Slide 1: Presentation on the third quarter of 2012
PALFINGER AG Presentation on the third quarter of 2012 9 November 2012
Slide 2: Market volatility: importance of flexibility and internationality is increasing
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 Importance of flexibility and internationality is increasing Acc. to IFRS in EUR million. 2
Slide 3: Highlights
HIGHLIGHTS Revenue increased by 10.3% to EUR 688.2 million » Growth achieved in the regions outside Europe (+ 43%) » AREA UNITS contribute 33% to consolidated revenue » Acquisitions made in CIS in 2011 accounted for more than one third At EUR 52.0 million, EBIT was kept at the previous year‘s level
Slide 4: Strategy
STRATEGY 4
Slide 5: Palfinger at a glance
PALFINGER AT A GLANCE Leading international manufacturer of innovative lifting solutions » Number one in loader cranes, timber and recycling cranes and container handling systems » Number two in tail lifts and truck mounted forklifts » Leading specialist in high-tech railway solutions Global distrib
Slide 6: Internationalization
INTERNATIONALIZATION REVENUE Q1–Q3 2011 REVENUE Q1–Q3 2012 25.2% 32.7% AREA UNITS AREA UNITS 74.8% 67.3% EUROPEAN UNITS EUROPEAN UNITS 6
Slide 7: Successful market entry in China with the Sany Group
SUCCESSFUL MARKET ENTRY IN CHINA WITH THE SANY GROUP Sany Palfinger with site in Ningxiang » Production and distribution of PALFINGER products in China » Construction of separate plant planned » Establishment of a sales and services network Palfinger Sany with registered seat in Salzburg » Distribut
Slide 8: Acquisition of Bergen Group Dreggen AS
ACQUISITION OF BERGEN GROUP DREGGEN AS (DREGGEN) Takeover agreed upon on 30 Oct 2012 (subject to approval) Tailor-made crane solutions for the ship-building, oil and gas industries (expansion of the PALFINGER portfolio) Strong position in Norway, renowned international customers Revenue 2011: approx
Slide 9: Segments
SEGMENTS 9
Slide 10: Segment financials
SEGMENT FINANCIALS SEGMENT REVENUE Q1–Q3 2011 Q1–Q3 2012 % EUROPEAN UNITS 466.5 463.0 (0.8%) AREA UNITS 157.5 225.3 + 43.0% VENTURES – – – SEGMENT EBIT Q1–Q3 2011 Q1–Q3 2012 % EUROPEAN UNITS 64.7 58.1 (10.1%) AREA UNITS (4.8) 6.2 – VENTURES (7.0) (10.8) (54.7%) Acc. to IFRS in EUR million. Minor rou
Slide 11: European Units segment
EUROPEAN UNITS SEGMENT Increasing decline in demand in Europe » Germany and France still recording high volumes » Spain, Greece and Italy remain weak Business units show heterogeneous development » Increase in revenue in tail lifts, truck mounted forklifts and railway systems » Considerable declines
Slide 12: Area Units segment
AREA UNITS SEGMENT Revenue increased by 43.0%, EBIT positive since Q4 2011 Strong growth in North America Establishment of new products in South America; further increases expected Further development in Asia marked by market entry in China First achievements in India; expansion of local value creat
Slide 13: Ventures unit
VENTURES UNIT Implementation of partnership with Chinese Sany Group » Joint ventures approved in Q3, operations started Further development of the Indian, South American and Russian regions » Acquisition of Tercek (BR) Expansion of business area Marine Systems » Acquisition of Dreggen (NO) Continuat
Slide 14: Key financial figures
KEY FINANCIAL FIGURES 14
Slide 15: Financial highlights
FINANCIAL HIGHLIGHTS Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 % Revenue 464.9 624.0 688.2 + 10.3% EBITDA 40.3 73.5 74.4 + 1.2% EBITDA margin 8.7% 11.8% 10.8% – EBIT 23.7 52.4 52.0 (0.9%) EBIT margin 5.1% 8.4% 7.5% – Result before income tax 19.4 43.3 43.9 + 1.5% Consolidated net result for the period 11.7 3
Slide 16: Quarterly figures
QUARTERLY FIGURES Revenue EBIT 241 250 223 222 224 223 50 210 187 192 200 40 168 168 150 119 129 30 117 100 20 20.9 19.5 50 16.5 17.7 10 13.5 15.1 15.5 14.8 11.0 9.1 0 3.6 0 0.3 0.9 -50 -10 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 EBIT 0.2% 0.8% 2.7% 6.5% 5.4% 7.
