Wacker Neuson Se · XETR:WAC
Wacker Neuson — Q1 2018 Earnings Presentation
14 slides from Wacker Neuson's earnings presentation, May 8, 2018
Slide 1: Wacker Neuson SE – Q1/18 Conference Call
Wacker Neuson SE – Q1/18 Conference Call Martin Lehner (CEO), Wilfried Trepels (CFO) May 8, 2018
Slide 2: Agenda
Agenda Q1/18 Overview Financials Outlook Wacker Neuson SE, Q1/18 conference call, May 8, 2018 2
Slide 3: Key Figures
Key Figures Q1/18 Revenue yoy EBIT yoy Adj. EBIT yoy +9.5% +60.8% +41.1% (€ 370.5m) (margin: 6.2%) (margin: 6.2%) Op. CF FCF EPS yoy € -41m € -45m +61.5% (Q1/17: € -19m) (Q1/17: € -26m) (€ 0.21) March 31, 2018 NWC1-ratio: 37.9% DIO2: 150 days Equity ratio: 65.8% (-4.9PP yoy) (-17 days yoy) (-1.2PP y
Slide 4: Progress with “Strategy 2022”
Progress with “Strategy 2022” CUSTOMER-CENTRICITY ACCELERATION Expansion of (direct) sales network to include Slovakia1 R&D focus: Alternative drive technologies, presentation of further zero emission products at INTERMAT in France (April 2018) Optimization and expansion of dealer structure in
Slide 5: Highlights from operational activities
Highlights from operational activities Asia: Excavator production starts on schedule in China Series production of mini excavators started in January; first machines successfully delivered to customers. Further models to be localized during the year. Integration of first products from Philippine
Slide 6: Agenda
Agenda Q1/18 Overview Financials Outlook Wacker Neuson SE, Q1/18 conference call, May 8, 2018 6
Slide 7: Revenue and earnings
Revenue and earnings Revenue and earnings significantly higher than in Q1/17 Comments Revenue +9.5% EBIT [€ m] margin Revenue +9.5% 500 20% 425 Strong demand in core markets Europe and North America, deliveries 381 379 392 371 400 348 339 delayed by bottlenecks on supplier side 316 316 15% 300 11.
Slide 8: Business development by region and business segment
Business development by region and business segment Growth mainly driven by Europe and North America Comments Revenue [€ m] share yoy EBIT1 Revenue Europe +8% yoy (adj. for currency effects: +9%) Europe 267.8 72% +8% 36.2 Strong growth in particular in France, England, Poland, Austria and Benelux
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 1.7 235 237 245 224 60% 1.5 1.4 206 195 193 1.5 1.3 50% 1.2 200 148 40% 0.9 1.0 0.8 22% 24% 21% 22% 23% 30% 0.7 19%
Slide 10: Management of net working capital proving effective
Management of net working capital proving effective Free cash flow negative due to seasonality Days inventory outstanding (DIO)2 down 17 days yoy Free cash flow Ø Inventory DIO2 in days [€ m] 51 [€ m] 50 46 470 300 35 500 455 446 445 452 445 434 435 443 28 30 19 400 250 12 10 300 187 180 200 167 200
Slide 11: Share & Dividend proposal to AGM
Share & Dividend proposal to AGM Our share in 2017 & 2018 Stable dividend policy (40 – 50% payout ratio)3 2.5 100% +93% -9%1 % 62% 80% 53% 48% 2 46% 60% 240 38% 220 40% 200 1.5 1.30 20% 1.25 180 0% 160 1 0.87 0.94 -20% 0.81 140 0.60 -40% 120 0.50 0.50 0.50 0.5 0.40 -60% 100 -80% 80 0 -100% 2 2013 20
Slide 12: Agenda
Agenda Q1/18 Overview Financials Outlook Wacker Neuson SE, Q1/18 conference call, May 8, 2018 12
Slide 13: Outlook for 2018
Outlook for 2018 Business index for the construction industry at a high level Business index for the agricultural sector at a high level 47.0 2012 2013 2014 2015 2016 2017 Source: CECE, April 2018. Source: CEMA, March 2018. Guidance for fiscal 2018 as a whole confirmed Comments Revenue EBIT Busine
Slide 14: Financial calendar and contact
Financial calendar and contact May 14, 2018 London roadshow May 15, 2018 Zurich roadshow May 16, 2018 Equity Forum (spring edition), Frankfurt May 23, 2018 Berenberg Tarrytown Conference, New York May 30, 2018 Annual General Meeting, Munich June 6, 2018 DB Access Conference, Berlin June 20, 2018 Par