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Company presentation April 2015 ANDRITZ GROUP
2. Results 2014
3. Long-term goals and outlook
1. ANDRITZ GROUP overview
KEY FINANCIAL FIGURES 2014
* MEUR = million euro
The ANDRITZ GROUP Overview
Unit 2014
Order intake MEUR* 6,101.0
Order backlog (as of end of period) MEUR 7,510.6
Sales MEUR 5,859.3
EBITA MEUR 379.5
Net income (including non-controlling interests) MEUR 210.0
Employees (as of end of period; without apprentices) - 24,853
Profile: globally leading supplier of plants, equipment, and services for hydropower stations, the pulp and paper industry, the metal-working and steel industries, and solid/liquid separation in the municipal and industrial sectors Headquarters: Graz, Austria Global presence: over 250 production sites and service/sales companies worldwide
3 Company presentation April 2015
Product offerings: equipment for production of all types of pulp, paper, tissue, and board; energy boilers Order intake 2014: 1,996 MEUR Sales 2014: 1,969 MEUR Share of ANDRITZ GROUP’s total order intake: 30-35%
Worldwide leading position in four business areas HYDRO and PULP & PAPER …
Product offerings: electromechanical equipment for hydropower plants (turbines, generators); pumps; turbo generators Order intake 2014: 1,817 MEUR Sales 2014: 1,752 MEUR Share of ANDRITZ GROUP’s total order intake: 30-35%
4 Company presentation April 2015
Product offerings: equipment for solid/liquid separation for municipalities and various industries; equipment for production of animal feed and biomass pellets Order intake 2014: 596 MEUR Sales 2014: 587 MEUR Share of ANDRITZ GROUP’s total order intake: 10%
Product offerings: presses for metalforming (Schuler); systems for production of stainless steel, carbon steel, and non-ferrous metal strip; industrial furnace plants Order intake 2014: 1,693 MEUR Sales 2014: 1,550 MEUR Share of ANDRITZ GROUP’s total order intake: 25%
… METALS and SEPARATION
5 Company presentation April 2015
1,744
2,710
3,2833,610
3,1983,554
4,596
5,177
5,711 5,859
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Compound Annual Growth Rate (CAGR) of Group sales 2005-2014: +14% p. a. (thereof approximately half organic growth)
Strengthening of market position Growth through organic expansion and acquisitions
Recent acquisitions by business area since 1990
2011 Iggesund Tools 2011 Tristar Industries 2011 Asselin-Thibeau 2012 AES 2013 MeWa METALS 1997 Sundwig 1998 Thermtec 2000 Kohler 2002 SELAS SAS Furnace Div. 2004 Kaiser 2005 Lynson 2008 Maerz 2012 Bricmont 2012 Soutec 2013 Schuler (> 95%) 2013 FBB Engineering 2014 Herr-Voss Stamco SEPARATION 1992 TCW Engineering 1995 Jesma-Matador 1996 Guinard 2000 UMT 2002 3SYS 2004 Bird Machine 2004 NETZSCH Filtration 2004 Fluid Bed Systems 2005 Lenser Filtration 2006 CONTEC Decanter 2009 Delkor Capital Equipment 2009 Frautech 2010 KMPT 2012 Gouda 2013 Shende Machinery
HYDRO 2006 VA TECH HYDRO 2007 Tigép 2008 GE Hydro business 2008 GEHI (JV) 2010 Precision Machine 2010 Hammerfest Strøm (59%) 2010 Ritz 2011 Hemicycle Controls PULP & PAPER 1990 Sprout-Bauer 1992 Durametal 1994 Kone Wood 1998 Kvaerner Hymac 1999 Winberg 2000 Ahlstrom Machinery 2000 Lamb Baling Line 2000 Voith Andritz Tissue LLC (JV) 2002 ABB Drying 2003 IDEAS Simulation 2003 Acutest Oy 2003 Fiedler 2004 EMS (JV) 2005 Cybermetrics 2005 Universal Dynamics Group 2006 Küsters 2006 Carbona 2006 Pilão 2007 Bachofen + Meier 2007 Sindus 2008 Kufferath 2009 Rollteck 2010 Rieter Perfojet 2010 DMT/Biax 2011 AE&E Austria
6 Company presentation April 2015
2. Results 2014
3. Long-term goals and outlook
1. ANDRITZ GROUP overview
Financial highlights 2014
Order intake, sales, and order backlog reach record highs
Order intake
6.1 bn. EUR
Sales
5.9 bn. EUR
Order backlog
7.5 bn. EUR
Earnings and margins substantially improved compared to very low levels of 2013
Strong development of cash flow and net cash position
Solid level of net working capital
Dividend proposal of 1.00 EUR/share
Company presentation April 2015
8
SALES by region 2014 vs. 2013 (%)
SALES by business area 2014 vs. 2013 (MEUR) GROUP SALES (MEUR) * Schuler portion
The Schuler Group was consolidated into the consolidated financial statements of ANDRITZ as of March 1, 2013
