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1
Year 2012
Second quarter and half year results
August 27th, 2012
The intelligent moveThe intelligent move
2
Recent market trend
3
World market trend
Numberof lifttruckssold
Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
Q2 2012
vs
Q1 2012
Q2 2012
vs
Q2 2011
West Europe 20.671 28.204 28.509 23.237 25.356 27.042 24.030 -11,1% -15,7%
USA and CANADA 18.839 21.828 24.626 23.633 26.378 23.392 24.890 6,4% 1,1%
Asia 67.644 82.458 85.605 75.498 70.130 82.501 78.862 -4,4% -7,9%
Rest of the world 17.073 24.136 25.527 23.386 22.779 22.445 21.386 -4,7% -16,2%
World 124.226 156.626 164.267 145.754 144.643 155.380 149.168 -4,0% -9,2%
4
World market trend
Number of lift trucks sold
Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
Q2 2012
vs
Q1 2012
Q2 2012
vs
Q2 2011
West Europe 20.671 28.204 28.509 23.237 25.356 27.042 24.030 -11,1% -15,7%
USA and CANADA 18.839 21.828 24.626 23.633 26.378 23.392 24.890 6,4% 1,1%
Asia 67.644 82.458 85.605 75.498 70.130 82.501 78.862 -4,4% -7,9%
Rest of the world 17.073 24.136 25.527 23.386 22.779 22.445 21.386 -4,7% -16,2%
World 124.226 156.626 164.267 145.754 144.643 155.380 149.168 -4,0% -9,2%
5
Financials 2012
6
Net sales breakdown: Q2 2012 vs Q2 2011
+ 0,5%
30,230,4
+24,8%
+10,2%
-3,7%
Net Sales – Geographic breakdown(2nd Quarter 2011 – 2nd Quarter 2012; €/Mln)
7
Net sales breakdown: H1 2012 vs H1 2011
+ 4,3%
58,160,6
+11,4%
+24,1%
+1,1%
Net Sales – Geographic breakdown(1st semester 2011 – 1st semester 2012; €/Mln)
8
Main performance indicators: 2nd quarter
Thousands of Euro
2nd quarter
2011
Official
2nd quarter
2012% Var.
2012
vs 2011
TURNOVER 30.238 30.386 0,5%
EBITDA 2.324 2.504 7,7%
EBIT 1.038 1.241 19,6%
RESULT BEFORE TAXES 772 1.160 50,3%
9
Main performance indicators: 1st semester
Thousands of Euro
1st half 2011
Official
1st half 2012% Var.
2012
vs 2011
TURNOVER 58.070 60.592 4,3%
EBITDA 4.677 5.235 11,9%
EBIT 2.063 2.532 22,7%
RESULT BEFORE TAXES 1.357 1.958 44,3%
NET RESULT 622 1.051 69,0%
OF WHICH THIRD PARTIES (69) (13) -81,2%
GROUP RESULT 553 1.038 87,7%
10
Consolidated Income Statement: 2nd quarter
2nd quarter
2011
Official
2nd quarter
2012
2012
vs
2011
Thousands of Euro
Turnover 30.238 100,0% 30.386 100,0% 0,5%
Other operating revenue 409 1,4% 138 0,5% (66,3%)
Total revenue 30.647 101,4% 30.524 100,5% (0,4%)
Costs for raw material and consumables (13.667) -45,2% (14.378) -47 ,3% 5,2%
Costs for services (6.029) -19,9% (5.396) -17 ,8% (10,5%)
Personnel expenses (8.312) -27,5% (8.133) -26 ,8% (2,2%)
Other operating expenses (280) -0 ,9% (217) -0 ,7% (22,5%)
Result of associated companies at Net Equity (35) -0 ,1% 104 0,3% n.c.
Gross Operating Result (EBITDA) 2.324 7,7% 2.504 8,2% 7,7%
Depreciation & Amortisation (1.230) -4 ,1% (1.188) -3 ,9% (3,4%)
Provisions and write-downs (56) -0 ,2% (75) -0 ,2% 33,9%
Operating result 1.038 3,4% 1.241 4,1% 19,6%
Financial income and expenses (331) -1,1% (442) -1,5% 33,5%
Exchange rate earnings and losses 65 0,2% 361 1,2% 455,4%
Result before tax 772 2,6% 1.160 3,8% 50,3%
Income taxes (300) -1,0% (522) -1,7% 74,0%
Net result 472 1,6% 638 2,1% 35,2%
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Consolidated Income Statement: 1st semester
30 June
2011
Official
30 June
2012
2012
vs
2011
Thousands of Euro
Turnover 58.070 100,0% 60.592 100,0% 4,3%
Other operating revenue 640 1,1% 266 0,4% (58,4%)
Total revenue 58.710 101,1% 60.858 100,4% 3,7%
Costs for raw material and consumables (25.916) -44,6% (27.697) -45,7% 6,9%
Costs for services (11.460) -19,7% (10.975) -18,1% (4,2%)
Personnel expenses (16.133) -27,8% (16.706) -27,6% 3,6%
Other operating expenses (502) -0 ,9% (385) -0 ,6% (23,3%)
Result of associated companies at Net Equity (22) 0,0% 140 0,2% n.c.
