 10% to 20% across Europe in specialised areas of hydraulic engineering 
• 
Focus 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 further German and Italian manufacturers 
Group presentation July 2014 44
Bucher Hydraulics Complete product range 
Pumps 
Valves 
Motors & cylinders 
Accessories 
Power packs 
Competitors 
Pis- ton 
Vane 
Gear 
Indu- strial (Cetop) 
Ser- vo 
Direc- tional- spool 
Car- tridge 
Mani- folds 
Spe- cial 
Gear 
Pis- ton 
Cylin- ders 
Elec- tro- nics 
Accu- mulat- ors 
Fil- ters 
Other 
Com- pact 
Con- trac- ting 
Bucher Hydraulics 
Parker (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 July 2014 45
50 
60 
70 
80 
90 
100 
110 
120 
130 
140 
150 
1986 
1989 
1992 
1995 
1998 
2001 
2004 
2007 
2010 
2013 
Hydraulics 
Engineering 
Bucher Hydraulics 
Bucher Hydraulics 
46 
Sales index 
Growth per market segment (2010 = 100) 
Source: VDMA 
Group presentation July 2014
Bucher Hydraulics 2013 highlights 
• 
Varied market environment 
– 
Western Europe: market positive in mobile machinery, weakening in construction machinery and industrial hydraulics 
– 
USA: good level of demand sustained, preparation for series production in 2014 for globally active customers 
– 
China: government reins in construction activity 
• 
Smooth integration of acquisition Ölhydraulik Altenerding, Germany, with synergies in second half of year 
• 
Entry into the Brazilian market through takeover of Eco Sistemas Hydráulica, Porto Alegre 
• 
Good operating performance with increase in sales, operating profit and EBIT margin 
Group presentation July 2014 47
Bucher Hydraulics Outlook for 2014 
• 
Positive development of business to continue 
– 
Developments in Germany decisive for hydraulics sales in Europe 
– 
Continuation of good level of demand expected in USA 
• 
Series production in Europe and North America underpins sales development 
• 
Development of new platform in Brazil offers short- and medium-term growth opportunities 
• 
Slight increase in sales and further improvement in operating profit expected 
Group presentation July 2014 48
Bucher Emhart Glass Glass container manufacturing equipment 
49 
Lehr 
Forehearth 
Furnace 
Lehr 
Palletizing 
Inspection 
Gob forming 
Ware handling 
Forming machine 
Glass container manufacturing process 
Gob forming 
Glass-forming machine 
Ware handling 
Inspection 
Group presentation July 2014
347 
367 
345 
259 
304 
17 
10 
15 
8 
12 
0 
10 
20 
30 
40 
50 
0 
100 
200 
300 
400 
500 
2013 
2012 
2011 
2010 
2009 
Net sales 
EBIT 
Bucher Emhart Glass Net sales and EBIT 
CHF m 
CHF m 
1) 
2) 
1) Before restructuring costs 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
1) 
50 
Group presentation July 2014
Bucher Emhart Glass Net sales and number of employees 2013 
Net sales Number of employees CHF 347 m 1 864 employees1) 
Europe 38% 
Asia 36% 
Americas 19% 
Africa 6% 
Other 1% 
China 56% 
Sweden 15% 
Americas 13% 
Malaysia 7% 
Switzerland 4% 
Other 5% 
1) Expressed as full time equivalents 
Group presentation July 2014 51
Bucher Emhart Glass Market 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 
• 
Global partnership with Owens-Illinois (USA), the world’s biggest manufacturer of glass containers 
• 
Main competitors: Verallia (FR), Bottero (IT), BDF (IT), Heye International (DE) for glass-forming machinery; Tiama (FR), Iris (FR) for inspection machinery 
Group presentation July 2014 52
Bucher Emhart Glass World’s leading machinery manufacturer 
53 
Hot End 
Cold End 
IS forming machine 
Competitors 
Refrac-tory 
Fore- hearth 
Feeder & shear 
NIS 
BIS 
AIS 
IS 
Ware handling 
Lehr 
Inspec- tion 
Palle- tizing 
Wrap- ping 
Emhart Glass 
Sanjin 
Bottero (IT) 
Heye (DE) 
Sklostroj (CZ) 
GPS (DE) 
BDF (IT) 
China competitors 
MSC & SGCC (FR) 
PSR (UK) 
Group presentation July 2014
Bucher Emhart Glass Glass consumption per capita 
Group presentation July 2014 54
Functional production line installed at Vetropack Pöchlarn, Austria, since mid 2013 
 
May 2013 Finalisation of installation of hard glass production line at Pöchlarn 
 
June 2013 Start of first production trials 
 
Following months Continuous improvements on tempering lehr and hard glass equipment 
 
October 2013 First stable production run of 0.33l bottle über län 
55 
Bucher Emhart Glass 
Group presentation July 2014
Bucher Emhart Glass 
56 
Internal Pressure (bar) 
Samples 
Burst pressure after 25 filling line trips 
Typical result - Hardglass bottles with significant strength increase over annealed bottles 
0 
5 
10 
15 
20 
25 
30 
35 
40 
45 
1 
2 
3 
4 
5 
6 
7 
8 
9 
10 
11 
12 
13 
14 
15 
16 
17 
18 
19 
20 
200g Hardglass 
200g Annealed 
300g Annealed 
Group presentation July 2014
Bucher Emhart Glass Milestones until full market launch of first bottle 
57 
March 2015: Full market launch of 0.33l and 1.0l bottle with advertisement and promotion 
2013 
2014 
Nov 
Dec 
Jan 
Feb 
Mrz 
Apr 
Mai 
Jun 
Jul 
Aug 
Sep 
Okt 
Nov 
Dec 
Process Optimization 