Group sales Slight increase due to Schuler
967* 1,178*
5,711 5,859
2014 2013 +/-
HYDRO 1,752 1,805 -3%
PULP & PAPER 1,969 2,005 -2%
METALS 1,551 1,311 +18%
SEPARATION 587 590 +/-0%
+3% (-1% ex Schuler)
5,859 MEUR
2014 2013
Europe 41 43
North America 16 16
South America 15 13
China 13 13
Asia (ex China) 11 11
Others* 4 4
Project-related lower sales generation in HYDRO and PULP & PAPER
+8% ex Schuler
Emerging markets: 43%
Europe & North America: 57%
Well-balanced geographical exposure in sales …
2013 2014 * Africa and Australia
Company presentation April 2015
9
ORDER INTAKE by region 2014 vs. 2013 (%)
ORDER INTAKE by business area 2014 vs. 2013 (MEUR) GROUP ORDER INTAKE (MEUR) * Schuler portion
The Schuler Group was consolidated into the consolidated financial statements of ANDRITZ as of March 1, 2013
Group order intake significantly increased PULP & PAPER and METALS favorably up
868*
1,194* 5,611
6,101
+9% (+3% ex Schuler)
* Africa and Australia
Also +37% ex Schuler
2014 2013 +/-
HYDRO 1,817 1,865 -3%
PULP & PAPER 1,996 1,908 +5%
METALS 1,693 1,234 +37%
SEPARATION 596 604 -1%
2014 2013
Europe 37 41
North America 18 18
South America 14 12
China 12 11
Asia (ex China) 12 14
Others* 7 4
6,101 MEUR
Emerging markets: 45%
Europe & North America: 55%
… and in order intake
2013 2014
Company presentation April 2015
10
ORDER BACKLOG by business area 2014 (%)
ORDER BACKLOG by business area 2014 vs. 2013 (as of end of period; MEUR) GROUP ORDER BACKLOG (as of end of period in MEUR) * Schuler portion
The Schuler Group was consolidated into the consolidated financial statements of ANDRITZ as of March 1, 2013
1,040* 1,058*
7,389 7,511
+2% (+2% ex Schuler)
Order backlog at record high, mainly driven by METALS
7,511 MEUR
2014 2013 +/-
HYDRO 3,709 3,722 +/-0%
PULP & PAPER 1,875 1,886 -1%
METALS 1,566 1,428 +10%
SEPARATION 361 353 +2%
+31% ex Schuler
2013 2014
HYDRO 49
PULP & PAPER 25
METALS 21
SEPARATION 5
HYDRO and PULP & PAPER account for ~75% of total backlog
Company presentation April 2015
11
EBITA (MEUR) EBITA MARGIN (%)
The Schuler Group was consolidated into the consolidated financial statements of ANDRITZ as of March 1, 2013
164.1
379.5
+131%
Strong increase in earnings and profitability compared to very low levels of 2013
2013 2014
2013: 2.9%
2014:
6.5%
Increase of EBITA and EBITA margin driven by strong earnings improvements of PULP & PAPER, SEPARATION,
and METALS; unchanged good profitability of HYDRO
Company presentation April 2015
12
Unit 2014 2013 +/-
Order intake MEUR 6,101.0 5,611.0 +8.7%
Order backlog (as of end of period) MEUR 7,510.6 7,388.5 +1.7%
Sales MEUR 5,859.3 5,710.8 +2.6%
EBITDA MEUR 472.0 255.2 +85.0%
EBITA MEUR 379.5 164.1 +131.3%
EBIT MEUR 295.7 89.8 +229.3%
EBT MEUR 299.4 80.3 +272.9%
Financial result MEUR 3.7 -9.5 +138.9%
Net income (including non-controlling interests) MEUR 210.0 53.2 +294.7%
Cash flow from operating activities MEUR 342.1 93.7 +265.1%
Capital expenditure MEUR 106.5 111.4 -4.4%
Equity ratio % 17.0 16.7 -
Liquidity MEUR 1,701.6 1,517.0 +12.2%
Net liquidity (after deduction of all financial liabilities) MEUR 1,065.1 893.1 +19.3%
Net working capital MEUR -570.9 -539.4 -5.8%
EBITDA margin % 8.1 4.5 -
EBITA margin % 6.5 2.9 -
EBIT margin % 5.0 1.6 -
Employees (as of end of period; without apprentices) - 24,853 23,713 +4.8%
Key figures 2014 at a glance
The Schuler Group was consolidated into the consolidated financial statements of ANDRITZ as of March 1, 2013
Increase in net liquidity driven by strong cash flow generation and project-related
customer advances
Unchanged solid level of net
working capital
Company presentation April 2015
13
HYDRO (1) Reasonable project activity, but far below peak level of 2011
MODERNIZATIONS/REHABILITATIONS Solid project activity in Europe and North America, although below peak years
NEW HYDROPOWER PLANTS Some projects in emerging markets in implementation or planning phase (particularly in South America and Africa)
COMPETITION Stable competition at challenging level
PUMPS Solid project activity
The consortium GE/ANDRITZ HYDRO is appointed preferred bidder for the supply of the electromechanical equipment for the world’s first tidal lagoon hydropower project in Swansea Bay, Wales. The hydropower plant will have a total capacity of 320 megawatts.
