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Welcome to SchindlerPresentation of Annual Results 2012
Lucerne, February 19, 2013
Barangaroo South, office buildings; Sydney, Australia 105 elevators with PORT technology, including 78 Schindler 7000 and27 Schindler 5500
Schindler presentation
– Opening Alfred N. Schindler
– Business Review / Outlook Jürgen Tinggren
– Discussion
© Schindler | Annual Results Presentation 2012 | Page 2
Holding: Market capitalization 1981 – 31.12.2012
Spin-offs M&A / Innovation Δ Processes 2nd Planet
31.12.2012:CHF 15.463 bn
In CHF billion
© Schindler | Annual Results Presentation 2012 | Page 3
Schindler presentation
– Opening Alfred N. Schindler
– Business Review / Outlook Jürgen Tinggren
– Discussion
© Schindler | Annual Results Presentation 2012 | Page 4
Highlights 2012Growth and improved profitability
Growth– Orders received up by 8.7% – Revenue increase of 5.1%– Record order backlog of CHF 7'083 million (+10.0%)
Profitability– E&E EBIT increase to CHF 1'029 million– Strong operating cash flow of CHF 782 million (+13.3%)– Significant net profit increase to CHF 730 million
© Schindler | Annual Results Presentation 2012 | Page 5
Megatrends impacting the E&E businessLong-term outlook encouraging
Global Megatrends
© Schindler | Annual Results Presentation 2012 | Page 6
E&E Market Implications
Urbanization • Global E&E Growth > GDP
Wealth creationEmerging markets
Demographic Change
Energy Efficiency
• Emerging market opportunity
• Solutions for energy efficiency
• Increased importance of safety and reliability
Global NI E&E market growth 2011 – 2012China & India capturing >85% of new E&E units
Conclusions
2011 2012
665k units
700k units
AP76%
EU18%
AM 6%
AP77%
EU16%
AM 7%
China contributed >70% to the growthin 2012
AP accounted for 77%of global E&E demandin 2012
© Schindler | Annual Results Presentation 2012 | Page 7
Global growth 2012: 35k units
China 72%
ROW 14%India 14%
5k5k
25k
Asia/Pacific and the Middle East: Development 2012
Emerging markets growth creating "second planet"– China followed by India largest global markets– Positive market development in Southeast Asia– Good level of growth in Gulf Area
Schindler achieved above market growth– Excellent order intake in China and India – Growing order intake in Southeast Asia and Gulf– Construction of new Schindler campus in China and India started
© Schindler | Annual Results Presentation 2012 | Page 8
Americas: Development 2012
Growth in Americas– Good economic environment in Latin America with positive
impact on construction activity– North American construction sector recovering from very low level
Schindler strengthened its market position– Order intake increased– Successful integration of Andino in Colombia – Construction of new elevator factory in Pennsylvania started
© Schindler | Annual Results Presentation 2012 | Page 9
Europe: Development 2012
Difficult market conditions– In southern and eastern Europe, construction activity
decreased further – Rest of Europe stagnated at the levels recorded in 2011
Schindler performed well in demanding environment– Slight increase of order intake – Germany and Switzerland recorded good growth– New elevator plant with logistics center underway in Slovakia
© Schindler | Annual Results Presentation 2012 | Page 10
Order backlog and revenue per market area
Europe 32% 33%Americas 32% 33%Asia / Pacific 36% 34%
Europe 46% 50%Americas 29% 28%Asia / Pacific 25% 22%
2012 2011
20112012
Order backlog
2012: CHF 7 083 million2011: CHF 6 438 million
Revenue
2012: CHF 8 258 million2011: CHF 7 854 million
© Schindler | Annual Results Presentation 2012 | Page 11
LEAP: Capture growth and strengthen competitiveness
© Schindler | Annual Results Presentation 2012 | Page 12
LEAP Initiatives Progress 2012
Growth in Strategic Markets
New NI products
Procurement savings
Service Business growth
Field and structure cost efficiency
• Strong market share gain in China and India
• Schindler 5500 successfully launched• Schindler 3600 China introduction
