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Annual press and 
analysts’ conference 
6 March 2014
Group at a glance 
• 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 
6 March 2014 - Annual press and analysts' conference 2
Group at a glance (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 
6 March 2014 - Annual press and analysts' conference 3
2609 2691 
2336 
2034 
2142 
2789 
2459 
196 
156 
127 
98 
-24 
145 
171 
371 
307 
260 
224 
190 
342 
286 287 
232 
190 
151 
26 
229 246 
-60 
0 
60 
120 
180 
240 
300 
360 
420 
-500 
0 
500 
1000 
1500 
2000 
2500 
3000 
3500 
2007 2008 2009 2010 2011 2012 2013 
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) 
6 March 2014 - Annual press and analysts' conference 4
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% 
6 March 2014 - Annual press and analysts' conference 5
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 
6 March 2014 - Annual press and analysts' conference 6
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. 
6 March 2014 - Annual press and analysts' conference 7
Kuhn Group 
Sustainable plant protection 
6 March 2014 - Annual press and analysts' conference 8
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 
• Preliminary contract in 2014 for acquisition of Montana, Brazil, specialists in 
self-propelled crop sprayers, and fertilising equipment 
• High investments in infrastructure, growth and customer training 
6 March 2014 - Annual press and analysts' conference 9
0 
2 
4 
6 
8 
10 
12 
14 
16 
2007 
2008 
2009 
2010 
2011 
2012 
2013 
2014F 
2015F 
Weizen 
Mais 
Sojabohnen 
Wheats 
Corn 
Soybeans 
Price development soybeans, corn, wheat 
10 
USD / bushel US average prices 
Quelle: USDA, Deere 
6 March 2014 - Annual press and analysts' conference
Kuhn Group 
Key figures 
CHF million Change in 
2013 2012 % %2) 
Order intake 1 262 1 199 5.2 5.1 
Net sales 1 286 1 222 5.2 5.0 
Order book 482 492 -1.9 -2.4 
Operating profit (EBITDA)1) 
as % of net sales 
230 
17.9% 
188 
15.3% 
22.5 
Operating profit (EBIT)1) 
as % of net sales 
191 
14.9% 
153 
12.5% 
25.0 
Employees at 31 December 4 699 4 495 4.5 
Average employees during year 4 754 4 558 4.3 
2) Adjusted for currency effects 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
6 March 2014 - Annual press and analysts' conference 11
Kuhn Group 
Planned 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 
6 March 2014 - Annual press and analysts' conference 12
Montana 
13 
Self-propelled 
crop sprayers 
Self-propelled fertilising equipment 
Manufacturing site in Curitiba, Brazil 
6 March 2014 - Annual press and analysts' conference
Montana dealer network 
6 March 2014 - Annual press and analysts' conference 14
Kuhn do Brasil dealer network 
6 March 2014 - Annual press and analysts' conference 15
Combined dealer network 
6 March 2014 - Annual press and analysts' conference 16
Kuhn Group 
Outlook for 2014 
• Long-term prospects still good 
• Market environment still positive, but rather subdued demand 
– Favourable income situation for farmers continuing, but slightly lower year on year 
– Main markets: America positive overall, Western Europe with lower demand 
– Normal level of dealer inventories 
• Planned acquisition of Montana, Brazil, strengthens market position 
– Self-propelled crop sprayers and fertilising equipment complement product range, 
particularly the large seeders 
– Access to large agricultural enterprises and strengthening of dealer network 
– Completion expected in first half of year 
• Sales on a par with previous year and slightly lower profitability after record 
margin in previous year 
6 March 2014 - Annual press and analysts' conference 17
Bucher Municipal 
Equipment for safe roads 
6 March 2014 - Annual press and analysts' conference 18
