Slide 1: PALFINGER AG Presentation on the first quarter of 2011
PALFINGER AG Presentation on the first quarter of 2011 May 2011
Slide 2: Highlights
Highlights • Continued market recovery reflected in all units and areas • Revenue increased by 48.0% to EUR 191.6 million Acquisitions made in 2010 contributed around 25% of this growth • Structural and cost-related measures taken in previous years effective • Exceptionally strong increase in earn
Slide 3: Strategy
Strategy
Slide 4: PALFINGER at a glance
PALFINGER at a glance • Leading international manufacturer of innovative 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 5: Strategic targets 2015
Strategic targets 2015 • Diversification will be limited to the core competences • Further increase in flexibility becomes a priority (strategic pillar) • Internationalization directed towards future markets (Russia, Asia) • Innovation as basis for enhancement of products and services Catering to
Slide 6: Strategic highlights
Strategic highlights • Innovation: Research and development a priority for 2011 Crane series 2015 Product adjustments to meet specific regional requirements Further development in the field of electronics and mechatronics • Internationalization: Focus on future markets Assembly activities st
Slide 7: Flexibility
Flexibility • Increasing market volatility (regions and industries) • Structures must allow for quick responses • Flexibility of the entire value-creation chain to be raised Basis: New organizational structure since 2010 Procurement: Master agreements with strategic suppliers Production: Order
Slide 8: Internationalization
Internationalization Revenue Q1 2010 Revenue Q1 2011 23.6% 23.3% AREA UNITS AREA UNITS 76.4% 76.7% EUROPEAN UNITS EUROPEAN UNITS 8
Slide 9: Segments
Segments
Slide 10: Segment financials
Segment financials Segment revenue Q1 2011 Q1 2010 % EUROPEAN UNITS 146.9 98.8 + 48.6% AREA UNITS 44.7 30.6 + 46.1% VENTURES – – – Segment result Q1 2011 Q1 2010 % EUROPEAN UNITS 19.5 9.0 + 116.4% AREA UNITS (2.6) (3.9) + 33.0% VENTURES (1.8) (1.6) (11.9%) Acc. to IFRS in million EUR. Minor rounding
Slide 11: EUROPEAN UNITS
EUROPEAN UNITS • Recovery in important sales markets continued Increases in Germany, France, Scandinavia Spain, Portugal, Greece, parts of Eastern Europe still weak • Upward trend continued, in particular in cranes and tail lifts; late-cycle market for access platforms (fleet business) • Signifi
Slide 12: AREA UNITS
AREA UNITS • Clear improvement in revenue and earnings compared to the previous year • Market in North America recovering • South America as a growth market, order-based manufacturing has positive impact on earnings • Tremendous growth in the area Asia and Pacific; China is a high strategic priority
Slide 13: VENTURES
VENTURES • Continuation of cost-related and structural programmes • Development of the Indian, Asian and Russian areas through acquisitions or partnerships 13
Slide 14: Key Financial Figures
Key Financial Figures
Slide 15: Financial highlights
Financial highlights Q1 2011 Q1 2010 Q1 2009 % Revenue 191.6 129.4 140.4 + 48.0% EBITDA 20.3 8.3 2.0 + 143.7% EBITDA margin 10.6% 6.4% 1.4% – EBIT 14.2 3.4 (3.3) + 310.8% EBIT margin 7.4% 2.7% (2.4%) – Result before income tax 11.9 2.3 (4.8) + 408.0% Consolidated net result for the period 12.6 0.8 (
Slide 16: Quarterly figures
Quarterly figures Revenue EBIT 250 50 209 215 184 188 187 192 200 168 168 40 140 129 129 150 119 117 30 29.5 29.8 100 20 50 15.3 14.2 10 10.1 8.8 12.3 0 0 (5.6) 1.0 3.4 (3.3) (2.6) (0.2) -50 -10 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 EBIT 14.1% 13.9% 8.3% (3.0%
Slide 17: Capital employed
