Bucher Industries Ag · SIX:BUCN
Bucher Industries — FY2001 Earnings Presentation
60 slides from Bucher Industries's earnings presentation, Apr 17, 2002
Slide 1: Financial press conference
16.04.02 1 Financial press conference Presentation for financial analysts 17 April 2002 Rudolf Hauser, Chairman Philip Mosimann, CEO Roger Baillod, CFO
Slide 2: Financial press conference
Konzern 16.04.02 2 Financial press conference Presentation for financial analysts 17 April 2002
Slide 3: 2001 Year of contrasts
Group 16.04.02 3 2001 Year of contrasts Net sales Operating result 1st half-year 2nd half-year 1st half-year 2nd half-year +6% +22% -8% -61% Change on the comparable period in the previous year
Slide 4: 2001 Highlights
Group 16.04.02 4 2001 Highlights • Group sales 1488 million CHF: practically on prior year‘s level • All divisions showed an increase in net sales in local currencies (exception Bucher Hydraulics -1%) and maintained their strong market positions • Operating result (EBIT) 70.6 million CHF: decreased
Slide 5: Multi-Business Company Bucher Industries
Group 16.04.02 5 Multi-Business Company Bucher Industries Agricultural Municipal Fruit juice Hydraulics Ceramics Container machinery and and wine components technology glass all-terrain production technology vehicles plants Kuhn Bucher Bucher Bucher Laeis- Emhart Group Automotive Foodtech Hydraulics
Slide 6: Multi-Business Company Bucher Industries
Group 16.04.02 6 Multi-Business Company Bucher Industries • With actually six industrially related core businesses in the engineering and automotive industries • Structured in six globally active divisions with a potential for further development and with decentralised responsibilities for managemen
Slide 7: Strategy of Bucher Industries
Group 16.04.02 7 Strategy of Bucher Industries • We concentrate on technologically sophisticated core businesses • We aim to be a global market leader in our specialty fields • We aim to operate successfully in the markets by being a constant innovator and providing high service levels • We are furt
Slide 8: Corporate goals of Bucher Industries
Group 16.04.02 8 Corporate goals of Bucher Industries • We want to support our customers‘ success through high quality standards • We aim to be technology leaders in our core businesses through constant innovation of our products and services • We aim to be market leaders worldwide in our speciality
Slide 9: Financial target ranges of Bucher Industries
Group 16.04.02 9 Financial target ranges of Bucher Industries • Operating result (EBIT) in % of net sales 8 - 12% • Operating result (EBITDA) in % of net sales 12 - 16% • Return on net operating assets (RONOA) 12 - 16% • Return on equity (ROE) 12 - 16%
Slide 10: Growth target of Bucher Industries
Group 16.04.02 10 Growth target of Bucher Industries • As of 1995 we have reached an average annual growth of: until 2000 until 2001 - Sales + 9.4% + 7.6% - EBIT + 13.9% + 4.8% - EBITDA + 14.0% + 7.1% - Net income + 16.4% + 5.1% • Our vision for 2002 to 2010 is an average annual growth of : - Sales
Slide 11: Multi-Business Company: Advantages to investors
Group 16.04.02 11 Multi-Business Company: Advantages to investors • Participating in the success of the highly specialised divisions • Profiting from the management’s experience in strategically judging the specialised sectors and in developing the industrially related businesses • Participating in
Slide 12: Key figures
Group 16.04.02 12 Key figures million CHF 2001 2000 Change % Incoming orders 1442.1 1636.8 -11.9 Net sales 1488.0 1502.8 -1.0 Order book 449.1 504.2 -10.9 Operating result (EBIT) 70.6 102.2 -30.9 in % of net sales 4.7 6.8 Net income for the year 48.3 76.7 -37.0 in % of net sales 3.2 5.1 Number of em
Slide 13: Net sales by divisions 2001