Bucher Municipal 
2013 highlights 
• Overall stable demand on a low level in Europe 
– Increase in order intake, particularly in Western Europe and Australia 
– Follow-up order worth CHF 19 million from the city of Moscow thanks to excellent 
handling of major order in 2012 
– First, still tentative signs of recovery in Southern Europe 
• 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 
6 March 2014 - Annual press and analysts' conference 19
Bucher Municipal 
Key figures 
CHF million Change in 
2013 2012 % %2) %3) 
Order intake 393 364 8.0 10.0 11.5 
Net sales 383 424 -9.7 -7.9 -6.8 
Order book 104 96 8.9 10.9 11.5 
Operating profit (EBITDA)1) 
as % of net sales 
40 
10.5% 
46 
10.8% 
-12.4 
Operating profit (EBIT)1) 
as % of net sales 
33 
8.6% 
39 
9.3% 
-15.8 
Employees at 31 December 1 523 1 429 6.6 7.7 
Average employees during year 1 488 1 478 0.7 0.9 
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) 
6 March 2014 - Annual press and analysts' conference 20
Bucher Municipal 
Outlook 2014 
• Stable market volume, 30% down on record year of 2008 
– Flexible adjustment of volumes after completion of major order from city of Moscow in 
2012 
– First tentative signs of recovery in Southern Europe 
– Follow-up order from city of Moscow in previous year, ensures good start to 2014 
• Start of production in Kaluga, Russia, with local manufacture of spreaders 
• Sales and operating profit on a par with previous year 
• Sales and operating profit, adjusted for the gain of 4 million on disposal of the 
business with hand-driers, on a par with the previous year 
6 March 2014 - Annual press and analysts' conference 21
Bucher Hydraulics 
Maximum precision and efficiency 
6 March 2014 - Annual press and analysts' conference 22
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 
6 March 2014 - Annual press and analysts' conference 23
Bucher Hydraulics 
Key figures 
CHF million Change in 
2013 2012 % %2) %3) 
Order intake 452 386 16.9 16.6 7.4 
Net sales 453 407 11.4 11.1 1.4 
Order book 69 53 30.9 30.6 13.7 
Operating profit (EBITDA)1) 
as % of net sales 
62 
13.6% 
54 
13.2% 
14.3 
Operating profit (EBIT)1) 
as % of net sales 
42 
9.4% 
37 
9.0% 
16.2 
Employees at 31 December 1 984 1 647 20.5 3.2 
Average employees during year 1 939 1 700 14.1 -1.2 
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) 
6 March 2014 - Annual press and analysts' conference 24
Bucher Hydraulics 
Outlook for 2014 
• Uncertainties about economic situation 
– Developments in Germany decisive for hydraulics sales in Europe 
– Rest of Europe, particularly France and Italy, planning difficult 
– Continuation of good level of demand expected in USA 
• Start of series production in Europe and North America underpins sales 
development 
• Recovery in China in the second half of the year could give additional impetus 
• Development of new platform in Brazil offers short- and medium-term growth 
opportunities 
• Slight increase in sales and further improvement in operating profit expected 
6 March 2014 - Annual press and analysts' conference 25
Bucher Emhart Glass 
Quality for consumers 
6 March 2014 - Annual press and analysts' conference 26
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 
– Stable in Europe and America 
– Fewer major projects, particularly in Asia 
– 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 
6 March 2014 - Annual press and analysts' conference 27
Bucher Emhart Glass 
Key figures 
CHF million Change in 
2013 2012 % %2) 
Order intake 354 339 4.5 2.7 
Net sales 347 367 -5.4 -7.1 
Order book 119 109 8.6 6.7 
Operating profit (EBITDA)1) 
before restructuring costs 
29 
21 
35.7 
Operating profit (EBITDA)1) 
as % of net sales 
29 
8.2% 
12 
3.4% 
129.8 
Operating profit (EBIT)1) 
as % of net sales 
17 
4.8% 
1 
0.3% 
n.a. 
