Bucher Industries Ag · SIX:BUCN
Bucher Industries — Investor Presentation (September 2002)
73 slides from Bucher Industries's investor presentation, Sep 20, 2002
Slide 1: Group presentation
20.09.2002 1 Group presentation
Slide 2: Vision of Bucher Industries
Profile 20.09.2002 2 Vision of Bucher Industries • We are a dynamic, global technology group operating in speciality fields of the engineering and automotive industries • We are excellent in our core businesses • We provide products and services that support the success of our customers • We create
Slide 3: Strategy of Bucher Industries
Profile 20.09.2002 3 Strategy of Bucher Industries • We concentrate on technologically sophisticated, industrially related core businesses • We aim to be a global market leader in our speciality fields • We remain technology leader through continuous innovation and high service levels • We support,
Slide 4: Result and growth targets
Profile 20.09.2002 4 Result and growth targets in % target range Average annual growth: - Net sales 10 - Operating result >10 EBIT-margin (in % of net sales) 8 - 12 EBITDA-margin (in % of net sales) 12 - 16 Return on net operating assets after tax (RONOA) 12 - 16 Return on equity (ROE) 12 - 16
Slide 5: Actual average annual growth (CAGR) since 1995
Profile 20.09.2002 5 Actual average annual growth (CAGR) since 1995 in % until 2000 until 2001 Net sales + 9.4 + 7.6 EBIT + 13.9 + 4.8 EBITDA + 14.0 + 7.1 Net income + 16.4 + 5.1
Slide 6: Multi-Business Company Bucher Industries
Group 20.09.2002 6 Multi-Business Company Bucher Industries Group Bucher Industries Holding Bucher Industries AG Divisions Agricultural Municipal Fruit juice Hydraulics Ceramics Container machinery and and wine components technology glass all-terrain production technology vehicles plants Kuhn Bucher
Slide 7: Sites in Europe
Group 20.09.2002 7 Sites in Europe Manufacturing sites Sales and service sites
Slide 8: Sites worldwide
Group 20.09.2002 8 Sites worldwide Manufacturing sites Sales and service sites
Slide 9: Corporate portfolio
Profile 20.09.2002 9 Corporate portfolio • Consists of industrially related divisions • Based on the “Best owner principle”: • we are “Best owner” of our divisions • no other owner can manage the specialised divisions more successfully • no other owner can exploit higher operational synergies • Has
Slide 10: Multi-Business Company: Advantages to investors
Profile 20.09.2002 10 Multi-Business Company: Advantages to investors • Participating in the success of the highly specialised divisions • Profiting from the management’s experience in strategically judging the specialised sectors and in developing the industrially related businesses • Participating
Slide 11: No. 1 market positions
Group 20.09.2002 11 No. 1 market positions • Kuhn Group worldwide in fodder harvesting machinery • Bucher in Europe in street sweepers Automotive • Bucher worldwide in fruit juice and Foodtech wine production plants • Bucher in Europe in special segments of Hydraulics hydraulics • Laeis-Bucher world
Slide 12: Net sales by divisions 2001
Group 20.09.2002 12 Net sales by divisions 2001 Emhart Glass 18% Kuhn Laeis- Group Bucher 35% 4% Bucher Hydraulics 15% Bucher Bucher Foodtech Auto- 9% motive 19%
Slide 13: Net sales by geographical areas 2001
Group 20.09.2002 13 Net sales by geographical areas 2001 rest of the Asia world 8% 2% America 15% hereof Switzerland Europe 9% 75%
Slide 14: Personnel by countries 2001
Group 20.09.2002 14 Personnel by countries 2001 rest of the USA world Switzer- 6% 3% land Sweden 19% 7% Italy 6% Germany 17% France 42%
Slide 15: Key figures