Gross Operating Result (EBITDA) 4.677 8,1% 5.235 8,6% 11,9%
Depreciation & Amortisation (2.488) -4 ,3% (2.371) -3 ,9% (4,7%)
Provisions and write-downs (126) -0 ,2% (332) -0 ,5% 163,5%
Operating result 2.063 3,6% 2.532 4,2% 22,7%
Financial income and expenses (558) -1,0% (846) -1,4% 51,6%
Exchange rate earnings and losses (148) -0 ,3% 272 0,4% (283,8%)
Result before tax 1.357 2,3% 1.958 3,2% 44,3%
Income taxes (735) -1,3% (907) -1,5% 23,4%
Net result 622 1,1% 1.051 1,7% 69,0%
Third parties result (69) -0 ,1% (13) 0,0% (81,2%)
Group result 553 1,0% 1.038 1,7% 87,7%
12
Net financial position
The negative balance of the net financial position has increased from 22,4 million Euros at31.12.2011 to 24,4 million Euros at the end of the first semester of 2012.
The increase in the period is mainly due to the payment of:• dividends to shareholders for 1,039 million Euros;• China investments for 0,87 million Euros;
In Q2 the net financial position improved by 1,5 million respect to the end of March (25,9million Euros) mainly thanks to the to the positive cash flow generated by ordinaryoperations.
Thousands of Euro31/12/2011 30/06/2012
Cash and cash equivalent 6.716 6.938
Current portion of long term debts (13.135) (17.266)
Net financial position - short term (6.419) (10.328)
Financial assets held to maturity 60 0
Non current portion of long term debts (16.113) (14.075)
Net financial position - M/L term (16.053) (14.075)
Net financial position (22.472) (24.403)
13
Consolidated cash flow statement 30.06.2012
30.06.2012
Thousands of Euro
OPENING NET FINANCIAL POSITION 01.01.2012 (22.472)
Net result 1.038
Change in reserves (441)
Depreciation 2.371
Change in net working capital (2.232)
- Inventories (2.414) - Trade receivables (1.545) - Trade payables 190 - Others 1.537
Net capital expenditure (2.420)
FREE CASH FLOW (1.684)
Equity, other financial assets and third parts changes 792
Dividend distribution (1.039)
CLOSING NET FINANCIAL POSITION 30.06.2012 (24.403)
14
Cash flow statement: bridge analysis
15
Consolidated assets and liabilities
Thousands of Euro31.12.2011 30.06.2012
Net fixed assets 46.698 46.916
Net working capital 21.123 23.359
Leaving indemnity and other reserves (5.640) (5.221)
Net capital employed 62.181 65.054
Net Equity 36.494 36.692
Minority interest 3.215 3.959
Net financial position 22.472 24.403
Net Debt / Equity 0,57 0,60
16
Other KPI
Working Capital (€m) Accounts payable turnover ratio (days) (1)
Accounts receivable turnover ratio (days) (2) Inventory turnover (days) (2)
(1) On Cost of purchased goods and Cost of services (2) On Sales
% on Net Sales
19,4% 16,5% 17,9% 18,9% 24,0% 19,3% 18,2% 20,3% 19,22%
103
115
102
82
9686 82 86 83
2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012
18,6 17,7
26,1 26,7
18,4 18,121,1
24,6 23,4
2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012
8187
77 77
111
8173
78 76
2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012
67 69
60 60
86
66
6063 64
2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012
17
Shareholders structure
Shareholders at 27/08/2012
The share price on 24th August 2012 was € 1,293 (corresponding to a market cap of 33,6 €/mln), witha variation from 1st January 2012 by – 31,22%.
(*) Shareholders are: Emilio Bolzoni, Franco Bolzoni, PierLuigi Magnelli, Luigi Pisani, Roberto Scotti
18
Contacts
Contacts:[email protected]+39 0523 555511
Visit our web.site:www.bolzoni-auramo.com
The ntelligentmoveThe ntelligentmove