Palfinger 2013 Interim Presentation
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Palfinger 2013 Interim Presentation Palfinger 2013 Interim Presentation Presentation Transcript

  • PALFINGER AG Presentation on the first half of 2013 August 2013
  • -50 50 100 150 200 250 300 350 400 450 500 ONGOING MARKET VOLATILITY Flexibility and internationality as bases for success 2Acc. to IFRS in EUR million. REVENUE (HALF YEAR) AREA UNITS EUROPEAN UNITS 2005 2006 2007 2008 2009 2010 2011 0 2012 2013
  • HIGHLIGHTS HY1 HY1 highly pleasing, given the difficult economic situation » Internationalization has proven successful, growth takes place outside Europe » Growth boost in Marine business area » Leading market position solidified Revenue increased by 2.2% to EUR 475.1 million EBIT raised by 5.2% to EUR 39.1 million » Declines in European core markets » Significant increases in the AREA UNITS segment and the Marine business area » One-time effect from acquisition of larger interest in subsidiary 3
  • STRATEGIC HIGHLIGHTS HY1 Joint venture in China » First orders received after dealer conference » Construction project for production hall to be launched shortly Palfinger Dreggen » Offshore cranes have been expanding portfolio since acquisition in Q4 2012 » 2 orders totalling approx. EUR 90 million received Palfinger Platforms Italy » Joint venture opens up large market segment for access platforms (trucks of up to 3.5 tonnes) Flexibility » Measures implemented are proving successful in the current situation » Strategy continued in all areas, including administration Innovations presented at bauma trade fair 4
  • 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 5 Revenue target 2017: approx. EUR 1.8 billion
  • STRATEGY 6
  • 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 (29 manufacturing and assembly locations) Strategic pillars: innovation – internationalization – flexibility 7 Maintaining and expanding the Group’s competitive advantage
  • INTERNATIONALIZATION REVENUE HY1 2012 67.5% EUROPEAN UNITS REVENUE HY1 2013 32.5% AREA UNITS 8 68.0% EUROPEAN UNITS 32.0% AREA UNITS
  • SEGMENTS 9
  • SEGMENT FINANCIALS SEGMENT REVENUE HY1 2012 HY1 2013 % EUROPEAN UNITS 316.0 320.9 + 1.5% AREA UNITS 149.0 154.2 + 3.5% VENTURES – – – SEGMENT EBIT HY1 2012 HY1 2013 % EUROPEAN UNITS 43.5 44.7 + 2.7% AREA UNITS 3.0 3.8 + 27.4% VENTURES (7.6) (8.8) (15.9%) 10Acc. to IFRS in EUR million. Minor rounding differences may occur.
  • EUROPEAN UNITS SEGMENT Economic environment remains difficult in Europe » Business units Railway Systems and Production posted increases » 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 11
  • Revenue increased by 3.5% » 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, expansion will be continued » Capacity expansion in CIS planned to support further growth EBIT increased by 27.4% to EUR 3.8 million AREA UNITS SEGMENT 12
  • VENTURES UNIT Focus on further internationalization » Development of the regions India, South America, Russia and the Marine business area » Potential acquisitions and partnerships Continuation of cost-related and structural programmes 13
  • KEY FINANCIALS 14
  • FINANCIAL HIGHLIGHTS HY1 2011 HY1 2012 HY1 2013 % Revenue 414.3 465.1 475.1 + 2.2% EBITDA 50.1 52.2 54.0 + 3.6% EBITDA margin 12.1% 11.2% 11.4% – EBIT 36.0 37.2 39.1 + 5.2% EBIT margin 8.7% 8.0% 8.2% – Result before income tax 30.1 31.8 32.2 + 1.2% Consolidated net result for the period 22.6 23.9 24.7 + 3.5% 15Acc. to IFRS in EUR million. Minor rounding differences may occur.
  • QUARTERLY FIGURES Steady upward trend with record revenue EBIT margin 6.5% 5.4% 7.2% 7.9% 9.4% 7.8% 7.0% 7.9% 8.1% 6.6% 6.7% 8.0% 8.4% 168 168 187 192 223 210 222 224 241 223 247 226 249 15.1 20.9 16.5 15.5 17.7 19.5 14.8 16.5 18.1 21.1 13.5 9.1 11.0 -50 0 50 100 150 200 250 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 -10 0 10 20 30 40 50 Revenue EBIT 16Acc. to IFRS in EUR million. Minor rounding differences may occur.
