Palfinger Ag · VIE:PAL
Palfinger — Q1-Q3 2021 Earnings Presentation
30 slides from Palfinger's earnings presentation, Oct 29, 2021
Slide 1: Publication of Results Q1-Q3 / 2021
PUBLICATION OF RESULTS Q1-Q3 / 2021 Bergheim, October 29, 2021 PALFINGER Presentation of Results Q1-Q3 / 2021
Slide 2: Andreas Klauser, CEO
ANDREAS KLAUSER CEO 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021
Slide 3: Q1-3/2021 at a Glance
Q1-3/2021 at a Glance Q3 CONTINUES THE POSITIVE DEVELOPMENT OF THE FIRST HALF OF 2021 THANKS TO FULL ORDER BOOK, 2021 Q1-Q3 VISIBILITY IS PROVIDED UNTIL Q2 2022 TARGETING A RECORD YEAR STRESSED SUPPLY CHAIN AS LIMITING FACTOR 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 3
Slide 4: PALFINGER uses positive development for positioning
Market Development PALFINGER USES POSITIVE DEVELOPMENT FOR POSITIONING Positive market environment worldwide: Upswing drives demand in almost all regions PALFINGER benefits from the positive general conditions, especially in the construction and timber industries. PALFINGER's marine business: Acquis
Slide 5: Sustainability is a core element of our strategy and our daily activities
SUSTAINABILITY IS A CORE ELEMENT OF OUR STRATEGY AND OUR DAILY ACTIVITIES Newly established Sustainability Council ensures implementation of ESG strategy DRIVING POSITIVE IMPACT We achieve We reduce energy We promote the We strengthen We guarantee We ensure positive impact consumption, health, educa
Slide 6: PALFINGER Globally Well Positioned
PALFINGER at a Glance PALFINGER GLOBALLY WELL POSITIONED EUR > 1.75 billion targeted revenue in 2021 About 12,000 employees 34 production sites & around 5,000 service centers worldwide Revenue split (Q1-Q3/2021): 64% EMEA 20% NAM 4% LATAM 5% APAC 7% CIS 21-10-29 PALFINGER Ergebnispräsentation Q1-Q3/
Slide 7: Crisis-resistant thanks to industry diversity
Knowing Our Customers Shapes Our Actions CRISIS-RESISTANT THANKS TO INDUSTRY DIVERSITY Construction Industry Railway Offshore Wind Aquaculture & Fishing Forestry & Agriculture Transport & Logistics Waste Mgmt. & Recycling Passenger Commercial Infrastructure Public sector Offshore Supply & Oil and Ga
Slide 8: Innovative and powerful product portfolio
Technology as a Driving Force INNOVATIVE AND POWERFUL PRODUCT PORTFOLIO LOADER TIMBER & HOOKLIFTS & TAIL TURNKEY MARINE OFFSHORE WINCHES CRANES RECYCLING SKIPLOADERS LIFTS SOLUTIONS CRANES CRANES BRIDGE RAILWAY WIND PASSENGER ACCESS TRUCK-MOUNTED DAVITS BOATS INSPECTION SYSTEMS CRANES SYSTEMS PLATFO
Slide 9: PALFINGER invests in digitalization
PALFINGER Digitalization PALFINGER INVESTS IN DIGITALIZATION Smart Lifting Solutions IT Digital Backbone Digital End-to-End Autonomous Processes Systems SAP S/4 HANA Digital Customer Telematics Smart Services Business with Data Electrification StrucInspect 21-10-29 PALFINGER Presentation of Results
Slide 10: Felix Strohbichler, CFO
FELIX STROHBICHLER CFO 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021
Slide 11: Segment Sales & Service
SEGMENT SALES & SERVICE 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 11
Slide 12: PALFINGER benefits from strong tailwind from the market
Segment Sales & Service PALFINGER BENEFITS FROM STRONG TAILWIND FROM THE MARKET 01 Record order intake results in record order backlog 02 Major follow-up order in Thailand of 148 PK 15500 units 03 Good product mix increases profitability 04 Price increases have a positive effect in this segment 21-1
Slide 13: Profitability at double-digit level
Segment Sales & Service PROFITABILITY AT DOUBLE-DIGIT LEVEL in EUR million Q1-Q3/2020 Q1-Q3/2021 Δ% External revenue 1,033.8 1,241.5 +20.1% EBITDA 118.9 151.2 +27.2% EBIT 80.0 124.8 +56.0% EBIT margin 7.7 % 10.1% – 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 13
Slide 14: Segment Operations
SEGMENT OPERATIONS 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 14
Slide 15: Supply chain task force implemented to cushion increasing supply bottlenecks
Segment OPERATIONS SUPPLY CHAIN TASK FORCE IMPLEMENTED TO CUSHION INCREASING SUPPLY BOTTLENECKS 01 Good economic situation leads to record revenue from manufacturing for third parties 02 Production sites working at full capacity as a result of high order intake, special shift system required 03 Outp
