Slide 1: Presentation on the first quarter of 2015
PALFINGER AG Presentation on the first quarter of 2015 April 2015
Slide 2: PALFINGER at a glance
PALFINGER AT A GLANCE ! Leading international manufacturer of innovative lifting solutions » World market leader in loader cranes, marine cranes, wind cranes and hooklifts » Leading specialist in timber and recycling cranes, tail lifts, truck mounted forklifts and high-tech railway systems ! Global
Slide 3: 5 Continents – 7 Oceans
5 CONTINENTS – 7 OCEANS EMEA Loader cranes NORTH AMERICA Timber and recycling cranes Loader cranes CIS Tail lifts Timber and recycling cranes Loader cranes Access platforms Tail lifts Timber and recycling cranes Hooklifts Access platforms Tail lifts Truck mounted forklifts Hooklifts Access platforms
Slide 4: Ongoing market volatility
ONGOING MARKET VOLATILITY REVENUE, GROWTH AND VOLATILITY (QUARTERLY) AREA UNITS from 2008 to 2015: + 307% EUROPEAN UNITS from 2008 to 2015: + 7.6% 300 91.6m 22.5m 200.7m 200 186.5m 100 – 45% + 139% 0 2008 2009 2010 2011 2012 2013 2014 2015 Internationalization as basis for revenue growth è Flexibil
Slide 5: Highlights Q1 (1)
HIGHLIGHTS Q1 (1) ! Performance satisfactory in light of economic situation » Extraordinarily high growth » Leading market position consolidated by gaining new markets shares ! 10.7% increase in revenue to EUR 292.3 million ! 15.5% increase in EBIT to EUR 23.6 million » Stable business in Europe » G
Slide 6: Highlights Q1 (2)
HIGHLIGHTS Q1 (2) ! High volume of incoming orders for loader cranes in Europe in January and February ! Steady increases in North America since Q2/14 ! Local value creation in Russia as a basis for growth and new market shares ! Start of operations of the joint ventures with KAMAZ ! Joint venture w
Slide 7: Strategy
STRATEGY 7
Slide 8: Internationalization (1)
INTERNATIONALIZATION (1) STRATEGIC TARGET 2017 REVENUE Q1 2015 approx. EUR 1.8 billion* EUR 292.3 million ASIA AND PACIFIC ASIA AND PACIFIC CIS CIS EMEA 14.6% ⅓ ⅓ AMERICAS 26.4% 59.0% ⅓ AMERICAS EMEA * Consolidated revenue including JV in China and Russia. Minor rounding differences may occur. 8
Slide 9: Internationalization (2)
INTERNATIONALIZATION (2) REVENUE 2009 REVENUE Q1 2015 3.2% 2.1% 5.6% 5.0% REST OF EUROPE AFRICA AND REST OF EUROPE AFRICA AND CIS 0.4% MIDDLE EAST MIDDLE EAST FAR EAST 3.5% CIS 5.6% 7.0% 9.0% CENTRAL AND FAR EAST SOUTH AMERICA 12.3% 4.1% NORTH AMERICA CENTRAL AND SOUTH AMERICA 22.3% 48.4% 71.7% NORT
Slide 10: Strategic objectives 2017
STRATEGIC OBJECTIVES 2017 ! Growth, primarily in BRIC countries ! Completion of product portfolio in all regions ! Development of China into second domestic market ! Global balance of production and proximity to customers ! Consolidation of leading position in the marine and offshore areas ! Maintai
Slide 11: Segments
SEGMENTS 11
Slide 12: Segment financials
SEGMENT FINANCIALS SEGMENT REVENUE Q1 2014 Q1 2015 % EUROPEAN UNITS 191.9 200.7 + 4.6% AREA UNITS 72.1 91.6 + 27.1% VENTURES – – – SEGMENT EBIT Q1 2014 Q1 2015 % EUROPEAN UNITS 26.0 26.2 + 0.7% AREA UNITS (0.9) 1.5 – VENTURES (4.7) (3.5) + 33.9% Acc. to IFRS in EUR million. Minor rounding difference
Slide 13: European Units segment
EUROPEAN UNITS SEGMENT ! Environment in Europe still heterogeneous, 4.6% increase in revenue » Increases in loader cranes, EPSILON, truck mounted forklifts, hooklifts » High level of profitability in production » Increases in Denmark, Sweden, UK, the Netherlands, Czech Republic, Poland, Africa and A
Slide 14: Area Units segment
AREA UNITS SEGMENT ! 27.1% increase in revenue » Clear expansion of revenue in North America » Increase in revenue in Russia: Local value creation at INMAN and PM-Group more than compensated lack of exports caused by sanctions » Joint ventures with KAMAZ will intensify local value creation » Increas
Slide 15: Ventures unit
VENTURES UNIT ! Focus on integration of acquisitions » Post-merger PM-Group Lifting Machines » Acquisitions and closing of Norwegian Deck Machinery AS » Development of the joint ventures with KAMAZ ! Intensified optimization of capital employed and current capital 15
Slide 16: Key financials
KEY FINANCIALS 16
Slide 17: Key financials
KEY FINANCIALS Q1 2013 Q1 2014 Q1 2015 % Revenue 225.8 264.0 292.3 + 10.7% EBITDA 25.4 28.9 33.2 + 14.9% EBITDA margin 11.3% 11.0% 11.4% – EBIT 18.1 20.4 23.6 + 15.5% EBIT margin 8.0% 7.7% 8.1% – Result before income tax 15.6 17.2 21.1 + 22.2% Consolidated net result for the period 11.0 12.0 14.5 +
Slide 18: Quarterly figures
QUARTERLY FIGURES Revenue EBIT 292 300 281 50 265 264 267 241 247 249 241 251 250 224 223 226 40 200 30 150 23.6 20 100 19.5 21.1 20.4 21.0 17.7 16.5 18.1 16.9 18.1 14.8 14.6 10 50 10.5 0 0 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 EBIT 7.9% 8.1% 6.6% 6.7% 8.0% 8.