Employees at 31 December 1 864 2 027 -8.0 
Average employees during year 1 913 2 074 -7.8 
2) Adjusted for currency effects 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
6 March 2014 - Annual press and analysts' conference 28
1. May 2013 Finalisation of installation of hard glass 
production line at Pöchlarn 
2. June 2013 Start of first production trials 
3. Following months Continuous improvements on 
tempering lehr and hard glass equipment 
4. October 2013 First stable production run of 0.33l bottle über län 
Functional production line installed at Vetropack Pöchlarn, 
Austria, since mid 2013 
6 March 2014 - Annual press and analysts' conference 29 
Bucher Emhart Glass
Bucher Emhart Glass 
30 
Internal Pressure (bar) 
Samples 
Burst pressure after 25 filling line trips 
6 March 2014 - Annual press and analysts' conference 
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 Annealed 
200g Hardglass 
300g Annealed
Bucher Emhart Glass 
Milestones until full market launch of first bottle 
6 March 2014 - Annual press and analysts' conference 31 
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
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 
• Modest increase in sales and further improvement in operating profit 
6 March 2014 - Annual press and analysts' conference 32
Bucher Specials 
33 
Agricultural distributorship in 
Switzerland 
Winemaking equipment 
Automation technology and control 
systems 
Fruit juice processing systems and 
drying equipment 
6 March 2014 - Annual press and analysts' conference
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 
6 March 2014 - Annual press and analysts' conference 34
Bucher Specials 
Key figures 
CHF million Change in 
2013 2012 % %2) %3) 
Order intake 257 202 27.3 26.9 12.4 
Net sales 244 206 18.6 18.0 4.3 
Order book 76 46 65.7 64.8 26.9 
Operating profit (EBITDA)1) 
as % of net sales 
29 
11.9% 
20 
9.6% 
47.7 
Operating profit (EBIT)1) 
as % of net sales 
24 
10.0% 
17 
8.1% 
47.0 
Employees at 31 December 785 506 55.1 2.0 
Average employees during year 631 510 23.7 8.0 
2) Adjusted for currency effects 3) Adjusted for currency and acquisition effects 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
6 March 2014 - Annual press and analysts' conference 35
Bucher Specials 
Jetter - Market entry into automation technology 
36 
Industrial automation Mobile automation 
- Glass container production 
- Window manufacturing 
- Filling systems 
- Packaging systems 
- Assembly / handling systems 
- Agricultural machinery 
- Municipal vehicles 
6 March 2014 - Annual press and analysts' conference
Bucher Specials 
Outlook for 2014 
• Market outlook 
– Upturn in 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 on a par with the very high level of the 
previous year 
– Strong sales growth through consolidation of Jetter automation technology, with above-average 
profitability 
• Bucher Specials expects strong growth in sales and operating profit at the same 
range as the previous year 
6 March 2014 - Annual press and analysts' conference 37
Group outlook for 2014 
• No significant change in economic environment anticipated 
• Confident mood in market segments served by Bucher Industries 
– Agricultural machinery: subdued demand at very high level 
– Municipal vehicles: stable outlook 
– Demand for hydraulic systems and glass-forming machinery on a par with previous year 
– Bucher Specials expects buoyant demand to continue, boosted by acquisition of Jetter 
automation technology 
– For Group overall, slight increase in sales and moderate decrease in profitability 
compared with record figures in 2013 
6 March 2014 - Annual press and analysts' conference 38
Annual general meeting 2014 
Agenda and proposals 
• Standard agenda as in previous year 
• Dividend 
– CHF 6.50 per share (previous year CHF 5.00) 
– Yield of 2.9% relative to average share price for the year 2013 of CHF 226.00 
• Elections in accordance with Ordinance Against Excessive Compensation 
(VegüV) 
– Re-election of all members 
– Election of Valentin Vogt as a new member 