Slide 16: Full utilization leads to overproportional growth in earnings
Segment OPERATIONS FULL UTILIZATION LEADS TO OVERPROPORTIONAL GROWTH IN EARNINGS in EUR million Q1-Q3/2020 Q1-Q3/2021 Δ% External revenue 68.7 96.1 +39.9% EBITDA 34.8 51.0 +46.6% EBIT 8.9 24.9 +179.8% 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 16
Slide 17: Unit Holding
UNIT HOLDING 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 17
Slide 18: Labor market situation slows down strategic initiatives
HOLDING unit LABOR MARKET SITUATION SLOWS DOWN STRATEGIC INITIATIVES in EUR million Q1-Q3/2020 Q1-Q3/2021 Δ% EBITDA -13.4 -13.9 +3.7% EBIT -18.3 -24.3 +32.8% 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 18
Slide 19: PALFINGER Group
PALFINGER GROUP 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 19
Slide 20: Revenue and earnings above comparable values of record year 2019
PALFINGER Group REVENUE AND EARNINGS ABOVE COMPARABLE VALUES OF RECORD YEAR 2019 Δ% in EUR million Q1-Q3/2019 Q1-Q3/2020 Q1-Q3/2021 2020/21 Revenue 1,300.6 1,102.4 1,337.6 +21.3% EBITDA 175.1 140.3 188.3 +34.2% EBITDA margin 13.5 % 12.7 % 14.1% - EBIT (operating income) 119.3 70.6 125.4 +77.7% EBIT
Slide 21: PALFINGER invests massively in future growth
PALFINGER Group PALFINGER INVESTS MASSIVELY IN FUTURE GROWTH 100 90 86.2 80 69.0 66.2 1) 69.7 70 62.8 60 52.2 55.8 50 45.9 46.9 42.3 40 30 20 10 0 Q1-Q3/2017 Q1-Q3/2018 Q1-Q3/2019 Q1-Q3/2020 Q1-Q3/2021 Net Investments Depreciation, amortization and impairment 1) Including additions from leasing (IFR
Slide 22: Substantial reduction in net debt
PALFINGER Group SUBSTANTIAL REDUCTION IN NET DEBT in EUR million 09/30/2019 09/30/2020 09/30/2021 Net financial debt 576.9 459.0 421.0 Avg. interest debt 1) 1.62 % 1.38 % 1.28% Avg. remaining term debt 4.40 years 4.06 years 2.80 years Equity 618.9 606.7 689.2 1) Excluding currency hedging costs. In
Slide 23: Highly solid balance sheet structure
PALFINGER Group HIGHLY SOLID BALANCE SHEET STRUCTURE – NET DEBT / EBITDA RATIO AT EXCELLENT LEVEL 09/30/2019 09/30/2020 09/30/2021 Equity ratio 37.1 % 39.0 % 39.2% Gearing 93.2 % 75.6 % 61.1% Net debt/EBITDA 2.57 2.43 1.78 In accordance with IFRS, slight rounding differences possible. 21-10-29 PALFI
Slide 24: ROCE over target level of 10%
ROCE OVER TARGET LEVEL OF 10% 1,200 1,099 1,134 1,110 20% 1,050 1,062 1,000 15% 800 11.0% 9.2% 600 7.7% 10% 6.5% 400 5% 200 2.0% 0 1) 0% 2) 2) 2) Q1-Q3/2017 Q1-Q3/2018 Q1-Q3/2019 Q1-Q3/2020 Q1-Q3/2021 1) Including restatement 2017. 2) Including additions from leases (IFRS 16). Capital employed3) 3)
Slide 25: Inventory build-up and high investments lead to low free cash flow
PALFINGER Group INVENTORY BUILD-UP DUE TO STRESSED SUPPLY CHAIN AND HIGH INVESTMENTS LEAD TO LOW FREE CASH FLOW in EUR million Q1-Q3/2019 Q1-Q3/2020 Q1-Q3/2021 EBTDA 163.0 128.2 181.0 +/- non-cash income from at-equity companies -11.9 -4.7 -8.1 +/- change in working capital -37.1 16.1 -53.1 +/- cash
Slide 26: Outlook 2021
OUTLOOK 2021 ANDREAS KLAUSER 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021
Slide 27: 2021: The target is a new record year
Outlook 2021 2021: THE TARGET IS A NEW RECORD YEAR Positive market environment and full order books create good visibility up to Q2 2022 Target for 2021: Revenue above EUR 1.75 billion EBIT above EUR 150 million Material availability remains a risk factor, Supply Chain Task Force successfully deploy
Slide 28: Financial Targets 2024
Financial Targets 2024 PALFINGER RAISES THE MID-TERM TARGET 2024 FOR REVENUE AND ROCE FINANCIAL TARGETS 2024 #1 LEADING PROVIDER OF CRANE AND LIFTING SOLUTIONS EUR 2.3 billion revenue 10 % EBIT margin 12 % ROCE through organic growth 21-10-29 PALFINGER Presentation of Results Q1-Q3 / 2021 28
Slide 29: Stay healthy!
STAY HEALTHY! PALFINGER Presentation of Results Q1-Q3 / 2021
Slide 30: Investor Relations and Press Contact
INVESTOR RELATIONS AND PRESS CONTACT ANDREAS KLAUSER FELIX STROHBICHLER HANNES ROITHER CEO CFO Group Spokesperson +43 662 2281-81008 +43 662 2281-81006 +43 662 2281-81100 a.klauser@palfinger.com f.strohbichler@palfinger.com h.roither@palfinger.com PALFINGER AG Lamprechtshausener Bundesstraße 8 This