Slide 19: Capital employed
CAPITAL EMPLOYED* Net working capital (in relation to revenue) Non-current operating assets 857 800 190 (17%) 629 588 600 531 481 183 (18%) 143 (16%) 172 (18%) 400 103 (14%) 667 200 378 388 416 446 0 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 è Increase through acquisitions * Average. Acc. to IFRS in
Slide 20: Investments
INVESTMENTS Net investments Depreciation, amortization and impairment 15 13.7 12.2 11.1 9.6 10 8.5 7.3 7.0 7.4 6.2 5 4.1 0 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Acc. to IFRS in EUR million. Minor rounding differences may occur. 20
Slide 21: Gearing ratio and equity
GEARING RATIO AND EQUITY Net debt Equity Gearing % 600 100 % 500 79.7% 499.1 72.2% 80 % 62.4% 363.5 397.7 400 56.6% 344.9 379.8 317.6 60 % 300 51.5% 274.2 226.7 195.1 40 % 200 163.6 100 20 % 0 0% Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 è Equity ratio at a high level Acc. to IFRS in EUR million. Min
Slide 22: Outlook
OUTLOOK 22
Slide 23: Outlook and objectives – internally
OUTLOOK AND OBJECTIVES – INTERNALLY ! Internationalization strategy to be continued » Completion of product portfolio in all markets » Focus on China and Russia ! Support high pace of growth in marine business ! Further increase in flexibility (lean administration) » Fixed-cost control of all proces
Slide 24: Outlook and objectives – externally
OUTLOOK AND OBJECTIVES – EXTERNALLY ! Growth in North America, CIS and Asia ! Increases in marine business ! Recovery in Europe ! Gaining of market shares in the stagnating South American region è Revenue expected to increase in 2015 24
Slide 25: Investor Relations
INVESTOR RELATIONS Herbert Ortner, CEO Hannes Roither, Company Spokesperson Phone +43 662 46 84-82222 Phone +43 662 46 84-82260 h.ortner@palfinger.com h.roither@palfinger.com PALFINGER AG Franz-Wolfram-Scherer-Strasse 24 5020 Salzburg www.palfinger.ag This presentation contains forward-looking state
Slide 26: Back up
BACK UP 26
Slide 27: Balance sheet structure
BALANCE SHEET STRUCTURE ASSETS LIABILITIES Equity Non-current assets Non-current liabilities Current assets Current liabilities 1400 1,250 1400 1,250 1200 1,130 1200 1,130 315 1000 523 1000 259 454 800 800 410 436 600 600 400 676 727 400 200 200 461 499 0 0 Q1 2014 Q1 2015 Q1 2014 Q1 2015 è Long-te
Slide 28: Financing structure as at March 2015
FINANCING STRUCTURE AS AT 31 MARCH 2015 293 300 Ø Interest rate 2.05% Ø Remaining time to maturity 3.1 years 200 Financial assets EUR 24.6m 101 Equity ratio 39.9% 100 43 0 Maturity 2015 2016 after 2016 Acc. to IFRS in EUR million. Minor rounding differences may occur. 28
Slide 29: PALFINGER shares
PALFINGER SHARES SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 31.3.2015 10% 1% ISIN AT0000758305 SANY Group PALFINGER AG Number of shares 37,593,258 thereof own shares 283,562 Share price as at end of period EUR 24.59 30% Market capitalization 924.4m free float Earnings per share EUR 0.39 59%
Slide 30: Performance of PALFINGER shares since 2014
PERFORMANCE OF PALFINGER SHARES SINCE 2014 140 DAX 120 ATX 100 80 PALFINGER AG EUR 24.59 60 40 2 Jan 2014 2 Jan 2015 17 Apr 2015 30
Slide 31: Financial calendar 2015
FINANCIAL CALENDAR 2015 30 July 2015 Publication of the results for the first half of 2015 30 October 2015 Publication of the results for the first three quarters of 2015 31