Group 20.09.2002 15 Key figures million CHF 2001 2000 Change % Incoming orders 1442.1 1636.8 -11.9 Net sales 1488.0 1502.8 -1.0 Order book 449.1 504.2 -10.9 Operating result (EBIT) 70.6 102.2 -30.9 in % of net sales 4.7 6.8 Net income for the year 48.3 76.7 -37.0 in % of net sales 3.2 5.1 Number of
Slide 16: Investments for the future
Group 20.09.2002 16 Investments for the future million CHF 2001 2000 Development expenses 56.8 57.6 Capital expenditures 51.2 52.1
Slide 17: Net sales and personnel
Group 20.09.2002 17 Net sales and personnel million CHF pers. 1'600 1488 8000 1'200 6000 5757 800 4000 400 2000 0 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 personnel net sales
Slide 18: Net sales and personnel
Group 20.09.2002 18 Net sales and personnel million CHF pers. (CAGR 9.8%) 1'600 1488 8000 1'400 7000 1'200 6000 1'000 5757 5000 (CAGR 5.5%) 800 4000 600 3000 400 2000 200 1000 0 0 1997 1998 1999 2000 2001 personnel net sales
Slide 19: Operating result (EBIT) margin
Group 20.09.2002 19 Operating result (EBIT) margin % target range 12 10 6.8 8 6.0 5.8 5.3 4.7 6 4 2 0 1997 1998 1999 2000 2001
Slide 20: Operating result (EBITDA) margin
Group 20.09.2002 20 Operating result (EBITDA) margin % target range 16 14 10.5 12 9.4 9.0 8.8 8.3 10 8 6 4 2 0 1997 1998 1999 2000 2001
Slide 21: Return on net operating assets (RONOA)
Group 20.09.2002 21 Return on net operating assets (RONOA) % target range 13.7 16 12.7 14 11.7 10.9 12 8.6 10 8 6 4 2 0 1997 1998 1999 2000 2001
Slide 22: Return on equity (ROE)
Group 20.09.2002 22 Return on equity (ROE) % target range 16.2 18 16 13.4 12.2 14 10.5 9.6 12 10 8 6 4 2 0 1997 1998 1999 2000 2001
Slide 23: Tax rate
Group 20.09.2002 23 Tax rate target range % 46.1 50 39.5 40.7 39.6 36.4 40 30 20 10 0 1997 1998 1999 2000 2001
Slide 24: Consolidated income statement
Group 20.09.2002 24 Consolidated income statement Change million CHF 2001 2000 % Operating result 70.6 102.2 -30.9% Net result of financial items 5.4 24.7 -78.1% Result before taxes 76.0 126.9 -40.1% Taxes -27.7 -50.2 -44.8% Net income 48.3 76.7 -37.0%
Slide 25: Operating free cash flow
Group 20.09.2002 25 Operating free cash flow million CHF 120 90.0 100 68.9 80 59.7 60 36.8 40 20 0 -20 -27.5 -40 1997 1998 1999 2000 2001
Slide 26: Interest-bearing liabilities and net liquidity
Group 20.09.2002 26 Interest-bearing liabilities and net liquidity million CHF 600 500 85.1 73.4 320.0 133.3 49.2 400 300 424.4 414.9 353.1 200 333.0 100 136.5 0 1997 1998 1999 2000 2001 Interest-bearing liabilities Net liquidity
Slide 27: Shareholders' equity / Intangible assets
Group 20.09.2002 27 Shareholders‘ equity / Intangible assets million CHF 600 400 200 0 1997 1998 1999 2000 2001 Shareholders' equ ity Intangible assets thereof goodwill
Slide 28: Financial key figures
Group 20.09.2002 28 Financial key figures 2001 2000 Self-financing ratio 33.8% 32.4% Cash flow from operating activities million CHF 81.5 20.3 Operating free cash flow million CHF 36.8 -27.5 Net liquidity million CHF 73.4 49.4 Repayment term of interest bearing liabilities in years 3.4 2.2
Slide 29: Results by divisions 2001
Group 20.09.2002 29 Results by divisions 2001 EBIT- million CHF net sales EBIT margin Bucher Industries 1488 70.6 4.7% Kuhn Group 527 59.0 11.2% Bucher Automotive 277 3.9 1.4% Bucher Foodtech 143 -3.5 -2.5% Bucher Hydraulics 227 10.4 4.6% Laeis-Bucher 67 -2.3 -3.5% Emhart Glass 261 16.6 6.4%
Slide 30: Results by divisions
Group 20.09.2002 30 Results by divisions 2001 2000 million CHF EBIT EBIT- EBIT EBIT- margin margin Kuhn Group 59.0 11.2% 67.6 12.5% Bucher Automotive 3.9 1.4% 16.7 6.0% Bucher Foodtech -3.5 -2.5% 9.4 6.6% Bucher Hydraulics 10.4 4.6% 17.4 7.4% Laeis-Bucher -2.3 -3.5% -1.7 -2.6% Emhart Glass 16.6 6.4%