• Amendment of the articles of association; Ordinance Against Excessive 
Compensation (VegüV); Law on the Custody and Transfer of Securities Held 
with an Intermediary (BEG); Auditing and Accounting Act (RRG) 
• The annual general meeting will begin at 3.00 pm, an hour earlier than usual 
6 March 2014 - Annual press and analysts' conference 39
Financial review 2013
Order book, order intake and net sales 
507 
663 
923 
795 
850 
1797 
2217 
2587 
2490 
2718 
2142 
2034 
2336 
2609 
2691 
0 
600 
1200 
1800 
2400 
3000 
0 
300 
600 
900 
1200 
1500 
2009 2010 2011 2012 2013 
Order book Order intake Net sales 
CHF m CHF m 
6 March 2014 - Annual press and analysts' conference 41
Impact on net sales 2013 
0.8% 
2.5% 
- 0.3% 0.1% 
3.1% 
0% 
1% 
2% 
3% 
4% 
Internal Aquisition Disposal Currency Total 
Adjusted for currency +3.0% 
6 March 2014 - Annual press and analysts' conference 42
Acquisitions 2013 
Net sales 
Date of since acquisition pro forma Employees1) 
CHF million acquisition 2013 2013 31.12.2013 
Bucher Hydraulics Erding 
(Bucher Hydraulics) 
February 2013 36 36 221 
Bucher Filtrox Systems 
(Bucher Specials) 
February 2013 20 20 39 
Bucher Hidráulica 
(Bucher Hydraulics) 
July 2013 4 8 64 
Jetter 
(Bucher Specials) 
November 2013 8 50 230 
Total 68 114 554 
Interdivisional -4 -23 
Total Bucher Industries 64 91 
Total purchase price for all aquisitions CHF 63 m 
1) Expressed as full time equivalents 
6 March 2014 - Annual press and analysts' conference 43
Disposals 2013 
Net sales 
Date of since disposal pro forma Employees1) 
CHF million disposal 2013 2013 31.12.2013 
MacDonald Johnston 
Hand-drier business 
(Bucher Municipal) 
May 2013 -8 -10 15 
Total sales price CHF 5 million, gain CHF 4 million 
1) Expressed as full time equivalents 
6 March 2014 - Annual press and analysts' conference 44
Consolidated income statement 
CHF million 2013 20121) Change in % 
Net sales 2 691 2 609 3.1 
Operating profit (EBITDA) 
as % of net sales 
371 
13.8% 
307 
11.8% 
20.9 
Depreciation -67 -59 12.7 
Amortisation -17 -16 8.1 
Operating profit (EBIT) 
as % of net sales 
287 
10.7% 
232 
8.9% 
23.9 
Net financial items -11 -13 9.5 
Income tax expense -80 -63 -26.0 
Profit for the year 
as % of net sales 
196 
7.3% 
156 
6.0% 
25.8 
Basic earnings per share in CHF 19.64 15.52 26.5 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
6 March 2014 - Annual press and analysts' conference 45
Net financial items 
CHF million 2013 2012 Change 
Net interest expense -12 -13 1 
Net gain on financial instruments 7 1 6 
Foreign exchange gains and losses -7 -1 -6 
Other financial items 1 0 1 
Net financial items -11 -13 2 
6 March 2014 - Annual press and analysts' conference 46
Income tax 
CHF million 2013 20121) Change 
Profit before tax 276 219 57 
Income tax expense -80 -63 -17 
Effective tax rate 28.8% 28.8% 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
6 March 2014 - Annual press and analysts' conference 47
Net operating assets (NOA) und 
RONOA after tax 
1061 
970 
849 828 
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 
2007 2008 2009 2010 2011 2012 2013 
Net operating assets (4q-average) as % of net sales RONOA 
CHF m 
1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 
% 
6 March 2014 - Annual press and analysts' conference 48
Operating free cash flow and investments 
Cash flow from operating activities 
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 
6 March 2014 - Annual press and analysts' conference 49
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 
2009 2010 2011 1. HY 2012 2. HY 2012 1. HY 2013 2. HY 2013 
Net cash/debt Free cash flow 
CHF m net cash/debt CHF m free cash flow 
6 March 2014 - Annual press and analysts' conference 50
Shareholders’ equity and return on equity 
1074 
890 
814 
748 
793 
873 846 
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 
2007 2008 2009 2010 2011 2012 2013 
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) 
6 March 2014 - Annual press and analysts' conference 51
Your Contacts: 
Many thanks. 