Phot
o: T
idal
Lag
oon
Swan
sea
Bay
plc.
Company presentation April 2015
14
Unit 2014 2013 +/-
Order intake MEUR 1,816.7 1,865.4 -2.6%
Order backlog (as of end of period) MEUR 3,708.6 3,722.4 -0.4%
Sales MEUR 1,752.3 1,804.8 -2.9%
EBITDA MEUR 177.2 176.8 +0.2%
EBITDA margin % 10.1 9.8 -
EBITA MEUR 144.8 146.9 -1.4%
EBITA margin % 8.3 8.1 -
Employees (as of end of period; without apprentices) - 8,339 7,445 +12.0%
HYDRO (2) Satisfactory business development
Slight project-related decline in sales
Earnings and margin at unchanged
satisfactory levels
Order intake in line with
expectations
Increase of employees related to
projects in South America and Turkey
Company presentation April 2015 15
PULP & PAPER (1) Good investment and project activity
MODERNIZATIONS/GREENFIELD Good project and investment activity for modernizations/refurbishments and for new greenfield pulp mills
BIOMASS/RECOVERY BOILERS Good investment activity
COMPETITION Unchanged challenging price competition
TISSUE Solid demand, especially in China
Phot
o: M
etsä
Fib
re O
y
ANDRITZ has signed a letter of intent with Metsä Fibre to deliver key production technologies for a new bio-product pulp mill in Finland.
Company presentation April 2015
16
PULP & PAPER (2) Strong improvement in earnings and profitability
Favorable order intake of almost 2 billion euros
Slight project-related decline in sales
Earnings and margin recovered compared to low level in 2013; good
profitability development in service, capital still
impacted by execution of some lower margin orders
Unit 2014 2013 +/-
Order intake MEUR 1,995.7 1,907.7 +4.6%
Order backlog (as of end of period) MEUR 1,875.4 1,885.6 -0.5%
Sales MEUR 1,969.3 2,005.3 -1.8%
EBITDA MEUR 127.6 -11.5 +1,209.6%
EBITDA margin % 6.5 -0.6 -
EBITA MEUR 102.9 -35.7 +388.2%
EBITA margin % 5.2 -1.8 -
Employees (as of end of period; without apprentices) - 7,236 7,136 +1.4%
Company presentation April 2015
17
METALS (1): good investment activity in metal forming and for aluminum equipment
METALFORMING Good project activity, especially in China; satisfactory level in Europe
STAINLESS STEEL Unchanged low project activity, however some selective investments in emerging markets
COMPETITION Stable competition at challenging level
ALUMINUM Very good project activity
One of the largest orders in Schuler’s 175-year history was received from FAW Volkswagen Automotive, China. The order comprises three press lines with ServoDirect technology. The servo-press lines are used mainly to produce car body parts, such as hoods or doors.
Company presentation April 2015
18
METALS (2) Favorable business development
Order intake favorably up due to the metal-
forming (Schuler) and aluminum equipment
Sales increase mainly due to Schuler (ex
Schuler: +8.0%)
Satisfactory earnings and margin development
compared to 2013, which was impacted by
restructuring provisions by Schuler; EBITA 2014 positively influenced by
release of provision overhang 2014
The Schuler Group was consolidated into the consolidated financial statements of ANDRITZ as of March 1, 2013
Unit 2014 2013 +/-
Order intake MEUR 1,692.8 1,233.8 +37.2%
Order backlog (as of end of period) MEUR 1,566.1 1,427.6 +9.7%
Sales MEUR 1,550.4 1,311.0 +18.3%
EBITDA MEUR 134.0 76.6 +74.9%
EBITDA margin % 8.6 5.8 -
EBITA MEUR 110.2 53.5 +106.0%
EBITA margin % 7.1 4.1 -
Employees (as of end of period; without apprentices) - 6,432 6,300 +2.1%
Company presentation April 2015
19
ENVIRONMENT AND FOOD Solid investment activity
SEPARATION (1)
MINING AND MINERALS Unchanged low project activity
FEED AND BIOMASS PELLETING Good project activity
CHEMICALS Solid project activity
For the waste water treatment plant, industrial effluent treatment plant, and food application segments, ANDRITZ launched a new sludge dewatering machine: the ANDRITZ C-Press is a screw press providing high performance and combining compact design with low operating costs.
