Heidelberger Druckmaschinen AG · XETR:HDD

Heidelberger Druckmaschinen — 9M FY2011/12 Earnings Presentation

37 slides from Heidelberger Druckmaschinen's earnings presentation, Feb 8, 2012

  1. Slide 1: Interim Results 9-month figures FY 12

    Interim Results 9-month figures FY 12 Bernhard Schreier, CEO Dirk Kaliebe, CFO Robin Karpp, Head of Investor Relations Heidelberger Druckmaschinen AG February 8, 2012

  2. Slide 2: Agenda

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Agenda The development of the Print Media Industry offers opportunities Efficiency program FOCUS 2012 increases profitability Strategic positioning in the drupa-year Q3 FY11/12 in difficult economic environment within expectations ©

  3. Slide 3: Market, Industry, drupa 2012, FOCUS 2012

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Market Recovery Industry drupa 2012 Consolidation © Heidelberger Druckmaschinen AG „FOCUS 2012“ 2

  4. Slide 4: Worldwide Print Production Volume will continue to grow

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Worldwide Print Production Volume will continue to grow Investment quota recovers from historical trough Global & SFO PPV in € bn 500 10,0% 430 438 435 >430 9,0% 407 416 413 413 405 404 398 395 400 8,0% 7,0% 300 6,0% 5,0% 200 4,0% 3,

  5. Slide 5: Emerging countries drive global growth in the Print Media Industry

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Emerging countries drive global growth in the Print Media Industry Stabilizing of print production volume in industrialized countries on high level Global SFO PPV development forecast 162 161 158 155 158 161 164 166 162 150 149 151 >

  6. Slide 6: Market outlook for sheetfed offset equipment continues to be positive

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Market outlook for sheetfed offset equipment continues to be positive Recovery to at least 70% of pre crisis level expected Market outlook Influencing factors  Market recovery in the last three years as expected SFO press equipment

  7. Slide 7: Worldwide market leadership maintained

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Worldwide market leadership maintained Market shares in SFO equipment Comments Other  Market and technology leader with high sophisticated 9% (10%) product portfolio Ryobi 5% (5%)  Innovations secure market success – shortly after

  8. Slide 8: Agenda

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Agenda The development of the Print Media Industry offers opportunities Efficiency program FOCUS 2012 increases profitability Strategic positioning in the drupa-year Q3 FY11/12 in difficult economic environment within expectations ©

  9. Slide 9: Efficiency program FOCUS 2012 started

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Efficiency program FOCUS 2012 started Target: Operating Result of approx. 150m € in FY 2013/14 Succesfully Current market Management Board passes Focus 2012 Target: implemented conditions more difficult “Focus 2012” – program to Sust

  10. Slide 10: Measures defined – Structure and process adjustments in implementation phase

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Measures defined – Structure and process adjustments in implementation phase Savings target of 180m € FOCUS 2012 by areas – approx. ¾ of savings in production, services and selling costs  Adjustment of production (-15%) and services

  11. Slide 11: Agenda

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Agenda The development of the Print Media Industry offers opportunities Efficiency program FOCUS 2012 increases profitability Strategic positioning in the drupa-year Q3 FY11/12 in difficult economic environment within expectations ©

  12. Slide 12: Market potential in Equipment, Services and Consumables

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Market potential of 14 bn € in Equipment, Services und Consumables Sheetfed offset market biggest single segment in the printing sector Addressable market in sheetfed offset Strategic positioning Heidelberg market share in brackets S

  13. Slide 13: Innovations drive growth

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Innovations drive growth Worldwide success in commercial and packaging printing – Succesful product concept will be extended Speedmaster CX 102 © Heidelberger Druckmaschinen AG 1,000 Printing Units 12

  14. Slide 14: Increasing demand in packaging

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Increasing demand in packaging Market share in Very large Format further expanded Latest VLF-installations in Europe and USA Hammer-Poznan, Poland Chesapeake, UK Cartoneo, France Rock Tenn, US & Canada © Heidelberger Druckmaschinen A