Slide 17: Capital employed
CAPITAL EMPLOYED* Net working capital (in relation to revenue) Non-current operating assets 600 542 496 500 464 456 413 149 (16%) 118 (15%) 400 158 (27%) 133 (16%) 150 (19%) 300 200 378 392 306 323 100 263 0 Q1–Q3 2008 Q1–Q3 2009 Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 Increase through expansion of busines
Slide 18: Investment
INVESTMENT Investment Depreciation, amortization, and impairment 50 38.1 40 34.6 30 21.1 22.5 20 15.7 16.2 16.7 17.1 10.4 9.2 10 0 Q1–Q3 2008 Q1–Q3 2009 Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 Acc. to IFRS in EUR million. Minor rounding differences may occur. 18
Slide 19: Gearing ratio and equity
GEARING RATIO AND EQUITY Net debt Equity Gearing % 400 367.1 100% 319.8 339.5 350 315.8 286.9 300 75% 250 187.9 169.8 200 51.2% 50% 161.5 56.3% 152.4 48.2% 150 133.5 50.0% 41.7% 100 25% 50 0 0% Q1–Q3 2008 Q1–Q3 2009 Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 Higher dividend and acquisition of properties (Grou
Slide 20: Balance sheet structure
BALANCE SHEET STRUCTURE ASSETS LIABILITIES Current liabilities Current assets Non-current liabilities Non-current assets Equity 791 791 800 735 800 735 208 600 350 386 600 249 216 400 400 146 200 384 405 200 339 367 0 0 Q3 2011 Q3 2012 Q3 2011 Q3 2012 Long-term financial structure; new promissory no
Slide 21: Financing structure as at 30 September 2012
FINANCING STRUCTURE AS AT 30 SEPTEMBER 2012 140 125 Ø Interest rate 2.79% 120 Ø Remaining time to 100 2.52 years maturity 80 Financial assets EUR 10.6m 62 60 Equity ratio 46.4% 40 23 20 0 Maturity 2012 2013 after 2013 Acc. to IFRS in EUR million. Minor rounding differences may occur. 21
Slide 22: Free cash flows
FREE CASH FLOWS Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 EBTDA 36.0 64.3 66.4 +/– Non-cash result from 2.0 (0.3) (2.2) companies at equity +/– Change in working capital (2.3) (24.9) (23.7) +/– Cash flows from tax payments (2.8) (8.4) (9.5) Cash flows from operating activities 32.9 30.7 31.0 +/– Cash flows f
Slide 23: Palfinger shares
PALFINGER SHARES SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 28 SEPTEMBER 2012 5% 1% Delta Lloyd PALFINGER AG ISIN AT0000758305 29% Number of shares 35,730,000 free float thereof own shares 340,590 Share price as at end EUR 16.57m of period Market capitalization EUR 592.0m Earnings per share
Slide 24: Outlook
OUTLOOK 24
Slide 25: Outlook and objectives – internally
OUTLOOK AND OBJECTIVES – INTERNALLY Internationalization strategy to be continued » Focus on Asia and Russia; expansion of product portfolio in the areas Start-up of the China joint ventures Growth boost in the business area Marine Systems Further increase in flexibility throughout all areas Complex
Slide 26: 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 26
Slide 27: Research reports
RESEARCH REPORTS Berenberg Bank Hauck & Aufhäuser Cheuvreux HSBC Deutsche Bank Kepler Erste Bank RCB Goldman Sachs UBS Earnings estimates – consensus (EUR million) 2012e 2013e Revenue 889.1 930.6 EBIT 67.0 75.8 Earnings per share (EUR) 1.18 1.29 27
Slide 28: Financial calendar 2013
FINANCIAL CALENDER 2013 11 February 2013 Balance sheet press conference 6 March 2013 Annual General Meeting 8 March 2013 Ex-dividend day 12 March 2013 Dividend payment day Publication of results for the 8 May 2013 first quarter of 2013 Publication of results for the 8 August 2013 first half of 2013
Slide 29: 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 30: Performance of Palfinger shares since 2011
PERFORMANCE OF PALFINGER SHARES SINCE 2011 120 DAX 100 80 ATX 60 PALFINGER AG EUR 15.60 40 3 Jan 2011 2 Jan 2012 25 Oct 2012 30