Installation Qualification 
15 000 
Process validation 
50 000 
Qua- rantine 
10 000 filling & internal consumption test 
50 000 production 
Quarantine 
Filling & pre-market test/launch 50 000 per month 
Group presentation July 2014
Bucher Emhart Glass 2013 highlights 
• 
Marked project-related fluctuations in capacity utilisation 
• 
Varied market development 
– 
Demand trend hesitant in first half and then positive in second half 
– 
Slump in demand in China 
• 
First commercial tempered glass system to Vetropack started operations at end of year 
• 
Realignment of capacities and leverage of worldwide presence 
– 
Expansion of capacity in USA and Europe 
– 
Expanded capacity in Malaysia came on stream ahead of plan 
– 
Start of component sourcing from division’s own plants in Malaysia and China 
– 
Completion of project expected by end of 2015/ beginning of 2016 
• 
Worldwide cooperation agreement with Owens-Illinois came into force in September 
Group presentation July 2014 58
Bucher Emhart Glass Outlook for 2014 
• 
Market environment expected to be comparable with previous year 
– 
Continuation of good level of demand in USA 
– 
Recovery in Europe 
– 
Stable spare part and service business 
– 
Persistent weakness of Asian markets, especially in China 
• 
Control systems, spare parts and new machines for Owens-Illinois could provide growth momentum 
• 
Savings arising from the realignment project improve profitability 
• 
Increase in sales and further improvement in operating profit 
Group presentation July 2014 59
Bucher Specials 
60 
Winemaking equipment 
Agricultural distributorship in Switzerland 
Automation technology and control systems 
Fruit juice processing systems and drying equipment 
Group presentation July 2014
244 
206 
201 
187 
188 
24 
17 
12 
9 
10 
0 
5 
10 
15 
20 
25 
30 
35 
0 
50 
100 
150 
200 
250 
300 
2013 
2012 
2011 
2010 
2009 
Net sales 
EBIT 
Bucher Specials Net sales and EBIT 
CHF m 
CHF m 
1) 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
61 
Group presentation July 2014
Bucher Specials Net sales and number of employees 2013 
Net sales Number of employees CHF 244 m 785 employees1) 
Europe 44% 
Switzerland 37% 
Americas 10% 
Asia 7% 
Other 2% 
France 37% 
Germany 29% 
Switzerland 27% 
Chile 3% 
Italy 2% 
Other 2% 
1) Expressed as full time equivalents 
Group presentation July 2014 62
Bucher Vaslin Market 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), and further Italian and German manufacturers Group presentation July 2014 63
Bucher Vaslin World market leader 
64 
Wine production 
Competitors 
Reception 
Crushing 
Pressing 
Fermentation 
Filtration 
Filling 
Bucher Vaslin 
Diemme (IT) 
Della/Toffola (IT) 
Gai (IT) 
Willmes (DE) 
Velo (IT) 
B a n k r u p t c y i n 2 0 1 3 
Group presentation July 2014
-15% 
-10% 
-5% 
0% 
5% 
10% 
15% 
20% 
25% 
30% 
35% 
0 
5 
10 
15 
20 
25 
30 
35 
40 
45 
50 
USA 
France 
Italy 
Spain 
Germany 
Austria 
Greece 
Portugal 
Switzerland 
Russia* 
China * 
CAGR 
million hl 
2006 
2007 
2008 
2009 
2010 
2011 
prov. 2012 
FC 2013 
CAGR 06 - 13F 
-15% 
-10% 
-5% 
0% 
5% 
10% 
15% 
20% 
25% 
30% 
35% 
0 
5 
10 
15 
20 
25 
30 
35 
40 
45 
50 
Argentina 
Chile 
Brazil 
South Africa 
Australia 
New Zealand 
CAGR 
million hl 
Bucher Vaslin 
Wine production 
65 
Source: OIV, SAWIS 
Northern hemisphere 
Southern hemisphere 
* CAGR 06 - 11 
Group presentation July 2014
Bucher Unipektin Market position 
• 
World market leader in fruit, berry and vegetable juice processing equipment 
• 
Market share: 35% to 50% worldwide 
• 
Entry into beer filtration market with Bucher Filtrox Systems 
• 
Established product range for dewatering of municipal sewage and industrial sludges 
• 
Main competitors: Flottweg (DE), GEA (DE), Alfa Laval (SE) und Andritz (AT) 
Group presentation July 2014 66
Bucher Unipektin World market leader 
67 
Juice production 
Competitors 
Reception 
Milling 
Mash heating 
Dejuicing 
Pasteuri- zation 
Filtration 
Adsorp- tion 
Evapo- ration 
Bucher Unipektin 
Flottweg (DE) 
Bauer & Partners (PL) 
GEA Group (DE) 
Alfa Laval (SE) 
Schmidt-Bretten (DE) 
Bellmer (DE) 
Kaimi (CN) 
Group presentation July 2014
Bucher Unipektin 
Apple production 
68 
0 
10 
20 
30 
40 
50 
60 
70 
80 
90 
2000 
2002 
2004 
2006 
2008 
2010 
2012 
million tonnes 
Others 
South America 
North America 
South Europe 
Western Europe 
East Europe 
Southern Asia 
East Asia 
Group presentation July 2014
Bucher Landtechnik Market 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 (Weidemann) 
• 
Market share: 20% to 30% 
• 
Main competitors 
– 
Tractors: John Deere, AGCO, SDF, Claas 
– 
Attachments: Pöttinger, Kverneland, Amazone, Lemken, Rabe, Krone, Fella 
Group presentation July 2014 69
Bucher Landtechnik Market leader in Switzerland 
70 
Competitors 
Hay and forage 
Hedge 
Feed 
Tillage equipment 
Seeders 
Sprea- 
Spray- 
Trac- 
Harvesters 
Wheel- 
Mowers 
Tedders 
Rakes 
Balers 
cutters 
mixers 
driven 