Philip Mosimann, CEO 
Roger Baillod, CFO 
Tel. +41 43 815 80 80 
media@bucherindustries.com 
www.bucherindustries.com 
52

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Annual Press and Analyst conference

  • 1. Annual press and analysts’ conference 6 March 2014
  • 2. Group at a glance • 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 6 March 2014 - Annual press and analysts' conference 2
  • 3. Group at a glance (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 6 March 2014 - Annual press and analysts' conference 3
  • 4. 2609 2691 2336 2034 2142 2789 2459 196 156 127 98 -24 145 171 371 307 260 224 190 342 286 287 232 190 151 26 229 246 -60 0 60 120 180 240 300 360 420 -500 0 500 1000 1500 2000 2500 3000 3500 2007 2008 2009 2010 2011 2012 2013 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) 6 March 2014 - Annual press and analysts' conference 4
  • 5. 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% 6 March 2014 - Annual press and analysts' conference 5
  • 6. 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 6 March 2014 - Annual press and analysts' conference 6
  • 7. 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. 6 March 2014 - Annual press and analysts' conference 7
  • 8. Kuhn Group Sustainable plant protection 6 March 2014 - Annual press and analysts' conference 8
  • 9. 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 • Preliminary contract in 2014 for acquisition of Montana, Brazil, specialists in self-propelled crop sprayers, and fertilising equipment • High investments in infrastructure, growth and customer training 6 March 2014 - Annual press and analysts' conference 9
  • 10. 0 2 4 6 8 10 12 14 16 2007 2008 2009 2010 2011 2012 2013 2014F 2015F Weizen Mais Sojabohnen Wheats Corn Soybeans Price development soybeans, corn, wheat 10 USD / bushel US average prices Quelle: USDA, Deere 6 March 2014 - Annual press and analysts' conference
  • 11. Kuhn Group Key figures CHF million Change in 2013 2012 % %2) Order intake 1 262 1 199 5.2 5.1 Net sales 1 286 1 222 5.2 5.0 Order book 482 492 -1.9 -2.4 Operating profit (EBITDA)1) as % of net sales 230 17.9% 188 15.3% 22.5 Operating profit (EBIT)1) as % of net sales 191 14.9% 153 12.5% 25.0 Employees at 31 December 4 699 4 495 4.5 Average employees during year 4 754 4 558 4.3 2) Adjusted for currency effects 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 6 March 2014 - Annual press and analysts' conference 11
  • 12. Kuhn Group Planned 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 6 March 2014 - Annual press and analysts' conference 12
  • 13. Montana 13 Self-propelled crop sprayers Self-propelled fertilising equipment Manufacturing site in Curitiba, Brazil 6 March 2014 - Annual press and analysts' conference
  • 14. Montana dealer network 6 March 2014 - Annual press and analysts' conference 14
  • 15. Kuhn do Brasil dealer network 6 March 2014 - Annual press and analysts' conference 15
  • 16. Combined dealer network 6 March 2014 - Annual press and analysts' conference 16
  • 17. Kuhn Group Outlook for 2014 • Long-term prospects still good • Market environment still positive, but rather subdued demand – Favourable income situation for farmers continuing, but slightly lower year on year – Main markets: America positive overall, Western Europe with lower demand – Normal level of dealer inventories • Planned acquisition of Montana, Brazil, strengthens market position – Self-propelled crop sprayers and fertilising equipment complement product range, particularly the large seeders – Access to large agricultural enterprises and strengthening of dealer network – Completion expected in first half of year • Sales on a par with previous year and slightly lower profitability after record margin in previous year 6 March 2014 - Annual press and analysts' conference 17
  • 18. Bucher Municipal Equipment for safe roads 6 March 2014 - Annual press and analysts' conference 18