• Customer relationship focus
• Corp. Procurement moved to China
• Good development field efficiency• Structure cost leverage improvement
LEAP: Investments in ChinaExpansion of production and R&D
China
Location Jiading district, Shanghai
Land size 315,000 sqm
Masterplan2013/16 - Escalator factory
- Elevator factory- R&D center- China / AP Head Office
© Schindler | Annual Results Presentation 2012 | Page 13
LEAP: Investments in IndiaEstablishing manufacturing and R&D capabilities
India
Location Chakan/Pune, Maharashtra
Land size 160,000 sqm
Masterplan2013/15 - Elevator factory
- Escalator factory- R&D center
© Schindler | Annual Results Presentation 2012 | Page 14
LEAP: New NI products drive growthCompetitive and innovative global products
• Schindler 3600 for China• Schindler 3100 for India• Schindler 3300 for North America
• Global rollout• PORT integration
• Schindler 7000 residential• PORT integration
• Schindler 9300 ST
Schindler 3300
Schindler 5500
Schindler 7000
Segment
Schindler 9000
Actions 2013
Commodity
Custom-modular
Custom-design
Escalators
© Schindler | Annual Results Presentation 2012 | Page 15
Global Product Lines
E&E: Key figures as of December 31, 2012
In CHF million 2012 2011 Δ% Δ% in LCOrders received 8 967 8 249 +8.7 +8.5
Revenue 8 258 7 854 +5.1 +5.0
Operating profit (EBIT) 1 029 831 +23.8 +25.8
in % 12.5 10.6
Restructuring cost – 135
Operating profit (EBIT) before restructuring cost 1 029 966 +6.5 +8.2
in % 12.5 12.3
As at December 31:
Order backlog 7 083 6 438 +10.0 +12.4
Headcount at year-end 45 246 44 387 +1.9
© Schindler | Annual Results Presentation 2012 | Page 16
1
1
1 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 2012
Group: Key figures as of December 31, 2012
In CHF million 2012 2011 Δ in % Δ% in LCRevenue 8 258 7 854 +5.1 +5.0
Operating profit (EBIT) 990 793 +24.8 +26.9
in % 12.0 10.1
Financing and investing activities –7 –16
Income taxes 253 211
Profit from continuing operations 730 566 +29.0
Profit disposal group ALSO – 35
Net profit 730 601 +21.5
Net profit before restruct. cost and profit disposal group ALSO 730 664 +9.91 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 2012
1
1
© Schindler | Annual Results Presentation 2012 | Page 17
1
1
1
In CHF
Earnings per share 5.93 5.60 +5.9Dividend per share 2.20 2.00 +10.0
Group: Additional selected key figures
In CHF million 2012 2011 Δ in %Cash flow from operating activities 782 690 +13.3
© Schindler | Annual Results Presentation 2012 | Page 18
1 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 20122 After LEAP restructuring costs: CHF 4.783 Subject to approval by the AGM
1,2
In CHF million
Cash, cash equivalents and marketable securities 2 626 2 662 –1.3Net liquidity 2 268 2 147 +5.6
3
Market outlook 2013
A three speed world– Continued good growth in emerging markets, particularly China,
India and Middle East– Recovery in North America and growth in Latin America
likely to continue– European environment remains challengingSchindler – LEAP drives competitiveness and growth– Sales ramp-up of new elevator products: Schindler 5500 globally,
Schindler 3600 in China and Schindler 3100 in India – Investments in new plants, expansion of research and market
capabilities in all regions– Improved efficiency and cost competitiveness
© Schindler | Annual Results Presentation 2012 | Page 19
Group: Outlook
Guidance 2013
Revenue growth: approximately +6% in local currencies
Group net profit: ~ CHF 740 million to CHF 790 million
© Schindler | Annual Results Presentation 2012 | Page 20
Additional charts
© Schindler | Annual Results Presentation 2012 | Page 21
World market new installations 2012
78
6
16 17
69
14
0
10
20
30
40
50
60
70
80
90
Americas Europe Asia/Pacific
Units: 700 000(+5.3% vs 2011)
Value: CHF 25.1 bn(+6.5% vs 2011)
2011
Units 2012Value 2012
In %
© Schindler | Annual Results Presentation 2012 | Page 22
E&E: Key figures as of December 31, 2012Q4: October – DecemberIn CHF million Q4/2012 Q4/2011 Δ% Δ% in LCOrders received 2 241 2 035 +10.1 +10.6