non- driven 
drilling 
precision 
ders 
ers 
tors 
self - propelled 
loaders 
Bucher 
Landtechnik 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
Kuhn 
CNH 
Weide- 
mann 
Matra (John Deere) 
GVS (AGCO) 
Krone 
Krone 
Krone 
Krone 
Rabe 
Rabe 
Rabe 
Rabe 
Fendt / MF/ Valtra 
Fendt / MF / Krone 
Bichon 
Serco (Claas) 
InTrac 
Ott 
Landmaschinen 
Kv 
Kv 
Kv 
Kv 
Kv 
Amazone 
Kv 
Amazone 
Kv 
Amazone 
Kv 
Amazone 
Kv 
Amazone 
Rauch / Kv 
Amazone 
Kv 
Pöttinger CH 
Fella CH 
Grunderco 
Rousseau 
CNH 
Lemken CH 
Group presentation July 2014
Bucher Specials Jetter - Market entry into automation technology 
71 
Industrial automation 
Mobile automation 
- 
Glass container production 
- 
Window manufacturing 
- 
Filling systems 
- 
Packaging systems 
- 
Assembly / handling systems 
- 
Agricultural machinery 
- 
Municipal vehicles 
Group presentation July 2014
Bucher Specials 2013 highlights 
• 
Stable market environment overall 
– 
Upturn in demand for winemaking equipment 
– 
Positive performance in equipment for fruit juice processing, dewatering sewage sludge and beer filtration 
– 
Sales of equipment for dewatering sewage sludge exceeded CHF 10 million for the first time 
– 
Buoyant market for the Swiss distributorship for agricultural machinery 
– 
Contribution to sales from automation technology not yet significant; consolidated as of November 
• 
Operational improvements through streamlining in administrative area and investments in logistics 
• 
Gratifying rise in sales and operating profit 
Group presentation July 2014 72
Bucher Specials Outlook for 2014 
• 
Market outlook 
– 
Continuation of brisk demand for winemaking equipment 
– 
Stabilization on high level in fruit juice processing equipment 
– 
Increase in projects for dewatering sewage sludge and beer filtration 
– 
Swiss distributorship for agricultural machinery at a high level, but declining 
– 
Strong, acquisition-related sales growth through consolidation of Jetter automation technology 
• 
Bucher Specials expects strong growth in sales and operating profit 
Group presentation July 2014 73
Group presentation update july 2014

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Group presentation update july 2014

  • 2. Bucher – since 1807 2 Kuhn Group Agricultural machinery Bucher Municipal Municipal vehicles Bucher Hydraulics Hydraulic systems Bucher Emhart Glass Glass container industry Bucher Specials Individual businesses • Tillage • Seeding • Fertilisation • Spraying • Landscape maintenance • Hay and forage harvesting • Compact and truck- mounted sweepers • Refuse collection vehicles • Salt spreaders • Snow plough • Mobile and industrial hydraulics • Pumps • Motors • Valves • Cylinders • Elevator drives • Glass-forming machinery • Inspection machinery • Transport and handling systems • Integrated systems • Equipment for processing wine, fruit juice, instant products, and for dewatering sewage sludge • Swiss distributorship for agricultural machinery • Control and auto- mation technology Sales: CHF 1 300 million Employees: 4 700 Sales: CHF 400 million Employees: 1 500 Sales: CHF 450 million Employees: 2 000 Sales: CHF 350 million Employees: 1 900 Sales: CHF 250 million Employees: 800 Group presentation July 2014
  • 3. Number 1 market positions Kuhn Group worldwide in forage harvesting machinery and feed mixers Bucher Municipal in Europe in sweepers Bucher Hydraulics in Europe in special segments of mobile hydraulics Bucher Emhart Glass worldwide in glass container manufacturing equipment Bucher Specials worldwide in fruit juice and wine production equipment Group presentation July 2014 3
  • 4. Main manufacturing sites worldwide 4 Total 5 continents 41 sites Group presentation July 2014
  • 5. 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 operations reviews – Treasury, Controlling, Tax, Legal, M&A, Investments, Communication – Management and remuneration systems • Solid balance sheet for long-term industrial independence Group presentation July 2014 5
  • 6. Medium-term earnings targets 6 EBIT margin 2009 2010 2011 20121) 2013 targets Kuhn Group 7.53) 9.2 11.3 12.5 14.9 11 Bucher Municipal 3.9 7.3 7.0 9.3 8.6 8 Bucher Hydraulics 4.33) 9.9 8.7 9.0 9.4 11 Bucher Emhart Glass 4.0 1.22) 4.5 0.32) 4.8 9 Bucher Specials 5.3 4.6 6.1 8.1 10.0 9 Bucher Industries 5.23) 7.4 8.1 8.9 10.7 9 Group, divisions and independent businesses RONOA after tax 11.43) 12.4 17.0 17.0 19.3 >16 3) Before impairment changes 2) After restructuring costs of CHF 9 million in 2012 and CHF 5 million in 2010 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group presentation July 2014
