Wacker Neuson SE · XETR:WAC
Wacker Neuson — FY2018 Earnings Presentation
14 slides from Wacker Neuson's earnings presentation, Mar 14, 2019
Slide 1: Wacker Neuson Group – Full Year 2018 Conference Call
Wacker Neuson Group – Full Year 2018 Conference Call Martin Lehner (CEO), Wilfried Trepels (CFO) March 14, 2019
Slide 2: Agenda
Agenda Overview 01 Q4 and FY 2018 02 Outlook 03 Wacker Neuson SE, FY 2018 conference call, March 14, 2019 2
Slide 3: Key Figures
Key Figures Q4 2018 FY 2018 Revenue yoy EBIT yoy Adj. EBIT yoy Revenue yoy EBIT yoy Adj. EBIT yoy +19% +33% +11% +11% +22% +11% (€ 466 m) (margin: 8.7%) (margin: 8.7%) (€ 1,707 m) (margin: 9.4%) (margin: 9.4%) Op. CF FCF EPS Op. CF FCF EPS € 7.7 m € -11.7 m € 0.33 € -18.1 m € -2.9 m € 2.06 (Q4/17: €
Slide 4: Agenda
Agenda Overview 01 Q4 and FY 2018 02 Outlook 03 Wacker Neuson SE, FY 2018 conference call, March 14, 2019 4
Slide 5: Q4 2018: Growth in revenue accelerates
Q4 2018: Growth in revenue accelerates Strong growth in the final quarter Comments on Q4/18 Revenue +18.9% EBIT [€ m] margin Revenue +18.9% yoy (adj. for FX effects: +19.9%) 500 455 466 20% 425 416 ▪ End markets remained in good shape, strong development across 379 392 371 400 348 339 15% Europe, Am
Slide 6: FY 2018: Continued growth in revenue and earnings
FY 2018: Continued growth in revenue and earnings Group revenue at new all-time high Comments on FY 2018 Revenue CAGR +7.4% EBIT [€ m] margin Revenue +11.3% yoy (adj. for FX effects: +13.3%) 2,000 20% ▪ Continued growth in the global construction industry 1,707 1,534 ▪ Positive development in the ag
Slide 7: FY 2018: Development by Region and Business Segment
FY 2018: Development by Region and Business Segment Growth in all regions Comments on FY 2018 Revenue [€ m] share EBIT1 Revenue Europe +10.5% (adj. for FX effects +11.4%) Europe 1,248.9 73% +11% 175.6 ▪ Growth supported by most European countries ▪ Agriculture business (Kramer and Weidemann brands
Slide 8: FY 2018: Supply bottlenecks and receivables push NWC upwards
FY 2018: Supply bottlenecks and receivables push NWC upwards Inventories Trade receivables Inventories Trade receivables DIO1 DSO2 [€ m] [€ m] [days] [days] 700 400 200 303 600 553 300 475 300 235 150 500 424 443 434 214 400 200 173 180 172 175 164 164 144 200 100 300 57 56 65 49 48 200 100 100 50 1
Slide 9: Net Working Capital burdens cash flow development
Net Working Capital burdens cash flow development Net Working Capital Operating cashflow Net working capital Net working capital Cash flow from operating [€ m] as a % of revenue activities [€ m] 138 700 644 70% 140 575 569 120 600 532 536 60% 100 79 500 41.4% 41.8% 41.8% 50% 79 34.9% 37.7% 80 64 400
Slide 10: Sound Balance Sheet Structure
Sound Balance Sheet Structure Gearing1 increased yoy Net financial debt/EBITDA2 at low level Net financial debt Net financial debt/ [€ m] Gearing1 EBITDA2 [x] 300 70.0% 2.0 60.0% 199 206 209 1.5 50.0% 1.3 200 180 1.2 150 40.0% 0.9 1.0 0.9 30.0% 0.7 17.7% 18.6% 18.8% 17.1% 100 13.4% 20.0% 0.5 10.0% 0
Slide 11: Share Development
Share Development The share in 20181 Special dividend proposed to AGM -45% +22% 2.50 100% % 125 62% 2.06 80% 53% 48% 2.00 43% 60% 38% 40% 100 1.50 1.30 20% 1.25 0% 1.10 Special 75 0.94 1.00 0.81 -20% dividend 0.60 0.50-40% 0.50 0.50 0.50 50 0.50 -60% 0.60 -80% 0.00 -100% 2014 2015 2016 2017 2018 2 W
Slide 12: Agenda
Agenda Overview 01 Q4 and FY 2018 02 Outlook 03 Wacker Neuson SE, FY 2018 conference call, March 14, 2019 12
Slide 13: Outlook
Outlook Construction: Business barometer close to highest levels Agriculture: Business barometer at high level 2012 2013 2014 2015 2016 2017 2018 2019 Source: CECE, February 2019. Source: CEMA, February 2019. Revenue and earnings guidance for 2019 Comments Revenue [€ m] EBIT ▪ Global megatrends will
Slide 14: Financial Calendar and Contact
Financial Calendar and Contact April 3, 2019 German Corporate Conference, Bankhaus Lampe, Baden-Baden April 9, 2019 Capital Market Day, Munich May 7, 2019 Publication of Q1 report 2019, analysts’ & investors’ conference call May 14, 2019 Roadshow, Zurich May 22, 2019 Berenberg USA Conference, New Yo