Slide 31: Kuhn Group: Mower conditioner
Divisions 20.09.2002 31 Kuhn Group: Mower conditioner
Slide 32: Kuhn Group: Precision planter
Divisions 20.09.2002 32 Kuhn Group: Precision planter
Slide 33: Kuhn Group: Market position
Divisions 20.09.2002 33 Kuhn Group: Market position • Worldwide leading manufacturer of specialised agricultural equipment under one single brand name • Specialist in fodder harvesting, soil preparation equipment, drills, sprayers and feed-mixers • Market shares: 5 to 25% worldwide • Competitors: Kv
Slide 34: Kuhn Group: Long-term market growth
Divisions 20.09.2002 34 Kuhnfür Markt Group: Long-term Landmaschinen marketweltweit und Traktoren growth Agricultural machinery markets worldwide bill. CHF 80 70 5 Other 14 60 4 Eastern Europe/Asia 8 50 7 Latin America 4 40 North America 18 17 30 20 Western Europe 25 26 10 0 2000 2010
Slide 35: Kuhn Group: Key figures
Divisions 20.09.2002 35 Kuhn Group: Key figures million CHF 2001 2000 Change % Incoming orders 536.4 551.3 -2.7 Net sales 526.8 539.4 -2.3 Order book 193.9 189.4 +2.4 Operationg result (EBIT) 59.0 67.6 -12.7 in % of net sales 11.2 12.5 Number of employees 2115 2041 +3.6
Slide 36: Kuhn Group: Net sales by geographical areas 2001
Divisions 20.09.2002 36 Kuhn Group: Net sales by geographical areas 2001 rest of the Asia world 2% 2% America 16% Europe 80%
Slide 37: Kuhn Group: Spotlights
Divisions 20.09.2002 37 Kuhn Group: Spotlights • Further expansion of worldwide leading market position for specialised agricultural machinery under one single brand name „Kuhn“ • Constant structural change in agriculture requires new, more efficient machinery • Fast implementation of market trends
Slide 38: Bucher Automotive: CityCat 2020
Divisions 20.09.2002 38 Bucher Automotive: CityCat 2020
Slide 39: Bucher Automotive: Duro
Divisions 20.09.2002 39 Bucher Automotive: Duro
Slide 40: Bucher Automotive: Market position
Divisions 20.09.2002 40 Bucher Automotive: Market position • Leading manufacturer for compact and chassis mounted sweepers, large snow clearing equipment for roads and airports in Europe • Worldwide recognition with the state of the art “Duro” all-terrain vehicle concept • Market shares in the munic
Slide 41: Bucher Automotive: Key figures
Divisions 20.09.2002 41 Bucher Automotive: Key figures million CHF 2001 2000 Change % Incoming orders 257.1 297.4 -13.6 Net sales 276.5 276.1 +0.1 Order book 75.7 86.2 -12.2 Operating result (EBIT) 3.9 16.7 -76.6 in % of net sales 1.4 6.0 Number of employees 813 801 +1.5
Slide 42: Bucher Automotive: Net sales by geographical areas 2001
Divisions 20.09.2002 42 Bucher Automotive: Net sales by geographical areas 2001 rest of the Asia world America 3% 1% 9% Europe 87%
Slide 43: Bucher Automotive: Spotlights
Divisions 20.09.2002 43 Bucher Automotive: Spotlights • New compact sweeper CitySpider (1m3) and CityCat 2020 (2m3) and protected version of DURO all terrain vehicle • Currently weak market conditions, but growing replace- ment needs in municipal vehicles as of 2003 • Successful termination of deliv
Slide 44: Bucher Foodtech: Grape press XPert
Divisions 20.09.2002 44 Bucher Foodtech: Grape press XPert
Slide 45: Bucher Foodtech: Fruit juice filtration plant
Divisions 20.09.2002 45 Bucher Foodtech: Fruit juice filtration plant
Slide 46: Bucher Foodtech: Market position