  15. Slide 15: Expansion of market share in consumables business

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Expansion of market share in consumables business Addressable market for consumables Strategic positioning 9.5 SFO consumables market (bn €) 9.2 9.0 8.8 8.5 8.5 8.3 8.3 8.3 8.4 8.1 8.2 8.0 8.1 7.8 7.9 7.9  Trend to environmentally f

  16. Slide 16: Heidelberg expands software- and digital offering

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Heidelberg expands software- and digital offering Fully integrated processes Strategic positioning  Heidelberg is the only manufacturer of fully integrated solutions in sheetfed offset and digital printing  Strategic cooperation in

  17. Slide 17: Focusing on current market trends on drupa 2012

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Equipment, Services & Consumables focusing on current market trends on drupa 2012 Lean manufacturing Ecological printing Packaging © Heidelberger Druckmaschinen AG Short run printing Web-to-print Print refinement 16

  18. Slide 18: Agenda

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Agenda The development of the Print Media Industry offers opportunities Efficiency program FOCUS 2012 increases profitability Strategic positioning in the drupa-year Q3 FY11/12 in difficult economic environment within expectations ©

  19. Slide 19: Highlights Q3 FY

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Highlights Q3 FY 12  Order intake of € 642 million in Q3 FY12 in line with lowered expectations. Order backlog stable at approx. € 730 million.  Sales of € 631 million in Q3 FY12 stable compared to previous quarter but 8% below pre

  20. Slide 20: Incoming orders and order backlog

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Incoming orders and order backlog (€m) drupa 2004 IPEX 2006 drupa 2008 IPEX 2010 1400 1,319 1,240 1,280 1,196 1200 1,025 1000 978 770 800 728 626 ∅ 960 600 ∅ 910 ∅ 900 ∅ 880 ∅ 810 400 ∅ 730 ∅ 690 ∅ 660 ∅ 600 © Heidelberger Druckmasch

  21. Slide 21: Profit and loss statement

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Profit and loss statement million EUR FY11 FY12 FY11 FY12 Q3 Q3 yoy 9m 9m yoy Sales 687 631 -8.2% 1.883 1.811 -3.8% Total operating performance 663 653 -1.5% 1.885 1.919 +1.8% EBIT before Special items 15 2 -13 mEUR -26 -19 +7 mEUR S

  22. Slide 22: Sales / EBIT divisions

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Sales / EBIT divisions million EUR Sales EBIT FY11 FY12 FY11 FY12 Q3 Q3 yoy Q3 Q3 yoy Heidelberg Equipment 417 358 -14.1% -8 -14 -6 mEUR Heidelberg Services 267 270 +1.3% 21 11 -10 mEUR Heidelberg Financial Services 3 3 2 5 +3 mEUR H

  23. Slide 23: Balance Sheet

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Balance Sheet Million EUR 12/31/2010 03/31/2011 12/31/2011 12/31/2010 03/31/2011 12/31/2011 Fixed assets 884 869 844 Shareholder's equity 921 869 779 Current assets 1,688 1,639 1.710 Provisions 895 815 822 thereof inventories 824 748

  24. Slide 24: Net debt

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Net debt Total debt facilities of ~ €800m(1) million EUR 12/31/2009 12/31/2010 03/31/2011 12/31/2011 €500m New Revolving Credit facility(2) Financial liabilities 815 369 395 435 ./. Cash and cash equivalents 111 149 148 163 Net debt

  25. Slide 25: Tight cash management measures implemented

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Tight cash management measures implemented as a basis for continuous positive development of Free Cash Flow Net working capital in €m / as % of LTM sales 1 Mid-term target 1.360 1.308 1.261 1.212 1.107 1.000 1.000 1.031 45% 987 940 9