  • 7. Group at a glance 2013 • Favourable market environment – Good conditions at high level for agricultural machinery – Low but stable demand for municipal vehicles – Upturn in demand and sales growth through acquisitions at Bucher Hydraulics and Bucher Specials – Subdued first half, picking up in second half in glass-forming machinery – Good market conditions in fruit juice processing equipment • Entry into automation technology through takeover of Jetter AG by public offering; at year-end Bucher held 77.35% of the equity • Best result in the company’s history – EBIT margin of 10.7% – Profit for the year of CHF 196 million – Earnings per share increase by 27% to CHF 19.64 Group presentation July 2014 7
  • 8. Group at a glance 2013 (continued) • Continuity in investments – CHF 137 million for internal growth – CHF 63 million for acquisitions at Bucher Hydraulics and Bucher Specials • Solid financial situation – Operating free cash flow of CHF 92 million – Zero net debt at the end of 2013 – Increase in equity ratio from 39% to 44% – Great financial scope for internal and external growth Group presentation July 2014 8
  • 9. Net sales by division and region 2013 CHF 2 691 million Kuhn Group 48% Bucher Municipal 14% Bucher Hydraulics 17% Bucher Emhart Glass 13% Bucher Specials 8% Europe 57% Switzerland 5% Americas 24% Asia 9% Other 5% Group presentation July 2014 9
  • 10. Numer of employees by region 2013 Total 10 916 employees1) Europe 55% Switzerland 9% Americas 21% Asia 12% Other 3% 1) Expressed as full time equivalents Group presentation July 2014 10
  • 11. Key figures CHF million Change in 2013 2012 % %2) %3) Order Intake 2 718 2 490 9.1 9.0 6.6 Net sales 2 691 2 609 3.1 3.0 0.8 Order book 850 795 6.9 6.5 3.3 Operating profit (EBITDA)1) as % of net sales 371 13.8 307 11.8 20.9 Operating profit (EBIT)1) as % of net sales 287 10.7 232 8.9 23.9 Profit for the year1) as % of net sales 196 7.3 156 6.0 25.8 Employees at 31 December 10 916 10 166 7.4 2.1 Average employees during year 10 788 10 383 3.9 0.7 2) Adjusted for currency effects 3) Adjusted for currency, acquisition and disposal effects 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group presentation July 2014 11
  • 12. Investing in the future CHF million 2013 2012 Change in % Development costs 91 81 12.0 Capital expenditure 137 96 41.6 Acquisitions (cash flow) 55 3 n.a. Group presentation July 2014 12
  • 13. Results by division CHF million 2013 20121) EBIT EBIT margin EBIT EBIT margin Kuhn Group 191 14.9% 153 12.5% Bucher Municipal 33 8.6% 39 9.3% Bucher Hydraulics 42 9.4% 37 9.0% Bucher Emhart Glass 17 4.8% 1 0.3% Bucher Specials 24 10.0% 17 8.1% Other/consolidation -20 -15 Bucher Industries 287 10.7% 232 8.9% 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group presentation July 2014 13
  • 14. 2691 2609 2336 2034 2142 10788 10383 9380 7639 7618 0 2000 4000 6000 8000 10000 12000 0 600 1200 1800 2400 3000 3600 2013 2012 2011 2010 2009 Net sales Average number of employees during year Net sales and number of employees Employees1) CHF m 1) Expressed as full time equivalents 14 Group presentation July 2014
  • 15. 2691 2609 2336 2034 2142 2789 2459 196 156 127 98 -24 145 171 371 307 260 224 190 342 286 287 232 190 151 26 246 229 -60 0 60 120 180 240 300 360 420 -500 0 500 1000 1500 2000 2500 3000 3500 2013 2012 2011 2010 2009 2008 2007 Net sales Profit for the year EBITDA EBIT Net sales and results CHF m results CHF m net sales 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 1) 1) 15 Group presentation July 2014
  • 16. Net operating assets (NOA) und RONOA after tax 1061 970 828 849 1114 891 687 39.4 37.2 35.4 41.8 52.0 31.9 27.9 19.3 17.0 17.0 12.4 1.5 18.5 23.8 0 10 20 30 40 50 60 0 200 400 600 800 1000 1200 2013 2012 2011 2010 2009 2008 2007 Net operating assets (4q-average) as % of net sales RONOA CHF m 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) % Group presentation July 2014 16
  • 17. Shareholders’ equity and return on equity 1074 890 814 748 793 846 873 20.0 18.3 16.3 12.7 -3 16.9 21.4 -5 0 5 10 15 20 25 30 -200 0 200 400 600 800 1000 1200 2013 2012 2011 2010 2009 2008 2007 Shareholder's equity Return on equity CHF m 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) Impairment charges: 2008 CHF 39 million, 2009 CHF 86 million % 1) Group presentation July 2014 17
  • 18. Operating free cash flow and investments Cash flow from operating activities Group presentation July 2014 18 CHF m 183 202 55 105 92 56 58 117 95 132 239 260 172 200 224 0 50 100 150 200 250 300 2009 2010 2011 2012 2013 Operating free cash flow Investments (net) Cash flow from operating activites
  • 19. Net cash/debt and free cash flow 0 -165 -19 -209 -72 19 -118 206 -144 199 -137 -75 181 1 -210 -140 -70 0 70 140 210 -210 -140 -70 0 70 140 210 2. HY 2013 1. HY 2013 2. HY 2012 1. HY 2012 2011 2010 2009 Net cash/debt Free cash flow CHF m net cash/debt CHF m free cash flow Group presentation July 2014 19
  • 20. Total assets and equity 2125 1985 2248 2259 2436 793 748 814 890 1074 0 500 1000 1500 2000 2500 2009 2010 2011 2012 2013 Total assets Equity 44% 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 37% 38% 36% 39% CHF m 1) Group presentation July 2014 20