  • CAPITAL EMPLOYED* Increase through expansion of business volume, relation to revenue at low level 307 322 373 385 424 162 136 114 157 176 0 100 200 300 400 500 600 HY1 2009 HY1 2010 HY1 2011 HY1 2012 HY1 2013 Net working capital (in relation to revenue) Non-current operating assets (25%) (25%) (15%) (18%) (19%)469 458 488 600 542 17Acc. to IFRS in EUR million. Minor rounding differences may occur. * Average.
  • INVESTMENTS 7.1 6.6 10.1 20.2 16.7 11.0 10.4 14.1 15.0 14.9 0 5 10 15 20 25 HY1 2009 HY1 2010 HY1 2011 HY1 2012 HY1 2013 Net investments Depreciation, amortization and impairment 18Acc. to IFRS in EUR million. Minor rounding differences may occur.
  • Promissory note loan (Q4 2012) invested into growth GEARING RATIO AND EQUITY 19Acc. to IFRS in EUR million. Minor rounding differences may occur. 327.9 360.7 170.8 157.9 239.7 163.4 194.5 313.3 375.6 288.4 59.2% 49.8%50.4% 53.9% 63.8% 0 50 100 150 200 250 300 350 400 HY1 2009 HY1 2010 HY1 2011 HY1 2012 HY1 2013 0% 25% 50% 75% 100% Net debt Equity Gearing %
  • FREE CASH FLOWS HY1 2011 HY1 2012 HY1 2013 EBTDA 44.2 46.8 47.1 +/– Non-cash result from companies at equity 0.7 (1.0) (5.3) +/– Change in working capital (27.5) (30.4) (13.8) +/– Cash flows from tax payments (2.3) (3.6) (4.2) Cash flows from operating activities 15.1 11.8 23.8 +/– Cash flows from investing activities (14.7) (23.9) (18.8) Cash flows after changes in working capital & investments 0.4 (12.1) 5.0 +/– Cash flows from interest on borrowings adjusted by tax expense 4.3 4.0 4.5 Free cash flows 4.7 (8.1) 9.5 Cash flows from equity/investor capital (11.3) (22.2) (19.3) Cash flows from net debt 10.9 34.3 14.3 20Acc. to IFRS in EUR million. Minor rounding differences may occur.
  • OUTLOOK 21
  • OUTLOOK AND OBJECTIVES – INTERNALLY Internationalization strategy to be continued » Focus on Brazil, Russia, Marine business area Further development of the joint venture in China 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 22 Target: higher contributions to earnings
  • OUTLOOK AND OBJECTIVES – EXTERNALLY Economic situation in Europe remains weak, marked by uncertainty Growth expected in regions outside Europe Limited visibility, but positive trends noticeable 23 Slight revenue growth still expected for 2013
  • INVESTOR RELATIONS Herbert Ortner, CEO Phone +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. 24
  • BACK UP 25
  • BALANCE SHEET STRUCTURE 361 376 204 254 234 236 0 500 1000 HY1 2012 HY1 2013 Current liabilities Non-current liabilities Equity 391 432 408 433 0 500 1000 HY1 2012 HY1 2013 Current assets Non-current assets 865 ASSETS LIABILITIES 799 26Acc. to IFRS in EUR million. Minor rounding differences may occur. Long-term financial structure, promissory note placed in 2012 865799
  • FINANCING STRUCTURE AS AT 30 JUNE 2013 Ø Interest rate 3.04% Ø Remaining time to maturity 2.76 years Financial assets EUR 14.6m Equity ratio 43.4% Maturity 47 22 185 0 50 100 150 200 2013 2014 after 2014 27Acc. to IFRS in EUR million. Minor rounding differences may occur.
  • PALFINGER SHARES 28 ISIN AT0000758305 Number of shares thereof own shares 35,730,000 328,090 Share price as at end of period EUR 22.00 Market capitalization EUR 786.1m Earnings per share EUR 0.70 65% Palfinger family 34% free float 1% PALFINGER AG SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 30 JUNE 2013
  • 80 100 120 140 160 180 200 220 PERFORMANCE OF PALFINGER SHARES SINCE 2012 2 Jan 2012 26 July 2013 PALFINGER AG EUR 23.44 ATX DAX 29 2 Jan 2013
  • RESEARCH REPORTS 30 Berenberg Bank HSBC Deutsche Bank Kepler Cheuvreux Erste Group RCB Goldman Sachs UBS Hauck & Aufhäuser Earnings Estimates – consensus (EUR million) 2013e 2014e Revenue 1,011.0 1,102.4 EBIT 87.4 107.1 Earnings per share (EUR) 1.48 1.82
  • FINANCIAL CALENDAR 2013/14 31 8 November 2013 Publication of results for the first three quarters of 2013 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