Group 16.04.02 13 Net sales by divisions 2001 Emhart Glass 18% Kuhn Laeis- Group Bucher 35% 4% Bucher Hydraulics 15% Bucher Bucher Foodtech Auto- 9% motive 19%
Slide 14: Net sales by geographical areas 2001
Group 16.04.02 14 Net sales by geographical areas 2001 rest of the Asia world 8% 2% America 15% hereof Switzerland 9% Europe 75%
Slide 15: Personnel by countries 2001
Group 16.04.02 15 Personnel by countries 2001 rest of the USA world Switzer- 6% 3% land Sweden 19% 7% Italy 6% Germany 17% France 42%
Slide 16: Investment for the future
Group 16.04.02 16 Investment for the future million CHF 2001 2000 Research and development 56.8 57.6 Capital expenditure 51.2 52.1
Slide 17: Results by divisions
Group 16.04.02 17 Results by divisions 2001 2000 million CHF EBIT EBIT- EBIT EBIT- margin margin Kuhn Group 59.0 11.2% 67.6 12.5% Bucher Automotive 3.9 1.4% 16.7 6.0% Bucher Foodtech -3.5 -2.5% 9.4 6.6% Bucher Hydraulics 10.4 4.6% 17.4 7.4% Laeis-Bucher -2.3 -3.5% -1.7 -2.6% Emhart Glass 16.6 6.4% 7
Slide 18: Kuhn Group: Mower conditioner
Group 16.04.02 18 Kuhn Group: Mower conditioner
Slide 19: Kuhn Group: Key figures
Divisions 16.04.02 19 Kuhn Group: Key figures million CHF 2001 2000 Change % Incoming orders 536.4 551.3 -2.7 Net sales 526.8 539.4 -2.3 Order book 193.9 189.4 +2.4 Operationg result (EBIT) 59.0 67.6 -12.7 in % of net sales 11.2 12.5 Number of employees 2115 2041 +3.6
Slide 20: Kuhn Group: Net sales by geographical areas 2001
Divisions 16.04.02 20 Kuhn Group: Net sales by geographical areas 2001 rest of the Asia world 2% 2% America 16% Europe 80%
Slide 21: Kuhn Group: Highlights 2001 / 2002
Dvisions 16.04.02 21 Kuhn Group: Highlights 2001 / 2002 • Further expansion of worldwide leading market position of tractor related agricultural machinery under one single brand name „Kuhn“ • Operating result remains at high level • Fast implementation of market trends towards high performance machi
Slide 22: Bucher Automotive: City Cat 2020
Divisions 16.04.02 22 Bucher Automotive: City Cat 2020
Slide 23: Bucher Automotive: Key figures
Divisions 16.04.02 23 Bucher Automotive: Key figures million CHF 2001 2000 Change % Incoming orders 257.1 297.4 -13.6 Net sales 276.5 276.1 +0.1 Order book 75.7 86.2 -12.2 Operating result (EBIT) 3.9 16.7 -76.6 in % of net sales 1.4 6.0 Number of employees 813 801 +1.5
Slide 24: Bucher Automotive: Net sales by geographical areas 2001
Divisions 16.04.02 24 Bucher Automotive: Net sales by geographical areas 2001 rest of the Asia world America 3% 1% 9% Europe 87%
Slide 25: Bucher Automotive: Highlights 2001 / 2002
Divisions 16.04.02 25 Bucher Automotive: Highlights 2001 / 2002 • New compact sweeper CityCat 2020 and protected version of DURO all terrain vehicle • Successful termination of deliveries of 3000 DURO to the Swiss army • International success in Venezuela and Great Britain with all terrain vehicles
Slide 26: Bucher Foodtech: Fruit juice filtration plant
Divisions 16.04.02 26 Bucher Foodtech: Fruit juice filtration plant
Slide 27: Bucher Foodtech: Key figures
Divisions 16.04.02 27 Bucher Foodtech: Key figures million CHF 2001 2000 Change % Incoming orders 130.4 158.2 -17.6 Net sales 142.7 142.9 -0.1 Order book 27.2 40.7 -33.2 Operating result (EBIT) -3.5 9.4 -137.2 in % of net sales -2.5 6.6 Number of employees 575 485 +18.6
Slide 28: Bucher Foodtech: Net sales by geographical areas 2001
Divisions 16.04.02 28 Bucher Foodtech: Net sales by geographical areas 2001 rest of the Asia world 9% 4% America 10% Europe 77%
Slide 29: Bucher Foodtech: Highlights 2001 / 2002
Divisions 16.04.02 29 Bucher Foodtech: Highlights 2001 / 2002 • Strengthened activities of fruit reception equipment, concentration technology with reverse osmosis and drying technologies through acquisitions in 2001 • Expansion into new applications of extraction of vegetable and pharmaceutical ing
Slide 30: Bucher Hydraulics: Internal gear pumps