  • 21. Shareholders’ equity / Intangible assets Group presentation July 2014 21 793 748 814 890 1074 165 135 174 159 181 60 53 75 73 80 0 200 400 600 800 1000 1200 2009 2010 2011 2012 2013 Shareholders' equity Intangible assets Thereof goodwill 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) CHF m 1)
  • 22. Group outlook for 2014 • No significant change in economic environment anticipated • Confident mood in market segments served by Bucher Industries – Agricultural machinery: slight decline in demand at very high level – Municipal vehicles: positive outlook thanks to major order from Moscow – Hydraulic systems and glass-forming machinery: continuation of positive development of business – Bucher Specials expects buoyant demand to continue, with additional boost from acquisition of Jetter automation technology • For Group overall, increase in sales and moderate decrease in profitability compared with record figures in 2013 Group presentation July 2014 22
  • 23. Kuhn Group Specialised agricultural machinery 23 Ploughing Seeding Fertilisation Manure spreaders Spraying Landscape maintenance Bedding and feeding Feed storage Hay and forage harvesting Tillage Group presentation July 2014
  • 24. 1286 1222 1026 851 948 191 153 116 78 71 0 50 100 150 200 250 0 300 600 900 1200 1500 2013 2012 2011 2010 2009 Nettoumsatz EBIT 1) Before impairment charges 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) Kuhn Group Net sales and EBIT CHF m CHF m 1) 2) 24 Group presentation July 2014
  • 25. Kuhn Group Net sales and number of employees 2013 Net sales Number of employees CHF 1 286 million 4 699 employees1) Europe 62% Americas 32% Asia 4% Other 2% France 54% North America 21% Brazil 11% Netherlands 8% Other 6% 1) Expressed as full time equivalents Group presentation July 2014 25
  • 26. Kuhn Group Market position • World’s leading manufacturer of specialised tractor-related 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 manufacturers Group presentation July 2014 26
  • 27. Kuhn Group Complete product range under one brand 27 Competitors Hay and forage Hedge Feed Tillage equipment Seeders Sprea- Spray- Trac- Harvesters mow- ers tedders rakes balers cutters mixers driven non-driven drilling precision ders ers tors selfpropelled Kuhn Group John Deere CNH AGCO Claas Renault Krone Amazone Pöttinger Kubota/KVE Gallignani Kubota Exel / Hardi Lemken Horsch Väderstad Kongskilde Lely/Welder Sulky Monosem Group presentation July 2014
  • 28. Kuhn Group World farm equipment market Market in % Farm tractors 29% Harvesting machinery 16% Hay and forage machinery 6% Tillage 6% Planting and seeding, crop protection, fertilizing machinery 10% Other farm equipment machinery, attach- ments and parts 33% Group presentation July 2014 28
  • 29. Kuhn Group World regional farm equipment market 29 Europe 33% North America 26% China 20% Central and South America 7% India 8% Japan 2% Other 4% Group presentation July 2014
  • 30. Kuhn Group 2013 highlights • Positive market trend – Despite downward trend, prices for agricultural produce remained at a high level in long- term comparison – Investment confidence among farmers remained high – Delay in growth cycle in springtime, later recovering to large extent • Successful integration of acquired companies strengthens market position and profitability • Excellent profitability thanks to various operational factors • Acquisition of Montana, Brazil, specialists in self-propelled crop sprayers, and fertilising equipment, completed at the end of 2014 • High investments in infrastructure, growth and customer training Group presentation July 2014 30
  • 31. Kuhn Group Acquisition of Montana, Brazil • Family company in Curitiba, Brazil, with subsidiary in Argentina • Key figures: – Sales 2013: BRL 225 million (CHF 96 million) – Two-digit EBITDA margin – 600 employees • Main products (85% of sales): – Self-propelled crop sprayers – Self-propelled fertilising spreaders • Complementary dealer network, primarily large scale farms Group presentation July 2014 31
  • 32. Montana 32 Self-propelled crop sprayers Self-propelled fertilising equipment Manufacturing site in Curitiba, Brasilien Group presentation July 2014
  • 33. Kuhn Group Outlook for 2014 • Good long-term prospects • Market environment still positive, but slight fall in demand – Favourable income situation for farmers continuing, but slightly lower year on year – Main markets: America positive overall, Western Europe with lower demand • Integration of the acquisition, Montana, Brazil, strengthens market position • Sales slightly higher than previous year and moderate fall in high level of profitability after record margin in previous year Group presentation July 2014 33
  • 34. Bucher Municipal Sweepers and winter maintenance equipment 34 Compact sweepers Truck-mounted sweepers Spreaders Refuse collection vehicles Group presentation July 2014
