Slide 1: PALFINGER AG Presentation on the first quarter of 2012
PALFINGER AG Presentation on the first quarter of 2012 May 2012
Slide 2: Highlights
Highlights • Two-digit growth rate continued in the first quarter • Record revenue of EUR 223.9 million; increase of 16.9% 27% of growth due to acquisitions made in 2011 • EBIT increased by 17.1%, to EUR 17.7 million • Importance of internationalization and flexibility Strong growth outside of E
Slide 3: Strategy
Strategy
Slide 4: PALFINGER at a glance
PALFINGER at a glance • Leading international manufacturer of innovative lifting, loading and handling systems Number one in knuckle boom cranes, timber and recycling cranes, and hookloaders Number two in tail lifts and transportable forklifts Leading specialist in high-tech railway system sol
Slide 5: Internationalization
Internationalization Revenue Q1 2011 Revenue Q1 2012 23.3% 31.9% AREA UNITS AREA UNITS 76.7% 68.1% EUROPEAN UNITS EUROPEAN UNITS 5
Slide 6: PALFINGER in China
PALFINGER in China • Strategic options have been explored for over a year • China’s importance as a sales market and competitor is increasing The world‘s largest truck market (> 40%) Largest market worldwide for construction machinery (> 25%) Tremendous growth in truck bodies expected 6
Slide 7: Growth in the Chinese market
Growth in the Chinese market Number of units of knuckle boom and telescopic cranes 30,000 CAGR + 22% 10,000 7,000 6,000 4,000 3,000 China 2010 China 2017e Japan Brazil Germany France China will become the largest market; limited growth in developed countries Source: PALFINGER 7
Slide 8: Sany Heavy Industry
Sany Heavy Industry • Largest producer of building machinery in China, seventh largest in the world • World market leader in concrete machines • Founded in 1994; today among the world’s 500 largest companies • Approx. 50,000 employees in China, USA, Germany, Brazil, India • Revenue 2010: EUR 6.1 bil
Slide 9: Two joint ventures with Sany
Two joint ventures with Sany Sany Palfinger Palfinger Sany (50:50 joint venture): (50:50 joint venture): Crane production in China Sale of mobile cranes Objective: Become the strongest Objective: Become a major player competitor in China and dominate in the mobile cranes market the segment for stand
Slide 10: Segments
Segments
Slide 11: Segment financials
Segment financials Segment revenue Q1 2011 Q1 2012 % EUROPEAN UNITS 146.9 152.5 + 3.8% AREA UNITS 44.7 71.4 + 59.8% VENTURES – – – Segment EBIT Q1 2011 Q1 2012 % EUROPEAN UNITS 19.5 21.6 + 10.9% AREA UNITS (2.6) 0.8 – VENTURES (1.8) (3.9) (118.6%) Acc. to IFRS in EUR million Minor rounding differenc
Slide 12: EUROPEAN UNITS segment
EUROPEAN UNITS segment • Development still positive, but heterogeneous Excellent increases in Germany, France and GB Spain, Portugal, Greece and Italy still weak • Continued upward trend in knuckle boom cranes and access platforms • Hookloaders sustainably profitable • Growth of the business uni
Slide 13: AREA UNITS segment
AREA UNITS segment • Revenue increased by 59.8 per cent, EBIT positive since the fourth quarter of 2011 • Strong growth in North America • Establishment of new products in South America • Further development in Asia marked by market entry in China • First successes in India; expansion of local value
Slide 14: VENTURES unit
VENTURES unit • Partnership with Chinese Sany Group successfully established • Further development of the Indian and Russian regions • Expansion of business unit Marine Systems • Continuation of cost-related and structural programmes 14
Slide 15: Key financial figures
Key financial figures
Slide 16: Financial highlights
Financial highlights Q1 2010 Q1 2011 Q1 2012 % Revenue 129.4 191.6 223.9 + 16.9% EBITDA 8.5 21.3 25.0 + 17.5% EBITDA margin 6.5% 11.1% 11.2% – EBIT 3.6 15.1 17.7 + 17.1% EBIT margin 2.7% 7.9% 7.9% – Result before income tax 2.3 11.9 14.7 + 23.5% Consolidated net result for the period 0.8 12.6 10.7 (
Slide 17: Quarterly figures
Quarterly figures Revenue EBIT (incl. associated companies) 250 223 222 224 50 210 200 187 192 40 168 168 140 129 129 150 119 117 30 100 20 20.9 50 16.5 15.5 17.7 10 13.5 15.1 11.0 9.1 0 0 3.6 (2.7) (1.5) 0.3 0.9 -50 -10 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 E
Slide 18: Capital employed
Capital employed* Net working capital (in relation to revenue) Non-current operating assets 600 481 531 477 500 443 372 143 (16%) 400 103 (14%) 168 (23%) 131 (26%) 300 127 (17%) 200 378 388 309 312 100 245 0 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Increase through expansion of business volume, relat
Slide 19: Investment
Investment Investment Depreciation, amortization, and impairment 15 12.7 12.5 10 7.3 5.6 5.3 4.9 5.6 6.2 4.8 5 3.2 0 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Acc. to IFRS in EUR million. Minor rounding differences may occur. 19
Slide 20: Gearing ratio and equity
Gearing ratio and equity Net debt Equity Gearing % 400 80% 329.2 344.9 350 291.1 70% 287.8 63.4% 49.6% 295.2 56.6% 300 60% 49.7% 250 50% 184.6 195.1 200 28.7% 146.5 163.6 40% 150 30% 82.6 100 20% 50 10% 0 0% Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Higher dividend and acquisition of properties (Group
Slide 21: Financing structure as at 31 Mar 2012
Financing structure as at 31 Mar 2012 120 101 Ø Interest rate 3.65% 100 89 Ø Remaining time to 1.84 years 80 maturity Financial assets EUR 10.9m 60 Equity ratio 44.6% 40 23 20 0 Maturity 2012 2013 after 2013 Acc. to IFRS in EUR million. Minor rounding differences may occur. 21
Slide 22: PALFINGER share
PALFINGER share Shareholder structure Shareholder information as at 30 Mar 2012 ISIN AT0000758305 5% 1% Delta Lloyd PALFINGER AG Number of shares 35,730,000 thereof own shares 340,590 29% Share price as at free float EUR 18.91 end of period Market capitalization EUR 675.7m 65% Palfinger family 22
Slide 23: Outlook
Outlook
Slide 24: Outlook and objectives – internally
Outlook and objectives – internally • Internationalization strategy to be continued Focus remains on Asia and Russia Expansion of product portfolio in the areas • Preparations for the start-up of the China joint ventures • Further increase in flexibility throughout all units • Complexity managem
Slide 25: Outlook and objectives – externally
Outlook and objectives – externally • Weak economic development in Europe • Market growth in non-European regions expected, primarily in BRIC countries • Persistent volatility in demand noticeable PALFINGER strives to increase revenue slightly in 2012 25
Slide 26: 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 Fax: +43 662 46 84-2280 This presentation contains forward-lookin
Slide 27: Performance of the PALFINGER share since 2011
Performance of the PALFINGER share since 2011 120 100 DAX 80 ATX PALFINGER AG 60 EUR 18.42 40 20 3 Jan 2011 2 Jan 2012 30 Apr 2012 27