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Palfinger Q3 Presentation

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  • 1. PALFINGER AG Presentation on the first three quarters of 2013 November 2013
  • 2. ONGOING MARKET VOLATILITY REVENUE (HALF YEAR) AREA UNITS EUROPEAN UNITS 500 450 400 350 300 250 200 150 100 50 0 -50 2005 2006 2007 2008 2009 2010 2011 2012 2013 Flexibility and internationality as bases for success Acc. to IFRS in EUR million. 2
  • 3. HIGHLIGHTS Q1–Q3 Growth in spite of difficult economic situation » Positive development outside Europe and in the Marine business area » Internationalization enabled consolidation of leading market position » Moderate upward trend in Europe in Q3 Revenue increased by 4.0% to EUR 716.1 million EBIT raised by 7.8% to EUR 56.0 million » Declines in Europe » Significant increases in the AREA UNITS segment and in the Marine business area 3
  • 4. STRATEGY 4
  • 5. PALFINGER AT A GLANCE Leading international manufacturer of innovative lifting solutions » World market leader in loader cranes, marine cranes, wind cranes and container handling systems » Leading specialist in timber and recycling cranes, tail lifts, truck mounted forklifts and high-tech railway systems Global sales and services network (more than 200 general importers/dealers and 4,500 sales and services centres worldwide) Global procurement, production and assembly (30 manufacturing and assembly locations) Strategic pillars: innovation – internationalization – flexibility Maintaining and expanding the Group’s competitive advantage 5
  • 6. STRATEGIC OBJECTIVES 2017 Growth, primarily in BRIC countries Development of China into second domestic market Global balance of production and proximity to customers Consolidation of leading position in the marine and offshore areas Maintaining innovation leadership worldwide Meeting customers’ expectations through customized solutions Adjustment of production sites and technologies in Europe Revenue target 2017: approx. EUR 1.8 billion 6
  • 7. STRATEGIC HIGHLIGHTS 2013 Joint Ventures with SANY » Sany Palfinger: positive sales development in China » Palfinger Sany: dealers and first sales in CIS PALFINGER DREGGEN » Offshore cranes have been expanding portfolio since acquisition in Q4 2012 » 2 orders totalling approx. EUR 90 million received MCT ENG » Takeover of operations of this longstanding supplier » Manufacturing capacities and know-how for marine and offshore cranes Palfinger Platforms Italy » Joint venture opens up large market segment for access platforms (trucks of up to 3.5 tonnes) 7
  • 8. PARTNERSHIP WITH THE SANY GROUP, CHINA SANY is the largest heavy equipment manufacturer in China 2 joint ventures started operations approx. one year ago Expansion of partnership planned through mutual shareholdings » Economic interests of 10% each » PALFINGER AG: One half: new shares (from authorized capital) Other half: existing shares from the Palfinger family Price: EUR 29 per share » Structure planned to be reflected in supervisory bodies » Contract documentation and required approvals still outstanding 8
  • 9. INTERNATIONALIZATION REVENUE Q1–Q3 2012 32.7% AREA UNITS 67.3% EUROPEAN UNITS REVENUE Q1–Q3 2013 33.1% AREA UNITS 66.9% EUROPEAN UNITS 9
  • 10. SEGMENTS 10
  • 11. SEGMENT FINANCIALS SEGMENT REVENUE Q1–Q3 2012 Q1–Q3 2013 % EUROPEAN UNITS 463.0 479.2 + 3.5% AREA UNITS 225.3 236.9 + 5.2% – – – Q1–Q3 2012 Q1–Q3 2013 % 58.1 62.3 + 7.1% 6.2 7.3 + 17.6% (10.8) (13.2) (22.8%) VENTURES SEGMENT EBIT EUROPEAN UNITS AREA UNITS VENTURES Acc. to IFRS in EUR million. Minor rounding differences may occur. 11
