Slide 1: PALFINGER AG Preliminary Results 2010
PALFINGER AG Preliminary Results 2010 January 2011
Slide 2: PALFINGER at a glance
PALFINGER at a glance • Leading international manufacturer of hydraulic lifting, loading, and handling systems for commercial vehicles Number one in knuckle boom cranes, timber and recycling cranes, and hookloaders Number two in tail lifts and transportable forklifts Leading specialist in high
Slide 3: PALFINGER share
PALFINGER share Shareholder structure Shareholder information as of 30 December 2010 ISIN AT0000758305 5% 1% Aviva plc PALFINGER AG Number of shares 35,730,000 Share price as of EUR 28.75 29% end of period free float Market capitalisation EUR 1,027.2 million 65% Palfinger family 3
Slide 4: Share price PALFINGER AG
2007–2010 in fast motion: Post-crisis growth Reduction in fixed costs Cutbacks in temporary workers Strengthening of structure of Further reduction in Short-time assets and earnings, capital employed for work ended fixed cost savings a short term Market contraction in Share price PALFINGER AG the US
Slide 5: Highlights 2010e
Highlights 2010e • Market recovery continued in 2010 • Strengthening of structure of earnings and assets Comprehensive programme completed in 2009 • Focus in 2010: Reduction of current capital employed increases financial flexibility • 3 acquisitions, funded from operating cash flows ETI strengt
Slide 6: Highlights 2010e
Highlights 2010e • Continuation of further internationalisation efforts Nearly 30% of revenue generated outside Europe in 2010 • Revenue of EUR 650 million is 29% higher than in 2009 Acquisitions contributed around 7% to revenue • EBITDA increased from EUR 16 million to EUR 58 million • Above-av
Slide 7: New business unit Marine Systems
New business unit Marine Systems • Majority stakeholding in Ned-Deck Marine (75%) in Q3 Market leader in the standard segment of rescue boat davits Core markets: Netherlands, Norway, India, USA Major target markets: Japan, Korea, China, Vietnam • Acquisition of the marine and wind power divisi
Slide 8: Financial highlights 2010e
Financial highlights 2010e 2010e 2009 2008 Revenue 650 505.4 794.8 EBITDA 58 16.4 97.8 EBITDA margin 9% 3.3% 12.3% EBIT 35 (5.0) 69.1 EBIT margin 5% (1.0%) 8.7% Dividend in EUR 0.22 1) 0.00 0.39 Average annual payroll 2) 4,735 4,517 4,664 Acc. to IFRS in million EUR Minor rounding differences may oc
Slide 9: Quarterly figures
Quarterly figures Revenue EBIT 250 50 209 215 191 184 188 185 200 168 168 40 140 129 129 150 119 117 30 29.5 29.8 100 26.3 20 50 15.3 10 10.1 8.8 13 0 0 (5.6) 1.0 3.4 -50 (3.3) (2.6) (0.2) -10 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10e EBIT 13.8% 14.1% 13.9% 8.3%
Slide 10: Investment
Investment Investment in property, plant, and equipment Depreciation, amortisation, and impairment 60 48.3 50 38.6 40 30 20 15.7 16.2 16.6 13.0 10.7 9.9 10 6.0 6.7 0 Q1–Q3 2006 Q1–Q3 2007 Q1–Q3 2008 Q1–Q3 2009 Q1–Q3 2010 Investment programme 2006–2008 completed Acc. to IFRS in million EUR Minor roun
Slide 11: Gearing ratio and equity
Gearing ratio and equity Net debt Equity Gearing % 350 319.8 315.9 100% 300 277.3 286.9 228.0 75% 250 200 161.5 56.3% 150.5 150 133.5 47.7% 50% 41.7% 100 25% 39.4 6.8% 50 15.4 14.2% 0 0% Q1–Q3 2006 Q1–Q3 2007 Q1–Q3 2008 Q1–Q3 2009 Q1–Q3 2010 Gearing below 50% threshold in spite of acquisitions Acc.
Slide 12: Outlook
Outlook
Slide 13: Outlook and objectives – internally
Outlook and objectives – internally • Market recovery results in increasing visibility • Further increase in flexibility as a material factor of success • Integration of the new marine and wind power business • Investment in market activities and strong network continued • Further steps towards grow
Slide 14: Outlook and objectives – externally
Outlook and objectives – externally • Macroeconomic development currently expected to be positive • Upward trend in major markets likely to continue • Revenue growth of around 20% striven for in 2011 Exceptional increase in earnings expected to continue 14
Slide 15: 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 16: Backup
Backup
Slide 17: Performance of the PALFINGER share since 2009
Performance of the PALFINGER share since 2009 260 PALFINGER AG 240 EUR 28.75 220 200 180 160 ATX 140 DAX 120 100 80 60 2 Jan 2009 30 Dec 2009 30 Dec 2010 17
Slide 18: Research reports
Research reports Berenberg Bank Hauck & Aufhäuser Cheuvreux HSBC Deutsche Bank RCB Erste Bank UBS Goldman Sachs UniCredit Earnings Estimates – Consensus (in million EUR) 2011e 2012e Revenue 781.3 870.2 EBIT 83.7 111.6 Earnings per share (EUR) 1.50 2.11 18
Slide 19: Financial calendar 2011
Financial calendar 2011 23 February 2011 Balance sheet press conference 30 March 2011 Annual General Meeting 10 May 2011 Publication of results for the first quarter 2011 10 August 2011 Publication of results for the first half 2011 10 November 2011 Publication of results for the first three quarter