Divisions 16.04.02 30 Bucher Hydraulics: Internal gear pumps
Slide 31: Bucher Hydraulics: Key figures
Divisions 16.04.02 31 Bucher Hydraulics: Key figures million CHF 2001 2000 Change % Incoming orders 204.5 249.8 -18.1 Net sales 226.8 233.9 -3.0 order book 37.3 58.2 -35.9 Operating (EBIT) 10.4 17.4 -40.2 in % of net sales 4.6 7.4 Number of employees 1019 1003 +1.6
Slide 32: Bucher Hydraulics: Net sales by geographical areas 2001
Divisions 16.04.02 32 Bucher Hydraulics: Net sales by geographical areas 2001 rest of the Asia world America 5% 1% 7% Europe 87%
Slide 33: Bucher Hydraulics: Highlights 2001 / 2002
Divisions 16.04.02 33 Bucher Hydraulics: Highlights 2001 / 2002 • Bottom of economic cycle seems to be reached in the beginning of 2002 • Integration of new activities with internal gear pumps successfully completed • Volume reduction and high start-up costs for new activities reduced operating resu
Slide 34: Laeis-Bucher: Tile press
Divisions 16.04.02 34 Laeis-Bucher: Tile press
Slide 35: Laeis-Bucher: Key figures
Divisions 16.04.02 35 Laeis-Bucher: Key figures million CHF 2001 2000 Change % Incoming orders 42.9 82.2 -47.8 Net sales 66.6 66.2 +0.6 Order book 14.2 38.6 -63.2 Operating result (EBIT) -2.3 -1.7 -35.3 in % of net sales -3.5 -2.6 Number of employees 333 334 -0.3
Slide 36: Laeis-Bucher: Net sales by geographical areas 2001
Divisions 16.04.02 36 Laeis-Bucher: Net sales by geographical areas 2001 Asia 26% Europe 60% America 14%
Slide 37: Laeis-Bucher: Highlights 2001 / 2002
Divisions 16.04.02 37 Laeis-Bucher: Highlights 2001 / 2002 • Market outlook of our specialised segments depends on the global economic development • Increased competition in refractory and tile production plants • One time depreciation of outstanding payments from China leads to a negative operating
Slide 38: Emhart Glass: Servo-electric container glass forming machine
Divisions 16.04.02 38 Emhart Glass: Servo-electric container glass forming machine
Slide 39: Emhart Glass: Key figures
Divisions 16.04.02 39 Emhart Glass: Key figures million CHF 2001 2000 Change % Incoming orders 270.8 297.9 -9.1 Net sales 261.1 250.9 +4.1 Order book 100.8 91.1 +10.6 Operating result (EBIT) 16.6 7.7 +115.6 in % of net sales 6.4 3.1 Number of employees 907 892 +1.7
Slide 40: Emhart Glass: Net sales by geographical areas 2001
Divisions 16.04.02 40 Emhart Glass: Net sales by geographical areas 2001 rest of the world 5% Asia 21% Europe 47% America 27%
Slide 41: Emhart Glass: Highlights 2001 / 2002
Divisions 16.04.02 41 Emhart Glass: Highlights 2001 / 2002 • Improved business performance despite weak economic development of the container glass industry • Operating result 2001more than doubled • Continued demand of replacement and rationalisation investments • Market introduction of new generat
Slide 42: Corporate goals and results
Group 16.04.02 42 Corporate goals and results Target Results in % ranges 2001 2000 Operating result (EBIT) margin 8 - 12 4.7 6.8 Operating result (EBITDA) margin 12 - 16 8.3 10.5 Return on net operating assets (RONOA) 12 - 16 8.6 13.7 Return on equity (ROE) 12 - 16 9.6 16.2
Slide 43: Outlook
Group 16.04.02 43 Outlook • All divisions expect an increase of the operating result • Bucher Foodtech expects in particular a substantial increase of the operaging result • Four of six divisions are planing with a slight increase in turnover • Bucher Automotive and Laeis-Bucher expect sustained tur
Slide 44: Outlook
Group 16.04.02 44 Outlook 2002 2003/4 Net sales Operating result (EBIT) Net income
Slide 45: Restatement - Impact on annual statement
Financial data 16.04.02 45 Restatement - Impact on annual statement million CHF Net income Shareholders’ equity 31.12.1998 47.7 407.7 Correction - -2.7 31.12.1998 restated 47.7 405.0 31.12.1999 58.5 465.0 Correction -3.8 -6.5 31.12.1999 restated 54.7 458.5 31.12.2000 79.9 498.0 Correction -3.2 -9.7