  • 35. 383 424 380 373 387 33 39 26 27 25 0 10 20 30 40 50 60 0 100 200 300 400 500 600 2013 2012 2011 2010 2009 Net sales EBIT 1) Before restructuring costs 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) Bucher Municipal Net sales and EBIT CHF m CHF m 1) 2) 35 Group presentation July 2014
  • 36. Bucher Municipal Net sales and number of employees 2013 Net sales Number of employees CHF 383 million 1 523 employees1) Europe 62% Switzerland 5% Australia 23% Asia 5% Americas 4% Other 1% UK 31% Australia 17% Switzerland 14% Latvia 12% Italy 9% Germany 6% Denmark 5% Other 6% 1) Expressed as full time equivalents Group presentation July 2014 36
  • 37. Bucher Municipal Market position • Market leader in Europe and Australia • Market shares: Europe Australia – Compact sweepers: 22% 48% – Truck-mounted sweepers: 56% 77% – Refuse collection vehicles: --- 50% – Winter maintenance equipment: 28% --- • Complete product line for municipal applications in Europe • Main competitors: Aebi-Schmidt (DE), Ravo (NL)*, Scarab (UK)*, Hako (DE), Boschung (CH), Faun (DE) and Elgin (USA) * Fayat Group Group presentation July 2014 37
  • 38. Bucher Municipal Complete product range 38 Competitors Sweepers Specialised range Spreaders 1m3 2m3 4m3 5m3 6m3 8m3 mounted towed Bucher Municipal 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, Mathieu Group presentation July 2014
  • 39. Bucher Municipal 2013 highlights • Overall stable demand on a low level in Europe • In March 2014, major order worth CHF 53 million from the city of Moscow • Successful merger of production plants in Great Britain and Australia strengthens competitiveness • Innovation project for emission-free compact sweepers progressing on schedule • Sale of profitable auxiliary business with hand-driers in Australia, with book profit of CHF 4 million • Good operating performance with gratifying level of profitability Group presentation July 2014 39
  • 40. Bucher Municipal Outlook 2014 • Major order from city of Moscow ensures good performance in 2014 • First tentative signs of recovery in Southern Europe • Start of production in Kaluga, Russia, with local manufacture of spreaders • Marked increase in sales and modest improvement in operating profit Group presentation July 2014 40
  • 41. Bucher Hydraulics Customised drive systems 41 Materials handling High-voltage switch gear Construction equipment Dyna-Lift Elevator technology Marine/offshore Industry Agricultural machinery Mining / tunnelling Municipal vehicles Energy technology Lift gates Group presentation July 2014
  • 42. 453 407 399 371 320 42 37 35 37 14 0 10 20 30 40 50 60 0 100 200 300 400 500 2013 2012 2011 2010 2009 Net sales EBIT Bucher Hydraulics Net sales and EBIT CHF m CHF m 1) 2) 1) Before impairment charges 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) 42 Group presentation July 2014
  • 43. Bucher Hydraulics Net sales and number of employees 2013 Net sales Number of employees CHF 453 million 1 984 employees1) Europe 64% Switzerland 4% Americas 25% Asia 7% Germany 39% Switzerland 23% North America 16% Italy 9% Asia 8% Brazil 3% Other 2% 1) Expressed as full time equivalents Group presentation July 2014 43
  • 44. Bucher Hydraulics Market position • Leading specialist in mobile, industrial and elevator hydraulics across Europe • Presence built up in the USA and Brazil • Market share: 10% to 20% across Europe in specialised areas of hydraulic engineering • Focus 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 further German and Italian manufacturers Group presentation July 2014 44
  • 45. Bucher Hydraulics Complete product range Pumps Valves Motors & cylinders Accessories Power packs Competitors Pis- ton Vane Gear Indu- strial (Cetop) Ser- vo Direc- tional- spool Car- tridge Mani- folds Spe- cial Gear Pis- ton Cylin- ders Elec- tro- nics Accu- mulat- ors Fil- ters Other Com- pact Con- trac- ting Bucher Hydraulics Parker (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 July 2014 45
  • 46. 50 60 70 80 90 100 110 120 130 140 150 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 Hydraulics Engineering Bucher Hydraulics Bucher Hydraulics 46 Sales index Growth per market segment (2010 = 100) Source: VDMA Group presentation July 2014
  • 47. Bucher Hydraulics 2013 highlights • Varied market environment – Western Europe: market positive in mobile machinery, weakening in construction machinery and industrial hydraulics – USA: good level of demand sustained, preparation for series production in 2014 for globally active customers – China: government reins in construction activity • Smooth integration of acquisition Ölhydraulik Altenerding, Germany, with synergies in second half of year • Entry into the Brazilian market through takeover of Eco Sistemas Hydráulica, Porto Alegre • Good operating performance with increase in sales, operating profit and EBIT margin Group presentation July 2014 47