Divisions 20.09.2002 46 Bucher Foodtech: Market position • Worldwide market leader in fruit juice production plants for apples, berries and vegetables • Worldwide market leader in wine production plants from grape reception to fermentation • Market shares: 35 to 50% worldwide • Application of proces
Slide 47: Bucher Foodtech: Strong market positions in main markets
Divisions 20.09.2002 47 Bucher Foodtech: Strong market positions in main markets Wine production worldwide year 2000 France X Italy X Span I USA X Argentina I Germany I South Africa I Australia (I) world total 265 million hl Portugal world total 267 million hl X Romania I Chile I Hungary I China I S
Slide 48: Bucher Foodtech: Key figures
Divisions 20.09.2002 48 Bucher Foodtech: Key figures million CHF 2001 2000 Change % Incoming orders 130.4 158.2 -17.6 Net sales 142.7 142.9 -0.1 Order book 27.2 40.7 -33.2 Operating result (EBIT) -3.5 9.4 -137.2 in % of net sales -2.5 6.6 Number of employees 575 485 +18.6
Slide 49: Bucher Foodtech: Net sales by geographical areas 2001
Divisions 20.09.2002 49 Bucher Foodtech: Net sales by geographical areas 2001 rest of the world Asia 9% 4% America 10% Europe 77%
Slide 50: Bucher Foodtech: Spotlights
Divisions 20.09.2002 50 Bucher Foodtech: Spotlights • Strengthened activities of fruit reception equipment, concentration technology with reverse osmosis and drying technologies through acquisitions in 2001 • Expansion into new applications of extraction of vegetable and pharmaceutical ingredients •
Slide 51: Bucher Hydraulics: Mobile hydraulics
Divisions 20.09.2002 51 Bucher Hydraulics: Mobile hydraulics
Slide 52: Bucher Hydraulics: Hydraulic components
Divisions 20.09.2002 52 Bucher Hydraulics: Hydraulic components Joystick Feeding System Forklift Priority Valve Suspension Overcenter Valve Directional Valve Electronics Joy Stick Gear Pump Gear Motor
Slide 53: Bucher Hydraulics: Market position
Divisions 20.09.2002 53 Bucher Hydraulics: Market position • Market leader in selected segments of mobile, industrial and elevator hydraulics in Europe • Market shares: 10 to 20% in these selected segments • Focused on customer specific solutions • Competitors: Bosch-Rexroth (DE), Sauer Danfoss (USA
Slide 54: Bucher Hydraulics: Growth of engineering and hydraulics industries
Divisions 20.09.2002 54 Bucher Hydraulics: Growth of engineering and hydraulics industries Source: VDMA Sales index 300 250 200 150 100 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 En gin eerin g Hydrau lics
Slide 55: Bucher Hydraulics: Key figures
Divisions 20.09.2002 55 Bucher Hydraulics: Key figures million CHF 2001 2000 Change % Incoming orders 204.5 249.8 -18.1 Net sales 226.8 233.9 -3.0 order book 37.3 58.2 -35.9 Operating (EBIT) 10.4 17.4 -40.2 in % of net sales 4.6 7.4 Number of employees 1019 1003 +1.6
Slide 56: Bucher Hydraulics: Net sales by geographical areas 2001
Divisions 20.09.2002 56 Bucher Hydraulics: Net sales by geographical areas 2001 rest of the Asia world America 5% 1% 7% Europe 87%
Slide 57: Bucher Hydraulics: Spotlights
Divisions 20.09.2002 57 Bucher Hydraulics: Spotlights • Bottom of economic cycle seems to be reached • Integration of new activities with internal gear pumps successfully completed • Further expansion of division-wide sales and service network • Gain of new customer application groups opens addition
Slide 58: Laeis-Bucher: Tile press
Divisions 20.09.2002 58 Laeis-Bucher: Tile press
Slide 59: Laeis-Bucher: Bipolar plates for fuel cells
Divisions 20.09.2002 59 Laeis-Bucher: Bipolar plates for fuel cells
Slide 60: Laeis-Bucher: Carbon brake disk
Divisions 20.09.2002 60 Laeis-Bucher: Carbon brake disk
Slide 61: Laeis-Bucher: Market position