Company presentation April 2015
20
SEPARATION (2) Order intake and sales stabilized, earnings improved
Order intake and sales practically unchanged
compared to 2013
Earnings and margin back on track compared to low
level in 2013 (additional costs related to launch of
new products in China)
Unit 2014 2013 +/-
Order intake MEUR 595.8 604.1 -1.4%
Order backlog (as of end of period) MEUR 360.5 352.9 +2.2%
Sales MEUR 587.3 589.7 -0.4%
EBITDA MEUR 33.2 13.3 +149.6%
EBITDA margin % 5.7 2.3 -
EBITA MEUR 21.6 -0.6 +3,700.0%
EBITA margin % 3.7 -0.1 -
Employees (as of end of period; without apprentices) - 2,846 2,832 +0.5%
Company presentation April 2015
21
3. Long-term goals and outlook
1. ANDRITZ GROUP overview
2. Results 2014
* Including restructuring expenses ** Including Schuler as of March 1, 2013; no pro forma figures are available for the reference periods of previous years
Target to continue long-term profitable growth Goal: maintain 7% and improve to 8% with top-line sales growth
23
%
MEUR
Long term:
maintain 7% and improve to
8% with top-line sales growth
Average 2005-2009:
6.0% Average 2000-2004:
5.3%
5.7
Company presentation April 2015
Outlook for 2015 Investment activity to remain at current satisfactory levels
HYDRO Good project activity for modernizations and new hydropower stations to continue; satisfactory market activity for pumps to continue
PULP & PAPER Solid project activity for modernizations/capacity increases and power/ biomass boilers; good pipeline for green-/brownfield pulp mill projects
METALS Global metalforming market to stay at good level; steel at unchanged subdued level; good market activity in aluminum to continue
SEPARATION Low project activity in mining to remain; solid project activity in chemicals; good investment activity in environment, food, and feed/biomass pelleting
stable +/-
stable +
stable +
stable +
ANDRITZ GROUP 2015
Slight increase in sales
and improvement of
earnings expected
Company presentation April 2015
24
Financials Appendix:
ANDRITZ GROUP Sales, order intake, EBITA, and EBITA margin 2010-2014
Sales (in MEUR): CAGR +13%
26
Order intake (in MEUR): CAGR +10%
EBITA (in MEUR)
EBITA margin (in %)
Average
4,979 MEUR
Average
5,295 MEUR
Average
298 MEUR
Average
6.1%
HYDRO Sales, order intake, EBITA, and EBITA margin 2010-2014
Sales (in MEUR): CAGR +3%
27
Order intake (in MEUR): CAGR -1%
EBITA (in MEUR)
EBITA margin (in %)
Average
1,749 MEUR
Average
1,931 MEUR
Average
142 MEUR
Average
8.1%
Average
4.6%
PULP & PAPER Sales, order intake, EBITA, and EBITA margin 2010-2014
Sales (in MEUR): CAGR +15%
28
Order intake (in MEUR): CAGR +9%
EBITA (in MEUR)
EBITA margin (in %)
2013
2013
Average
1,854 MEUR
Average
1,995 MEUR
Average
81 MEUR
METALS Sales, order intake, EBITA, and EBITA margin 2010-2014
Sales (in MEUR): CAGR +46%*
29
Order intake (in MEUR): CAGR +54%*
EBITA (in MEUR)
EBITA margin (in %)
* +2% ex Schuler
* +13% ex Schuler
Average ex Schuler:
367 MEUR
Sch
uler
: 967
S
chul
er:
868
39.7
*
* Schuler: 4.1% (8.4% before restructuring expenses)
Average ex Schuler:
362 MEUR
Average ex Schuler:
17.7 MEUR
Average ex Schuler:
4.8%
Sch
uler
: 1,1
78
Sch
uler
: 1,
194
* thereof Schuler
98.4
*
** Schuler: 8.4%
Average
5.2%
SEPARATION Sales, order intake, EBITA, and EBITA margin 2010-2014
Sales (in MEUR): CAGR +4%
30
Order intake (in MEUR): CAGR +2%
EBITA (in MEUR)
EBITA margin (in %)
Average
580 MEUR
Average
594 MEUR
Average
30 MEUR