Revenue 2 190 2 155 +1.6 +2.0
Operating profit (EBIT) 277 138 +100.7 +103.6
in % 12.6 6.4
Restructuring cost – 135
Operating profit (EBIT) before restructuring cost 277 273 +1.5 +2.9
in % 12.6 12.7
31.12.12 30.09.12
Order backlog 7 083 7 367 –3.9 –2.3
Headcount at end of period 45 246 44 760 +1.11 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 2012
1
© Schindler | Annual Results Presentation 2012 | Page 23
E&E: Quarterly overview 2012/2011
2012 2011
In CHF million Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Orders received 2 241 2 189 2 344 2 193 2 035 1 979 2 154 2 081
Revenue 2 190 2 097 2 067 1 904 2 155 1 893 1 960 1 846
Operating profit (EBIT) 277 268 260 224 138 237 244 212
in % 12.6 12.8 12.6 11.8 6.4 12.5 12.4 11.5
In CHF million2011
Q4One time charge LEAP restructuring cost 135
Operating profit (EBIT) before restructuring cost 273
in % 12.71 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 2012
1
© Schindler | Annual Results Presentation 2012 | Page 24
Group: Key figures as of December 31, 2012Q4: October – December
In CHF million Q4 2012 Q4 2011 Δ in % Δ% in LCRevenue 2 190 2 155 +1.6 +2.0
Operating profit (EBIT) 267 130 +105.4 +108.5
in % 12.2 6.0
Financing activities –2 –27
Income from associates 2 –4Net profit 208 80 +160.0
Net profit before restructuring cost 208 178 +16.9
Cash flow from operating activities 260 229 +13.5
© Schindler | Annual Results Presentation 2012 | Page 25
1
1
1 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 2012
1
Group: Quarterly overview 2012/2011
2012 2011In CHF million Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Orders received 2 241 2 189 2 344 2 193 2 035 1 979 2 154 2 081Revenue 2 190 2 097 2 067 1 904 2 155 1 893 1 960 1 846Operating profit (EBIT) – Group 267 259 250 214 130 229 233 201Financing activities –2 –12 –2 –6 –27 14 –12 10
Income from associates 2 2 2 9 –4 –2 3 2Income taxes 59 66 67 61 19 68 63 61Profit from continuing operations 208 183 183 156 80 173 161 152Profit of the disposal group ALSO – – – – – – 4 31Net profit 208 183 183 156 80 173 165 183
in % 9.5 8.7 8.9 8.2 3.7 9.1 8.4 9.91 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 2012
1
© Schindler | Annual Results Presentation 2012 | Page 26
Group: Balance sheet
In CHF million 31.12.2012 in % 31.12.2011 in %Cash and cash equivalents 2 178 27.9 2 403 31.8
Other current assets 2 992 38.2 2 695 35.6
Total non-current assets 2 652 33.9 2 471 32.6
Total assets 7 822 100.0 7 569 100.0
Total current liabilities 3 328 42.5 3 345 44.2
Total non-current liabilities 1 681 21.5 1 573 20.8
Total liabilities 5 009 64.0 4 918 65.0
Total equity 2 813 36.0 2 651 35.0
Total liabilities and equity 7 822 100.0 7 569 100.0
Net working capital -509 -554
Net liquidity 2 268 2 1471 Retrospective adjustment due to early adoption of IAS 19 – Employee Benefits (revised) as of January 1, 2012
1
© Schindler | Annual Results Presentation 2012 | Page 27
Share buyback program 1.1.2010 – 31.12.20122nd trading line
Registered shares
Participationcertificates
Number of securities 889 055 2 437 491
Value of securities (in CHF million) 95.6 247.1
Number of securities cancelled in 2012 –336 644 –1 714 600
Number of securities proposed for cancellation in 20131 –552 411 –722 891
Outstanding securities as of 31.12.2012 71 440 056 46 894 8001 to be approved by AGM 2013
© Schindler | Annual Results Presentation 2012 | Page 28
Thank you.
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Schindler undertakes all reasonable efforts to ensure that the information in this presentation is accurate, complete and derives from reliable sources. Schindler however, does not represent nor warrant (either expressly or implicitly) accuracy, reliability, timeliness or completeness of such information. Therefore, Schindler is not liable for any errors, consequence of acts or omissions based on the entirety or part of the information available in this presentation.