  • 19. Bucher Municipal 2013 highlights • Overall stable demand on a low level in Europe – Increase in order intake, particularly in Western Europe and Australia – Follow-up order worth CHF 19 million from the city of Moscow thanks to excellent handling of major order in 2012 – First, still tentative signs of recovery in Southern Europe • 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 6 March 2014 - Annual press and analysts' conference 19
  • 20. Bucher Municipal Key figures CHF million Change in 2013 2012 % %2) %3) Order intake 393 364 8.0 10.0 11.5 Net sales 383 424 -9.7 -7.9 -6.8 Order book 104 96 8.9 10.9 11.5 Operating profit (EBITDA)1) as % of net sales 40 10.5% 46 10.8% -12.4 Operating profit (EBIT)1) as % of net sales 33 8.6% 39 9.3% -15.8 Employees at 31 December 1 523 1 429 6.6 7.7 Average employees during year 1 488 1 478 0.7 0.9 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) 6 March 2014 - Annual press and analysts' conference 20
  • 21. Bucher Municipal Outlook 2014 • Stable market volume, 30% down on record year of 2008 – Flexible adjustment of volumes after completion of major order from city of Moscow in 2012 – First tentative signs of recovery in Southern Europe – Follow-up order from city of Moscow in previous year, ensures good start to 2014 • Start of production in Kaluga, Russia, with local manufacture of spreaders • Sales and operating profit on a par with previous year • Sales and operating profit, adjusted for the gain of 4 million on disposal of the business with hand-driers, on a par with the previous year 6 March 2014 - Annual press and analysts' conference 21
  • 22. Bucher Hydraulics Maximum precision and efficiency 6 March 2014 - Annual press and analysts' conference 22
  • 23. 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 6 March 2014 - Annual press and analysts' conference 23
  • 24. Bucher Hydraulics Key figures CHF million Change in 2013 2012 % %2) %3) Order intake 452 386 16.9 16.6 7.4 Net sales 453 407 11.4 11.1 1.4 Order book 69 53 30.9 30.6 13.7 Operating profit (EBITDA)1) as % of net sales 62 13.6% 54 13.2% 14.3 Operating profit (EBIT)1) as % of net sales 42 9.4% 37 9.0% 16.2 Employees at 31 December 1 984 1 647 20.5 3.2 Average employees during year 1 939 1 700 14.1 -1.2 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) 6 March 2014 - Annual press and analysts' conference 24
  • 25. Bucher Hydraulics Outlook for 2014 • Uncertainties about economic situation – Developments in Germany decisive for hydraulics sales in Europe – Rest of Europe, particularly France and Italy, planning difficult – Continuation of good level of demand expected in USA • Start of series production in Europe and North America underpins sales development • Recovery in China in the second half of the year could give additional impetus • Development of new platform in Brazil offers short- and medium-term growth opportunities • Slight increase in sales and further improvement in operating profit expected 6 March 2014 - Annual press and analysts' conference 25
  • 26. Bucher Emhart Glass Quality for consumers 6 March 2014 - Annual press and analysts' conference 26
  • 27. 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 – Stable in Europe and America – Fewer major projects, particularly in Asia – 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 6 March 2014 - Annual press and analysts' conference 27
  • 28. Bucher Emhart Glass Key figures CHF million Change in 2013 2012 % %2) Order intake 354 339 4.5 2.7 Net sales 347 367 -5.4 -7.1 Order book 119 109 8.6 6.7 Operating profit (EBITDA)1) before restructuring costs 29 21 35.7 Operating profit (EBITDA)1) as % of net sales 29 8.2% 12 3.4% 129.8 Operating profit (EBIT)1) as % of net sales 17 4.8% 1 0.3% n.a. Employees at 31 December 1 864 2 027 -8.0 Average employees during year 1 913 2 074 -7.8 2) Adjusted for currency effects 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 6 March 2014 - Annual press and analysts' conference 28