  • 12. EUROPEAN UNITS SEGMENT Economic environment remains difficult in Europe » Business units Access Platforms, Railway Systems and Production posted increases » Strategic measures supported further development » Other business units recorded declines in revenue Global Marine business area compensates declines in Europe » Offshore cranes (PALFINGER DREGGEN) since December 2012 » 2 large-scale orders in Q1 Almost all business units with positive result despite declining revenue 12
  • 13. AREA UNITS SEGMENT Revenue increased in all areas » Positive trend in North America continues » South America as a growth market; also due to additional product groups » Asia recorded substantial increases, still at a low level » Weak environment noticeable in India » Capacity expansion in CIS planned to support further growth EBIT increased by 17.6% to EUR 7.3 million 13
  • 14. VENTURES UNIT Focus on further internationalization » Development of the regions South America and Russia and the Marine business area » Potential acquisitions and partnerships Continuation of cost-related and structural programmes 14
  • 15. KEY FINANCIALS 15
  • 16. FINANCIAL HIGHLIGHTS Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013 % Revenue 624.0 688.2 716.1 + 4.0% EBITDA 73.5 74.4 79.3 + 6.6% 11.8% 10.8% 11.1% – 52.4 52.0 56.0 + 7.8% 8.4% 7.5% 7.8% – Result before income tax 43.3 43.9 46.3 + 5.4% Consolidated net result for the period 32.7 31.7 34.3 + 8.0% EBITDA margin EBIT EBIT margin Acc. to IFRS in EUR million. Minor rounding differences may occur. 16
  • 17. QUARTERLY FIGURES Revenue EBIT 250 200 223 187 210 222 224 249 247 241 226 223 241 192 50 40 168 150 30 100 20 20.9 50 9.1 13.5 16.5 15.1 15.5 17.7 19.5 14.8 16.5 18.1 21.1 16.9 0 0 Q3/10 EBIT margin 10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 5.4% 7.2% 7.9% 9.4% 7.8% 7.0% 7.9% 8.1% 6.6% 6.7% 8.0% 8.4% 7.0% Steady upward trend with record revenue Acc. to IFRS in EUR million. Minor rounding differences may occur. 17
  • 18. CAPITAL EMPLOYED* Net Working Capital (as percentage of revenue) Non-current operating assets 600 500 400 464 158 (27%) 456 133 (16%) 604 496 542 182 (19%) 118 (15%) 149 (16%) 378 392 422 Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013 300 200 323 Q1–Q3 2009 100 306 Q1–Q3 2010 0 Increase through expansion of business volume, net working capital as percentage of revenue at low level * Average. Acc. to IFRS in EUR million. Minor rounding differences may occur. 18
  • 19. INVESTMENTS Net investments Depreciation, amortization and impairment 40 34.6 28.1 30 21.1 16.7 16.2 20 10.4 10 22.5 23.3 17.1 9.2 0 Q1–Q3 2009 Acc. to IFRS in EUR million. Q1–Q3 2010 Q1–Q3 2011 Minor rounding differences may occur. Q1–Q3 2012 Q1–Q3 2013 19
  • 20. GEARING RATIO AND EQUITY Net debt Equity Gearing % 100% 450 400 350 286.9 315.8 339.5 243.2 300 250 200 187.9 161.5 56.3% 150 381.2 367.1 152.4 48.2% 169.8 50.0% 75% 63.8% 50% 51.2% 25% 100 50 0 0% Q1–Q3 2009 Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013 Promissory note loan (Q4 2012) invested into growth Acc. to IFRS in EUR million. Minor rounding differences may occur. 20
