Slide 1: PALFINGER AG Presentation on the first quarter of 2014
PALFINGER AG Presentation on the first quarter of 2014 May 2014
Slide 2: Ongoing Market Volatility
ONGOING MARKET VOLATILITY REVENUE (HALF YEAR) AREA UNITS EUROPEAN UNITS 550 500 450 400 350 300 250 200 150 100 50 0 -50 2005 2006 2007 2008 2009 2010 2011 2012 2013 è Flexibility and interna.onality as bases for success Acc. to IFRS in EUR million. 2
Slide 3: Highlights Q1
HIGHLIGHTS Q1 ! Continued growth » Considerable increases in Europe » Harsh winter in North America and exchange rate fluctuations slowed down growth in AREA UNITS ! Revenue increased by 18.5% to EUR 267.6 million ! EBIT rose by 11.3% to EUR 20.1 million » Significant increase in earnings of 25% in
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
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 cu
Slide 7: Strategic Highlights Q1
STRATEGIC HIGHLIGHTS Q1 ! Closing of the Systems/Megarme transaction in January! ! Annual General Meeting resolved to pay a higher dividend! ! Resolution on mutual participations of PALFINGER and SANY! è 2014 – a year of consolidation 7
Slide 8: Internationalization (1)
INTERNATIONALIZATION (1) STRATEGIC TARGET REVENUE Q1 2014 ASIA & PACIFIC ASIA & PACIFIC CIS CIS EMEA 13.8% ⅓ ⅓ AMERICAS 23.4% 62.8% ⅓ AMERICAS EMEA 8
Slide 9: Internationalization (2)
INTERNATIONALIZATION (2) REVENUE 2009 REVENUE Q1 2014 3.2% 2.1% 4.6% 4.1% REST OF EUROPE AFRICA AND REST OF AFRICA AND CIS 0.4% MIDDLE EAST EUROPE MIDDLE EAST FAR EAST 3.5% CIS 4.5% 7.0% 9.3% CENTRAL AND FAR EAST SOUTH AMERICA 12.3% 6.4% NORTH AMERICA CENTRAL AND SOUTH AMERICA 17.0% 54.1% 71.7% NORT
Slide 10: Segments
SEGMENTS 10
Slide 11: Segment Financials
SEGMENT FINANCIALS SEGMENT REVENUE Q1 2013 Q1 2014 % EUROPEAN UNITS 153.1 191.5 + 25.0% AREA UNITS 72.7 76.1 + 4.8% VENTURES – – – SEGMENT EBIT Q1 2013 Q1 2014 % EUROPEAN UNITS 20.7 26.0 + 25.6% AREA UNITS 1.9 (1.2) (164.5%) VENTURES (4.2) (4.7) (12.8%) Acc. to IFRS in EUR million. Minor rounding di
Slide 12: European Units Segment
EUROPEAN UNITS SEGMENT ! Increase in revenue of 25.1% to EUR 191.5 million! » All business units posted increases! » Systems/Megarme generated revenue of EUR 4.3 million! ! EBIT rose by 25.6% to EUR 26.0 million! » High margin of 13.6% despite investments! 12
Slide 13: Area Units Segment
AREA UNITS SEGMENT ! Revenue rose by 4.6% to EUR 76.1 million! » Share in revenue came to 28.5%! » Good order intake in North America, success for EPSILON! » Slow public funding in Brazil ! » Increases in CIS! ! EBIT negative again for the first time at –EUR 1.2 million! » Weather-related declines i
Slide 14: Key Financials
KEY FINANCIALS 14
Slide 15: Key Figures
KEY FIGURES Q1 2012 Q1 2013 Q1 2014 % Revenue 223.9 225.8 267.6 + 18.5% EBITDA 25.0 25.4 28.6 + 12.7% EBITDA margin 11.2% 11.3% 10.7% – EBIT 17.7 18.1 20.1 + 11.3% EBIT margin 7.9% 8.0% 7.5% – Result before income tax 14.7 15.6 17.0 + 8.8% Consolidated net result for the 10.7 11.0 11.9 + 8.2% period
Slide 16: Quarterly Figures
QUARTERLY FIGURES Revenue EBIT 300 50 265 268 241 247 249 241 250 223 222 224 223 226 40 210 192 200 30 150 20 100 20.9 21.1 20.1 19.5 18.1 18.1 15.1 16.5 17.7 16.5 16.9 15.5 14.8 10 50 0 0 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 EBIT 7.9% 9.4% 7.8% 7.0% 7.9% 8.