  • 29. 1. May 2013 Finalisation of installation of hard glass production line at Pöchlarn 2. June 2013 Start of first production trials 3. Following months Continuous improvements on tempering lehr and hard glass equipment 4. October 2013 First stable production run of 0.33l bottle über län Functional production line installed at Vetropack Pöchlarn, Austria, since mid 2013 6 March 2014 - Annual press and analysts' conference 29 Bucher Emhart Glass
  • 30. Bucher Emhart Glass 30 Internal Pressure (bar) Samples Burst pressure after 25 filling line trips 6 March 2014 - Annual press and analysts' conference 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 Annealed 200g Hardglass 300g Annealed
  • 31. Bucher Emhart Glass Milestones until full market launch of first bottle 6 March 2014 - Annual press and analysts' conference 31 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
  • 32. 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 • Modest increase in sales and further improvement in operating profit 6 March 2014 - Annual press and analysts' conference 32
  • 33. Bucher Specials 33 Agricultural distributorship in Switzerland Winemaking equipment Automation technology and control systems Fruit juice processing systems and drying equipment 6 March 2014 - Annual press and analysts' conference
  • 34. 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 6 March 2014 - Annual press and analysts' conference 34
  • 35. Bucher Specials Key figures CHF million Change in 2013 2012 % %2) %3) Order intake 257 202 27.3 26.9 12.4 Net sales 244 206 18.6 18.0 4.3 Order book 76 46 65.7 64.8 26.9 Operating profit (EBITDA)1) as % of net sales 29 11.9% 20 9.6% 47.7 Operating profit (EBIT)1) as % of net sales 24 10.0% 17 8.1% 47.0 Employees at 31 December 785 506 55.1 2.0 Average employees during year 631 510 23.7 8.0 2) Adjusted for currency effects 3) Adjusted for currency and acquisition effects 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 6 March 2014 - Annual press and analysts' conference 35
  • 36. Bucher Specials Jetter - Market entry into automation technology 36 Industrial automation Mobile automation - Glass container production - Window manufacturing - Filling systems - Packaging systems - Assembly / handling systems - Agricultural machinery - Municipal vehicles 6 March 2014 - Annual press and analysts' conference
  • 37. Bucher Specials Outlook for 2014 • Market outlook – Upturn in 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 on a par with the very high level of the previous year – Strong sales growth through consolidation of Jetter automation technology, with above-average profitability • Bucher Specials expects strong growth in sales and operating profit at the same range as the previous year 6 March 2014 - Annual press and analysts' conference 37
  • 38. Group outlook for 2014 • No significant change in economic environment anticipated • Confident mood in market segments served by Bucher Industries – Agricultural machinery: subdued demand at very high level – Municipal vehicles: stable outlook – Demand for hydraulic systems and glass-forming machinery on a par with previous year – Bucher Specials expects buoyant demand to continue, boosted by acquisition of Jetter automation technology – For Group overall, slight increase in sales and moderate decrease in profitability compared with record figures in 2013 6 March 2014 - Annual press and analysts' conference 38
  • 39. Annual general meeting 2014 Agenda and proposals • Standard agenda as in previous year • Dividend – CHF 6.50 per share (previous year CHF 5.00) – Yield of 2.9% relative to average share price for the year 2013 of CHF 226.00 • Elections in accordance with Ordinance Against Excessive Compensation (VegüV) – Re-election of all members – Election of Valentin Vogt as a new member • Amendment of the articles of association; Ordinance Against Excessive Compensation (VegüV); Law on the Custody and Transfer of Securities Held with an Intermediary (BEG); Auditing and Accounting Act (RRG) • The annual general meeting will begin at 3.00 pm, an hour earlier than usual 6 March 2014 - Annual press and analysts' conference 39