  • 21. FREE CASH FLOWS Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013 EBTDA 64.3 66.4 69.6 +/– Non-cash result from companies at equity (0.3) (2.2) (6.8) (24.9) (23.7) (28.7) +/– Cash flows from tax payments (8.4) (9.5) (5.0) Cash flows from operating activities 30.7 31.0 29.1 +/– Cash flows from investing activities (33.8) (36.6) (28.7) (3.1) (5.6) 0.4 +/– Cash flows from interest on borrowings adjusted by tax expense 6.6 5.6 6.6 Free cash flows 3.5 0.0 7.0 (11.6) (22.2) (19.3) 14.7 27.8 18.9 +/– Change in working capital Cash flows after changes in working capital & investments Cash flows from equity/investor capital Cash flows from net debt Acc. to IFRS in EUR million. Minor rounding differences may occur. 21
  • 22. OUTLOOK 22
  • 23. OUTLOOK AND OBJECTIVES – INTERNALLY Internationalization strategy to be continued » Focus on Brazil, Russia, Marine business area Further development of the partnership with SANY Growth potential in Marine business area Further increase in flexibility » Processes in production and administration » Reducing complexity, also in global organizational structure Alignment of production structures: global–local Target: higher contributions to earnings 23
  • 24. OUTLOOK AND OBJECTIVES – EXTERNALLY Economic situation in Europe remains marked by uncertainty Growth expected in regions outside Europe Limited visibility, but positive trends noticeable Slight revenue growth expected for 2013 24
  • 25. INVESTOR RELATIONS Herbert Ortner, CEO Tel. +43 662 46 84-2222 h.ortner@palfinger.com Hannes Roither, Company Spokesperson Phone +43 662 46 84-2260 h.roither@palfinger.com PALFINGER AG Franz-Wolfram-Scherer-Strasse 24 5020 Salzburg www.palfinger.ag This presentation contains forward-looking statements made on the basis of all information available at the time of preparation of this presentation. Actual outcomes and results may be different from those predicted. 25
  • 26. BACK UP 26
  • 27. BALANCE SHEET STRUCTURE ASSETS LIABILITIES Current liabilities Current Assets Non-current liabilities Non-current Assets Equity 1000 800 600 791 386 860 800 429 400 200 1000 600 400 405 431 200 791 860 208 225 216 253 367 381 Q3 2012 Q3 2013 0 0 Q3 2012 Q3 2013 Long-term financial structure, 2012 promissory note loan issued Acc. to IFRS in EUR million. Minor rounding differences may occur. 27
  • 28. FINANCING STRUCTURE AS AT 30 SEPTEMBER 2013 200 185 Ø Interest rate 150 Ø Remaining time to maturity Financial assets 3.04% 2.52 years EUR 13.4m 100 Equity ratio 44.4% 50 50 0 Maturity 22 2013 Acc. to IFRS in EUR million. 2014 after 2014 Minor rounding differences may occur. 28
  • 29. PALFINGER SHARES SHAREHOLDER STRUCTURE 1% PALFINGER AG 34% free float SHAREHOLDER INFORMATION AS AT 30 SEPTEMBER 2013 ISIN AT0000758305 Number of shares thereof own shares 35,730,000 328,090 Share price as at end of period EUR 28.90 Market capitalization Earnings per share EUR 1,032.6m EUR 0.97 65% Palfinger family 29
  • 30. PERFORMANCE OF PALFINGER SHARES SINCE 2012 240 220 PALFINGER AG EUR 27.20 200 180 160 DAX 140 ATX 120 100 80 2 Jan 2012 2 Jan 2013 31 Oct 2013 30
  • 31. RESEARCH REPORTS Berenberg Bank HSBC Deutsche Bank Kepler Cheuvreux Erste Group RCB Goldman Sachs UBS Hauck & Aufhäuser Earnings Estimates – consensus (EUR million) 2013e 2014e Revenue 992.6 1,091.3 EBIT 76.1 98.6 Earnings per share (EUR) 1.35 1.73 31
  • 32. FINANCIAL CALENDAR 2013/2014 17 February 2014 Balance sheet press conference 12 March 2014 Annual General Meeting 14 March 2014 Ex-dividend day 18 March 2014 Dividend payment day 7 May 2014 Publication of results for the first quarter of 2014 7 August 2014 Publication of results for the first half of 2014 7 November 2014 Publication of results for the first three quarters of 2014 32