  26. Slide 26: Cash Flow statement

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Cash Flow statement FY11 FY12 FY11 FY12 Million EUR Q3 Q3 9m 9m 01.10.10 01.10.11 01.04.10 01.04.11 - 31.12.10 -31.12.11 - 31.12.10 -31.12.11 Cash Flow 34 6 -26 -7 Other operating changes -4 -1 120 17 thereof inventory 30 -20 20 -124

  27. Slide 27: Investor Relations

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Investor Relations Robin Karpp Head of Investor Relations + 49 (0) 6221 92-6020 + 49 (0) 6221 92-5189(Fax) robin.karpp@heidelberg.com Heidelberger Druckmaschinen AG Kurfuersten-Anlage 52-60 69115 Heidelberg Germany © Heidelberger Dru

  28. Slide 28: Back-up

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Back-up © Heidelberger Druckmaschinen AG

  29. Slide 29: Order and sales development

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Order and sales development Order development (€m) Net sales (€m) drupa 2008 IPEX 2010 1.400 1.200 1.102 1,196 1.200 1.000 929 897 978 1.000 804 788 800 742 750 746 715 687 770 657 636631 800 633 728 626 578 563 600 544 514499 600 ∅

  30. Slide 30: Incoming orders by region

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Incoming orders by region million EUR FY11 FY11 FY12 FY12 FY12 Q3 Q4 Q1 Q2 Q3 yoy EMEA 273 229 245 231 239 -12,5% Eastern Europe 80 81 73 76 83 3,8% North America 88 82 76 86 88 0,0% South America 40 41 35 46 42 5,0% Asia / Pacific 2

  31. Slide 31: Regions

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Regions* Regional split of order intake Q3 FY11 Regional split of order intake Q3 FY12 Asia Asia Pacific Pacific Q3 FY11 Q3 FY12 29.7% € 684 million 29.6% € 642 million EMEA EMEA 39.9% 37.2% South South America America © Heidelberger

  32. Slide 32: Ongoing cost management to improve profitability in FY 11/12

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Ongoing cost management to improve profitability in FY 11/12 (FYE 31 Mar, €m) (*) Q1 Q2 Q3 Q4 FY EBIT FY 10/11 sales 563 633 687 746 2,629 4 FY 11/12 sales 544 636 630 631 28 24 30 15 5 2 EBIT(*) (€m) -6 -13 © Heidelberger Druckmasch

  33. Slide 33: Net Working Capital

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Net Working Capital million EUR 12/31/2009 12/31/2010 03/31/2011 12/31/2011 Inventories 924 824 748 890 + Trade receivables 303 352 377 341 ./. Trade payables 149 128 130 184 ./. Advance payments 78 109 87 112 Net Working Capital 999

  34. Slide 34: Ongoing reduction of customer financing achieved

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Ongoing reduction of customer financing achieved in difficult economical situation EUR million 300 87 78 85 Contingent Liabilities due to 200 81 Customer Financing 77 Receivables from Customer Financing 100 © Heidelberger Druckmaschi

  35. Slide 35: Fixed cost savings of €480m to reduce cost base sustainably

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Fixed cost savings of €480m to reduce cost base sustainably Annual fixed cost savings (€m) Headcount development since FY 07/08(2) 480 19,596 460 18,926 60 20 400 16,496 15,828 15,666 Represents 316 approx. 23% 480 of 2008A operating

  36. Slide 36: Financial Calendar 2011/2012

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Financial Calendar 2011/2012 Event Date drupa May 3-16, 2012 Release of the figures for FY 12 June 14, 2012 Annual Analysts' and Investors' conference June 14, 2012 © Heidelberger Druckmaschinen AG 35

  37. Slide 37: Disclaimer

    Interim Results 9-month figures FY 12 28. FebJanuar 2008 8th, 2012 Disclaimer This presentation contains forward-looking statements with respect to future results, performance and achievements that are subject to risk and uncertainties and reflect management's views and assumptions formed by availab

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