  • 48. Bucher Hydraulics Outlook for 2014 • Positive development of business to continue – Developments in Germany decisive for hydraulics sales in Europe – Continuation of good level of demand expected in USA • Series production in Europe and North America underpins sales development • Development of new platform in Brazil offers short- and medium-term growth opportunities • Slight increase in sales and further improvement in operating profit expected Group presentation July 2014 48
  • 49. Bucher Emhart Glass Glass container manufacturing equipment 49 Lehr Forehearth Furnace Lehr Palletizing Inspection Gob forming Ware handling Forming machine Glass container manufacturing process Gob forming Glass-forming machine Ware handling Inspection Group presentation July 2014
  • 50. 347 367 345 259 304 17 10 15 8 12 0 10 20 30 40 50 0 100 200 300 400 500 2013 2012 2011 2010 2009 Net sales EBIT Bucher Emhart Glass Net sales and EBIT CHF m CHF m 1) 2) 1) Before restructuring costs 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) 1) 50 Group presentation July 2014
  • 51. Bucher Emhart Glass Net sales and number of employees 2013 Net sales Number of employees CHF 347 m 1 864 employees1) Europe 38% Asia 36% Americas 19% Africa 6% Other 1% China 56% Sweden 15% Americas 13% Malaysia 7% Switzerland 4% Other 5% 1) Expressed as full time equivalents Group presentation July 2014 51
  • 52. Bucher Emhart Glass Market 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 • Global partnership with Owens-Illinois (USA), the world’s biggest manufacturer of glass containers • Main competitors: Verallia (FR), Bottero (IT), BDF (IT), Heye International (DE) for glass-forming machinery; Tiama (FR), Iris (FR) for inspection machinery Group presentation July 2014 52
  • 53. Bucher Emhart Glass World’s leading machinery manufacturer 53 Hot End Cold End IS forming machine Competitors Refrac-tory Fore- hearth Feeder & shear NIS BIS AIS IS Ware handling Lehr Inspec- tion Palle- tizing Wrap- ping Emhart Glass Sanjin Bottero (IT) Heye (DE) Sklostroj (CZ) GPS (DE) BDF (IT) China competitors MSC & SGCC (FR) PSR (UK) Group presentation July 2014
  • 54. Bucher Emhart Glass Glass consumption per capita Group presentation July 2014 54
  • 55. Functional production line installed at Vetropack Pöchlarn, Austria, since mid 2013  May 2013 Finalisation of installation of hard glass production line at Pöchlarn  June 2013 Start of first production trials  Following months Continuous improvements on tempering lehr and hard glass equipment  October 2013 First stable production run of 0.33l bottle über län 55 Bucher Emhart Glass Group presentation July 2014
  • 56. Bucher Emhart Glass 56 Internal Pressure (bar) Samples Burst pressure after 25 filling line trips Typical result - Hardglass bottles with significant strength increase over annealed bottles 0 5 10 15 20 25 30 35 40 45 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 200g Hardglass 200g Annealed 300g Annealed Group presentation July 2014
  • 57. Bucher Emhart Glass Milestones until full market launch of first bottle 57 March 2015: Full market launch of 0.33l and 1.0l bottle with advertisement and promotion 2013 2014 Nov Dec Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dec Process Optimization Installation Qualification 15 000 Process validation 50 000 Qua- rantine 10 000 filling & internal consumption test 50 000 production Quarantine Filling & pre-market test/launch 50 000 per month Group presentation July 2014
  • 58. Bucher Emhart Glass 2013 highlights • Marked project-related fluctuations in capacity utilisation • Varied market development – Demand trend hesitant in first half and then positive in second half – Slump in demand in China • First commercial tempered glass system to Vetropack started operations at end of year • Realignment of capacities and leverage of worldwide presence – Expansion of capacity in USA and Europe – Expanded capacity in Malaysia came on stream ahead of plan – Start of component sourcing from division’s own plants in Malaysia and China – Completion of project expected by end of 2015/ beginning of 2016 • Worldwide cooperation agreement with Owens-Illinois came into force in September Group presentation July 2014 58
  • 59. Bucher Emhart Glass Outlook for 2014 • Market environment expected to be comparable with previous year – Continuation of good level of demand in USA – Recovery in Europe – Stable spare part and service business – Persistent weakness of Asian markets, especially in China • Control systems, spare parts and new machines for Owens-Illinois could provide growth momentum • Savings arising from the realignment project improve profitability • Increase in sales and further improvement in operating profit Group presentation July 2014 59
  • 60. Bucher Specials 60 Winemaking equipment Agricultural distributorship in Switzerland Automation technology and control systems Fruit juice processing systems and drying equipment Group presentation July 2014