Slide 46: Consolidated equity statement 2001
Financial data 16.04.02 46 Consolidated equity statement 2001 million CHF Shareholders’ equity Position at 31.12.2000 488.3 First application IAS 39 29.5 Adjusted position as at 1.1.2001 517.8 Dividend -19.0 Net income for the year 48.0 Change in minority interests -16.0 Change in currency translati
Slide 47: Impacts on net sales 2001
Financial data 16.04.02 47 Impacts on net sales 2001 2% 1% +0.6% +0.3% 0% -1.0% Currency adjusted +0.9% -1.9% -1% -2% -3% Intern Acq./Dev. Currency Total
Slide 48: Consolidated income statement
Financial data 16.04.02 48 Consolidated income statement Change million CHF 2001 2000 % Operating result 70.6 102.2 -30.9% Net result of financial terms 5.4 24.7 -78.1% Result before taxes 76.0 126.9 -40.1% Taxes -27.7 -50.2 -44.8% Net income 48.3 76.7 -37.0%
Slide 49: Net result of financial items 2001
Financial data 16.04.02 49 Net result of financial items 2001 million CHF 2001 2000 +/- Interest result net -9.8 -9.6 -0.2 Gains on securities 21.6 38.0 -16.4 Currencies + misc. net -6.4 -3.7 -2.7 Net result of financial items 5.4 24.7 -19.3
Slide 50: Gross cash flow and capital expenditure
Financial data 16.04.02 50 Gross cash flow and capital expenditure mill. CHF 119.7 125 97.3 100 75 52.1 51.2 50 25 0 2000 2001 gross cash flow capital expenditure
Slide 51: Operating free cash flow
Financial data 16.04.02 51 Operating free cash flow mill. CHF 60 36.8 40 20 0 -20 -27.5 -40 2000 2001
Slide 52: Cash flow statement
Financial data 16.04.02 52 Cash flow statement million CHF 2001 2000 Change Cash flow from: - operating activities 81.5 20.3 +61.2 - investing activities -49.5 -87.2 +37.7 - financing activities 42.8 9.8 +33.0 Exchange rate difference -6.4 -19.8 +13.4 Change in liquid funds 68.4 -76.9 +145.3 Liquid
Slide 53: Liquid funds and financial liabilities
Financial data 16.04.02 53 Liquid funds and financial liabilities mill. CHF 600 500 73.4 400 49.2 300 414.9 200 353.1 100 0 2000 2001 Financial liabilities Net liquidity
Slide 54: Shareholders' equity / Intangible assets
Financial data 16.04.02 54 Shareholders‘ equity / Intangible assets mill. CHF 600 521.0 488.3 400 200 64.4 55.8 22.9 17.4 0 2000 2001 Shareholders' equity Intangible assets thereof goodwill
Slide 55: Financial key figures
Financial data 16.04.02 55 Financial key figures Results 2001 2000 Self-financing ratio 33.8% 32.4% Cash flow from operating activities million CHF 81.5 20.3 Operating free cash flow million CHF 36.8 -27.5 Net liquidity million CHF 73.4 49.4 Repayment term of interest bearing liabilities in years 3.
Slide 56: Shareholders' equity and market capitalisation
Financial data 16.04.02 56 Shareholders‘ equity and market capitalisation mill. CHF 600 400 200 0 Dec. 2000 Dec. 2001 Shareholders' equity market capitalisation
Slide 57: Net income / pay-out ratio
Financial data 16.04.02 57 Net income / pay-out ratio mill. CHF 100 76.7 80 60 48.3 40 20 (25%) (39.6%) 0 2000 2001 Dividend Reimbursement Retained earnings
Slide 58: Structure of shares
Financial data 16.04.02 58 Structure of shares Number % Total capital % million CHF bearer shares à nom. 1 CHF 1’415’680 28.9 1.4 67.0 registered shares à nom. 0.2 CHF 3’487’500 71.1 0.7 33.0 4’903’180 100 2.1 100 After par value reimbursement and share split in 2002
Slide 59: Data per bearer share
Financial data 16.04.02 59 Data per bearer share 31.12. 31.12. in CHF 2001 2000 - Share price 1210 1385 - Earnings 117 185 - Shareholders’ equity 1233 1155
Slide 60: Key figures per bearer share
Financial data 16.04.02 60 Key figures per bearer share 31.12. 31.12. 2001 2000 - Share price (in CHF) 1210 1385 - Price/Earnings ratio 10.3 7.3 - Price/EBIT ratio 7.2 5.7 - Price/Book ratio 0.98 1.20 - EV/EBITDA 3.6 3.4 - Dividend yield 3.7% 3.2%