  • 41. Order book, order intake and net sales 507 663 923 795 850 1797 2217 2587 2490 2718 2142 2034 2336 2609 2691 0 600 1200 1800 2400 3000 0 300 600 900 1200 1500 2009 2010 2011 2012 2013 Order book Order intake Net sales CHF m CHF m 6 March 2014 - Annual press and analysts' conference 41
  • 42. Impact on net sales 2013 0.8% 2.5% - 0.3% 0.1% 3.1% 0% 1% 2% 3% 4% Internal Aquisition Disposal Currency Total Adjusted for currency +3.0% 6 March 2014 - Annual press and analysts' conference 42
  • 43. Acquisitions 2013 Net sales Date of since acquisition pro forma Employees1) CHF million acquisition 2013 2013 31.12.2013 Bucher Hydraulics Erding (Bucher Hydraulics) February 2013 36 36 221 Bucher Filtrox Systems (Bucher Specials) February 2013 20 20 39 Bucher Hidráulica (Bucher Hydraulics) July 2013 4 8 64 Jetter (Bucher Specials) November 2013 8 50 230 Total 68 114 554 Interdivisional -4 -23 Total Bucher Industries 64 91 Total purchase price for all aquisitions CHF 63 m 1) Expressed as full time equivalents 6 March 2014 - Annual press and analysts' conference 43
  • 44. Disposals 2013 Net sales Date of since disposal pro forma Employees1) CHF million disposal 2013 2013 31.12.2013 MacDonald Johnston Hand-drier business (Bucher Municipal) May 2013 -8 -10 15 Total sales price CHF 5 million, gain CHF 4 million 1) Expressed as full time equivalents 6 March 2014 - Annual press and analysts' conference 44
  • 45. Consolidated income statement CHF million 2013 20121) Change in % Net sales 2 691 2 609 3.1 Operating profit (EBITDA) as % of net sales 371 13.8% 307 11.8% 20.9 Depreciation -67 -59 12.7 Amortisation -17 -16 8.1 Operating profit (EBIT) as % of net sales 287 10.7% 232 8.9% 23.9 Net financial items -11 -13 9.5 Income tax expense -80 -63 -26.0 Profit for the year as % of net sales 196 7.3% 156 6.0% 25.8 Basic earnings per share in CHF 19.64 15.52 26.5 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 6 March 2014 - Annual press and analysts' conference 45
  • 46. Net financial items CHF million 2013 2012 Change Net interest expense -12 -13 1 Net gain on financial instruments 7 1 6 Foreign exchange gains and losses -7 -1 -6 Other financial items 1 0 1 Net financial items -11 -13 2 6 March 2014 - Annual press and analysts' conference 46
  • 47. Income tax CHF million 2013 20121) Change Profit before tax 276 219 57 Income tax expense -80 -63 -17 Effective tax rate 28.8% 28.8% 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) 6 March 2014 - Annual press and analysts' conference 47
  • 48. Net operating assets (NOA) und RONOA after tax 1061 970 849 828 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 2007 2008 2009 2010 2011 2012 2013 Net operating assets (4q-average) as % of net sales RONOA CHF m 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) % 6 March 2014 - Annual press and analysts' conference 48
  • 49. Operating free cash flow and investments Cash flow from operating activities 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 6 March 2014 - Annual press and analysts' conference 49
  • 50. 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 2009 2010 2011 1. HY 2012 2. HY 2012 1. HY 2013 2. HY 2013 Net cash/debt Free cash flow CHF m net cash/debt CHF m free cash flow 6 March 2014 - Annual press and analysts' conference 50
  • 51. Shareholders’ equity and return on equity 1074 890 814 748 793 873 846 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 2007 2008 2009 2010 2011 2012 2013 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) 6 March 2014 - Annual press and analysts' conference 51
  • 52. Your Contacts: Many thanks. Philip Mosimann, CEO Roger Baillod, CFO Tel. +41 43 815 80 80 media@bucherindustries.com www.bucherindustries.com 52