Slide 1: Presentation on the first quarter of 2013
PALFINGER AG Presentation on the first quarter of 2013 May 2013
Slide 2: Market volatility
MARKET VOLATILITY REVENUE (HALF YEAR) AREA UNITS EUROPEAN UNITS 500 450 400 350 300 250 200 150 100 50 0 -50 2005 2006 2007 2008 2009 2010 2011 2012 Î Flexibility and internationality as bases for success Acc. to IFRS in EUR million. 2
Slide 3: Highlights Q1
HIGHLIGHTS Q1 Q1 highly pleasing, given the continuing difficult economic environment » Internationalization has proven successful, growth takes place outside Europe » Successful restructuring of previously weak business units » Growth boost in Marine business area Revenue increased by 0.8% to EUR 2
Slide 4: Strategy
STRATEGY 4
Slide 5: Palfinger at a glance
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 sy
Slide 6: Strategic objectives 2017
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’ exp
Slide 7: Strategic highlights Q1
STRATEGIC HIGHLIGHTS Q1 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
Slide 8: Internationalization
INTERNATIONALIZATION REVENUE Q1 2012 REVENUE Q1 2013 31.9% 32.2% AREA UNITS AREA UNITS 68.1% 67.8% EUROPEAN UNITS EUROPEAN UNITS 8
Slide 9: Segments
SEGMENTS 9
Slide 10: Segment financials
SEGMENT FINANCIALS SEGMENT REVENUE Q1 2012 Q1 2013 % EUROPEAN UNITS 152.5 153.1 + 0.4% AREA UNITS 71.4 72.7 + 1.7% VENTURES – – – SEGMENT EBIT Q1 2012 Q1 2013 % EUROPEAN UNITS 21.6 20.7 (4.2%) AREA UNITS 0.8 1.9 + 128.5% VENTURES (3.9) (4.2) (8.5%) Acc. to IFRS in EUR million. Minor rounding differe
Slide 11: European Units segment
EUROPEAN UNITS SEGMENT Economic environment remains difficult in Europe » Business unit loader cranes constant » Other business units recorded declines in revenue Global Marine business area harbours potential » Offshore cranes (Palfinger Dreggen) since December 2012 » 2 large-scale orders in Q1 All
Slide 12: Area Units segment
AREA UNITS SEGMENT Revenue 1.7% higher than in Q1 2012 » Positive trend in North America continues » Further increases expected in South America; also due to additional product groups » Asia recorded substantial increases, still at a low level » Weak environment noticeable in India, expansion will b
Slide 13: Ventures unit
VENTURES UNIT Intensification of acquisition projects » Focus on business areas Marine, South America and CIS Continuation of cost-related and structural programmes 13
Slide 14: Key financials
KEY FINANCIALS 14
Slide 15: Financial highlights
FINANCIAL HIGHLIGHTS Q1 2011 Q1 2012 Q1 2013 % Revenue 191.6 223.9 225.8 + 0.8% EBITDA 21.3 25.0 25.4 + 1.5% EBITDA margin 11.1% 11.2% 11.3% – EBIT 15.1 17.7 18.1 + 1.9% EBIT margin 7.9% 7.9% 8.0% – Result before income tax 11.9 14.7 15.6 + 5.9% Consolidated net result for the period 12.6 10.7 11.0
Slide 16: Capital employed
CAPITAL EMPLOYED* Net working capital (in relation to revenue) Non-current operating assets 588 600 531 477 481 500 443 172 (18%) 103 (14%) 143 (16%) 400 168 (23%) 131 (26%) 300 200 378 388 416 309 312 100 0 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Increase through expansion of business volume, Î rel
Slide 17: Investments
INVESTMENTS Net investments Depreciation, amortization, and impairment 15 12.2 10 7.3 7.0 7.4 5.5 5.3 6.2 4.9 5 4.1 3.0 0 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Î Investments to support further development of the areas Acc. to IFRS in EUR million. Minor rounding differences may occur. 17
Slide 18: Gearing ratio and equity
GEARING RATIO AND EQUITY Net debt Equity Gearing % 400 363.5 80% 344.9 350 291.1 317.6 62.4% 63.4% 295.2 56.6% 300 49.6% 51.5% 60% 250 226.7 184.6 195.1 200 163.6 40% 146.5 150 100 20% 50 0 0% Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Issue of a promissory note loan (Q4 2012) Î has increased debt Acc.
Slide 19: Free cash flows
FREE CASH FLOWS Q1 2011 Q1 2012 Q1 2013 EBTDA 18,1 22.0 22.9 +/– Non-cash result from companies at equity (1.0) (1.2) 0.7 +/– Change in working capital (12.7) (12.1) (4.0) +/– Cash flows from tax payments (1.4) (1.2) (1.6) Cash flows from operating activities 3.0 7.5 18.0 +/– Cash flows from investi
Slide 20: Outlook
OUTLOOK 20
Slide 21: Outlook and objectives – internally
OUTLOOK AND OBJECTIVES – INTERNALLY Internationalization strategy to be continued » Focus on China, 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 administra
Slide 22: Outlook and objectives – externally
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 Î Slight revenue growth expected for 2013 22
Slide 23: Investor Relations
INVESTOR RELATIONS Herbert Ortner, CEO Hannes Roither, Company Spokesperson Phone +43 662 46 84-2222 Phone +43 662 46 84-2260 h.ortner@palfinger.com h.roither@palfinger.com PALFINGER AG Franz-Wolfram-Scherer-Strasse 24 5020 Salzburg www.palfinger.ag This presentation contains forward-looking stateme
Slide 24: Back up
BACK UP 24
Slide 25: Balance sheet structure
BALANCE SHEET STRUCTURE ASSETS LIABILITIES Current liabilities Current assets Non-current liabilities Non-current assets Equity 1000 1000 843 843 774 774 212 420 248 377 500 500 267 181 397 422 345 363 0 0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Long-term financial structure, Î promissory note loan placed i
Slide 26: Financing structure as at 31 March 2013
FINANCING STRUCTURE AS AT 31 MARCH 2013 200 182 Ø Interest rate 3.08% 150 Ø Remaining time to maturity 3.0 years Financial assets EUR 18.7m 100 Equity ratio 43.1% 47 50 21 0 Maturity 2013 2014 after 2014 Acc. to IFRS in EUR million. Minor rounding differences may occur. 26
Slide 27: Palfinger shares
PALFINGER SHARES SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 31 MARCH 2013 1% PALFINGER AG ISIN AT0000758305 34% Number of shares 35,730,000 free float thereof own shares 328,090 Share price as at EUR 22.66 end of period Market capitalization EUR 809.6m Earnings per share EUR 0.31 65% Palfin
Slide 28: Performance of Palfinger shares 2012
PERFORMANCE OF PALFINGER SHARES 2012 200 180 PALFINGER AG EUR 22.50 160 140 DAX 120 ATX 100 80 2 Jan 2012 2 Jan 2013 30 Apr 2013 28
Slide 29: Research reports
RESEARCH REPORTS Berenberg Bank HSBC Deutsche Bank Kepler Cheuvreux Erste Group RCB Goldman Sachs UBS Hauck & Aufhäuser Earnings Estimates – consensus (EUR million) 2013e 2014e Revenue 1,021.1 1,113.9 Equity 87.9 106.5 Earnings per share (EUR) 1.51 1.87 29
Slide 30: Financial calendar 2013
FINANCIAL CALENDAR 2013 8 August 2013 Publication of results for the first half of 2013 Publication of results for the 8 November 2013 first three quarters of 2013 30