  • 61. 244 206 201 187 188 24 17 12 9 10 0 5 10 15 20 25 30 35 0 50 100 150 200 250 300 2013 2012 2011 2010 2009 Net sales EBIT Bucher Specials Net sales and EBIT CHF m CHF m 1) 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 61 Group presentation July 2014
  • 62. Bucher Specials Net sales and number of employees 2013 Net sales Number of employees CHF 244 m 785 employees1) Europe 44% Switzerland 37% Americas 10% Asia 7% Other 2% France 37% Germany 29% Switzerland 27% Chile 3% Italy 2% Other 2% 1) Expressed as full time equivalents Group presentation July 2014 62
  • 63. Bucher Vaslin Market 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), and further Italian and German manufacturers Group presentation July 2014 63
  • 64. Bucher Vaslin World market leader 64 Wine production Competitors Reception Crushing Pressing Fermentation Filtration Filling Bucher Vaslin Diemme (IT) Della/Toffola (IT) Gai (IT) Willmes (DE) Velo (IT) B a n k r u p t c y i n 2 0 1 3 Group presentation July 2014
  • 65. -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 0 5 10 15 20 25 30 35 40 45 50 USA France Italy Spain Germany Austria Greece Portugal Switzerland Russia* China * CAGR million hl 2006 2007 2008 2009 2010 2011 prov. 2012 FC 2013 CAGR 06 - 13F -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 0 5 10 15 20 25 30 35 40 45 50 Argentina Chile Brazil South Africa Australia New Zealand CAGR million hl Bucher Vaslin Wine production 65 Source: OIV, SAWIS Northern hemisphere Southern hemisphere * CAGR 06 - 11 Group presentation July 2014
  • 66. Bucher Unipektin Market position • World market leader in fruit, berry and vegetable juice processing equipment • Market share: 35% to 50% worldwide • Entry into beer filtration market with Bucher Filtrox Systems • Established product range for dewatering of municipal sewage and industrial sludges • Main competitors: Flottweg (DE), GEA (DE), Alfa Laval (SE) und Andritz (AT) Group presentation July 2014 66
  • 67. Bucher Unipektin World market leader 67 Juice production Competitors Reception Milling Mash heating Dejuicing Pasteuri- zation Filtration Adsorp- tion Evapo- ration Bucher Unipektin Flottweg (DE) Bauer & Partners (PL) GEA Group (DE) Alfa Laval (SE) Schmidt-Bretten (DE) Bellmer (DE) Kaimi (CN) Group presentation July 2014
  • 68. Bucher Unipektin Apple production 68 0 10 20 30 40 50 60 70 80 90 2000 2002 2004 2006 2008 2010 2012 million tonnes Others South America North America South Europe Western Europe East Europe Southern Asia East Asia Group presentation July 2014
  • 69. Bucher Landtechnik Market 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 (Weidemann) • Market share: 20% to 30% • Main competitors – Tractors: John Deere, AGCO, SDF, Claas – Attachments: Pöttinger, Kverneland, Amazone, Lemken, Rabe, Krone, Fella Group presentation July 2014 69
  • 70. Bucher Landtechnik Market leader in Switzerland 70 Competitors Hay and forage Hedge Feed Tillage equipment Seeders Sprea- Spray- Trac- Harvesters Wheel- Mowers Tedders Rakes Balers cutters mixers driven non- driven drilling precision ders ers tors self - propelled loaders Bucher Landtechnik Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn Kuhn CNH Weide- mann Matra (John Deere) GVS (AGCO) Krone Krone Krone Krone Rabe Rabe Rabe Rabe Fendt / MF/ Valtra Fendt / MF / Krone Bichon Serco (Claas) InTrac Ott Landmaschinen Kv Kv Kv Kv Kv Amazone Kv Amazone Kv Amazone Kv Amazone Kv Amazone Rauch / Kv Amazone Kv Pöttinger CH Fella CH Grunderco Rousseau CNH Lemken CH Group presentation July 2014
  • 71. Bucher Specials Jetter - Market entry into automation technology 71 Industrial automation Mobile automation - Glass container production - Window manufacturing - Filling systems - Packaging systems - Assembly / handling systems - Agricultural machinery - Municipal vehicles Group presentation July 2014
  • 72. Bucher Specials 2013 highlights • Stable market environment overall – Upturn in demand for winemaking equipment – Positive performance in equipment for fruit juice processing, dewatering sewage sludge and beer filtration – Sales of equipment for dewatering sewage sludge exceeded CHF 10 million for the first time – Buoyant market for the Swiss distributorship for agricultural machinery – Contribution to sales from automation technology not yet significant; consolidated as of November • Operational improvements through streamlining in administrative area and investments in logistics • Gratifying rise in sales and operating profit Group presentation July 2014 72
  • 73. Bucher Specials Outlook for 2014 • Market outlook – Continuation of brisk demand for winemaking equipment – Stabilization on high level in fruit juice processing equipment – Increase in projects for dewatering sewage sludge and beer filtration – Swiss distributorship for agricultural machinery at a high level, but declining – Strong, acquisition-related sales growth through consolidation of Jetter automation technology • Bucher Specials expects strong growth in sales and operating profit Group presentation July 2014 73