Wacker Neuson Se · XETR:WAC
Wacker Neuson — H1 2018 Earnings Presentation
14 slides from Wacker Neuson's earnings presentation, Aug 7, 2018
Slide 1: Wacker Neuson SE – H1/18 Conference Call
Wacker Neuson SE – H1/18 Conference Call Martin Lehner (CEO), Wilfried Trepels (CFO) August 7, 2018
Slide 2: Agenda
Agenda H1/18 Overview Financials Outlook Wacker Neuson SE, Q2/18 conference call, August 7, 2018 2
Slide 3: Key Figures
Key Figures Q2/18 H1/18 Revenue yoy EBIT yoy Adj. EBIT yoy Revenue yoy EBIT yoy Adj. EBIT yoy +7% +18% +13% +8% +28% +20% (€ 455m) (margin: 12.1%) (margin: 12.1%) (€ 825m) (margin: 9.5%) (margin: 9.5%) Op. CF FCF EPS Op. CF FCF EPS € 6m € 57m € 1.13 € -35m € 12m € 1.34 (Q2/17: € 33m) (Q2/17: € 28m)
Slide 4: Progress with “Strategy 2022”
Progress with “Strategy 2022” CUSTOMER CENTRICITY ACCELERATION Ongoing optimization and expansion of dealer structure in North Streamlined internal supply chain: Integration of logistics functions into America European production for light equipment successfully completed Progress with financi
Slide 5: Highlights from operational activities
Highlights from operational activities China: Ramp-up of excavator and light equipment production Series production of mini excavators in the 1.7-ton class started in January; models in the 5- to 7-ton class will be localized in Q4/18 Integration of products from the Philippine plant: Series pro
Slide 6: Agenda
Agenda H1/18 Overview Financials Outlook Wacker Neuson SE, Q2/18 conference call, August 7, 2018 6
Slide 7: Revenue and earnings
Revenue and earnings Q2/18: Revenue and EBIT grow significantly Comments on H1/18 Revenue +6.9% EBIT [€ m] margin Revenue +8.0% 500 425 455 20% Strong demand in core markets of Europe and North America, 381 379 392 371 bottlenecks on the supply side remain challenging 400 348 339 316 12.1% 15% 11.
Slide 8: Business development by region and business segment
Business development by region and business segment H1/18: Growth mainly driven by Europe and North America Comments on H1/18 Revenue [€ m] share yoy EBIT1 Revenue Europe +7.8% yoy (adj. for FX effects: +8.9%) Europe 599.2 73% +7.8% 86.7 Strong growth, particularly in France, England, Poland, Aust
Slide 9: Sound balance sheet structure
Sound balance sheet structure Gearing1 further reduced yoy Net financial debt/EBITDA2 at low level Net financial debt Net financial debt/ Gearing1 EBITDA2 [x] [€ m] 300 70% 2.0 1.9 258 245 224 237 60% 1.5 1.4 206 195 193 1.5 1.3 188 50% 1.2 200 148 40% 0.9 1.0 0.8 24% 21% 22% 23% 30% 0.7 0.6 19% 18%
Slide 10: Supply chain challenges burden inventory and cash flow
Supply chain challenges burden inventory and cash flow Free cash flow impacted by sale of real estate company Rise in inventory due to bottlenecks on supply side Free cash flow Inventory DIO2 in days [€ m] [€ m] 57 60 51 300 46 500 445 448 443 462 455 459 428 439 431 40 35 28 19 400 250 20 12 300 18
Slide 11: Share development
Share development Our share in 20181 Stable dividend policy (40 – 50% payout ratio) 2.5 100% -29% % 62% 80% 53% 48% 2 46% 60% 120 38% 40% 1.5 1.30 20% 1.25 100 0% 1 0.87 0.94 -20% 0.81 80 0.60 -40% 0.50 0.50 0.50 0.5 0.40 -60% -80% 60 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 0 -100% 2 2013 2
Slide 12: Agenda
Agenda H1/18 Overview Financials Outlook Wacker Neuson SE, Q2/18 conference call, August 7, 2018 12
Slide 13: Outlook for fiscal 2018
Outlook for fiscal 2018 Construction: Manufacturers’ expectations have cooled slightly Ag: Business index has deteriorated from a high level 36.2 2011 2012 2013 2014 2015 2016 2017 2018 Source: CECE, July 2018. Source: CEMA, July 2018. Guidance for fiscal 2018 confirmed Comments Revenue EBIT Order
Slide 14: Financial calendar and contact
Financial calendar and contact August 7, 2018 Publication of 2018 half-year report; analysts and investors call September 24, 2018 Baader Investment Conference, Munich September 25, 2018 Berenberg and Goldman Sachs Seventh German Corporate Conference, Munich November 8, 2018 Publication of Q3 report