Palfinger AG presented results for the first half of 2013, highlighting international growth despite economic uncertainty in Europe. Revenue increased 2.2% to EUR 475.1 million driven by gains in non-European markets offsetting declines in Europe. EBIT rose 5.2% to EUR 39.1 million through increased contributions from international business units and acquisitions. Strategic priorities include expanding in growth markets like China and South America, developing the marine and offshore business, and increasing flexibility to adapt to changing conditions.
Get the financial highlights and an overview of our performance per business. You can access all our Financial Reports here: http://www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports.aspx
Get the financial highlights and an overview of our performance per business. You can access all our Financial Reports here: http://www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports.aspx
Herramientas de comunicación (Internet)SANTIAGONANDO
La comunicación es el proceso mediante el cual se puede transmitir información de una entidad a otra, entidad receptora.
Se llama herramientas de comunicación a aquellas que utilizan las tecnologías de la información y comunicación como medio para desarrollar capacidades de diálogo, de discusión y debate, de interacción y comunicación y, en definitiva, de información.
El servicio de videoconferencia permite la comunicación simultánea de personas que necesitan reunirse “cara a cara” a distancia. La Dirección de Informática dispone de infraestructura y soporte técnico necesarios para realizar reuniones, conferencias, clases, defensa de Tesis, etc. Este servicio está disponible en las siguientes modalidades:
En los entornos de enseñanza-aprendizaje, las herramientas de comunicación juegan un papel fundamental que ha variado por completo el panorama de la enseñanza, de forma que se camina hacia un nuevo paradigma de aprendizaje.
Didzis Balodis - Web application security – war stories from real penetration...DevConFu
The talk will cover some of the most common mistakes which are identified during recent web application security assessments. Those include but are not limited to various types of injections (SQLi, XSS, etc.), local file access and business logic flaws. During the talk practical examples will be demonstrated along with the mitigation tools and techniques.
El uso de teledetección para conocer la precipitación de una zona montañosa. ...Johannes Hunink
La creciente cantidad de datos de sensores remotos disponibles para la precipitación, ademas de otras variables biofísicas relacionadas, como los índices de vegetación y la altitud, ofrecen la oportunidad de llegar a estimaciones más detalladas y precisas de precipitación. Un enfoque innovador, combinando estas fuentes de información con las observaciones terrestres permite la estimación precisa de los patrones de precipitación y su variabilidad espacial temporal.
Q4 year end-2013 ASSA ABLOY invetors presentation 7 februaryASSA ABLOY
The ASSA ABLOY Group released the interim report October-December and results 2013 on Friday 7 February 2014 at 08.00 am (CET). A combined investors’ and analyst meeting and web conference was held at Operaterrassen in Stockholm, Sweden. This is the presentation from the meeting.
The ASSA ABLOY Group released its interim report for the third quarter July-September 2013 on Monday 28 October 2013 at 08.00 am (CET). The presentation from the combined investors’ and analyst meeting and web conference is available as an on-demand webcast. Welcome to visit our Investor pages on http://www.assaabloy.com/investors/.
3. 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
4. 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
5. 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
7. 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
10. 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.
11. 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
12. 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
13. 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
17. 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.
18. 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.
19. 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 %
20. 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.
22. 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
23. 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
24. 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
26. 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
27. 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.
28. 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
30. 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
31. 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