Slide 17: Capital Employed
CAPITAL EMPLOYED* Net working capital (as percentage of revenue) Non-current operating assets 631 588 600 531 481 187 (17%) 500 443 172 (18%) 143 (16%) 400 103 (14%) 131 (26%) 300 200 388 416 444 378 312 100 0 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 è Increase through acquisitions * Average. Acc. t
Slide 18: Investments
INVESTMENTS Net investments Depreciation, amortization and impairment 15 12.2 11.5 10 8.5 7.3 7.0 7.4 6.2 4.9 5 4.1 3.0 0 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 è Investments made primarily in Systems/Megarme 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 % 450 80 % 70.2 % 386.4 400 344.9 62.4 %363.5 350 295.2 317.6 56.6 % 60 % 51.5 % 271.1 300 49.6 % 250 226.7 195.1 40 % 200 146.5 163.6 150 100 20 % 50 0 0% Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 è Equity ratio at a high level Acc. to IFRS in EUR mil
Slide 20: Free Cash Flows
FREE CASH FLOWS Q1 2012 Q1 2013 Q1 2014 EBTDA 22.0 22,9 25.4 +/– Non-cash result from companies at equity (1.2) 0.7 1.9 +/– Change in working capital (12.1) (4.0) (21.2) +/– Cash flows from tax payments (1.2) (1.6) 0.0 Cash flows from operating activities 7.5 18.0 6.1 +/– Cash flows from investing a
Slide 21: Outlook
OUTLOOK 21
Slide 22: Outlook and Objectives – Internally
OUTLOOK AND OBJECTIVES – INTERNALLY ! Consolidation following rapid expansion in 2013! ! Focus on further steps in South America and the Marine business area! ! Introduction of additional product groups in BRIC markets, primarily China! ! Further increase in flexibility! ! Establishment of two plant
Slide 23: Outlook and Objectives – Externally
OUTLOOK AND OBJECTIVES – EXTERNALLY ! Improvement of economic situation in Europe noticeable ! ! Further growth, also in the areas! ! Huge potential of Systems/Megarme business area! ! Organic and inorganic growth in revenue expected è Once again, record revenue is planned 23
Slide 24: 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 25: Back Up
BACK UP 25
Slide 26: Balance Sheet Structure
BALANCE SHEET STRUCTURE ASSETS LIABILITIES Current liabilities Current assets Non-current liabilities Non-current assets Equity 1000 938 1000 938 843 843 800 800 283 476 212 600 420 600 267 269 400 400 200 422 462 200 363 386 0 0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 è Long-term financial structure Acc.
Slide 27: Financing Structure as at 31 March 2014
FINANCING STRUCTURE AS AT 31 MARCH 2014 200 169 Ø Interest rate 2.87% 150 Ø Remaining time to maturity 2.5 years Financial assets EUR 15.9m 100 66 Equity ratio 41.2% 52 50 0 Maturity 2014 2015 after 2015 Acc. to IFRS in EUR million. Minor rounding differences may occur. 27
Slide 28: PALFINGER Shares Shareholder Structure
PALFINGER SHARES SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 31 MARCH 2014 1% PALFINGER AG ISIN AT0000758305 34% Number of shares 35,730,000 free float thereof own shares 328,090 Share price as at end EUR 28.20 of period Market capitalization EUR 1,007.6m Earnings per share EUR 0.34 65% Palf
Slide 29: Performance of PALFINGER Shares Since 2013
PERFORMANCE OF PALFINGER SHARES SINCE 2013 200 180 160 PALFINGER AG EUR 26.6 140 DAX 120 100 ATX 80 2 Jan 2013 2 Jan 2014 30 Apr 2014 29
Slide 30: Research Reports
RESEARCH REPORTS Berenberg Bank HSBC Deutsche Bank Kepler Cheuvreux Erste Group RCB Goldman Sachs UBS Hauck & Aufhäuser Earnings Estimates – Consensus (in Mio EUR) 2014e 2015e Umsatz 1,088.9 1,164.8 EBIT 94.8 110.9 Ergebnis je Aktie (in EUR) 1.58 1.90 30
Slide 31: Financial Calendar 2014
FINANCIAL CALENDAR 2014 7 August 2014 Publication of results for the first half of 2014 7 November 2014 Publication of results for the first three quarters of 2014 31