Capital employed* Net Working Capital Non-current operating assets 493 500 476 442 370 115 400 165 129 300 263 123 200 95 378 311 313 100 247 168 0 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Net working capital reduced significantly * As of the reporting date. Acc. to IFRS in million EUR. Minor roundin
Slide 18: Investment
Investment Investment in property, plant, and equipment Depreciation, amortisation, and impairment 20 15.7 15 12.5 10 6.2 4.8 4.5 5.3 4.9 4.3 5 3.2 1.4 0 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Acc. to IFRS in million EUR. Minor rounding differences may occur. 18
Slide 19: Gearing ratio and equity
Gearing ratio and equity Net debt Equity Gearing % 350 329.2 80% 287.8 291.1 295.2 300 70% 245.3 63.4% 250 49.6% 60% 49.7% 184.6 50% 200 163.6 28.7% 146.5 40% 150 82.6 30% 100 7.4% 20% 50 18.1 10% 0 0% Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Gearing below 50 per cent threshold Acc. to IFRS in millio
Slide 20: Balance sheet structure
Balance sheet structure Assets Liabilities Current liabilities Current assets Non-current liabilities Non-current assets Equity 800 708 800 708 615 615 600 600 199 326 164 301 400 400 180 156 200 382 200 314 295 329 0 0 Q1 2010 Q1 2011 Q1 2010 Q1 2011 Long-term financial structure Acc. to IFRS in mi
Slide 21: Financing structure as of 31 March 2011
Financing structure as of 31 March 2011 100 Ø Interest rate 4.22% 80 Ø Remaining time to 1.96 years 62 62 60 maturity 60 Financial assets EUR 16.5m 40 Equity ratio 46.5% 20 0 Maturity < 1 year up to > 2 years 2 years Acc. to IFRS in million EUR. Minor rounding differences may occur. 21
Slide 22: Cash flow
Cash flow Q1 2011 Q1 2010 Q1 2009 EBTDA 17.1 7.1 (0.1) +/– Cash flows from working capital (12.7) 2.1 3.9 +/– Cash flows from tax payments (1.4) 0.1 0.4 Cash flows from operating activities 3.0 9.3 4.3 +/– Cash flows from investing activities (5.5) (2.6) (6.1) Cash flows after changes in working cap
Slide 23: PALFINGER share
PALFINGER share Shareholder structure Shareholder information as of 31 March 2011 ISIN AT0000758305 5% 1% Aviva plc PALFINGER AG Number of shares 35,730,000 Share price as of EUR 26.03 29% end of period free float Market capitalization EUR 930.1m 65% Palfinger family 23
Slide 24: Outlook
Outlook
Slide 25: Outlook and objectives – internally
Outlook and objectives – internally • Growth in young areas (Russia, Asia) set as a priority • Continuation of activities to expand existing markets • Further increase in flexibility in all areas • Development of products and technologies to be continued • Special attention will be paid to complexit
Slide 26: Outlook and objectives – externally
Outlook and objectives – externally • At present, positive macroeconomic development expected • Upward trend in major markets likely to continue • Organic revenue growth of more than 20 per cent striven for in 2011 Exceptional increase in earnings expected to continue 26
Slide 27: 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 812.2 908.3 EBIT 83.0 113.4 Earnings per share (EUR) 1.55 2.19 27
Slide 28: Financial calendar 2011
Financial calendar 2011 Publication of results 10 May 2011 26 September 2011 Road show Dublin for first quarter of 2011 10 May 2011 Road show Edinburgh 28 September 2011 Road show London 12/13 May 2011 Road show London 5/6 Oktober 2011 Road show Stegersbach Publication of results 16 May 2011 Road sh
Slide 29: 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 30: Performance of the PALFINGER share since 2010
Performance of the PALFINGER share since 2010 200 180 PALFINGER AG EUR 28.00 160 140 DAX 120 ATX 100 80 60 4 Jan 2010 3 Jan 2011 29 April 2011 30