Divisions 20.09.2002 61 Laeis-Bucher: Market position • Worldwide market leader in production plants for the refractory industry • Market shares: 20 to 50% worldwide • Promising new technologies for fuel cell stacks, graphite products and new cement-bounded building materials • Competitors: Sacmi (I
Slide 62: Laeis-Bucher: Key figures
Divisions 20.09.2002 62 Laeis-Bucher: Key figures million CHF 2001 2000 Change % Incoming orders 42.9 82.2 -47.8 Net sales 66.6 66.2 +0.6 Order book 14.2 38.6 -63.2 Operating result (EBIT) -2.3 -1.7 -35.3 in % of net sales -3.5 -2.6 Number of employees 333 334 -0.3
Slide 63: Laeis-Bucher: Net sales by geographical areas 2001
Divisions 20.09.2002 63 Laeis-Bucher: Net sales by geographical areas 2001 Asia 26% Europe 60% America 14%
Slide 64: Laeis-Bucher: Spotlights – Restructuring inevitable
Divisions 20.09.2002 64 Laeis-Bucher: Spotlights Restructuring inevitable • Incoming orders are remaining on very low level of 2001 • Turnover is significantly below the previous year‘s period • Expectations on an early economic recovery are distressed • New fields of applications need more time and
Slide 65: Laeis-Bucher: Spotlights
Divisions 20.09.2002 65 Laeis-Bucher: Spotlights • Increased competition in refractory and tile production plants • Low sales and incoming orders did not recover • Success with new applications in carbon-graphite products and cement-bonded construction material • 3 July 2002 comprehensive restructur
Slide 66: Emhart Glass: Servo-electric container glass forming machine
Divisions 20.09.2002 66 Emhart Glass: Servo-electric container glass forming machine
Slide 67: Emhart Glass: Inspection machinery
Divisions 20.09.2002 67 Emhart Glass: Inspection machinery
Slide 68: Emhart Glass: Market position
Divisions 20.09.2002 68 Emhart Glass: Market position • Worldwide largest supplier of machinery, parts and services for container glass manufacturing • Market shares: 45% worldwide for forming machines and services; 25% worldwide for inspection equipment • Competitors: Owens-Illinois (USA), Heye Int
Slide 69: Emhart Glass: Key figures
Divisions 20.09.2002 69 Emhart Glass: Key figures million CHF 2001 2000 Change % Incoming orders 270.8 297.9 -9.1 Net sales 261.1 250.9 +4.1 Order book 100.8 91.1 +10.6 Operating result (EBIT) 16.6 7.7 +115.6 in % of net sales 6.4 3.1 Number of employees 907 892 +1.7
Slide 70: Emhart Glass: Net sales by geographical areas 2001
Divisions 20.09.2002 70 Emhart Glass: Net sales by geographical areas 2001 rest of the world 5% Asia 21% Europe 47% America 27%
Slide 71: Emhart Glass: Spotlights
Divisions 20.09.2002 71 Emhart Glass: Spotlights • Improved performance on groud of stable container glass industry • Continued demand of replacement and rationalisation investments • Introduction of new generation of servoelectric glass forming and inspection machinery on plan • Strong position in
Slide 72: Bucher Industries Outlook
Group 20.09.2002 72 Bucher Industries Outlook • No signs of economic recovery in sight • Business heavily depends on development of capital goods market • Good development of Kuhn Group and Emhart Glass expected to be continued • Positive effect of improved cost structures as of 2003 • Additional gr
Slide 73: Bucher Industries Outlook (long term)
Group 20.09.2002 73 Bucher Industries Outlook (long term) • Continuing the successful strategy with leading market positions in selected speciality fields • Existing divisions strengthened through internal and external growth • Continuous positive free cash flow by leveraging the strong market posit
Bucher Industries — Investor Presentation (September 2002) on 6ix